Oilfield services firm Halliburton ( HAL.N ) is accelerating its cost-cutting and will significantly reduce spending this year below its original $1.2 billion budget, its finance chief said on Tuesday. The Houston, Texas-based company did not disclose a new spending target, but is testing scenarios including a 60-65% reduction in some areas of the oilfield services sector, Chief Financial Officer Lance Loeffler told investors on a webcast. He pointed to a reduction to $800 million done during the last downturn that began in late 2014 as a potential target. Crude oil prices have more than halved since the start of the year as the spread of coronavirus slashes demand, and after Russia and Saudi Arabia launched an unanticipated price war. On Tuesday, U.S. crude futures CLc1 were trading at $23.72 a barrel. [O/R] “The industry is facing an unprecedented dual impact on demand and supply side that […]