Over the last six months, oil services giant Halliburton (NYSE:HAL) has axed 9,000 workers as the company copes with the soft oil market.
The company, which released its first quarter results today, called the decline in its industry “unprecedented”, which forced the cuts. Halliburton President Jeff Miller mentioned the head count reduction in a conference call.
Within its first quarter, Halliburton said earnings per share were a net loss of $643 million, or 76 cents a share. A year ago the company did $622M or 73 cents a share. Revenue was $7.1 billion compared to $7.3 billion one year ago.
Halliburton was up 2.05% for the day to $47.85 per share. The 52-week range is $37.21 to $74.33.
At the start of the year Schlumberger announced that it was reducing its staff by 9,000 workers, too.