TEXAS OIL LAYOFFS - Plummeting oil prices amid the coronavirus pandemic are taking their toll on Texas energy companies. Houston-based Halliburton has been hit especially hard. The nation's largest oil field service company this morning posted a billion-dollar net loss in the first quarter. On a conference call, President Jeff Millers said they're cutting a billion dollars in overhead and other costs.
"We know that the industry will recover," Millers explained. " It may look different when it does, but we believe the action we are taking will ensure that we're in a strong position -- financially and structurally -- to take advantage of the market's eventual recovery."
Halliburton has also furloughed 3500 employees at its Houston headquarters, they are scheduled to return in June.
