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Halliburton reports declining 3Q profit and revenue; shares slip pre-market

It blamed the 32% drop in quarterly profit on weak demand for its services and equipment from oil and gas producers in North America

Halliburton Company - Halliburton Company reported declining profit and revenue in the third quarter on weak demand for its services and equipment from oil and gas producers in North America
Halliburton’s stock has fallen more than 30% this year

Halliburton Company (NYSE:HAL) on Monday reported declining profit and revenue in the third quarter, sending shares down nearly 2% in pre-market trading. 

The company blamed the 32% drop in quarterly profit on weak demand for its services and equipment from oil and gas producers in North America, its biggest market. 

Net profit fell to $295 million, or $0.34 cents per share, in the third quarter ended September 30, from $435 million, or $0.50 cents per share, a year earlier. Analysts had on average estimated $0.34 cents per share earnings.

Reduced spending by oil and gas producers

Revenue fell 10% to $5.55 billion, below analysts’ average estimate of $5.80 billion.

Halliburton and its rivals are battling reduced spending by oil and gas producers as investors push for higher returns rather than growth in a weak oil price environment.

Larger rival Schlumberger Limited (NYSE:SLB) said on Friday it had recorded a $1.58 billion goodwill impairment charge related to its pressure pumping business in North America.

Halliburton’s stock, which has fallen more than 30% this year, recently traded down to $18.16 a share in New York.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

 

Quick facts: Halliburton Company

Price: 20.62 USD

NYSE:HAL
Market: NYSE
Market Cap: $18.1 billion
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