So, you keep hearing time after time that lower and lower oil is good for the economy as a whole. It seems that way on the surface, but when you consider an extreme bust in oil the spillover of blood seems to be worse than the benefits seen elsewhere. News has broken on Thursday that Halliburton Co. (NYSE: HAL) is laying off another 5,000 workers. At the time of this writing, a press release or an SEC filing have not been seen, but 24/7 Wall St. has received information from Halliburton’s media relations.
As a reminder, Halliburton is in the process of trying to acquire Baker Hughes Inc. (NYSE: BHI). Halliburton has roughly 65,000 employees located in over 80 countries. Baker Hughes said in its most recent rig count data that it has 43,000 employees in more than 80 countries.
24/7 Wall St. has reached out to the media relations at Halliburton, and we have received the following statement from the company:
Due to ongoing market conditions, Halliburton is further reducing its global workforce by approximately eight percent or about 5,000 positions. We regret having to make this decision but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment. We thank all impacted employees for their many contributions to Halliburton.
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