Houston-based oil and gas giant Halliburton announced additional layoffs on Wednesday. This time, the layoffs are going to affect management level positions.
The company did not provide a certain number of job cuts but did state those affected would be notified within the next couple of weeks.
Related: Halliburton to cut about 6,400 jobs
Insiders close to the situation state total worldwide layoffs could go as high as 20,000 employees.
Jeff Miller, Halliburton’s president and director, points out the cost cutting moves are aligned with current market levels.
“We must continue to manage through this extended industry down cycle by implementing additional cost reduction measures to protect the interests of all stakeholders,” Miller said in the memo.
Emily Mir, a spokesperson for the company reiterates these cuts are not related to the pending merger with Baker-Hughes. Keep in mind, if the company does not make the deal happen, Halliburton is liable for a $3.5 billion reverse termination fee.
Back in February, Halliburton had announced plans to start laying off about 6,400 employees. At the time, this was 8 percent of the company’s total workforce.
Amid cutbacks, the firm recently introduced a new technology that would create the next boom in the shale market.