₦airaland Forum

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.

Benchmark U.S. crude settled at $33.07 a barrel on
Thursday, up 92 cents or nearly 3 percent.
Halliburton spokeswoman Emily Mir said the 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.

Halliburton declined to say where the layoffs would fall,
saying that such details were competitive information.
The company’s operations stretch from the U.S.
through Africa and the Middle East to Asia.

Last month, CEO David Lesar said that when the
company began looking to cut costs, “it started with
where we work.” Halliburton consolidated facilities in
more than 20 countries and closed operations in two,
he said.

Lesar said that “2016 is shaping up to be one tough
slog through the mud.” He said Halliburton was trying to
work with the financially strongest oil companies that
will do best when the industry recovers.

In November 2014, Halliburton announced that it would
buy U.S. rival Baker Hughes Inc. for $34.6 billion. The
companies are divesting assets as they seek approval
from antitrust regulators, and Baker Hughes also has
cut thousands of jobs.

Halliburton shares rose 4 cents to close at $32.50 on
Thursday. They are down 4.5 percent in 2016 and more
than 25 percent in the past year.

https://www.today.ng/news/world/85199/halliburton-to-cut-another-5000-jobs-amid-oil-slump

Halliburton to cut another 5,000 jobs amid oil slump https:///rUF47ZDWbZ via @todayng https:///9M9L1RJjf3

Endtym

GEJ2019:
Endtym

Bro, The situation is really terrible.

Meanwhile, They sacked 40 senior managers in my inlaw's office recently. That's Ecobank.

Bad news everyday. This isn't encouraging.

This is a global issue before somebody comes here to blame PMB.

Buhari has killed this country. Only God can help us

Can't we just use red oil instead of crude oil

ernesty20:
Buhari has killed this country. Only God can help us

It has nothing to do with the President.

Its a tsunami. A global menace.

DankemzI:
Can't we just use red oil instead of crude oil

Hilarious.

donogaga:
It has nothing to do with the President.

Its a tsunami. A global menace.

wit sm postive under ground deals/works going on, oil price will rise to 50 dollars (or above) b4 the end of d year.

Too bad...hope they've saved for the rainy day?