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Oil Prices Down - No World War 3 Yet? - Halliburton Fires One Third Of Global Staff
04-23-2016, 06:27 PM
Post: #1
Oil Prices Down - No World War 3 Yet? - Halliburton Fires One Third Of Global Staff
0
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In a brutally frank and painfully honest first quarter operational update, Halliburton president Jeff Miller poured freezing cold water all over the "oil is stabilizing, and everything is going to be awesome" narrative. After explaining that the firm has laid off one-third of its global employees, and pointing to the collapse in sequential revenues across every business unit, Miller exclaimed: "What we are experiencing today is far beyond headwinds; it is
unsustainable."

Due to the deadline of its merger agreement with Baker Hughes Halliburtion has delayed its earnings conference call until May 3rd and so gave an operational update. The healdlines were horrific:

*HAL SEES OVER 30% DROP IN YR GLOBAL DRILLING, COMPLETION SPEND
*HALLIBURTON CUT ABOUT 1/3 OF STAFF GLOBALLY
*HALLIBURTON CUT OVER 6,000 JOBS DURING 1Q
*HALLIBURTON SEES ADDITIONAL 50% DECLINE IN NORTH AMERICA SPEND '16
*HALLIBURTON SAYS WORLDWIDE RIG COUNT LOWEST LEVEL SINCE 1999
*HALLIBURTON SEES PRODUCTION DECLINES IN BACK HALF OF '16

Dave Lesar, Chairman and CEO, began the dismal update...
http://www.zerohedge.com/news/2016-04-22...r-beyond-h

Flashback 2007 - HALLIBURTON: WAR AND PROFIT

2013 - Halliburton's Criminal Repertoire | Brainwash Update

Fired Army Whistleblower Receives $970K For Exposing Halliburton No-Bid Contract In Iraq

Thinker, proud member of Realist News since Nov 2013.
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