Halliburton (NYSE:HAL) furloughs will have the company changing up schedules for its employees.

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Here’s what investors need to know about the Halliburton furloughs.

• The Halliburton furloughs will begin next Monday.
• They will last for 60 days as the company deals with falling oil prices.
• To combat these falls, 3.500 employees at Halliburton’s North Belt facility in Houston will see changes to their schedules.
• That includes only working every other week for the company.
• This means the Halliburton furloughs won’t allow employees to work during their off weeks.
• These employees won’t receive any kind of payment on their off weeks.
• The company also notes that this will allow it to maintain benefits for its employees during this time.
• That includes health insurance.
• These falling oil prices are coming after an alliance was formed between The Organization of the Petroleum Exporting Countries and Russia.
• This agreement came about earlier this month.
• The coronavirus from China is also having a negative effect on the energy sector, which is further dragging down oil prices.
• As a result, crude oil prices have fallen 45% during March, which is dropping it to its lowest levels since 2002.
• While Halliburton furloughs are the current answer to this problem, things could get worse if oil prices don’t recover.
• If the issues persist, its possible Halliburton could start laying off employees in an effort to cut costs.

HAL stock was down 29.32% as of Wednesday afternoon and is down 75.12% year-to-date.