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Halliburton Cuts More Jobs as Fracking Hit Worst in Downturn

  • Company has reduced workforce by 18,000 jobs, or about 21%
  • World's largest fracking-service provider reported loss
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Halliburton Co. cut another 2,000 jobs in the past month as the worst oil market slump in decades saps demand for work at the world’s largest provider of fracking services.

The Houston-based company said the first quarter of next year may represent the lowest point for its North American profit margin as customers start fresh with new spending budgets for 2016 and tap Halliburton’s pressure-pumping expertise to start new wells. The comments came after the company reported a third-quarter loss of $54 million.