Halliburton Co. has announced that it is planning on cutting up to eight percent of its global workforce, affecting as many as 6,400 workers.
"We are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Halliburton spokeswoman Emily Mir wrote in a statement, according to Bloomberg Business.
"The impact will be across all areas of Halliburton's operations."
The oilfield services company, like many other within its industry, has been largely affected by the recent drops in crude oil prices. Many of these corporations initiated spending cuts in the last financial quarter, when the availability and low-cost of crude oil began affecting groups like Shell and Exxon.
Halliburton announced last December that it would make 1,000 cuts to its workforce in the Eastern Hemisphere.
"As activity in North America begins to fall more sharply, we will make similar adjustments here as well," the company's president Jeff Miller told analysts and investors last month, Bloomberg Business also reports.
"Between actions already taken in the fourth quarter and actions we anticipate taking by the end of the first quarter, we expect our head count adjustments to be in line with our primary competitors."
Halliburton was founded in 1919 and is headquartered in Houston, Texas. It is considered to be the second-largest oilfield services company in the country.
