Oil Price War: Halliburton Furloughs 3,500 in Houston

And so it begins. We’ve seen it before during oil and gas “down cycles.” Some of the first companies to lay off workers are the oilfield services (OFS) companies. Companies like Halliburton. It’s a yo-yo. Lay off a bunch of people (hundreds or thousands), and in a few years when things turn around, hire back a bunch. Some pejoratively call it boom and bust. We’re entering another serious down cycle with impending layoffs. Yesterday Halliburton announced a new twist. Instead of laying off thousands, the company will “furlough” some 3,500 workers. Here’s how it works…

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