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Halliburton Has Cut Workforce By 10% As Oil Prices Fall

Oilfield services company Halliburton said it has laid off 9,000 workers in response to tumbling oil prices, with more jobs to come.
/ Source: NBC News

While drivers stay in the black at the pump, workers on the other end of the gas nozzle are getting the pink slip.

Oilfield services company Halliburton announced in its first quarter earnings report that it had trimmed its global workforce by 10 percent, laying off 9,000, with more cuts to come.

Previously the company expected to cut up to 8 percent of its workers.

The news came as part of Halliburton's first quarter earnings report Monday, where it posted losses of $643 million. Revenue fell to $7.1 billion from $7.3 billion last year, but still beat expectations of $6.89 billion.

“The pricing knife fight continues,” wrote Evercore analyst James West in an April 14 industry earnings preview note to investors. "Operators have been racing to cut pricing in an effort to minimize production costs as low commodity prices have rendered many plays uneconomical."

The national average for gas prices is $2.46, according to the AAA motor club, down from $3.68 a year ago.