Halliburton oil company jobs news

US oil energy sector cut 51,000 jobs

The Halliburton oil company announced earlier this year cut 64,000 jobs.

Offshore and onshore oil rig workers in the United States are drowning in a sea of cheap oil. The slips are flying at full speed in the companies related to oil.

Oil prices plummeted to around $ 50 a barrel after peaking at $ 107 last June. In response, US companies have spent knife to their expenditure budgets and reduced oil rig jobs in the previously strong oil industry.

Since June, US oil companies have reported 51.747 rig job cuts directly attributed to the fall in oil prices, according to data provided exclusively by the company CNNMoney relocation work Challenger, Gray & Christmas, which tracks US oil companies.

Most - 47,610 - job cuts have been announced this year as oil prices have struggled to climb back from the depths.

"Oil energy industry has always been subject to the rise and fall," said John Challenger, CEO of Challenger, Gray & Christmas.

Cuts of up to 3,900%. Oil cuts jobs in the first three months of the year rose a surprising 3,900% over the same period a year ago, Challenger said.

Reducing oil energy market is beginning to appear in the broader government statistics. The mining industry, which includes support for oil and gas, has lost 30,000 jobs in 2015, according to the Bureau of Labor Statistics of the United States.

Workers in oil service companies were the hardest hit as oil traders are the first to remove projects. During the first quarter, Schlumberger announced plans to lay off 9,000 oil jobs, rival Baker Hughes cut 7,000 rig jobs, and Halliburton said it will cut 6,400 rig jobs.

Shale oil is expensive to extract, so it also needs oil prices are higher for a profit, which means that shale workers have been particularly affected.

Temporary workers in oil energy sector have been forced to accept wage cuts of between 10% and 15%, Lee said, adding that deeper cuts of up to 25% are common.

"People in the oil industry are paying the consequences. Most people are realistic. Fared very well for several years, "said Tobias Read, chief executive of Swift Worldwide Resources, a major supplier of manpower for oil and gas.

A source of oil jobs openings to employment murderer

The deep reduction represents a huge change of fortune for oil energy industry, which had been an important creator of oil rig jobs as America's oil production soared during the boom of oil shale.

jobs in oil and gas extraction had been growing at twice the rate of all jobs in the overall economy since late 2011, according to government data.

"The pendulum has swung dramatically away," Lee said.

The good news for offshore oil rig workers is that the pace of job cuts appears to be slowing. In March 1,279 oil rig job cuts were announced a decrease of 92% compared with February, Challenger said.

The bad news is that if oil prices do not rise again, some big players will also join these widespread oil rig job cuts. The main operators Chevron, ConocoPhillips and ExxonMobil have not yet announced a large-scale reduction, though that could change soon.

"I anticipate that the operator community will probably experience a reasonably substantial reduction in staff in the second quarter," Lee said. Hopes that these oil companies offer their employees established early retirements and voluntary.

Another concern is that many oil drilling projects are coming to an end. Once completed, workers will not be able to find new oil rig jobs because most oil companies are not starting new drilling projects.

"The more oil drilling projects are completed, more people will be sitting on the bench," Lee said.