Bidness Etc - Halliburton Plans to Cut off Jobs As Oil Price Decreases

Halliburton Company plans to cut off 8% of its workforce as oil prices all over the world faced a decline. The company has been facing a tough time lately, with oil prices all over the world fluctuating and eventually falling.
The oil service provider has decided to cut off thousands of jobs from its workforce globally. As of California, the company’s workforce is small and has only 600 employees in total and it’s not confirmed whether the company will fire employees from its main headquarter in USA or not.
Officials said that the company will cut off around 5,200 to 6,400 jobs in the upcoming layoff that the company feels it should implement.
According to a company’s spokesperson, Halliburton (NYSE:HAL) values each of its employees but the prevailing oil prices in the market have forced the company to take decisions that are for the company’s welfare.
Halliburton’s officials said that the company is still observing the difficult situation that the company is in and will make further decisions accordingly. The oil prices in the global market have fallen by around 60% which is a huge disappointment to all the companies working in the oil space.
Last month, Sclumberger Company, that is an oil services provider as well, announced that it would be Cutting off 9,000 jobs due to the collapse in sales. Baker Hughes, a company that opposes Halliburton in the oil field business, also declared termination of 7,000 employees in totality. Weatherford is another oil field services provider that disclosed its plans of annulment of 8000 jobs in the company.
According to a study, the oil industry has lost a total number of 21,000 jobs in the month of January, all because of the recession in the oil prices. In a recent press release, Halliburton also confirmed that this layoff of jobs was not due to the company’s plans of getting its hands on its rival Baker Hughes.
According to a firm named Challenger, oil companies have cut off 22,000 jobs since the summer of 2014, when the oil prices began to drop for the first time.
Halliburton Company is an oil field services provider that works globally, with its headquarters in Texas, USA and Dubai, UAE. It is the world’s second biggest oil services company that is currently active in over 80 countries all over the world. It has subsidiaries and branches and brands globally and has around 100,000 employees.