The oil industry is facing a market slowdown, leading to workforce reductions at companies based in Houston, while OPEC+ raises output amid global uncertainty.
1 report, 1 independent
Updated Sep 6
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What happened
The oil industry is facing a market slowdown, leading to workforce reductions at companies based in Houston, while OPEC+ raises output amid global uncertainty.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- A company based in Houston, which is also involved in the oil industry, reported that its stock underperformed the broader market index in August 2025.Sub-event
- Halliburton laid off workers and closed its local office in Argentina.Sub-event
- ConocoPhillips announced workforce reductions and held a town hall meeting in Houston, requiring state reporting.Sub-event
- ConocoPhillips and Oracle are facing market pressures due to low confidence in future demand, which is squeezing their operational margins.Sub-event
Oil industry slump hits Houston-based companies like Halliburton and ConocoPhillips.1 source
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The entities involved
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Houston
seat of Harris County, and largest city in State of Texas, United States
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Halliburton
American multinational corporation; provider of services and products to the energy industry
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ConocoPhillips
American oil and gas company
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Organization of the Petroleum Exporting Countries
international organization of petroleum-exporting countries
Related events
- ConocoPhillips is headquartered in Houston, Texas.
- A company based in Houston, Texas, is involved in a situation where a conflict between two nations is impacting global markets.
- ConocoPhillips Alaska is an operational unit of the larger oil company, and Ryan Lance serves as its CEO.
- The OFS Big Three (SLB, Halliburton, Baker Hughes) compete in the oilfield services market, with ISI providing sector views.
- Coterra Energy, a company, is based in Houston, TX.
Coverage
Newest first; wire copies grouped- ReutersHalliburton reduces workforce as oil activity slumps, sources say By Shariq Khan and Liz Hampton DENVER (Reuters) -U.S. oilfield services provider Halliburton has been cutting staff in recent weeks,