Houston-based Halliburton (NYSE: HAL) announced Tuesday it had cut an undisclosed amount of jobs in Houston due to weakening market conditions.
In an emailed statement, Halliburton’s spokesperson Emily Mir stated, “While these reductions are difficult, we believe they are necessary to work through this challenging market. We will continue to monitor the business environment closely and will make adjustments to the cost structure of our business as needed.”
Back in mid-December, the company’s CEO David Lesar sent an email to employees warning of a potential layoff. In the email, Lesar stated Halliburton would maintain its current strategies and that the potential job cuts are not due to the recent acquisition of Baker Hughes (NYSE: BHI). Read more…
Since its 52 week high back in June, US crude oil prices have plummeted by more than 50 percent.
Halliburton will report its fourth quarter earnings on January 20th.
In March of 2014, the company had around 6,500 local employees and currently has around 6,200. The gap between the local employee headcount does not necessarily reflect recent job cuts alone. According to Mir, “Halliburton sees changes in its employee numbers on an ongoing basis due to normal attrition and business activity.”