Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Halliburton Cuts Workforce in U.S. Rockies on Lower Activity

Published 10/09/2019, 02:09 PM
Updated 10/09/2019, 04:00 PM
Halliburton Cuts Workforce in U.S. Rockies on Lower Activity

(Bloomberg) -- Halliburton (NYSE:HAL) Co. is reducing its workforce in the Rockies as the biggest oilfield service contractor to announce job cuts grapples with a protracted spending slump in the shale patch.

The cuts affect 650 workers across Colorado, Wyoming, New Mexico and North Dakota, Emily Mir, a spokeswoman, said Wednesday in a prepared statement. Most were offered the option to relocate to other areas where greater oilfield work is expected, she said.

The moves come three months after the Houston-based oilfield contractor announced it was trimming 8% of its North American headcount and parking unused frack gear.

Oilfield servicers have been among the worst-hit companies amid a slowdown in the once red-hot U.S. shale patch. Their exploration customers are dialing back spending as low crude prices dent profits and investors urge financial discipline. Bankruptcies in the industry are surging and on track to eclipse last year’s casualties, according to law firm Haynes and Boone LLP.

The number of U.S. crews that frack wells, the final step before oil production, has dropped 17% this year, according to Primary Vision Inc. Halliburton is set to report financial results from the third quarter on Oct. 21.

Halliburton fell 0.5% to $18.16 at 1:48 p.m. in New York.

(Updates with number of frack crews in fifth paragraph.)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.