Houston-based Halliburton (NYSE: HAL) CEO Dave Lesar says restructuring and potential layoffs could be possible due to tough market conditions anticipated for 2015 in an email to employees last week.
Lesar states Halliburton would maintain its current strategies and that the potential job cuts are not due to the recent acquisition of Baker Hughes (NYSE: BHI). “This acquisition will help us grow our revenues, expand our footprint, add high-quality resources, spend more on select technologies and compete more effectively in underserved markets around the globe,” said Lesar.
According to Lesar, the acquisition of Baker Hughes would benefit employees of both companies by eventually providing more career opportunities.
Currently, Halliburton has more than 120,000 employees, including more than 1,000 ex-Baker Hughes employees in Halliburton.
“We will have to make reductions to our structure as any prudent business would, but I want to be clear — these reductions are related to market conditions, not the acquisition. It’s important to remember that distinction as we go forward,” Lesar noted.