HALLIBURTON CUTS 2,000 JOBS
Halliburton Co., the world's second-largest oilfield services provider, has cut 2,000 more jobs, mostly in North America, the region hardest hit by the crude collapse. The Houston-based company has now laid off a total of almost 16,000, or about 19 percent of its global workforce, since its peak last year, Emily Mir, a spokeswoman, said Thursday in an e-mailed statement. Halliburton had previously said in July that 14,000 jobs had been eliminated.
The company is flattening its North America staff by reducing management layers, President Jeff Miller wrote in a memo distributed to employees Monday.
Halliburton generates almost half its sales from the U.S. and Canada, the world's largest market for the well completion technique known as hydraulic fracturing.
With oil proces down by more than half since June 2014, Halliburton's customers have had to reduce spending by more than a third in North America. Although more than 1,000 North American rigs have been idled over the past year, more are expected to lose work by the end of the year.
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BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.
The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.
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