Halliburton says it has cut 9,000 jobs in wake of oil’s price drop
Halliburton Co. has cut 9,000 jobs — more than 10 percent of its workforce — in about six months and is considering more cost-cutting moves as falling oil prices sap demand for its drilling help.
Halliburton executives disclosed the job cuts Monday on a conference call with investors. The Houston oilfield-services company reported a loss of US$643 million (NT$20.01 billion) in the first quarter.
Oil prices plunged starting last summer, lead- ing to a decline in drilling activity. Spot prices for crude have risen slightly since early January but remain about half their level of last July.
Halliburton President Jeff Miller said he wasn’t ready to say the worst has passed, but that such slumps usually last about three quarters.
The oil-market decline caused Halliburton to take US$1.2 billion in charges in the first quarter, including severance and write-offs, said the company’s acting chief financial officer, Christian Garcia.
Garcia added that additional moves are likely in the second quarter but will probably result in much smaller charges.
Halliburton said Monday that it lost US$643 million, or 76 cents per share, in the first quarter. Still, the results excluding writedowns and other one-time costs amounted to an adjusted profit of 49 cents per share, beating the forecast of 41 cents among 19 analysts surveyed by Zacks Investment Research.
Revenue was $7.05 billion, higher than analysts’ estimate of US$7.03 billion.