Halliburton Lays off 10% of Workforce

April 21, 2015 Elizabeth Alford

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.

“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.

Halliburton to Merge With Baker Hughes

April 7, 2015 Elizabeth Alford

Shareholders from Halliburton and Baker Hughes recently gave overwhelming approval for a mega-merger that would combine the two companies in a deal estimated at $35 billion.

Once the merger is approved by antitrust regulators, the new entity will surpass Texas-based Schlumberger as the world’s largest oil drilling company. Officials announce that the deal that was initiated in November should close during the second half of 2015.

“We are extremely pleased Halliburton and Baker Hughes stockholders have shown overwhelming support by approving the pending transaction,” said Dave Lesar, chairman and chief executive officer of Halliburton. “We are more confident than ever that this combination will create a stronger, more diverse organization with an unsurpassed depth and breadth of services benefitting our stockholders, customers, employees and other key stakeholders of both companies.”

Combined, Halliburton and Baker Hughes employ almost 2000 workers in North Dakota, but have already begun strategic layoffs including a recent closure of a facility in Minot. State officials have predicted that 3,000 to 4,000 oilfield jobs will be cut due to low oil prices.

Halliburton Closing Minot Facility

March 26, 2015 Elizabeth Alford

Beginning April 1st, Halliburton will no longer have a presence in Minot, North Dakota. A spokesperson confirmed Tuesday that the company will suspend operations and close the facility, transferring employees to their Williston and Dickinson locations.

This is the latest in a string of announcements from Halliburton about their efforts to streamline operations in the face of the current crude pricing downturn. Earlier this year the company reported worldwide layoffs of 6,500 people followed by an announcement that they would close their facility in Regina, Saskatchewan in March.

Related: Energy Giants Announce Layoffs

“Spokesperson Susie McMichae said that “The company continue to make adjustments to its workforce based on current business conditions. We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to worth through this challenging market environment.”