The past several years have been a time of significant growth, and we have collectively enjoyed the benefits and challenges of this market opportunity. Thank you for your support in enabling our mutual success.
The recent decline in commodity prices has and continues to create uncertainty for our operator clients and, consequently, for companies like ours in the oilfield services sector. This uncertainty translates into our customers announcing reduced capital spending plans for 2015, which is indicative of less activity.
Given these conditions, we must adjust our costs in order to continue to provide competitive solutions to our customers. As part of our strategy to successfully manage our business through this period, we need you to confirm a 25% price discount effective immediately. We ask for your confirmation for discounted pricing no later than Wednesday, December 31st. Please respond to your designated contact person listed below.
Your participation in this initiative will be considered as Halliburton continuously reviews our long-term, strategic supplier relationships. We expect to schedule meetings in January with you to review market conditions, measure your performance to this initiative, and assess our ongoing relationship.
Again, I want to thank you for your support and remind you that our success is your success.