SEATTLE (Oil Monster): Halliburton has been reducing its workforce in recent weeks, Reuters reported Friday, in the latest workforce reduction in the U.S. oil industry facing rising costs alongside crude oil prices that have dropped more than 10% this year.
While the scope of the layoffs is not yet clear, Halliburton has rolled out the cuts over several weeks, with at least three divisions in the company shedding 20%-40% of employees, according to the report.
Halliburton, which had 48,395 employees at the end of 2024, had warned of lower activity in the oil and gas sector after reporting a 33% drop in Q2 profit on weaker demand for its oil services prodcts.
Earlier this week, ConocoPhillips announced plans to cut 25% of its staff to reduce costs.
Courtesy: www.reuters.com
