U.S. oilfield services firm Halliburton on Wednesday said it was cutting 650 job...
FILE PHOTO: Oil production equipment is seen in a Halliburton yard in Williston, North Dakota, U.S., April 30, 2016. REUTERS/Andrew Cullen/File Photo
Halliburton and its rivals that provide drilling equipment and services have suffered this year due to reduced spending by oil and gas producers amid weak prices. Spending by U.S. independent producers is projected to fall 11% this year, according to analysts at Cowen and Co. Most of the affected employees were given the option to relocate to jobs in other locales where more business is anticipated, she said.
The number of active U.S. hydraulic fracturing fleets, which release oil trapped in shale rock, has tumbled to 365, the lowest since spring 2017, energy consultancy Primary Vision said in a note on Wednesday. It estimates as many as 60 more fleets could be idled before the end of the year.
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