Tuesday, February 10, 2015

Halliburton to Trim Its Work Force by 7% - NYTimes.com

Halliburton to Trim Its Work Force by 7% - NYTimes.com: "HOUSTON — Halliburton announced on Tuesday plans to lay off about 7 percent of its work force, or 5,200 to 6,400 workers, in response to plummeting oil prices.

Halliburton and other service companies that drill and complete wells onshore and offshore are typically the first and worst hit when producers decommission rigs and cut investments in exploration and production.

In recent weeks one oil company after another has announced 15 to 30 percent reductions in their 2015 budgets because of the 50 percent drop in crude prices since June. As many as 90 rigs a week are being dropped across American shale fields over the last couple of months in the most rapid deceleration of drilling in decades. Service fees have dropped by an average of 15 percent in recent months and are expected to go down further."

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