Halliburton notes downturn in US oil and gas business

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Halliburton, one of the industry-leading oil and gas players, has recorded a slowdown in its North American oil and gas business, reflecting on wider difficulties that have now emerged this year. 

The company has announced a slowdown in its North American operations and revealed its concern with upping productions in the region, despite Halliburton's earnings-per-share remaining in line with analysts' predictions for the third quarter of 2018.

This prediction was an increased of 19 per cent from the same period in 2017. The company's revenues were also very much in aligned to expectation at $6.17bn- an increase of 13 per cent from Q3 of 2017.

Jeff Miller, Halliburton’s chief executive, said in a statement that two contributing factors will have been pipeline capacity constraints and customer budget exhaustion, which led to an unexpected decrease in demand for services. 

He added: “I believe that these are temporary issues, and that the catalysts for improving demand for services are clearly visible: supportive commodity pricing, expanding offtake capacity, building well inventory, and reloaded customer budgets.”

 

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