Halliburton

More than 3,000 people based in Houston have been furloughed by Halliburton Co., while ConocoPhillips and other big producers continue to cut capital spending in an increasingly dire situation, as the coronavirus and oil price war sink 2020 operating plans.

Halliburton Co. CEO Jeff Miller said Tuesday the company is prepared to face the “biggest test” for the U.S. natural gas and oil industry in five years by following the usual playbook and proactively stacking equipment and cutting expenses.

Halliburton Co. CEO Jeff Miller said Tuesday the company is prepared to face the “biggest test” for the U.S. natural gas and oil industry in five years by following the usual playbook and proactively stacking equipment and cutting expenses.

Schlumberger Ltd. and Halliburton Co. offered a sober reminder during their third quarter conference calls that producers working in the Lower 48 have reduced their activity and their spending, with neither likely to recovery by year’s end.

North America’s biggest pressure pumping provider Halliburton Co. warned of waning activity for the remainder of the year as customers shun completions and new drilling.

As operators look for ways to squeeze more efficiencies from Lower 48 basins, business opportunities are expanding to make use of flared natural gas using electric pressure pumps.

Halliburton Co., the largest pressure pumping operator in the Lower 48, stacked hydraulic fracturing equipment throughout the second quarter and will continue to do so where management does not see acceptable returns, CEO Jeff Miller said Monday.

Halliburton Co. CEO Jeff Miller said things are looking up for the year, with international activity expanding and U.S. land hydraulic fracturing (fracking) work accelerating on higher commodity prices and “refreshed” customer budgets.

The No. 1 completions expert in North America, Halliburton Co., said pricing pressure is likely to continue through the first quarter because of an overabundance of onshore fracturing equipment following the sharp decline in oil prices late last year.