Halliburton sees downside Q3 guidance as activity slows

|About: Halliburton Company (HAL)|By:, SA News Editor

Halliburton (HAL +0.9%) CEO Jeff Miller told the Barclays Energy-Power Conference that the company expects Q3 earnings to come in at the lower end of company guidance, hurt by continued slowing fracking activity from oil and gas customers in North America.

Miller also said he anticipates more consolidation among U.S. pressure pumping providers, but he does not expect HAL to be active in those mergers and acquisitions.

Liberty Oilfield Services (LBRT -4.1%) CFO Michael Stock also sees slowing activity, saying "the falloff may be quicker and harder and earlier than a number of people expected."

North American spending growth on oil and gas production will slow to a 2% this year, down from a January estimate of a 9% gain, with H2 spending coming in 15% below H1, according to a Barclays survey released this week.

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