HOUSTON — Halliburton announced on Tuesday plans to lay off about 7 percent of its work force, or 5,200 to 6,400 workers, in response to plummeting oil prices.
Halliburton and other service companies that drill and complete wells onshore and offshore are typically the first and worst hit when producers decommission rigs and cut investments in exploration and production.
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Citi Research, in a report published on Monday, characterized the recent near 20 percent crude price recovery as “more like a head-fake than a sustainable turning point.” The Citi report projected that crude prices could still fall below $40 a barrel for West Texas Intermediate and potentially to as low as $20 before rebounding.
Andrew E. Kramer contributed reporting from Moscow.
