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Feb. 7 (Bloomberg) -- Halliburton Co., the world’s largest provider of hydraulic fracturing services, reduced the number of employees needed at well sites by about 10 percent last year, attempting to cut costs as demand for the production method increased.
Halliburton wants to reduce workers at job sites by about 35 percent by the end of this year, focusing more on monitoring fracking jobs remotely, Chief Financial Officer Mark McCollum said today at a Credit Suisse Group A.G. conference in Vail, Colorado.
Doing remote monitoring reduces spending and increases efficiency, Houston-based Halliburton has said. Fracking crews help to pump sand, chemicals and millions of gallons of water underground to release oil and natural gas in the rock.
The worldwide market for fracking is expected to increase 19 percent this year, consultant Spears & Associates Inc. said last month.
Halliburton added about 15,000 new jobs around the world last year, McCollum said. The company employed 58,000 workers as of the end of 2010, according to data compiled by Bloomberg.
--Editors: Jessica Resnick-Ault, Tina Davis
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