Oilfield service giant Halliburton plans to "furlough" about 3,500 employees of its Houston headquarters for the next two months amid grim market conditions that include four year-low oil prices and the coronavirus outbreak.
Oil price war
Oil rebounded after plunging to the lowest level in 18 years as investors weigh efforts by policy makers across the globe to strengthen economies against the impact of the coronavirus pandemic.
BP Plc said it can slash its spending by as much as 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment.
Wood chief executive Robin Watson was in bullish mood about future prospects for the global engineering and consultancy company after a sharp increase in profits.