Halliburton cuts 350 jobs, executive pay as oil bust deepens

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Oilfield services firm Halliburton Co said on Monday it was cutting about 350 employees in Oklahoma, according to a filing with the state, and that its executives would reduce their salaries amid a deepening oil price rout, Reuters said in a report.

Staff cuts could begin this week at its Duncan, Oklahoma, facility, the filing said, and would be permanent. The facility is expected to remain open.

In addition to the salary reductions for executives, Halliburton will suspend certain contributions made to employee retirement accounts, the company said.

According to the Reuters report, energy companies have slashed spending since oil prices crashed this year more than 60%, taking prices below $30 a barrel, less than the cost of production.

Halliburton said last month it would furlough 3,500 workers in Houston to cope with lower prices.

“This was a difficult decision but is necessary action as we face challenging market conditions,” spokeswoman Emily Mir said in an email.

As of the end of last year, Halliburton had about 55,000 global employees.

Reuters said U.S. crude futures were trading at $26.85 a barrel on Monday, down about 3% after OPEC+ members delayed a meeting on output cuts.

Denver-based hydraulic fracturing firm Liberty Oilfield Services Inc also announced workforce reductions in the past week. Liberty said it would cut 204 workers in North Dakota, on top of the 183 it was cutting in Colorado. Shares of Halliburton were up 3.9% to $7.90. They are down 68% year-to-date.

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