Halliburton Cuts Another 5,000 Jobs

[Purveyor]

Source: USA Today

Paul Davidson, USA TODAY 4:35 p.m. EST February 25, 2016

Halliburton, the oilfield services giant, said Thursday it’s cutting another 5,000 jobs, or 8% of its global workforce, in a sign that the plunge in oil prices is continuing to take a brutal toll on the industry.

Halliburton already had laid off about 18,500 employees since 2014 as crude producers sharply scaled back drilling activity amid a 70% tumble in oil prices. In the fourth quarter, the company announced earnings of 31 cents a share on $5.08 billion in revenue, down from $1.19 per share on $8.77 billion in revenue in the year ago period.

There were 514 oil drilling rigs in the US last week, down from 1,310 a year ago, according to oilfield services company Baker Hughes.

Analysts expected the layoffs to ease this year after producers and oilfield services companies lost more than 130,000 jobs in 2015. But in addition to Halliburton’s announcement, the mining and logging sector chopped 7,000 jobs in January as crude prices continued to fall, Labor Department figures show.

Read more: http://www.usatoday.com/story/money/2016/02/25/halliburton-cuts-another-5000-jobs/80942908/

[randys1]

1. All oil profits should be turned over to the government to pay for long term

benefits for the unemployed in that field.

That we have not yet nationalized all forms of energy, is completely insane.

[7962]

3. Its working so well in venezuela!

[randys1]

5. ...

[Judi Lynn]

6. Absolutely! It shouldn't be owned for private profit, no more than water, or air. You are so right.

That's why more civilized countries don't have privatized oil.

[randys1]

7. I would go much further, like internet access. Since you cant survive today without it,

relying on access with a for profit company, is not good.

Capitalists, and corps specifically, must extract the most out of you or they are not doing their job.

[7962]

16. Yes, countries such as Iran, Saudi Arabia, Mexico, Russia,etc. Ha!

SO much more civilized than the US.
Most Canadian oil is not nationalized. Brazil is the only country with major supplies that has a mostly nationalized oil industry and is not a hellhole

[LanternWaste]

17. Hence, the one leads to the other? Precisely how?

Hence, the one (nationalizations) leads to the other (hellhole)? Precisely how?

[7962]

18. The post I answered mentioned the "more civilized" countries nationalizing oil.

As though the US is behind & less civilized because ours isnt. The list of countries that DO is full of countries that are hardly more civilized than the US, if they're civilized at all. Some may be richer with small populations, but they're also repressed countries
The fact that they're hellholes is because of a host of OTHER bad decisions as well. Venezuela is the best example; going from a thriving industry to producing 1/2 of what it used to, not paying bills, etc. And the rest of the decisions made regarding the rest of the economy has turned that country into a shambles where you dont even have toilet paper.

[iandhr]

2. I am not a fan of Halliburton...

... but I hope folks here won't celebrate this given 5,000 people are now unemployed.

[randys1]

8. Absolutely not. If you nationalize all energy, you would not only not lose jobs but

you could create millions more.

[metalbot]

19. Why do you think that would be true?

What would those millions of people do?

And would a nationalized energy company keep on payroll people it just doesn't need because production drops? What do you do with drilling crews that don't have drilling to do?

If we were to nationalize energy (which probably wouldn't pass constitutional muster), I suspect you'd still have the same cast of characters doing the work as contractors for the government - Halliburton, Schlumberger, etc.

[ChairmanAgnostic]

9. I would, if they start from the top of the pyramid.

[chapdrum]

15. Not celebrating job loss

but energy companies could diversify into renewables, thereby creating more jobs (as is routinely done in other countries).

It's just that they'd rather not. That's all. And who or what is going to make them?

[7962]

4. OPEC is determined to get rid of its competition.

We'll see what it looks like in 5 yrs

[jwirr]

10. I have been watching all the corporations who are shipping

jobs away again. Anyone think that this is part of the political game to scare us into voting for Hillary?

[chapdrum]

14. Yes, I do.

[valerief]

11. I'd rather see our tax dollars going to jobs that are useful instead of WAR/OIL JOBS anyway. nt

[Wednesdays]

12. I didn't see any mention in the article of top execs' pay cuts,

did you?

[chapdrum]

13. USA Today helps the oil industry

by using the verb "brutal."

Dear USA Today and the rest of the corporate media: Your complicity, even when subtle, does not go unnoticed.