Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-e...
- Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.
Oilfield service providers are struggling with reduced spending by oil and gas producers as investors push for higher buybacks and dividends rather than growth in a weak oil price environment. Halliburton warned of further activity declines in North America, with fourth-quarter revenue for its hydraulic fracturing business declining by low double digits and margins by 125 basis points to 175 basis points.
The company also idled more equipment in the third quarter than the first six months of the year, Miller said.
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