Halliburton hiring surges as US fracking demand swells
Houston, Texas-based oilfield services company Halliburton (NYSE:HAL) said Monday it has seen a surge of new job openings this year thanks to an increased demand for fracking in the United States.
The company is hiring about 100 new employees each month to keep pace with demand in west Texas and has expanded its workforce in the region by more than one-third, to 2,700 employees, the company’s head of operations in the Permian Basin Chris Gatjanis told the Houston Chronicle. Halliburton has had to extend its search for employees beyond Texas, into neighboring states and beyond.
Halliburton did not immediately respond to FOX Business’ request for comment.
The company’s stock is down more than 21% so far this year as the price of oil has been slightly volatile. Since falling below the $50 per barrel level in March, prices have steadied out in the mid-to-upper 40’s, trading around $44.50 per barrel on Monday. Concerns still exist over a global supply glut despite an OPEC agreement last month to extend production cuts into 2018—sparked in part by increased U.S. production.
Following 24 weeks of increases, U.S. energy firms had 763 crude rigs as of July 7, the highest oil drilling rig count in more than 2 years, Baker Hughes said last week. U.S. oil production has increased more than 10% since mid-2016, according to Reuters.
President Donald Trump has put a big emphasis on making America energy independent, even rebranding the push to increase oil, natural gas and other resource production as making America “energy dominant.â€
"An energy dominant America will export to markets around the world, increasing our global leadership and our influence," U.S. Energy Secretary Rick Perry said during a press briefing earlier this month.