Oilfield services firm Halliburton Co. has laid off roughly 1,000 employees, or 22% of staff, at its corporate headquarters in Houston, a company spokeswoman said May 6, as oil prices collapse.
The cuts by one of the biggest names in oilfield services comes with oil prices having plunged to around $24/bbl, far below production costs for many firms, prompting oil and gas explorers to slam the brakes on drilling. Companies that provide drilling equipment and services have been among the hardest hit.
Halliburton, which had roughly 4,500 employees at its corporate headquarters in Houston, said the cuts were in addition to reductions across its global operations.
"These actions are difficult but necessary as we adjust our business to customers' decreased activity," said spokeswoman Emily Mir. She attributed the layoffs to the "unforeseeable, dramatic business downturn caused by the coronavirus and unprecedented commodity price decline."
Halliburton, the largest provider of hydraulic fracturing services in North America, in March said it would furlough 3,500 employees in Houston, and has since made additional job cuts across its U.S. operations. Executives have also taken a salary cut, and the company cut its capital spending by roughly 50%.
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