HOUSTON – Halliburton says it has cut jobs in Houston in an announcement made Tuesday.
The multinational company blames the weakening oil market for the layoffs.
Halliburton did not say exactly how many employees it let go. This comes after the company announced it would cut 1,000 jobs across the company.
The loss of jobs is the flip side to the relief many felt when gas prices started falling. Plummeting oil prices also forced Schlumberger and Swift Energy to make budget cuts and lay off workers.
When the shale oil boom helped lead to lower crude prices, the immediate translation was lower prices at the pump. However, oil has continued to fall.
Oil is down nearly 50 percent from last year, hovering at $46 a barrel. That is nearly a 6-year low.
In a statement to Local 2, Halliburton officials wrote: "The company has made some workforce reductions in Houston. While these reductions are difficult, we believe they are necessary to work through this challenging market."
Schlumberger also released a statement regarding layoffs Monday reading: "Reductions will be part of our continual effort to match resources worldwide with demand where possible."
Neither company provided specific figures as to how many people are losing their jobs. Swift Energy stopped short of using the word layoff, but announced it is cutting its capital budget by 70 to 75 percent in 2015.
In a statement to investors, company officials wrote these budget cuts, "reflect the lower commodity price environment we face in 2015 and demonstrates our response during this down cycle."
Amidst these falling prices, several countries are lobbying OPEC to cut oil production. So far, OPEC officials aren't budging.