Halliburton cuts benefits, executive bonuses

HOUSTON — Halliburton will curb its employee retirement program and curtail executive bonuses, the oil service giant told employees in an email Wednesday.

The Houston company, which now employs 65,000 across the globe, said the measures would help it avoid additional layoffs. Halliburton has shrunk by about 30 percent or nearly 27,000 workers from its 2014 peak. The company did not announce new layoffs Wednesday in the internal communication.

“We’re doing all that we can to preserve jobs,” said Jeff Miller, President at Halliburton, in a phone interview. “Tough decisions have been made recently and since we’ve started this downturn.”

Halliburton said it would reduce its contribution program for 401(k) plans. The company will still fully match the first 4 percent of an employee’s contribution and half of the next 2 percent. It will eliminate an additional 4 percent contribution that it had been making at the end of each year.

Halliburton said its managers would face other cuts. Base salary cuts for executives and senior managers made in 2015 will continue into 2016, and bonus opportunities for managers have been cut sharply or eliminated, the company told workers.

Miller declined to offer specific figures on how the reductions will affect the company’s bottom line, or details on the executive bonuses cuts.

Halliburton reported a loss of $28 million in the three-month period ending Dec. 31 due to impairment charges from asset write-offs and severance pay for laid-off workers.

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