Halliburton Cutting Up To 6,400 Jobs In Oil Price Collapse

(RTTNews) - Employees of Halliburton will be the latest to feel the pinch of collapsing energy prices, as the oilfield service provider confirmed Tuesday it is laying off up to 8 percent of its workforce.

That means as many as 6,400 employees can expect pink slips in the coming days.

"We are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Halliburton spokeswoman Emily Mir wrote in a statement, according to Bloomberg Business.

"The impact will be across all areas of Halliburton's operations."

The entire energy sector, particularly in Texas, where Halliburton is headquartered, is reeling from a more than 50 percent drop in crude oil prices.

OPEC nations have refused to cut production, pricing out their non-OPEC competitors from the U.S. and Canada, where margins are significantly thinner.

Baker Hughes, Weatherford, Apache, Suncor, Schlumberger, and ConocoPhillips are among the other energy sector companies to announce thousands of layoffs in recent months.