January 25, 2017
Though more rigs are back at work among North American shale fields, the international markets have yet to recover from the slump. As a result, Houston-based Halliburton, the world’s No. 2 oilfield services provider, warned of weaknesses in markets outside North America in a recent Q4 2016 earnings call.
“Despite the positive sentiment surrounding the North American land market, it is important to remember that our world is still a tale of two cycles,” Chief Executive Dave Lesar said in a statement. Most oil companies are reluctant to increase spending on mature oilfields and expensive deepwater structures.
The company’s revenue dropped by 20.9% to $4.02 billion, missing analysts’ estimate of $4.09 billion. Net loss attributed to Halliburton was $149 million, from $28 million a year earlier. The company earned $0.4 a share, beating the average analyst estimate of $0.2 a share.
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