HOUSTON – Cheap oil just claimed another 5,000 jobs.
Halliburton is cutting 8% of its global workforce, or roughly 5,000 positions, the Houston energy company told CNNMoney on Thursday.
It’s the latest evidence of the crisis confronting the U.S. oil industry as crude prices have crashed to seven-year lows.
“We are faced with the difficult reality that reductions are necessary to work through this challenging market environment,” Halliburton said in an emailed statement.
The latest pink slips bring Halliburton’s job cut tally to between 26,000 to 27,000 since employee headcount peaked in 2014, the company said.
Halliburton has also attempted to cope with cheap oil by consolidating facilities in 20 countries, and closing down operations altogether in another two countries.
The oil downturn has sent Halliburton’s profits plunging. Its stock price has lost more than half its value since mid-2014 when crude prices peaked.