The Houston company says it will lay off 6.5 to 8 percent of its staff, which represents 5,005 to 6,160 employees based on its total from the end of 2014.
The company says the cuts will come from all areas of its operations and that the moves are necessary because of the difficult market.
Oil prices plunged 60 percent from June to January, although they have recovered some of those losses recently.
Halliburton Co. says the moves are not related to its pending acquisition of competitor Baker Hughes.
Halliburton competitor Schlumberger Ltd. said in January that it would eliminate 9,000 jobs in response to falling oil prices.
STATEMENT FROM HALLIBURTON
Halliburton anticipates layoffs in the range of 6.5 to 8 percent of its global headcount. We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment. The impact will be across all areas of Halliburton's operations.
No layoffs have occurred or are presently planned as a result of the pending Baker Hughes acquisition.