Layoffs have been announced at the Artesia location of Halliburton Co., due to current business conditions in the oil industry.
William Fitzgerald, a Halliburton spokesman, said in an email that the company does not drill in Eddy County, but they do have two locations in Artesia.
“Halliburton will continue to monitor the business environment and will adjust the size of our workforce to align with current business demands as needed,” Fitzgerald said in an email to the Current-Argus on Friday.
Fitzgerald said in an email to the Farmington Daily Times on Thursday that they are also laying off “an undisclosed number of employees” in the northern part of the state.
“We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment,” Fitzgerald said.
Layoffs can be seen as a result of the recent decline in oil and gas prices.
According to Halliburton’s second quarter earnings, released on July 20, the company recorded a decrease in earnings from the first quarter of this year.
“Total company revenue of $5.9 billion declined 16 percent sequentially, outperforming a 26 percent drop in the worldwide rig count,” said Jeff Miller, president of Halliburton.
Miller also said in the new release on the companies’ earnings that revenue in North America declined by 40 percent.
Chairman and CEO of Halliburton Dave Lesar also said then in regards to the second quarter revenue lost that the company will manage costs through the downturn.
Halliburton Co. is one of the largest oilfield service companies in the world, with more than 70,000 employees in more than 80 countries, their website said.
Additional details about the number of employees and the type of employees were unavailable, because it was “competitive information,” Fitzgerald said.
Raye Miller, President of Regeneration Energy Corporation located in Artesia, said that he was not sure how many employees Halliburton had exactly in the area, but that they provide a number of services for the oil field business.
This includes cementing services for casings and providing fracking equipment.
Sarah Matott can be reached at 575-628-5546.
This article was written by Sarah Matott from Carlsbad Current-Argus, N.M. and was legally licensed through the NewsCred publisher network.