Halliburton quarterly profit falls on weak North America drilling demand
U.S. President Donald Trump's trade policy heightened uncertainty in the energy industry, with trade war expected to curb global economic growth and, subsequently, demand for energy.
The company had flagged a second-quarter earnings impact from the 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," said Halliburton CEO Jeff Miller said in a statement.
The company posted quarterly revenue from its North America segment at $2.26 billion, compared with $2.48 billion a year earlier.
The company reported a profit of $472 million, or 55 cents per share, for the quarter ended June 30, compared with $709 million, or 80 cents per share, a year earlier.
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