Overview
- Halliburton reported adjusted earnings of $0.55 a share and revenue of $5.71 billion in the second quarter, narrowly beating Wall Street estimates.
- Revenue from the Middle East fell nearly 11% to about $1.3 billion because drilling and well services declined in Kuwait, Iraq and Qatar.
- Growth in Latin America and Europe/Africa offset the Gulf decline, with Latin America rising nearly 15% to $1.12 billion driven by work in Argentina and Mexico and Europe/Africa reaching $1.02 billion on North Sea and Namibia and Egypt projects.
- Investors reacted negatively and the stock slipped about 5–6% in premarket trading as market participants focused on the regional shortfall and awaited results from peers SLB and Baker Hughes.
- The results highlight how oilfield services revenue follows regional drilling activity and oil-price swings tied to Strait of Hormuz flows, a dynamic that can quickly affect contractor revenues and local oil-industry jobs in affected Gulf states.