Business

Halliburton To Cut Another 5,000 Jobs Amid Oil Slump

Company spokeswoman Emily Mir said Thursday that the latest cuts amount to 8 percent of the Houston-based company’s global workforce.

 The sign at the entrance to Halliburton's North Belt Campus
The sign at the entrance to Halliburton’s North Belt Campus.

HOUSTON (AP) — Halliburton, which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with lower oil prices.

Company spokeswoman Emily Mir said Thursday that the latest cuts amount to 8 percent of the Houston-based company’s global workforce.

Oil prices have tumbled about 70 percent since peaking above $100 a barrel in mid-2014. That has led to less drilling activity and to widespread layoffs in the oil fields.

Halliburton Co. also cut 9,000 jobs in late 2014 and early 2015. Rival Schlumberger cut 10,000 jobs in the fourth quarter.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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