Houston-based Halliburton said Thursday that it will cut another 5,000 jobs, citing prolonged low oil prices.
A company spokesperson told Reuters that Halliburton will reduce its headcount by 8 percent, or about 5,000 positions.
Halliburton has not disclosed further details about the layoffs.
The new round of cuts brings Halliburton’s total global headcount reductions to about 27,000 since 2014, Reuters said.
A Halliburton spokesperson told 24/7 Wall St. that the reductions “are necessary to work through this challenging market environment.”
Halliburton’s adjusted fourth quarter operating income dipped to $473 million, down from $506 million in the previous quarter, on revenues of $5.1 billion.
The company reported a $165 million operating loss for 2015, down from a reported operating income of $5.1 billion for 2014, as full year revenues fell 28 percent year-over-year to $23.6 billion.
Houston-based Halliburton is also facing regulatory hurdles as it purses its $35 billion merger with fellow services firm Baker Hughes.
The European Commission halted its review of the proposed combination last week as it asks for more information on the proposed combination.
The commission will set a new deadline for its decision after it receives the requested information.
The agency was supposed to issue its decision by June 23.
In a filing with the Securities and Exchange Commission Halliburton said the two companies “continue to work constructively with the Commission and other competition enforcement authorities that have expressed an interest in the proposed transaction.”
The merger, initially slated to close in the second half of 2015, is also facing regulatory challenges in the United States.
The deal’s timing agreement with the Antitrust Division of the Department of Justice expired in December without a settlement and without the agency filing litigation to block the deal.
The DOJ informed the companies that it’s not satisfied that their current plans for proposed divestments address the agency’s anti-trust concerns.
The agency will continue to assess further proposals but has not commented on the matter.
The merger has already received regulatory clearances in Canada, Colombia, Ecuador, Kazakhstan, Russia, South Africa and Turkey.