Halliburton to Cut Up to 6,500 Jobs
In a move that should surprise exactly no one, Halliburton announced more layoffs on Tuesday. Specifically, the oil field service company will be cutting 5,000 to 6,500 jobs to deal with the sharp drop in crude oil prices.
Halliburton issued a statement on the upcoming layoffs, according to Bloomberg, confirming that layoffs are coming and they're going to be felt throughout the company:
"We are faced with the difficult reality that reductions are necessary to work through this challenging market environment.The impact will be across all areas of Halliburton's operations."
Halliburton officials have said this round of layoffs has nothing to do with the company's plan to buy rival oil field services company Baker Hughes, and everything to do with those tanking oil prices -- currently slipping again thanks to a report from the International Energy Agency warning that there's still too much oil out there and not enough demand, according to Reuters. The fact that Baker Hughes announced about 7,000 layoffs about a month ago is just a big coincidence, they say.
And that may well be true, since the oil industry job cuts just keep on coming. Schlumberger announced it would cut 9,000 jobs due to the low prices. Weatherford International PLC said it would cut 8,000 jobs by June and Baker Hughes is still in the process of cutting 7,000 from its roster. In short, Halliburton isn't the first and it most likely won't be anywhere near the last to make this sort of announcement.