Halliburton Laying Off Up to 20,000, More than 25% of Workforce

rumor millVery interesting development with Halliburton. As we previously reported, Halliburton is forcing Baker Hughes to the alter in a shotgun wedding/takeover (see Halliburton & Baker Hughes Vote to Approve Shotgun Wedding). Before the two can get hitched, regulators are forcing Halliburton to first sell certain assets (see Halliburton Shotgun Divorce – Forced to Sell Certain Divisions). The prime candidate to buy those assets was Weatherford. However, Weatherford just canceled a plan to raise $1 billion, presumably to be used to buy Halliburton’s cast-offs (see Oilfield Services Weatherford Flip Flops on Stock/Note Offering). Now we know why Weatherford wanted $1B–but the deal to buy Halliburton’s assets is now in doubt. Enter the latest news from Halliburton–that they’re about to lay off a massive 20,000 people–something like 25% of their workforce…

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