Halliburton Co sought to convince investors on Monday that weak pricing which ha...
- Halliburton Co sought to convince investors on Monday that weak pricing which has undermined oilfield services providers over four years was on the verge of turning a corner.
But analysts and investors were unconvinced by a post-earnings conference call with management, which gave little hard evidence and left doubts over future pricing at a time when oil producers have been cutting investments.“I don’t think there was anything in there to get people off the sidelines,” said Jennifer Rowland, an analyst at brokerage Edward Jones, arguing the company’s comments fell short of what was needed to shift sentiment around the industry.
“We believe the worst in the pricing deterioration is now behind us,” Halliburton Chief Executive Officer Jeff Miller said. As expected, Miller also forecast further falls - a 6 percent to 10 percent decline in spending by oil producers in North America in 2019 - lower than the 10 percent fall forecast by Schlumberger.
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