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Report: Halliburton to cut staff at Bakersfield plant

Halliburton Co. will reduce employees at its Bakersfield plant in California, following an earlier layoff of 800 people in Oklahoma, Reuters reported, citing a filing with California authorities.

About 70 employees will be affected by the move, according to Reuters.

In October, the company also had staff cuts of about 650 people in its Rockies region operations, which includes Colorado, Wyoming, New Mexico and North Dakota.

Oilfield service companies are laying off workers and closing facilities in a bid to sustain their businesses, as the most prolific U.S. oil and gas shale basins are hit by a slowdown.

The Federal Reserve Bank of Dallas said softening oil prices and price expectations, negative stock market returns and tightening credit conditions are lowering industry activity and employment.