- The Washington Times - Tuesday, April 21, 2015

Falling oil prices have prompted energy company Halliburton to cut roughly 10 percent of its global workforce: 9,000 employees.

News of the layoffs came on Monday as the company announced first quarter losses of $643 million with its earnings report, NBC News said Monday.

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

Haliburton also reported a revenue drop to $7.1 billion from $7.3 billion last year.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide