Nothing says raise interest rates like hearing Halliburton is cutting about 8% of their headcount.
DUNCAN, Okla. – An oilfield company announced that it is laying off employees due to the drop in oil prices.
According to the Duncan Banner, rumors of layoffs have been going around town.
On Thursday, Halliburton officials confirmed that the company would be laying off employees. However, it did not state how many employees would be affected or which areas would see the most layoffs.
“Halliburton has made adjustments to its workforce in Duncan based on current business conditions. Halliburton will continue to monitor the business environment and will adjust the size of our workforce to align with current business demands as needed. We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment. Details of specific businesses and the number of employees is competitive information and therefore unavailable,” a statement from Halliburton read.
Several energy companies in the Sooner State have been dealing with layoffs.
On Thursday, Kimray announced that it would be reducing its workforce by 10 percent.
Earlier this month, Devon Energy announced that it would be laying off 20 percent of its workforce. Also, , SandRidge Energy laid off hundreds of employees in Oklahoma City.
This news follows on the heels of the deranged note from Goldman Sachs, insisting we’re all making too much noise about the ramifications of the oil industry going into recession.
In short, cash up and look to buy Texas real estate in a few years for pennies on the dollar.
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The oil companies cut dead wood every 5 – 10 years no matter what. This is just par for the course and the lower Bbl prices makes it easier for them to pull the wool over the workers eyes.
And not only that but they have been stashing cash since $110 Bbl.