Halliburton Cuts Jobs as Oil Prices & Demand Pressure Industry

Core Insights - Halliburton Company (HAL) is implementing staff reductions in response to declining prices and rising costs in the energy sector, reflecting a broader trend of layoffs in the industry [1][9] Financial Performance - Halliburton's second-quarter adjusted net earnings per share fell to 55 cents, a decline of approximately 31% year over year, with revenues also showing a downward trend due to reduced activity in North America and weaker customer demand [2][3] - Management anticipates continued pressure on revenues and profitability in the near to medium term, indicating potential challenges ahead for the oilfield services market [3] Workforce Reductions - The extent of Halliburton's layoffs has not been fully disclosed, but reports indicate that multiple divisions have seen employee reductions ranging from 20% to 40%, which is significant given the company's workforce of nearly 48,000 as of the end of 2024 [4][9] Industry Context - The global oil market has faced challenges in 2025, with Brent crude prices dropping over 10% due to trade policy uncertainties and increased output from OPEC, leading to reduced demand and revenues for companies like Halliburton [5][9] Company Overview - Halliburton is one of the largest oilfield service providers globally, offering a range of services to the energy, industrial, and government sectors, currently holding a Zacks Rank of 4 (Sell) [6]