Monday, April 20, 2015

Halliburton beats estimates, boosts job cuts after oil crash

Halliburton beats estimates, boosts job cuts after oil crash: "Halliburton Co. beat analysts’ estimates and accelerated the pace of job cuts ahead of a planned $34.6-billion takeover of Baker Hughes Inc. Excluding certain items, the world’s second-biggest provider of oilfield services earned 49 cents a share in the first quarter, topping the 36-cent average of 32 analyst estimates compiled by Bloomberg. Shares rose 4% to $48.78 at 11:13 a.m. in New York. Halliburton has now cut over the past two quarters a total of 9,000 workers, or more than 10% of its global workforce as the crash in oil prices forced drillers to cut back, according to Christian Garcia, interim CFO. The company, which is selling assets to win approval for the merger, previously expected to cut as much as 8% of its workers. It employed about 80,000 at the end of last year."

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