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Halliburton

Halliburton to cut up to 6,400 jobs as oil slides

Paul Davidson
USA TODAY
Halliburton  said it's cutting up to 6,400 amid the decline in oil prices. (AFP PHOTO / Mira OBERMAN / FILESMIRA OBERMAN/AFP/Getty Images)

Oil service giant Halliburton (HAL) said Tuesday that it is laying off as many as 6,400 workers, becoming the latest such company to slash staff amid tumbling crude prices.

"Unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," the company said in a statement. It added "the impact will be across all areas of Halliburton's operations."

The company said it plans to cut 6.5% to 8% of its global workforce — or 5,200 to 6,400 jobs — including the 1,000 layoffs it announced in December. It has a worldwide staff of about 80,000.

Several leading oil services companies have announced cutbacks in recent months as crude oil prices have plunged about 50% since June. The job cuts include 7,000 by Baker Hughes (BHI), 9,000 by Schlumberger (SLB) and 1,000 by the Suncor Energy (SU).

Halliburton plans to acquire Baker for $34.8 billion later this year, but the company said Tuesday no layoffs are planned as a result of that acquisition.

In the fourth quarter, Halliburton said its earnings rose 13.8% to $905 million. Revenue increased 14.8% to nearly $8.8 billion.

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