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(Bloomberg) — Halliburton Co., the world’s largest provider of hydraulic fracturing services, fell sharply in early trading after posting first-quarter results that gave investors little insight into the company’s outlook amid lower crude prices.
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The dominant North American oilfield services provider had first-quarter revenue of $5.4 billion, the lowest since 2022, according to a statement Tuesday. Adjusted first-quarter profit fell to 60 cents a share, meeting analysts’ estimates. The shares fell as much as 8.4%.
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“I firmly believe that despite recent pressures on the energy macro, Halliburton’s consistent focus on technology, collaboration, and service quality execution create value for our customers and drive long-term success for Halliburton and its shareholders,” Chief Executive Officer Jeff Miller said in the statement.
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The company offered little commentary, however, into what it expects in the months ahead as oil prices have tumbled to the low $60s in the wake of US President Donald Trump’s trade war and OPEC’s decision to raise a planned production increase later this year.
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With its significant exposure to the US shale market, Halliburton offers the closest proxy to domestic oil-producer activity. Shale fracker Liberty Energy Inc. expects US crude output to hold firm in 2025 as long as prices remain near current levels, Chief Executive Officer Ron Gusek said during a call with analysts last week.
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Halliburton is the first of the three largest oilfield service providers to announce first-quarter results, with rival Baker Hughes Co. set to follow Tuesday after the market closes.
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