Halliburton Planning to Cut At Least 5,000 Jobs

Halliburton Planning to Cut At Least 5,000 Jobs

By: Julia Deng
NewsWest 9

HOUSTON - Halliburton Co. announced plans Tuesday to cut anywhere from 5,000 to nearly 6,500 jobs globally - or 6.5 to 8 percent of their workforce - as a result of slumping oil prices.

Halliburton spokesperson Emily Mir said, "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."

She confirmed they would eliminate positions "across all areas of Halliburton's operations."

However, Morris Burns, a Midland-based oil consultant and former Executive Director of the Permian Basin Petroleum Association, advised West Texans to "refrain from panicking" about the pending job cuts.

"Halliburton has got a huge presence here in the Permian Basin, and people look at these figures and say, 'Oh my goodness,' but only a tiny fraction of these layoffs will be here in West Texas," he told NewsWest 9.

Company representatives confirmed 1,000 of the planned job cuts will affect employees in the Eastern Hemisphere.

Halliburton could not confirm how many North American jobs will be eliminated.

They said the cuts are not related to Halliburton's upcoming acquisition of Baker Hughes Inc.