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Tuesday, May 24, 2022

Halliburton to slash 5,000 more jobs amid oil slump

US petroleum services company Halliburton (Hanover: HAL.HA – news) said Thursday it would cut 5,000 more jobs as it downsizes to cope with collapsing oil prices.

“Due to ongoing market conditions, Halliburton is further reducing its global workforce by approximately eight percent or about 5,000 positions,” the company said in an email to AFP.

The oil-services giant, which serves Royal Dutch Shell and Chevron (Swiss: CVX.SW – news) as well as smaller oil companies, said the move would bring to 27,000 the number of jobs cut from its 2014 peak global headcount, when oil prices began their decline.

“We regret having to make this decision but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment,” the Houston-based company said.

Crude oil has lost about 70 percent of its value since mid-2014. The slide has forced energy companies to cut back on exploration, hammering the business of services contractors.

Halliburton, meanwhile, has struck a deal to buy rival Baker Hughes, but that proposed acquisition has run into antitrust concerns by US and European regulators.

Halliburton shares closed 0.1 percent higher at $ 32.50.

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