HALLIBURTON WILL ELIMINATE 5,000 JOBS
Oil and gas drilling services company Halliburton says it will eliminate at least 5,000 jobs in response to falling oil prices.
The Houston company says it will lay off 6.5 to 8 percent of its staff, which represents 5,005 to 6,160 employees based on its total from the end of 2014.
The company says the cuts will come from all areas of its operations and that the moves are necessary because of the difficult market.
Oil prices plunged 60 percent from June to January, although they have recovered some of those losses recently.
Halliburton Co. says the moves are not related to its pending acquisition of competitor Baker Hughes.
Halliburton competitor Schlumberger Ltd. said in January that it would eliminate 9,000 jobs in response to falling oil prices.
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IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.