Financial Post by Liz Hampton 3/17/2020
Top U.S. oilfield services provider Halliburton said on Tuesday it will furlough about 3,500 employees in Houston for 60 days as shale producers slash spending amid falling oil prices.
The affected staff will alternate working one-week on and one-week off during the two-month period. While they will keep their benefits during the furlough, workers will not be paid for the weeks not at work, a spokeswoman said.
U.S. shale producers this month cut between 25% and 50% of planned spending as falling demand from coronavirus and a price war between Saudi Arabia and Russia threw the market into a tailspin. U.S. oil prices are down more than 50% this year to about $26 a barrel, from $61 a barrel in December.
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https://business.financialpost.com/pmn/business-pmn/halliburton-to-furlough-3500-workers-as-shale-producers-cut-spending