This is not Halliburton’s first major downsizing measure within the last year-as Bloomberg notes, the company cut nearly 4,000 jobs at the end of 2015 and significantly more since the oil industry’s economic downturn started in 2014.
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Oil prices rose Thursday – Brent crude was up 2% and U.S. crude was up 2.6%.
“Halliburton has made adjustments to its workforce in Duncan based on current business conditions”.
In a statement, Halliburton called the cuts “necessary to work through this challenging market environment”.
Last month, CEO David Lesar said that when the company began looking to cut costs, “it started with where we work”.
The company had about 65,000 employees worldwide at the end of 2015, compared with more than 80,000 at December 31, 2014, according to a regulatory filing.
Details about specific businesses and the number of employees by location “is competitive information and therefore unavailable”, she said.
Halliburton, meanwhile, has struck a deal to buy rival Baker Hughes, but that proposed acquisition has run into antitrust concerns by USA and European regulators.
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Shares of Halliburton, down 18 per cent in the past three months, declined 0.9 per cent to $US32.17 in Thursday trading.
