Halliburton Begins Multi-Division Layoffs
Halliburton is cutting jobs as oilfield activity cools, Reuters reports, citing two people familiar with the matter. The reductions come amid rising costs, weaker prices, and heightened volatility across the sector.
Brent crude is down more than 10% in 2025, pressured by uncertain global trade policy and higher output from OPEC and its allies. The company hasn’t disclosed the scale of the layoffs, but sources say cuts have rolled out over several weeks, touching at least three business units, with headcount reductions ranging from 20% to 40%. Halliburton, the world’s No. 3 oilfield services provider by revenue, declined to comment.
The move underscores mounting strain on service companies that supply drilling expertise, equipment, and crews to producers. At year-end 2024, Halliburton reported 48,395 employees and had already warned that full-year revenue could slip on lower customer activity. On the latest earnings call, CEO Jeff Miller said market conditions have shifted significantly in recent months, with a slowdown in North America and among several national oil companies. “To put it plainly, what I see tells me the oilfield services market will be softer than I previously expected over the short to medium term,” he said.
The retrenchment isn’t isolated. ConocoPhillips recently said it plans to reduce its workforce by as much as 25% to cut costs, signaling broader belt-tightening across the upstream value chain.
With prices under pressure and operators reining in spending, service providers face a tougher backlog and thinner pricing power—conditions that could persist until demand firms or supply growth slows.
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