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Mon Apr 20, 2015, 04:35 PM

Halliburton Boosts Job Cuts After Oil Crash

(Omaha Steve: I don't know if you are keeping track of all these cuts; Schlumberger has been cutting as well. Mostly it's fracking that's getting hit in the US).

Bloomburg Business

Halliburton Co. beat analysts’ estimates and accelerated the pace of job cuts ahead of a planned $34.6 billion takeover of Baker Hughes Inc.

Excluding certain items, the world’s second-biggest provider of oilfield services earned 49 cents a share in the first quarter, topping the 36-cent average of 32 analyst estimates compiled by Bloomberg. Shares rose 2.1 percent to close at $47.85 in New York.

Halliburton has now cut over the past two quarters a total of 9,000 workers, or more than 10 percent of its global workforce as the crash in oil prices forced drillers to cut back, according to Christian Garcia, interim chief financial officer. The company, which is selling assets to win approval for the merger, previously expected to cut as much as 8 percent of its workers. It employed about 80,000 at the end of last year.

“We are continuing to take a hard look at our operations,” Garcia told analysts and investors Monday on a conference call. “Additional actions will likely be required in the second quarter.”

More here - http://www.bloomberg.com/news/articles/2015-04-20/halliburton-profit-falls-as-crude-price-crash-slows-drilling

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