REPORT: Halliburton is cutting up to 6,500 jobs

Halliburton announced Tuesday that it will lay off between 5,000 and 6,500 employees, according to the Houston Business Journal.

These cuts come as tumbling oil and gas prices have caused its output to decline. The company had announced last December that it was laying off 1,000 employees.

“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,” a Halliburton spokeswoman told the Houston Business Journal.

Shares of Halliburton fell as much as 2.8% in trading on Tuesday afternoon. West Texas Intermediate crude prices moved back towards $US50 a barrel, down as much as 5%.

More to come …

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