Exclusive: Halliburton to cut thousands of jobs locally, globally
Feb 10, 2015, 12:31pm CST UPDATED: Feb 10, 2015, 12:40pm CST
Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.
Halliburton said Feb. 10 it will cut 6.5 percent to 8 percent of its global headcount. The company reported having about 80,000 global employees last year, including 8,600 in the Houston region.
In a new email to employees, Halliburton Chairman and CEO Dave Lesar stated that no one is immune.
"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," Halliburton spokeswoman Emily Mir said in an email response. "The impact will be across all areas of Halliburton's operations."
She said the cuts are not related to Halliburton's planned acquisition of Houston-based Baker Hughes Inc. (NYSE: BHI).
Lesar had previously warned that 2015 would be a "tough year" for the company that included Houston job cuts and at least 1,000 Eastern Hemisphere terminations.
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Although they have rebounded somewhat, oil prices are still down about 50 percent from last summer and many companies are slashing jobs.
Other oilfield services companies also are making widespread job cuts. Houston-based Schlumberger Ltd. (NYSE: SLB) is axing 9,000 jobs. Weatherford International PLC (NYSE: WFT) recently said it would cut 8,000 jobs by the end of June.
Baker Hughes is in the midst of eliminating at least 7,000 jobs.