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.
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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.
Natural gas production in a former darling of the onshore unconventionals, the Haynesville Shale, is getting serious looks from new suitors, including operators looking for export stores, with production on course to hit record heights, according to Rystad Energy.
Halliburton Co. CEO and President Jeff Miller has assumed the role of board chairman with the retirement of Dave Lesar. Miller joined Halliburton in 1997 and served as COO from 2012 to 2014. He became president and joined the board in 2014. Lesar, who joined the Houston-based oilfield services giant in 1993, retired as CEO in 2017 but remained executive chairman. Lesar had served as chairman and CEO since 2000 when predecessor Dick Cheney was nominated as U.S. vice president.
Halliburton Co.’s operating income slumped 9% sequentially in the third quarter on a “softening” market for North American completions, but beyond the holidays, as customers reload budgets, the market should improve, CEO Jeff Miller said Monday.
U.S. onshore well completions expert Keane Group Inc. joined Halliburton Co. this week in reducing third quarter forecasts on less demand than anticipated, with customer drilling efficiencies beginning to level off.
Houston-based Halliburton Co. has inked a contract to help Saudi Arabia develop the country’s unconventional natural gas.
Halliburton Co. shareholders have rejected for the first time an executive compensation plan that management had touted to line up with company returns and retain key employees.
Resilient activity in the U.S. land business between January and March helped power Halliburton Co. to a 34% increase in revenues, and it broke a record for stages per spread in March, the CEO said Monday.