Halliburton Lays Off 1,000 Employees at Houston HQ
Posted 07/05/2020 08:26
Halliburton is laying off about 1,000 employees at its corporate headquarters in Houston.
The layoffs are effective immediately, a Halliburton spokesperson confirmed.
In a statement, the oil field services giant attributed the layoffs to "the unforeseeable, dramatic business downturn caused by the coronavirus and unprecedented commodity price decline."
The statement also notes that the "reductions are in addition to layoffs across the company’s global operations. These actions are difficult but necessary as we adjust our business to customers’ decreased activity."
This is the latest in a string of layoff announcements from Halliburton and other companies in the energy industry over recent months.
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In March, the company announced that it was furloughing 3,500 workers from its Houston headquarters for 60 days to reduce costs. It later laid off more than 600 employees in Texas and Oklahoma, including 350 in Duncan, as well as 130 in Colorado.
Just last week, Halliburton disclosed hundreds more job cuts in Oklahoma and two facility closures in Texas. However, many of the impacted employees in Texas were given the opportunity to work remotely or relocate. At one of the Texas facilities, Halliburton had already laid off 384 employees.
Halliburton's global employment had already decreased by about 5,000 people from the start of 2019 to the end, beginning 2020 at about 55,000 employees, according to the company’s most recent annual financial report. Halliburton produced $22.41 billion in revenue in 2019. And in its first quarter earnings report released April 20, Halliburton said it had about 50,000 employees.
Oil field services companies had already been among the hardest hit sectors in the energy industry even before decreased demand due to the Covid-19 pandemic and increased production from OPEC and other countries drove oil prices into negative territory for the first time ever last month.