Halliburton Reduces Workforce as Oil Activity Slumps

Halliburton reduces workforce as oil activity slumps, sources say
By Shariq Khan and Liz Hampton
September 5, 2025

DENVER, Sept 5 (Reuters) - U.S. oilfield services provider Halliburton (HAL.N), has been cutting staff in recent weeks, according to two sources familiar with the matter, marking the latest workforce reduction in the U.S. oil industry as it faces rising costs and a period of lower prices and volatility.
Global benchmark Brent crude oil prices have dropped more than 10% this year amid uncertainty over global trade policies and as the Organization of the Petroleum Exporting Countries and allies raise output. U.S. oil company ConocoPhillips this week announced it would cut up to 25% of its staff to reduce costs.

The scope of Halliburton's layoffs was not immediately clear.
Halliburton has rolled out the cuts over several weeks, according to the sources, who were directly involved in layoffs but not authorized to speak publicly. At least three business divisions had lost between 20% and 40% of employees, the sources said.
Halliburton, the third-largest global oilfield services company by revenue, did not respond to a request for comment.
Oilfield services companies provide technical expertise, equipment, and labor, including drilling, to support oil and gas exploration and production.
Houston, Texas-based Halliburton had 48,395 employees at the end of 2024, according to its latest annual report.
The company in June said it expected a sharp decline in full-year revenue, as it warned of lower activity in the oil and gas sector. It posted a 33% fall in second-quarter profit this year amid weaker demand.
On a conference call with analysts after reporting second-quarter earnings, CEO Jeff Miller noted the oilfield services market appeared very different than it did 90 days ago, citing a slowdown in North America and among large national oil companies elsewhere.
"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.
Brent crude was trading below $66 on Friday, down nearly 20% from this year's peak north of $82 a barrel in mid-January, as investors braced for the OPEC+ group's meeting on Sunday. Reuters earlier reported the group will consider raising output further at that meeting.

Reporting by Liz Hampton in Denver and Shariq Khan in New York; Additional reporting by Arathy Somasekhar and Georgina McCartney in Houston Editing by Rod Nickel

https://www.reuters.com/business/world-at-work/halliburton-reduces-workforce-oil-activity-slumps-sources-say-2025-09-05/

#Layoffs #News #OilAndGas

Comment! It's anonymous!

14 replies (most recent on top)

@1ah "Immediately bring prices down,” starting on Day One.
End the war in Ukraine in 24 hours.
We should pretend Trump's 2017 promise to bring back manufacturing actually happened, too!
DJT has a clear track history of promises made and promises kept. 🙄

I said, there are no “unusual” layoffs happening. What we are seeing is quite normal in our industry which happens almost every year. But we will see a huge uptick in hiring across all the industries in a year as DJT promised.

@10z Anyone can do their own research. Start by reviewing Halliburton’s latest financial statements, specifically the latest earnings release, which details impairments and other charges. To see the actual severance amounts, visit the Securities and Exchange Commission (SEC) website and search for Halliburton’s filings. In the most recent Form 10-Q, dated June 30, 2025, the company reported $107 million allocated for severance expenses alone (under Note 2).

https://www.sec.gov/ix?doc=/Archives/edgar/data/45012/000004501225000057/hal-20250630.htm

There are no unusual layoffs happening. Anything else you hear is a hoax perpetuated by the media and liberals. Besides in a year the employment rate is going to be big and beautiful. We just need to trust our leader and be patient.

@ft well said! Unfortunately very few understands why these layoffs are happening or they deflect and keep on pushing their narrative (such as putting the entire blame on OPEC).

@dj You are totally full of BS! The Halliburton layoffs are real. Many of my friends have gotten the axe. Stop trying to spread lies!

HAL will use any excuse in the world to keep their stock price above $20 and sc--w over their hardworking loyal workers

@fj OPEC and OPEC+ flooding the market lowers petroleum prices globally, which in turn lowers domestic prices below break even profit points. If oil and gas companies can't make a profit, they won't do the work and they layoff to protect shareholder returns.
Layoffs in other non-oil and gas sectors aren’t because of OPEC and OPEC+. They’re driven by things like tariffs, interest rates, automation and demand shifts. Claiming boosting U.S. oil production “lowers costs of goods” while tariffs are actively making those same goods more expensive is missing the big picture. As one example, the higher tariffs make foreign-made steel much more expensive, reducing imports. With less competition from imports, U.S. steel producers have increased their prices for domestic steel, leading to increased costs for anything steel related in the field.
OPEC and OPEC+ explains oil layoffs. Tariffs, Fed policy, and consumer trends explain a lot of the rest. Pretending it’s all one cause ignores how the economy actually works.

@fh are you saying that current layoffs are due to OPEC increasing production? DJT was looking to increase oil production to reduce cost of goods. Are we seeing the effects of this strategy? There are massive layoffs happening in non-O&G sectors as well. Are these due to DJT and OPEC as well?

If Opec+ increases production again in October, expect more layoffs.

https://www.reuters.com/business/energy/oil-prices-ease-surprise-build-us-crude-stockpiles-opec-consider-output-hike-2025-09-04/

It has been 4 weeks of RIFs. Interesting they keep the numbers of each round low enough so it does not have to be announced to the labor department.
CEO Miller lacks the vision to understand that ‘get er done’ doesn’t prepare to innovate and gain global market.

@dk Now that was some brutal truth. Awesome, maybe some of these maggots will now wake up.

Tell them what they won, Bob! Enjoy the FO of FAFO.

https://m.youtube.com/watch?v=ADElbenULwo

https://m.youtube.com/watch?v=a7qTCxGHKR0

Drill Baby Drill!

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Halliburton Reduces Workforce as Oil Activity Slumps

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