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By Micah Maidenberg
Halliburton Co. (HAL) said revenue from its business in North America fell in the latest quarter.
North American revenue for the second quarter dropped 13% to $3.33 billion from the year-earlier period, the oilfield-services company reported Monday.
Overall, Halliburton reported revenue of $5.93 billion, down about 4% compared with last year. Analysts polled by FactSet predicted $5.97 billion.
Oilfield-services companies face a challenge as U.S. shale drillers look to cut spending amid a production slowdown. Facing pressure from investors, producers have been looking to focus more on returns and less on growth.
Last Friday, Schlumberger Ltd. (SLB) estimated that U.S. shale drills have cut spending this year by 10%.
Halliburton reported a second-quarter profit of $75 million, or nine cents a share, down from $511 million, or 58 cents a share, a year earlier.
Excluding impairments and after other adjustments, Halliburton reported a profit of 35 cents a share, five cents more than expectations.
Houston-based Halliburton said revenue from other international markets rose 13% to $2.6 billion.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
July 22, 2019 07:24 ET (11:24 GMT)
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