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Halliburton will layoff between 6.5 and 8 percent of its global staff as benchmark crude prices continue to tumble, the oil field services company announced Tuesday. As many as 6,400 employees could be affected by the decision.
"We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Halliburton told CNBC in a statement. "The impact will be across all areas of Halliburton's operations."
The company said the layoffs were not the result of its pending Baker Hughes acquisition.
Crude prices have dropped some 50 percent since June due to global oversupply, forcing many oil-related companies to cut expenses. In January, industry rival Schlumberger said that it planned to eliminate about 7 percent of its workforce in an attempt to control costs in response to falling oil prices.