Services giant Halliburton said Tuesday it will cut between 5,000 to 6,500 jobs in response to plummeting oil prices.
The cuts will affect 6.5. to 8 percent of the company’s total global workforce and will impact all areas of the company’s operations.
The new lay off numbers include 1,000 job cuts Houston-based Halliburton announced in December.
Further details about the headcount reduction plan have not been disclosed.
“We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through the challenging market environment,” a Halliburton spokesperson said.
The company stressed the lay offs are not tied to its proposed $34.6 billion merger with rival services firm Baker Hughes.
Halliburton booked $8.8 billion in total revenue during the fourth quarter and a full year revenue of $32.9 billion for 2014, a 12 percent spike over the previous year.