Halliburton to slash 5,000 jobs under pressure from oil price

Oil Drums

Halliburton announced today it is to slash 5,000 jobs, cutting its workforce by eight per cent, in a bid to withstand the prolonged weak oil market.

The oil services company has already reduced global headcount by 25 per cent - almost 22,000 employees - since 2014.

The price of the black stuff has plummeted since June 2014, and although it has shown some signs of rallying, has struggled to rise far above $40 a barrel. Benchmark Brent crude was trading at around $35.50 today, while West Texas Intermediate was around $32.98.

Fears around oversupply in the market have kept prices low, not helped by the fact that Iran is preparing to flood the market with oil after Western sanctions were lifted last month.

Last year, Halliburton agreed to pay $38bn (£27bn) for oil and gas company Baker Hughes. The deal was approved in March.

Full story: Halliburton to slash 5,000 jobs under pressure from oil price: City A.M.

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