Halliburton To Cut Up To 6,500 Jobs As Crude Carnages To Crucial $50 Level

But everything was supposed to be fixed?


WTI is tumbling down 5%, nearing the crucial $50 level...


As The Houston Business Journal reports,

Houston-based Halliburton Co. (NYSE: HAL) confirmed it will cut anywhere from 5,000 to nearly 6,500 jobs companywide because of slumping oil prices and the resulting decline in oil and gas exploration and production.


Halliburton said Feb. 10 it will cut 6.5 percent to 8 percent of its global headcount. The company reported having about 80,000 global employees last year, including 8,600 in the Houston region.


In a new email to employees, Halliburton Chairman and CEO Dave Lesar stated that no one is immune.


"We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Halliburton spokeswoman Emily Mir said in an email response. "The impact will be across all areas of Halliburton's operations."

And this won't help...