Halliburton has experienced a notable decline in first-quarter profits, attributed to decreased drilling activity in North America, which has weakened demand for its services and equipment. The company cautioned that trade tariffs and adverse oilfield activity could negatively impact its second-quarter earnings. Halliburton also highlighted concerns from the oilfield service sector about tariffs disrupting supply chains and increasing equipment costs, leading to a decline in its stock price as oil prices hover under $64 per barrel, impacting overall drilling profitability in the market.
Halliburton has reported a decline in first-quarter profit due to reduced drilling activity in North America, which weakened demand for its oilfield services and equipment.
The oilfield service sector worries United States President Donald Trump's tariffs on imported steel and parts will disrupt supply chains and drive up equipment costs.
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