By Dan Molinski
Halliburton Co., the world's second-largest oil-field services
company, said Tuesday it plans to shed up to 8% of its global
workforce as low oil prices force energy companies to rein in
spending.
The job cuts could amount to 6,400 layoffs; the company says it
has more than 80,000 employees around the world.
"We are faced with the difficult reality that reductions are
necessary to work through this challenging market environment," the
company said in an emailed statement.
Halliburton said the job cuts aren't related to its pending
acquisition of oil field rival Baker Hughes Inc., which was
announced late last year.
In its statement Tuesday, the company didn't specify where in
the world the layoffs would take place but said they would affect
its entire line of business.
In December, the company said it would cut 1,000 jobs outside
the U.S.
In response to questions from The Wall Street Journal earlier
this week, Halliburton said U.S. employees being laid off receive
outplacement benefits; services for workers outside the U.S. vary
by country.
Other top oil-field services firms have also announced job cuts.
Schlumberger Ltd., the biggest oil-field services company, said
last month it is laying off 9,000 employees, or 7% of its global
workforce. Last week, Weatherford International said it is reducing
head count by 8,000, nearly 15% of its total workforce.
Oil prices have collapsed since June, falling by more than 50%.
A barrel of crude was recently trading at around $51.
Write to Dan Molinski at Dan.Molinski@wsj.com
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