Halliburton Co on Monday called the bottom of a pricing downturn that has plague...
FILE PHOTO: Idle oil production equipment is seen in a Halliburton yard in Williston, North Dakota April 30, 2016. REUTERS/Andrew Cullen/File Photo
Oilfield services providers have been struggling with a tightening of spending by oil producers looking to rein in new drilling in response to shareholder pressure for greater returns after a period of heavy investment. “We believe the worst in the pricing deterioration is now behind us,” Halliburton’s Chief Executive Officer Jeff Miller said, adding that it experienced pricing headwinds throughout the quarter. The company also said it expects demand for its services to progress modestly for the next couple of quarters.
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