Oilfield services giant Halliburton will reduce its workforce by 8%, or 5000 positions, amid the falling oil prices.
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The recent cuts add to the approximate 26,000 jobs that have been reduced at the company since 2014, representing about 25% of its workforce.
Last week, the European Union (EU) suspended the deadline for its review of Halliburton’s US$34.6 billion pending acquisition of Baker Hughes, about a month after the EU opened an in-depth investigation to find out if the merger would impede effective competition.
In January, the Houston-based company posted a 42% loss in its total revenue for 2015, compared to 2014, citing the impact of reduced commodity prices creating widespread pricing pressure and activity reductions on a global basis.
“2016 is expected to be another challenging year for the industry. We believe our customers will remain focused on cost per barrel optimization and gaining higher levels of efficiency, both of which bode very well for Halliburton. Ultimately, when this market recovers we believe North America will respond the quickest and offer the greatest upside, and that Halliburton will be positioned to outperform,” Dave Lesar, Halliburton chairman and CEO said last month in the company’s Q4 report.
