Halliburton to cut about 6,400 jobs

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Getty Images

Houston-based Halliburton (NYSE: HAL) plans to lay off about 6,400 employees. Tuesday the oil services provider said it would lay off 8 percent of its workforce amid declining oil prices to help reduce cost.

In January, the company announced it had cut an undisclosed amount of jobs in Houston due to weakening market conditions.

Related: Halliburton has layoffs in Houston

“We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment,” the company said in a statement.

Back in December, Halliburton’s CEO Dave Lesar said restructuring and potential layoffs could be possible due to tough market conditions anticipated for 2015 in an email to employees.

Related: Halliburton CEO says 2015 looks to be a “tough year”

Additionally, other oil service leaders have made adjustments because of the sluggish market conditions, including Houston-based Baker Hughes (NYSE: BHI). The company recently merged with Halliburton prior to announcing its layoffs, which they state are unrelated, but as a result of current market conditions.

Last month Houston-based Schlumberger (NYSE: SLB) announced on its fourth quarter earnings call that it will cut 8 percent of its workforce which is about 9,000 employees.

Related: Schlumberger is laying off 9,000 employees 

Since its 52 week high back in June, US crude oil prices have plummeted by more than 60 percent, causing many oil service providers to cut back. A study released earlier this month showed that the industry lost some 21,000 jobs in January alone.

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