This week, Halliburton announced first quarter losses of $643 million and acknowledged that they have cut 9,000 jobs over the past two quarters.
The Houston-based oil giant has been forced to scale back operations in light of plummeting energy prices. They confirmed on Monday that the number of layoffs represent approximately 10% of their workforce.
Related: Halliburton Closing Minot Facility
“Acting CFO Christian Garcia said “We are continuing to take a hard look at our operations and additional actions will likely be required in the second quarter. We believe that the long-term prospects of the industry remain sound. We are excited about the pending Baker Hughes transaction, which will significantly enhance the growth potential of our organization.”
In light of the $35 billion takeover of Baker Hughes, Halliburton is selling several business to secure the necessary regulatory clearance. Once the merger is approved by antitrust regulators, the new entity will surpass Texas-based Schlumberger as the world’s largest oil drilling company.
Related: Halliburton to Merge With Baker Hughes
Read more at halliburton.com