HALLIBURTON CUTS 5,000 JOBS
Halliburton Co., which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with slumping oil prices.
A company spokeswoman said Thursday that the latest cuts will amount to about 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 rival Schlumberger cut 10,000 jobs in the fourth quarter.
Halliburton spokeswoman Emily Mir said the Houston-based company was reducing its workforce "due to ongoing market conditions."
Mir said the company regretted the decision, "but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment."
When the layoffs are completed, Halliburton will have reduced its workforce by between 26,000 and 27,000 employees since the peak in 2014, she said.
Halliburton grew from 58,000 employees in 2010 to more than 80,000 during 2014. It slashed that number to 65,000 by the end of 2015, according to regulatory filings.
In afternoon trading, Halliburton shares rose 4 cents to finish at $32.50 in Thursday. They are down more than 4 percent in 2016 and more than 25 percent in the past year.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.