Halliburton called the bottom of a pricing downturn that has plagued oilfield services companies and surprised on expectations.
Halliburton said on Monday a pricing downturn that has plagued the oilfield services sector was bottoming out, as it reported modestly higher activity levels in North America in the first quarter from a year earlier.
"We believe the worst in the pricing deterioration is now behind us," Halliburton Chief Executive Officer Jeff Miller said, adding that it experienced pricing headwinds throughout the quarter. The company had also forecast a 10% decline in investments by oil producers onshore North America in 2019, adding that overall production growth outlook for the region could likely be lowered.
Constraints in pipeline carrying capacity have also forced oil producers to slow down drilling and production.
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