Halliburton to cut up to 8% of workforce

(MENAFN- AFP) Halliburton Tuesday said it would cut up to eight percent of its global workforce in response to crashing oil prices that have depressed petroleum industry investment.

The US oil-services giant, which serves Royal Dutch Shell and Chevron as well as smaller oil companies, will trim 6.5-8.0 percent of its workforce, said spokesperson Chevalier Mayes in an email to AFP.

With about 80,000 global employees, the job cuts will hit between 5,200 and 6,400 workers.

Mayes said the announcement includes the 1,000 job cuts previously disclosed in December that were set to take place in Europe, Asia, Africa, the Middle East and Australia, but not in the Americas.

"We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Mayes said.

"The impact will be across all areas of Halliburton's operations."

The cuts announced by Halliburton follow similarly sized layoff plans announced by Schlumberger, Weatherford International and other oil-services companies.

Leading oil companies have cut billions of dollars in planned spending for 2015 in response to about a 50 percent decline in oil prices since June. The cuts are hitting oil-services companies, which assist with well preparation, tracking and other duties in the oilfield for petroleum producers.

Halliburton shares fell 3.2 percent in midday trade to $42.14.