Jan. 8 (Bloomberg) -- Schlumberger Ltd. and Halliburton Co., the world’s No. 1 and No. 2 oilfield-services companies, said they are cutting jobs during a slump in oil and natural-gas exploration spending as economies slow.

Schlumberger, with headquarters in Houston and Paris, said it cut 1,000 jobs in North America yesterday, while Halliburton, also based in Houston, said it is cutting an undisclosed number of positions.

Schlumberger, Halliburton and other oilfield services companies began slowing their hiring practices in September, Michael Henzi, an analyst at Stern, Agee & Leach, said in a telephone interview.

“I don’t envision a whole lot of vicious cuts,” said Henzi, who rates Schlumberger shares a “buy” and Halliburton “hold” and doesn’t own either stock.

Oil prices will come back up “pretty quickly” after production cuts by the Organization of Petroleum Exporting Countries, he said. When oil prices rise, “they don’t want be caught without enough people.”

Those fired include contractors, operating and support employees in a number of locations, Stephen Harris, a Houston- based spokesman for Schlumberger, said today in an interview. Schlumberger had about 19,000 full-time North American employees, he said.

“Our objective is to minimize personnel reductions during these tough economic times,” Diana Gabriel, a Halliburton spokeswoman, said in an e-mailed statement. “However, there will be positions eliminated.”

Oil’s Decline

Schlumberger said Dec. 3 that last year’s profit would miss analysts’ estimates because of a slowdown in the fourth quarter. North American drilling rigs in operation have fallen by a third to 1,853 on Jan. 2 from a high of 2,467 in August, according to data compiled by Baker Hughes Inc.

Oil futures traded in New York are down 72 percent from a July 11 record of $147.27 a barrel. Crude fell 2.2 percent to settle at $41.70 today. Natural gas dropped 4.9 percent to $5.583 a million British thermal units, after touching $13.69 on July 2.

Schlumberger’s job cuts were reported earlier today by the Houston Chronicle, and the Halliburton reductions were reported earlier by the Wall Street Journal.

Harris declined to comment on Schlumberger’s staffing plans in other regions. Schlumberger had about 80,000 employees worldwide as of Dec. 31, 2007, according to filings. Halliburton has about 51,000 employees.

Schlumberger fell 22 cents to $45.83 in New York Stock Exchange composite trading. Halliburton gained 47 cents to $21.16.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net. To contact the reporter on this story: Dan Lonkevich in New York at dlonkevich@bloomberg.net.

Last Updated: January 8, 2009 18:36 EST