Halliburton Reduces Bonuses, Pay Increases due to Market Conditions

In efforts to preserve jobs and reduce customer costs in a difficult market, Halliburton Co. is implementing several cost-cutting measures, company spokesperson Emily Mir confirmed to Rigzone in an email.

The company sent an internal communication to its employees outlining steps the company is taking to sustain the low oil price environment. They include:

  • Halliburton executive and senior management base salary reductions implemented in 2015 will remain in effect.
  • Bonus opportunities for management have been significantly reduced or eliminated.
  • Annual pay increases for all employees have been suspended.
  • Halliburton will continue to match dollar for dollar on the first 4 percent employees contribute to their 401k retirement and savings plan and 50 cents on the next 2 percent – for a total match of 5 percent. However, the company has suspended its 4 percent discretionary contribution to the plans.

Halliburton, who announced it would cut its workforce by an additional 8 percent (5,000 jobs) in February, has already reduced its global headcount by 25 percent since 2014.

Mir stated Halliburton believes the additional cost-cutting steps communicated to employees was “necessary to best position itself in the ongoing market and lower costs for its customers.”

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at valerie.jones@rigzone.com

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Observer | Mar. 11, 2016
Whatever happened to all the profits made over the past decade or so [because] of great market conditions? Shouldn't the company be using that to go through the tough market as opposed to the above ideas?

Current Employee | Mar. 9, 2016
THEY OF COURSE DID NOT TELL THAT THEY ARE TALKING ABOUT MAKING EMPLOYEES WORK ONE WEEK ON AND ONE WEEK OFF. THEN THEY WILL BE ONLY PART TIME EMPLOYEES AND WONT HAVE TO PAY ANY BENEFITS. EMPLOYEES WILL LOSE EVERYTHING THEY HAVE WORKED FOR AS NO ONE CAN AFFORD TO ONLY BE PART TIME.


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