Halliburton surges as deep cost cuts counter shale slump
More than 100,000 American oil workers have lost their jobs since the pandemic-induced slump began in March
20 July 2020 - 19:29
Houston — Halliburton impressed investors by slashing costs more than expected as the fracking behemoth works its way through a historic shale decline. The shares surged more than 8%.
The Houston-based company posted $456m in free cash flow during the second quarter, it said in a statement on Monday, and is charting a “fundamentally different course” after firing thousands of workers and slashing its dividend in recent months. The free cash flow number was more than double analysts’ forecasts...
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