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Halliburton cuts another 5,000 jobs

By News Express on 26/02/2016

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Halliburton, the oilfield services giant, said Thursday it’s cutting another 5,000 jobs, or 8% of its global workforce, in a sign that the plunge in oil prices is continuing to take a brutal toll on the industry.

Halliburton already had laid off about 18,500 employees since 2014 as crude producers sharply scaled back drilling activity amid a 70% tumble in oil prices. In the fourth quarter, the company announced earnings of 31 cents a share on $5.08 billion in revenue, down from $1.19 per share on $8.77 billion in revenue in the year ago period.

There were 514 oil drilling rigs in the U.S. last week, down from 1,310 a year ago, according to oilfield services company Baker Hughes.

Crude producers and oilfield service companies have announced 259,000 layoffs since December 2014, including more than 60,000 this year, according to oil producer Continental Resources, which is tracking the cuts. Analysts had expected the layoffs to ease in 2016, but they showed no let-up as oil prices kept falling.

The price of West Texas Intermediate, the U.S. benchmark, rose 92 cents Thursday to settle at $33.07, the highest close since January 29, on speculation of a meeting among oil-producing countries to freeze or cut production. (USA Today)

•Photo shows Halliburton CEO, Dave Lesar.

Source News Express

Posted 26/02/2016 06:06:55 AM


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