Halliburton Cuts 6000 Jobs Amid Slowdown In Drilling
Source: ASSOCIATED PRESS
HOUSTON (AP) -- Halliburton Co. says that it cut more than 6,000 jobs in the first quarter, continuing a purge at the oilfield-services company that has reduced its workforce by one-third since late 2014.
The company said Friday revenue in the first quarter fell to $4.2 billion, a 40 percent decline from the first quarter of 2015. That's in line with the average analyst estimate of $4.2 billion, according to FactSet.
Halliburton has been slammed by the slowdown in drilling since oil prices began falling in mid-2014. It's more concentrated in North America than rival Schlumberger Ltd., and that has hurt it.
Houston-based Halliburton expects industry spending on drilling and production in North America to drop 50 percent this year after a 40 percent decline last year.
Read more: http://hosted.ap.org/dynamic/stories/U/US_HALLIBURTON_OUTLOOK?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-04-22-18-12-24
Helen Borg
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(29,876 posts)silvershadow
(10,336 posts)Helen Borg
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(29,876 posts)the news that I know personally of.
silvershadow
(10,336 posts)redstatebluegirl
(12,265 posts)Major Hogwash
(17,656 posts)Even though Al Gore warned everyone almost 2 years ago to keep away from investing in fossil fuel corporations.