The number of onshore oil and gas wells in the U.S. will fall 26 percent this year to 27,000, research firm Wood Mackenzie said in a new report published Thursday.
Halliburton acknowledged challenges ahead for the company as it faces pressure from exploration and production companies who are reeling from a more than 50 percent drop in the price of oil.
In November, rival oil service firm Halliburton said it would buy Baker Hughes in one of the biggest oil field service mergers recorded.
This week's plunge marked the third-biggest one-week drop since Baker Hughes began tracking rig data in 1987.
The Houston-based marine contractor, which provides manned diving, pipelay and other services for the oil and gas industry, said it is looking to sell non-core assets in a bid to get debt off its books.
The oil-field service industry will face a tough year in 2015 as North American oil producers plan on cutting spending around 30 percent.
In separate announcements Thursday, they said they're both targeting jobs that support the offshore oil fields between the United Kingdom and Norway that have seen operational challenges and maturing petroleum basins in recent years
Schlumberger’s profits fell 82 percent in the fourth quarter as it wrote down $1.7 billion in assets.
Diamondback said that it expects the cost of a horizontal well with a 7,500-foot lateral segment to fall to between $6.2 million and $6.7 million.
Halliburton Co. said Tuesday it has cut jobs in Houston because of weakening market conditions as oil prices slide but refused to say how many employees were let go.
OFS Energy’s layoffs come after oil field service companies like Halliburton and Hercules Offshore have announced sizable layoffs in November and December.
For the biggest explorers, the impacts of slumping prices are dramatic.