HOUSTON (AP) – Halliburton Co., which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with slumping oil prices.
A company spokeswoman said Thursday that the latest cuts will amount to about 8 percent of the Houston-based company’s global workforce.
Oil prices have tumbled about 70 percent since peaking above $100 a barrel in mid-2014. That has led to less drilling activity and to widespread layoffs in the oil fields. Halliburton rival Schlumberger cut 10,000 jobs in the fourth quarter.
Benchmark U.S. crude settled at $33.07 a barrel on Thursday, up 92 cents or nearly 3 percent.
Halliburton spokeswoman Emily Mir said the company was reducing its workforce “due to ongoing market conditions.”