Exclusive: Halliburton to cut thousands of jobs locally, globally

[inanna]

Source: Houston Business Journal

Feb 10, 2015, 12:31pm CST Updated: Feb 10, 2015, 12:40pm CST

Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.

Halliburton said Feb. 10 it will cut 6.5 percent to 8 percent of its global headcount. The company reported having about 80,000 global employees last year, including 8,600 in the Houston region.

In a new email to employees, Halliburton Chairman and CEO Dave Lesar stated that no one is immune.

"We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Halliburton spokeswoman Emily Mir said in an email response. "The impact will be across all areas of Halliburton's operations."

Read more: http://www.bizjournals.com/houston/blog/drilling-down/2015/02/exclusivehalliburton-to-cut-thousands-of-jobs.html

[Roy Rolling]

1. What next?

Time to start a new war to prop up the bottom line.

[LiberalLovinLug]

2. Looks like they need another war

They'll be banking on Jeb or Hillary to ramp up the rhetoric when they get in. Eastasia or Eurasia or Oceania

[nichomachus]

3. But I thought they were job creators

What happened to that? Maybe we should raise their taxes if they're not holding up their part of the bargain.

[Wellstone ruled]

4. Nothing new.

Oil and Gas exploration is a cyclical industry,we are just seeing a lull much like the Seventies and Eighties. It is nothing more than supply and demand,we did drill our selves out of the need for Mid East Crude. Worked the Patch in the early sixties,and,that is when we had thirty cent gas,learned a ton about the market manipulations and who is and who is not on the refined finished product end. We have much more efficient cars and trucks on our roads,and the Defense Department,which is the single largest buyer of refined product,is not buying do to the fact,Mr.Obama has been able to wind down Bush and Cheney's friggin wars. This whole drilling thing was put in motion back in the late nineties,these jokers knew what was coming and they were just waiting for their no cut fuel contracts that were probably hinted by the Cheney and Bush Cabal. What did Bush say in 1997,when I'am President I will invade Iraq.

[RoccoR5955]

5. They must have some added expenses

Like maybe Darth Cheney's heart is quitting, and they need to get a new robo-heart for him.

[BumRushDaShow]

6. They have a settlement to pay

Halliburton to Pay $1.1 Billion to Settle Damages in Gulf of Mexico Oil Spill (NYT article Sep. 2, 2014)