DENVER, Sept 5 (Reuters) - U.S. oilfield services

provider Halliburton ( HAL ) has been cutting staff in recent

weeks, according to two sources familiar with the matter,

marking the latest workforce reduction in the U.S. oil industry

as it faces rising costs and a period of lower prices and

volatility.

Global benchmark Brent crude oil prices have dropped more than

10% this year amid uncertainty over global trade policies and as

the Organization of the Petroleum Exporting Countries and allies

raise output. U.S. oil company ConocoPhillips this week

announced it would cut up to 25% of its staff to reduce costs.

The scope of Halliburton's ( HAL ) layoffs was not immediately

clear.

Halliburton ( HAL ) has rolled out the cuts over several weeks,

according to the sources, who were directly involved in layoffs

but not authorized to speak publicly. At least three business

divisions had lost between 20% and 40% of employees, the sources

said.

Halliburton ( HAL ), the third-largest global oilfield services

company by revenue, did not respond to a request for comment.

Oilfield services companies provide

technical expertise, equipment, and labor, including

drilling,

to support oil and gas exploration and production.

Houston, Texas-based Halliburton ( HAL ) had 48,395 employees at the

end of 2024, according to its latest annual report.

The company in June said it expected a sharp decline in

full-year revenue, as it warned of lower activity in the oil and

gas sector. It posted a 33% fall in second-quarter profit this

year amid weaker demand.

On a conference call with analysts after reporting

second-quarter earnings, CEO Jeff Miller noted the oilfield

services market appeared very different than it did 90 days ago,

citing a slowdown in North America and among large national oil

companies elsewhere.

"To put it plainly, what I see tells me the oilfield

services market will be softer than I previously expected over

the short to medium term," he said.

Brent crude was trading below $66 on Friday, down nearly 20%

from this year's peak north of $82 a barrel in mid-January, as

investors braced for the OPEC+ group's meeting on Sunday.

Reuters earlier reported the group will consider raising output

further at that meeting.