Halliburton

With US oil prices struggling to top $25, oil companies and service providers are making deeper cuts this month to cope. The biggest come from Halliburton which may have shed 5,000 total jobs since the start of the year.

While many shale producers are racing to cut costs by removing crews from the field, ExxonMobil and Chevron stood out as maintaining large numbers of fracturing crews.

Halliburton and Schlumberger write-off billions in asset value and signal that more job cuts are coming during the second quarter.

ExxonMobil and Halliburton made additional cuts in spending and personnel.

The world’s second-largest service firm has seen its share price tumble by 75% as a result of the COVID-19 pandemic and a brutal price war. Workers at Halliburton’s main campus are among the first to feel the impacts.

As part of the deal, Pertamina is moving all of its petrotechnical applications to the iEnergy cloud service, which is run by Halliburton arm Landmark.

The two oilfield service leaders serve as critical bellwethers for the health of North America’s upstream sector, which is under pressure to consolidate and generate free cash flow.

The two largest oilfield services firms grapple with a worsening North American land market.

Partnerships with big tech, tech startups, and innovative service companies—and the merging of their data, cloud, and software applications—are proving essential for operators in the scaling phase of digital deployment. Equinor, Microsoft, and Halliburton are among those joining forces.

The E&P sector has maintained a strong focus on capital discipline during its recovery from the 2014 oil price downturn, as investors look for companies to generate free cash flow to help pay down debt. How will this focus affect sector growth in the near term?