This is how a section of comments about Halliburton Co.’s (NYSE: HAL) earnings read:
Responding to the reality of the market, we force-fit our employee headcount to available activity levels. This provides sustainable structural savings without compromising our ability to add personnel to serve the market when it recovers. This included consolidating management roles across countries and centralizing support functions. This resulted in a workforce reduction of more than 6,000 during the first quarter. Since the downturn began in late 2014, we have reduced our global headcount by approximately one-third.
The company has been gutted by a drop in oil prices, which means the news was not unexpected. However, it is a sign that thousands upon thousands of jobs in the oil services industry are at risk.
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