Halliburton Stock Drops as Oilfield Services Provider's U.S. Business Stumbles

Halliburton (HAL) shares slumped Friday arsenic nan large oilfield services provider’s U.S. business declined.

The institution reported second-quarter adjusted net per stock (EPS) of $0.80, successful statement pinch forecasts. Revenue roseate little than 1% to $5.83 billon, missing estimates.

Revenue successful North America was down 8% to $2.48 billion, which Halliburton said was chiefly caused by “decreased unit pumping services successful U.S. onshore and little activity crossed aggregate merchandise work lines successful nan Gulf of Mexico.” It was higher successful each different regions, pinch full world gross jumping 8% to $3.35 billion.

By segment, Completion and Production gross fell 2.2% to $3.40 billion, while it accrued 4.7% to $2.43 cardinal for Drilling and Evaluation.

CEO Jeff Miller said that, successful world markets, “we spot beardown request for Halliburton’s services, precocious activity levels, and instrumentality tightness crossed each awesome basins.”

He said that that nan company's strategy to maximize worth successful North America “delivers shareholder value,” and nan institution expects to “continue to present beardown returns done this cycle.”

Halliburton shares were down 4.9% astatine $34.65 successful caller trading, putting nan banal into antagonistic territory for 2024.