Huffpost Green

Weatherford Earnings Per Share Down 40% in Quarter

Posted: Updated:
Print
Oilfield service company Halliburton Co (HAL N) posted a drop in quarterly profit on Monday, hit by declining spending by energy producers, and warned that the outlook for the coming quarters looked weak. U.S. natural gas prices have sunk to a more than six-year low recently, and crude oil prices are down by two-thirds from their highs last year, prompting energy companies to scrap some projects and slow spending on others. "These industrywide declines have been exacerbated by restrictions to some of our customers' access to capital and the decrease in global demand for oil and natural gas," Halliburton Chief Executive Dave Lesar said in a statement. 2

Halliburton Co. said Monday its first-quarter earnings tumbled 35 percent as oil and natural gas producers, stung by low prices, cut back on exploration and drilling. The oilfield services company, which has corporate headquarters in Houston and Dubai, said its net income in the January-March period fell to $378 million, or 42 cents per share. 3

Weatherford International Ltd. said Monday that its first-quarter earnings were $165 million, or 23 cents a share, compared to 38 cents a share, in the same period a year ago. 1
  1. Weatherford Earnings Per Share Down 40% in Quarter (Fox News)
  2. Halliburton Profits Slide, Weakness to Persist (Yahoo Energy)
  3. Halliburton 1Q Profit Tumbles 35 Percent (Yahoo Energy)

Read the whole story at Dygest.net

From Our Partners