Halliburton Furloughs 2020: 14 Things for HAL Stock Investors to Know | InvestorPlace Skip to content
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Furloughs Will Last For 60 Days By William White, InvestorPlace Writer March 18, 2020, 2:26 PM EST March 18, 2020
Halliburton (NYSE: HAL) will have the company change schedules for its employees.
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Here’s what investors need to know about Halliburton furloughs.
The Halliburton tracks start next Monday. They will last for 60 days as the company handles falling oil prices. To combat these cases, 3,500 employees at Halliburton’s North Belt facility in Houston will see changes in their schedules. It only includes working every other week for the company. This means that the Halliburton rims do not allow employees to work during their weeks. These employees will not receive any form of payment during their weeks. The company also notes that this enables the company to maintain benefits for its employees during this time. It includes health insurance. These falling oil prices come after an alliance was formed between the Organization of the Petroleum Exporting Countries and Russia. This agreement came earlier this month. Coronavirus from China also has a negative effect on the energy sector, which further lowers oil prices. As a result, crude oil prices fell 45% in March, lowering it to its lowest levels since 2002. Although Halliburton is the current answer to this problem, it could get worse if oil prices do not recover. If the problems persist, its potential Halliburton could start laying off employees in an attempt to cut costs.
The HAL share fell 29.32% as of Wednesday afternoon and is 75.12% lower than so far.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/halliburton-furloughs-details-for-hal-stock-investors/.
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