Halliburton (HAL) is cutting 8% of its workforce, or roughly 5,000 positions, the Houston energy company told CNNMoney on Thursday.
The new wave of job cuts will take place across the globe over the next several weeks.
It’s the latest evidence of the crisis confronting the U.S. oil industry as crude prices have crashed to seven-year lows.
“Our industry has turned down faster than anyone ever expected,” Halliburton CEO Dave Lesar and President Jeff Miller said in a memo to employees obtained by CNNMoney. The execs said it’s now clear that business opportunities will be “much worse than anticipated” coming into the year.
The latest pink slips bring Halliburton’s job cut tally to between 26,000 to 27,000 since employee headcount peaked in 2014, the company said.