As oil prices continue to fall, the businesses closest to the commodity are feeling that loss and making adjustments. This week Halliburton announced news that it will be cutting eight percent of its global work force—in other words, about 5,000 workers worldwide.
Spokesperson Emily Mir talked to Bloomberg about the company’s decision:
"We regret having to make this decision but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Mir said.
This is not Halliburton’s first major downsizing measure within the last year—as Bloomberg notes, the company cut almost 4,000 jobs at the end of 2015 and significantly more since the oil industry’s economic downturn started in 2014.
It doesn’t seem likely that this will be the last adjustment for Halliburton or others in similar positions. The only question is how much the oil industry will have to trim down before prices hit rock bottom and start to rise once again.