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.
A really big deal.
The five Wall Street banks that advised on $100bn of takeovers announced Monday by Halliburton and Actavis could reap as much as $316m in fees for their work.
Halliburton's decision to purchase rival oilfield services company Baker Hughes was not driven by current low oil prices but by current conditions in the industry, said CEO Dave Lesar on Tuesday.
Halliburton has agreed to plead guilty to destroying evidence in the Deepwater Horizon disaster, the Justice Department said.