Halliburton
Industryweek 10428 Halliburton 2

Halliburton Cuts Another 5,000 Workers to Cope with Oil Downturn

Feb. 25, 2016
With the latest layoffs, the company will have let go of nearly 29,000 workers, or more than a quarter of its headcount since staffing reached its peak in late 2014.

To cope with the worst crude market downturn in 30 years, Halliburton Co. said it’s cutting another 5,000 workers, or 8% of its global workforce.

The world’s second-largest oilfield services provider said last month it cut nearly 4,000 jobs in the final three months of 2015. With the latest layoffs, the company will have let go of nearly 29,000 workers, or more than a quarter of its headcount since staffing reached its peak in late 2014.

"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," Emily Mir, a spokeswoman, said on February 25.  "We thank all impacted employees for their many contributions to Halliburton."

The oil industry slashed more than $100 billion in spending and more than 250,000 jobs globally last year to cope with tumbling oil prices, which are down about 70% over the past year and a half due to an oversupply of crude.

Popular Sponsored Recommendations

Top Tips: A Smarter, Connected Approach to Digital Transformation

Aug. 25, 2023
Download these tips to learn how the digital enterprise can help companies seize crucial new business opportunities.

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Lufthansa Technik Soars to New Heights in Manufacturing and Service by Implementing a Digital Thread

Feb. 22, 2024
Learn how Lufthansa Technik is leveraging digitalization to find efficiencies to keep costs down, while keeping customer satisfaction high & increasing quality.

Five Tips for Choosing the Right AMR to Improve Worker Productivity

Jan. 24, 2024
Here are five top tips to consider before selecting an AMR to increase productivity for your enterprise.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!