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Halliburton is “significantly reducing” their workforce, the company confirms.

The company said in a statement, "Halliburton confirms we are significantly reducing our workforce. This was a difficult decision, but is a necessary action as we work to successfully adapt to challenging market conditions."

In the statement, Halliburton said they were also taking other actions to reduce costs.

"As we make workforce reductions, we are taking numerous other actions to reduce our costs, including reducing the salaries of the Halliburton Executive Committee," the statement says.

Last month, Halliburton said they were instituting a mandatory furlough for 3,500 employees in Houston. During the furlough, affected employees were to work one week on followed by one week off and maintain their benefits.

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