Published February 25, 2016 2:15pm EST | Updated February 25, 2016 3:04pm EST

Halliburton Shares Drop After Plans To Cut 5,000 Jobs Announced

Halliburton Co. stock dropped 1% after the energy company announced it would cut 5,000 jobs, or about 8% of its workforce, citing "ongoing market conditions," according to The Wall Street Journal. The company already announced 22,000 job cuts amid low oil prices. Halliburton shars are down 26.4% for the past year while the S&P is down 8.1% for the same period.