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Halliburton, the largest hydraulic fracturing provider in the
U.S., still beat analyst estimates, earning 11 cents a share
versus expectations of 8 cents per share. The Houston,
Texas-based company has undertaken aggressive cost-cutting
measures, including cutting thousands of jobs.
Oil prices have recouped some of their losses from the historic
lows of March and April, but fresh lockdowns in some parts of
the world due to a resurgence in COVID-19 infections are
threatening that recovery. U.S. oil futures were trading around
$40.75 on Monday morning <CLc1>.
"The pace of activity declines in the international markets is
slowing, while the North America industry structure continues to
improve, and activity is stabilizing," Chief Executive Officer
Jeff Miller said in a statement.
Larger rival Schlumberger NV <SLB.N> on Friday posted a third
straight quarterly loss and warned that the recent economic
recovery remained "fragile".
Halliburton, which last year recorded more than half of its
business from North America, saw revenue from the region drop
66.6% to $984 million in the third quarter.
Revenue from its completion and production business was $1.57
billion for the quarter, compared with $3.51 billion a year ago,
a decline of roughly 55%. Total revenue fell 46.4% to $2.98
billion.
Shares were down 0.25% in premarket trading at $12.21. They have
declined roughly 50% in the year to date.
Net loss attributable to the company was $17 million, or 2 cents
per share, in the quarter ended Sept. 30, compared with a profit
of $295 million, or 34 cents per share, a year earlier.
The company took $133 million in severance and other charges.
(Reporting by Shariq Khan in Bengaluru and Liz Hampton in
Denver; Editing by Shinjini Ganguli and Bernadette Baum)
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