According to an exclusive report in the Houston Business Journal, the job cuts are not related to the planned acquisition of Baker Hughes Inc. (NYSE: BHI). Baker Hughes has already said that it would cut at least 7,000 jobs and the industry’s largest company, Schlumberger Ltd. (NYSE: SLB) will eliminate 9,000 jobs. Weatherford International Inc. (NYSE: WFT) last week announced a layoff of 8,000 workers by the end of June.
CEO Dave Lesar reportedly notified Halliburton employees by email of the job cuts.
The even worse news here is that if and when the Halliburton acquisition of Baker Hughes is completed the combined companies will almost certainly fire additional hundreds of employees in the name of synergies.
Crude oil prices, which had been rising for the past several day, have dropped nearly 5% on the Nymex today to around $50 a barrel for March delivery. And the price could be headed lower — a lot lower — before it begins a real recovery.
Halliburton’s shares traded down about 3% on the day at $42.27 in a 52-week range of $37.21 to $74.33.
ALSO READ: Why Oil Lows Are Confusing Solar Investors
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
