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Oil crash: Halliburton slashes another 5,000 jobs



Cheap oil just claimed another 5,000 jobs.

Halliburton (HAL) is cutting 8% of its workforce, or roughly 5,000 positions, the Houston energy company told CNNMoney on Thursday.


The new wave of job cuts will take place across the globe over the next several weeks.

It's the latest evidence of the crisis confronting the U.S. oil industry as crude prices have crashed to seven-year lows.

"Our industry has turned down faster than anyone ever expected," Halliburton CEO Dave Lesar and President Jeff Miller said in a memo to employees obtained by CNNMoney. The execs said it's now clear that business opportunities will be "much worse than anticipated" coming into the year.

The latest pink slips bring Halliburton's job cut tally to between 26,000 to 27,000 since employee headcount peaked in 2014, the company said.

Related: Why people are freaking out about cheap oil

Halliburton has also attempted to cope with cheap oil by consolidating facilities in 20 countries and closing down operations altogether in another two countries.

The oil downturn has sent Halliburton's profits plunging. Its stock price has lost more than half its value since mid-2014 when crude prices peaked.

Oil services companies like Halliburton and rivals Schlumberger (SLB) and Baker Hughes (BHI) have announced some of the largest job cuts over the past 18 months. These companies provide the tools and expertise to drill oil -- but don't own the actual reserves in the ground.

The dramatic reduction in drilling activity in the U.S. has cost oil services companies lots of business. The drilling business they do get has been won with steep discounts amid the downturn. For instance, Halliburton said its U.S. customers will spend about 50% less in 2016 than last year.

Many smaller oil services companies are now experiencing financial stress. At least 44 services companies have filed for bankruptcy since the end of 2014, according to law firm Haynes & Boone.

--CNN's Ryan Rios contributed to this report.

Liverpool into last 16 of Europa League with win over Augsburg

Liverpool scraped past Augsburg and into the last 16 of the Europa League after a nervy 1-0 win at Anfield.

James Milner's fifth-minute penalty proved decisive but despite creating a number of chances it was far from convincing.

However, the job was completed, just, without too much damage - and the need for energy-sapping extra-time - to allow Jurgen Klopp and his players to concentrate on Sunday's Capital One Cup final against Manchester City.

Aside from the result the real positive was another 65 minutes in the bank for Daniel Sturridge, making his third consecutive start for the first time since last March, who looked Liverpool's most dangerous player and will be the key man again at Wembley.

Even before kick-off the numbers were loaded in Liverpool's favour as they had played German opposition 16 times at Anfield and never lost, winning 13 matches and keeping 12 clean sheets.

But those figures hardly added up to much in the context of a game which became increasingly tense with such a slender lead.

Following a scare after just 46 seconds when Caiuby fired over after being given a free run through, the hosts settled into their stride and were ahead by the fifth minute.

Dominik Kohr and Caiuby got themselves in a tangle trying to deal with Jordan Henderson's cross resulting in the former handling.

Milner tucked the penalty inside Marwin Hitz's left-hand post and just out of the reach of the goalkeeper for his second successive spot-kick in home European games.

Liverpool's attacking trio of Sturridge, Philippe Coutinho and Roberto Firmino were displaying a greater understanding of each other on their third consecutive start together and that caused Augsburg plenty of problems in the final third.

It was only the smart reactions of Hitz which kept the score to 1-0 at half-time as he saved from Coutinho, brilliantly tipped over Firmino's deflection and denied Sturridge at the same near post with another outstanding low stop.

But despite their dominance there was the occasional concern at the other end with Simon Mignolet palming away left-back Kostas Stafylidis' shot and Caiuby rolling a shot wide having rounded the goalkeeper from a short backpass by midfielder-turned-centre-back Lucas Leiva.

Sturridge should have put the game beyond Augsburg just after the break when a misplaced pass by Christoph Janker was returned by Coutinho but, having side-stepped Ragnar Klavan, he rolled a right-footed shot wide of the far post.

It was his last meaningful action as Divock Origi replaced him just after the hour but, with Augsburg sensing their chance, Mignolet had one dash to the edge of his area to beat Tobias Werner to a dangerous through-ball.

Hitz's superb reactions were tested again when Origi's cross was deflected at him by team-mate Halil Altintop and then Henderson stabbed the ball at him from seven yards.

The final 10 minutes was the most nervy of affairs as, after substitute Jan Moravek volleyed wide, the majority of the hearts inside Anfield skipped a beat as Stafylidis's 89th-minute free-kick dropped just over the crossbar.

Having fallen at this hurdle on their last two attempts, the latest 12 months ago in a penalty shoot-out against Besiktas, progress has at least been made.

England have the next Nonu - Eddie Jones

England coach Eddie Jones believes Manu Tuilagi is the next Ma'a Nonu.

Jones will move Tuilagi from centre to second five-eighths when the powerhouse Leicester back plays his first test since June 2014.

"If you look at it purely on athleticism between Manu and Ma'a Nonu, Manu is not behind Nonu at all," Jones said in the Daily Mail. "He starts in a good situation and then it's a matter of how hard you work at your game and how desperate you are to want to play for England.

"I think 12's his best position, yes. He's not a 13. That's what I know he's not. He's definitely a 12. He can carry the ball across the gain line.

"He threw a beautiful left to right pass on Friday night, threw a terrible right to left, so maybe he's left handed, I don't know.

"But he's got the ability to catch and pass. I haven't seen him kick but there's no reason he can't learn to kick. We have a reasonable kicking mentor (Jonny Wilkinson) here. He's got all the attributes to be an outstanding 12."

Nonu started his All Black career briefly as an outside centre, and was often a reserve, before commanding the No. 12 jersey and becoming a great of the game. His development as a tactical kicker came late in his career.
There is a battle going on between country and club over whether Tuilagi will be fit for a March 12 date with Wales. Tuilagi, who destroyed the All Blacks at Twickenham four years ago, has had a longstanding groin problem and a recent hamstring issue.

Jones has been blunt about another inside back contender Luther Burrell.

"The reason I left him (Burrell) out in the first place was because he wasn't good enough to be in the squad. He had flaws in his game and was making a lot of mistakes. I think he's done that brilliantly and looks like he's getting better every day."

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