Business

Halliburton Cut 4,000 Jobs In Third Quarter

The Houston-based oilfield services giant has let 18,000 employees go since the end of 2014 – more than a fifth of its global workforce.

Houston-based Halliburton has laid off 4,000 more workers from its worldwide operations since July, in response to the summer drop in crude oil prices. The oilfield services giant is reporting a 6 percent loss in revenue for the third quarter of 2015 compared to the second quarter.

Halliburton has now cut a total of 18,000 people from its global workforce, or about 21 percent of last year’s peak.

“The last time we reported earnings, oil was in the upper $50s, and the outlook was cautiously optimistic,” said company president Jeff Miller in a conference call with investors this morning. “Since then, we saw oil drop into the $30s, which I can tell you elicited an immediate and visceral reaction from our customer base.”

Barbara Shook, senior reporter-at-large for Energy Intelligence, says more layoffs are probably on the way. “Drilling tends to decline in the fourth quarter of the year, and if drilling declines, so will the need for energy services,” Shook says.

Halliburton’s total layoffs are roughly in line with those of competitors Schlumberger and Weatherford International. Last Friday, officials with Schlumberger said their company planned another round of layoffs during the fourth quarter.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media’s business reporter, covering the oil...

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