9,000 Job Cuts Take 10% of Halliburton’s Oilfield Work Force
Oilfield services giant Halliburton cut 9,000 jobs between October 1, 2014 and March 31, 2015, 10% of its global work force, and wrote off $823 million in “asset impairments” and other charges due to crashing oil prices, interim CFO Christian Garcia told investors last week.
“During the call, Halliburton president Jeff Miller offered an upbeat perspective on the North American market, despite the current downturn,” FuelFix reports. “He said even though his firm’s North American margins are being squeezed by the oil slump today, the region will likely return faster than any other when crude prices rise again.”
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He added that oil producers “have stashed crude in about 4,000 drilled but uncompleted wells, and once prices go back up, there could be a surge of completion work for oil field service companies like Halliburton,” Eaton writes. But “producers haven’t shared when they might unleash the oil.”