Halliburton to furlough 3,500 workers as shale producers cut spending

[Elderberry]

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.

More: https://business.financialpost.com/pmn/business-pmn/halliburton-to-furlough-3500-workers-as-shale-producers-cut-spending

[libertybele]

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.

More: https://business.financialpost.com/pmn/business-pmn/halliburton-to-furlough-3500-workers-as-shale-producers-cut-spending

Everyone will be impacted by this.  This is a Global pandemic.  This is going to crush the global economy.  Which IMHO is exactly what China was hoping for. What's there next move??

[EdinVA]

Halliburton annual/quarterly revenue history and growth rate from 2006 to 2019. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services.  Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income.

• Halliburton revenue for the quarter ending December 31, 2019 was $5.191B, a 12.55% decline year-over-year.
• Halliburton revenue for the twelve months ending December 31, 2019 was $22.408B, a 6.61% decline year-over-year.
• Halliburton annual revenue for 2019 was $22.408B, a 6.61% decline from 2018.
• Halliburton annual revenue for 2018 was $23.995B, a 16.37% increase from 2017.
• Halliburton annual revenue for 2017 was $20.62B, a 29.79% increase from 2016.

https://www.macrotrends.net/stocks/charts/HAL/halliburton/revenue

They better not be looking for hand outs...