Halliburton is cutting jobs across several business divisions as oilfield services providers face ongoing financial strain linked to shifting global market conditions.
According to Reuters, citing two sources familiar with the matter, the US-based company has reduced its workforce in recent weeks, with employee cuts reportedly affecting at least three divisions and ranging from 20 to 40 per cent.
The company, which is the world’s third-largest oilfield services provider by revenue, has declined to comment on the reductions.
The move comes as the sector grapples with rising costs, lower prices and increased volatility.
Brent crude oil, the global benchmark, has fallen by more than 10 per cent this year amid trade policy uncertainty and higher output from OPEC members and allied producers.
ConocoPhillips recently announced it would cut its workforce by up to 25 per cent in similar cost-saving measures, underscoring the industry-wide scale of retrenchments.
Oilfield services companies such as Halliburton play a central role in exploration and production by supplying equipment, labour and technical expertise.
As of the end of 2024, Halliburton reported a global workforce of 48,395 employees in its annual report.
The company had already cautioned about pressure on full-year revenues due to weakening activity in the oil and gas sector.
In a recent earnings call, Halliburton chief executive Jeff Miller said the operating climate had deteriorated notably in recent months.
“To put it plainly, what I see tells me the oilfield services market will be softer than I previously expected over the short to medium term.”
