By: Suzanne Edwards
Houston-based Halliburton Co. (NYSE: HAL) has confirmed that the company will be making additional job cuts that will specifically target management positions, according to an internal communication obtained by the Houston Business Journal.
In it, Jeff Miller, Halliburton's president and director, outlines Halliburton's cost-cutting measures.
"We must continue to manage through this extended industry down cycle by implementing additional cost reduction measures to protect the interests of all stakeholders," Miller said in the memo. "Unfortunately, this means that additional staff reductions are underway, with the majority of the reductions in North America – the region hit hardest by market conditions."
The communication went on to say that Halliburton will "flatten" the North America business by eliminating multiple levels of management and additional headcount "commensurate with market activity levels."
The memo did not give any specific figures, but did say that those directly affected by the job cuts would be notified within the next two weeks.
These job cuts are unrelated to the pending acquisition of Houston-based Baker Hughes Inc. (NYSE: BHI), said spokesperson Emily Mir.
"Halliburton is making adjustments to its workforce in North America based on current business conditions and has communicated with our employees. 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 are committed to ensuring that our separated employees are treated with dignity and respect," Mir said in an emailed statement.
The additional information around management-focused job cuts came to light only hours after the company also confirmed that it would be cutting worker jobs in North Dakota, according to a report in the Williston Herald.
As of press time, Halliburton's stock was trading at $37.41 per share. As of July, Halliburton employed 8,000 local full-time employees, according to Houston Business Journal research, making it the sixth-largest energy employer in Houston.
Halliburton last revealed job cut details in its second-quarter earnings report. In its filing with the U.S. Securities and Exchange Commission, the company said it "initiated a companywide reduction in workforce by approximately 16 percent during the first half of 2015." As of Dec. 31, 2014, Halliburton's global workforce stood at 80,000.
Source: Houston Business Journal
Houston-based Halliburton Co. (NYSE: HAL) has confirmed that the company will be making additional job cuts that will specifically target management positions, according to an internal communication obtained by the Houston Business Journal.
In it, Jeff Miller, Halliburton's president and director, outlines Halliburton's cost-cutting measures.
"We must continue to manage through this extended industry down cycle by implementing additional cost reduction measures to protect the interests of all stakeholders," Miller said in the memo. "Unfortunately, this means that additional staff reductions are underway, with the majority of the reductions in North America – the region hit hardest by market conditions."
The communication went on to say that Halliburton will "flatten" the North America business by eliminating multiple levels of management and additional headcount "commensurate with market activity levels."
The memo did not give any specific figures, but did say that those directly affected by the job cuts would be notified within the next two weeks.
These job cuts are unrelated to the pending acquisition of Houston-based Baker Hughes Inc. (NYSE: BHI), said spokesperson Emily Mir.
"Halliburton is making adjustments to its workforce in North America based on current business conditions and has communicated with our employees. 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 are committed to ensuring that our separated employees are treated with dignity and respect," Mir said in an emailed statement.
The additional information around management-focused job cuts came to light only hours after the company also confirmed that it would be cutting worker jobs in North Dakota, according to a report in the Williston Herald.
As of press time, Halliburton's stock was trading at $37.41 per share. As of July, Halliburton employed 8,000 local full-time employees, according to Houston Business Journal research, making it the sixth-largest energy employer in Houston.
Halliburton last revealed job cut details in its second-quarter earnings report. In its filing with the U.S. Securities and Exchange Commission, the company said it "initiated a companywide reduction in workforce by approximately 16 percent during the first half of 2015." As of Dec. 31, 2014, Halliburton's global workforce stood at 80,000.
Source: Houston Business Journal
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