Halliburton reported about 33% fall in profit for the second quarter on Tuesday, hurt by weak demand for its oilfield services in North America, Saudi Arabia and Kuwait.
The company had flagged a second-quarter earnings impact from President Donald Trump’s tariffs and lower oilfield activity in North America as producers evaluated drilling and completions at weak oil prices.
“Oilfield services market will be softer than I previously expected over the short to medium term,” Halliburton CEO Jeff Miller said in a statement.
North America quarterly revenue fell 9% to $2.26 billion, while its Middle East/Asia segment was down sequentially due to lower activity across multiple product service lines in Saudi Arabia and Kuwait.
Despite last week’s total rig increase in North America, Baker Hughes said the total count was still down 42, or 7% below this time last year.
Bigger rival SLB last week reported a hit to quarterly earnings from a slowdown in drilling activity in Saudi Arabia.
SLB also warned of a likely decline in global upstream spending in 2025.
Halliburton’s quarterly revenue fell 5.5% to $5.51 billion from a year earlier, but ahead of Wall Street estimates of $5.41 billion, according to data compiled by LSEG.
The company reported a profit of $472 million for the quarter ended June 30, compared with $709 million, a year earlier.
On a per share basis, Halliburton posted in-line earnings of 55 cents.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Sriraj Kalluvila)