12:32 PM EDT, 09/05/2025 (MT Newswires) -- Halliburton ( HAL ) has been downsizing its workforce in recent weeks as the US oil sector faces rising costs and lower prices, Reuters reported Friday, citing two people familiar with the matter.

The layoffs over several weeks resulted in at least three business units losing between 20% and 40% of workers, the sources said, adding that the scope of the layoffs wasn't immediately clear.

The oilfield services company said in its latest annual report it had 48,395 employees at the end of 2024.

Halliburton ( HAL ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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