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Two Houston-based energy companies announce quarterly loss, job cuts amid low oil prices

Xinhua, February 26, 2016 Adjust font size:

Two Houston-based energy companies in the state of Texas on Thursday announced their losses in the fourth quarter of last year and job cuts as a result of the continued low oil prices.

Apache, a U.S. oil and gas corporation, recorded a net loss of 7.2 billion U.S. dollars for the fourth quarter as it took 5.9 billion U.S. dollars in charges to write down the value of assets, according to a statement issued by the company Thursday.

The company also said it will reduce its planned capital spending for this year and expects to see a year-on-year production decline of 7 percent to 11 percent.

Apache is expected to spend 1.4 billion dollars to 1.8 dollars billion, a cut of more than 60 percent from last year and down more than 80 percent from 2014.

Meanwhile, Halliburton, an oilfield service, disclosed in a statement in the day that it will lay off another 5,000 jobs worldwide, 8 percent of its workforce, as one of its efforts to try to deal with low crude prices.

After the cuts, the company projects it will have reduced its global headcount by between 26,000 to 27,000 employees since its peak in 2014. Endit