Emmanuel Addeh in Abuja 

U.S. oilfield services provider, Halliburton, has been cutting staff in recent weeks, according to two sources familiar with the matter, marking the latest workforce reduction in the U.S. oil industry as it faces rising costs and a period of lower prices and volatility. 

Global benchmark Brent crude oil prices have dropped more than 10 per cent this year amid uncertainty over global trade policies and as the Organisation of the Petroleum Exporting Countries (OPEC) and allies raise output. 

U.S. oil company ConocoPhillips earlier announced it would cut up to 25 per cent of its staff to reduce costs. The scope of Halliburton’s layoffs was not immediately clear, Reuters said.

Halliburton has rolled out the cuts over several weeks, according to the sources, who were directly involved in layoffs but not authorised to speak publicly. At least three business divisions had lost between 20 per cent and 40 per cent of employees, the sources said.

Halliburton, the third-largest global oilfield services company by revenue, did not respond to a request for comment. Oilfield services companies provide technical expertise, equipment, and labor, including drilling, to support oil and gas exploration and production.

Houston, Texas-based Halliburton had 48,395 employees at the end of 2024, according to its latest annual report.

The company in June said it expected a sharp decline in full-year revenue, as it warned of lower activity in the oil and gas sector. It posted a 33 per cent fall in second-quarter profit this year amid weaker demand.

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