Halliburton to Cut 5,000 More Jobs
February 25 2016 - 2:44PM
Dow Jones News
By Tess Stynes
Halliburton Co. said it is slashing 5,000 positions, or 8% of
its global workforce, the latest sign of weakness in the energy
sector struggling to cope with a commodities rout.
In a statement, Halliburton said, "unfortunately we are faced
with the difficult reality that reductions are necessary to work
through this challenging market environment."
The latest round of cost-cutting comes less than a month after
Halliburton, a bellwether for the sector, said it had laid off
another 4,000 workers at the end of 2015 as it posted a
fourth-quarter loss, hurt in part by a sharp drop in revenue in its
North American division.
At the time, Halliburton, the second-largest oil-field services
firm behind Schlumberger Ltd., said the layoffs at the end of 2015
brought to 22,000 the number of jobs cut since the 2014 peak,
representing a 25% reduction.
Shares of Halliburton, down 18% in the past three months,
declined 0.9% to $32.17 in Thursday trading.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
February 25, 2016 14:29 ET (19:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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