The scale of the layoffs remains unclear, but according to two sources familiar with the matter, at least three of Halliburton’s business divisions have each seen staff reductions ranging from 20% to 40%. The sources, who were directly involved in the process, requested anonymity as they are not authorized to speak publicly.
The move comes as the oil industry faces mounting pressure from falling prices, slowing demand, and uncertain global trade policies. Brent crude, the international benchmark, has dropped more than 10% this year, trading below $66 per barrel on Friday—a steep decline from its mid-January high of over $82.
In June, Halliburton had already flagged a sharp decline in full-year revenue expectations, citing weakening activity across the oil and gas sector. The company reported a 33% fall in second-quarter profit, with CEO Jeff Miller warning that market conditions had deteriorated rapidly.
“To put it plainly, what I see tells me the oilfield services market will be softer than I previously expected over the short to medium term,” Miller told analysts on a post-earnings conference call.
The current cuts at Halliburton follow a broader trend across the energy sector. Earlier this week, ConocoPhillips announced plans to lay off up to 25% of its workforce, in a bid to manage costs amid declining margins.
Founded in 1919 and headquartered in Houston, Halliburton is the third-largest oilfield services provider in the world by revenue, behind SLB (formerly Schlumberger) and Baker Hughes. It reported a workforce of 48,395 employees at the end of 2024, according to its latest annual filing.
The company has not publicly confirmed the layoffs and did not respond to multiple requests for comment.
Oilfield services firms like Halliburton provide essential technical expertise, drilling equipment, and manpower to exploration and production companies. As upstream operators cut back on drilling and exploration, service companies are often the first to feel the impact.
Further uncertainty looms as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) prepare to meet on Sunday, with reports suggesting the bloc may consider further increases in oil output, a move that could add additional pressure to already sliding prices.