Halliburton says pricing woes bottoming out as US activity rises
Constraints in pipeline carrying capacity have also forced oil producers to slow down drilling and production.
Bengaluru — Halliburton said on Monday a pricing downturn that has plagued the oilfield services sector was bottoming out, as it reported modestly higher activity levels in North America in the first quarter from a year earlier. Oilfield services providers have been struggling with a tightening of spending by US oil producers as they rein in new drilling in response to shareholder pressure for greater returns after a period of heavy investment. The company’s shares were up 2.8% at $32 before the bell. In contrast to comments from top oilfield services provider Schlumberger last week, Halliburton said activity in its largest market North America was modestly higher, adding that it expects demand for its services to progress modestly for the next couple of quarters. “We believe the worst in the pricing deterioration is now behind us,” Halliburton CEO Jeff Miller said, adding that it experienced pricing headwinds throughout the quarter. Schlumberger last week blamed a 3% decline in qu...
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