Tumbling oil prices continue to claim its victims. Oil giant Halliburton Co. announced Tuesday that the company has cut jobs in Houston because of weakening market conditions as oil prices slide, according to Fuel Fix. Halliburton refused to announce exactly how many jobs it was forced to cut.
Halliburton spokeswoman Emily Mir commented in an emailed statement:
“While these reductions are difficult, we believe they are necessary to work through this challenging market. We continue to monitor the business environment closely and will make adjustments to the cost structure of our business as needed.”
According to Texas Workforce Commission spokeswoman Debbie Pitts, the state agency has yet to receive any notifications from Halliburton about its job cuts, but that in some cases companies aren’t required to notify state regulators.
The Federal Reserve Bank of Dallas on Tuesday announced that it projects Texas employers will add 235,000 to 295,000 worker to their payrolls this year. However, according to a Dallas Fed model, the drop in oil prices could cost Texas upwards of 140,000 jobs this year. Halliburton’s layoffs come after the company announced last month that it plans to cut 1,000 jobs across multiple regions in the eastern hemisphere. Halliburton will report its fourth quarter earnings on January 20.