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Halliburton Cuts Another 5000 Workers to Cope with Oil Downturn

The timorous of a oil attention picked adult speed this week after Halliburton Co. announced it’s slicing another 5,000 workers, or 8 percent of a remaining tellurian workforce, to tarry a lengthening wanton marketplace downturn.

The world’s second-largest oilfield services provider pronounced final month it cut scarcely 4,000 jobs in a final 3 months of 2015 and indicated some-more could come this quarter. With a latest layoffs, a Houston-based provider of drilling and hydraulic fracturing services will have let go scarcely 29,000 workers, or some-more than a entertain of a headcount given staffing reached a rise in late 2014. Emily Mir, a spokeswoman, reliable a additional cuts Thursday in an e-mailed statement.

The oilfield use providers were a initial to feel a pain when wanton prices began descending in a center of 2014. The zone continues to be many heavily impacted after business slashed some-more than $100 billion in spending final year, with promises of some-more cuts to come. Earlier this week Saudi Arabia oil apportion Ali al-Naimi called on high-cost producers to “lower costs, steal money or liquidate” in comments during a IHS CERAWeek appetite discussion in Houston.

‘Necessary’ Reductions

“We bewail carrying to make this preference though unfortunately we are faced with a formidable existence that reductions are required to work by this severe marketplace environment,” Mir said.

The oil attention has cut some-more than 250,000 jobs globally, with a largest cube entrance from use providers, to keep adult with acrobatics oil prices, that are down about 70 percent over a past year and a half due to an oversupply of crude.

On Wednesday, a day after Saudi’s Naimi ruled out a prolongation cut by a nation, dual Bakken shale producers announced they were crude work to finish wells.

Continental Resources Inc., a shale oil colonize tranquil by billionaire wildcatter Harold Hamm, halted all fracking in a Bakken shale arrangement in a U.S. Williston Basin after posting a initial annual detriment given a company’s open entrance in 2007. Whiting Petroleum Corp. estimates it will leave 73 unprepared wells in a segment by year-end, and another 95 in a Niobrara shale area in a Denver-Julesburg Basin.

The 15 companies in a Philadelphia Oil Service Index have collectively mislaid some-more than half their value given a downturn began in Jun 2014, compared to a 1 percent dump in a Standard Poor’s 500 Index in a same period.

West Texas Intermediate, a U.S. benchmark, rose 2.8 percent to $33.05 during 2:33 p.m. on a New York Mercantile Exchange.

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