Halliburton will institute a mandatory furlough for 3,500 employees in Houston, Texas, beginning next week amid falling oil prices.
The furlough will begin Monday and will last up to 60 days, company spokeswoman Emily Mir said Wednesday.
Crude oil prices have plunged 45% so far in March and are at the lowest level since 2002. The energy market has been slammed by a slump in demand because of the virus pandemic and a price war between some of the world’s largest producers.
Halliburton, which is one of the world’s largest providers of oilfield services, has plummeted more than 65% in March alone. Shares of larger oilfield services company Schlumberger have dropped 51% this month.
During the furlough, affected employees will work one week on followed by one week off, the Houston-based company said. Employees will maintain their benefits, including health insurance, during the week off but will not be paid.