BAKERSFIELD, Calif. — In its latest round of job cuts this year, Halliburton Co. is laying off 70 employees at its Bakersfield plant as the U.S. oilfield services firm struggles with falling profits amid slowing oil and gas activity.
In a statement, the company said:
Halliburton is making adjustments to its workforce in Bakersfield due to local market conditions. We value every employee, but unfortunately we are faced with the difficult reality that reductions are necessary as we work to align our operations to reduced customer activity.
The company reported a drop in third-quarter profit earlier in October and vowed more cost cuts to help realize $300 million in annualized cost savings.
It recently closed a plant in El Reno, Oklahoma that impacted about 800 employees. Earlier in October, the company cut 650 jobs across Colorado, Wyoming, New Mexico and North Dakota, according to Reuters.