According to a Reuters report that cited sources, at least three business divisions lost between 20% and 40% of employees.
Halliburton (HAL) has reportedly been reducing its staff in recent weeks, marking the latest workforce cut in the U.S. oil industry, at a time when costs are rising and oil prices remain low.
Reuters reported on Friday, citing two sources familiar with the matter, that the scope of Halliburton’s layoffs was unclear. The oilfield services company implemented the cuts over several weeks, sources directly involved in the layoffs told Reuters, adding that at least three business divisions lost between 20% and 40% of their employees.
Halliburton, however, did not confirm the layoffs when contacted by the news agency. Texas-based Halliburton had 48,395 employees at the end of 2024, the report noted.
On Stocktwits, retail sentiment around HAL stock stayed within the ‘bearish’ territory over the past 24 hours, while message volume jumped from ‘normal’ to ‘high’ levels.
In July, Halliburton (HAL) CEO Jeff Miller said that the oilfield services market will be softer than previously expected over the short to medium term, primarily due to activity reductions in the North American region.
“In North America, multiple operators, even large and established customers, are now planning meaningful schedule gaps in the second half of 2025,” Miller said during the company’s second-quarter (Q2) earnings call.
The company then said that it expects full-year North America revenue to decline in the low double digits year-over-year and added that full-year international revenue is expected to contract by mid-single digits year-over-year, primarily driven by activity reductions in Saudi Arabia and Mexico.
Earlier this week, it was also reported that oil company ConocoPhillips is preparing to lay off up to a quarter of its workforce.
Halliburton shares have declined 18% year-to-date and have fallen over 23% in the last 12 months.
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