Halliburton misses quarterly profit estimates on North America drilling demand weakness

Halliburton missed analysts' expectations for the third quarter profit on Thursday as a slowdown of drilling activity in North America affected demand for its oilfield equipment and services.

Since the decline in oil prices and low natural gas prices in 2020, producers have been keeping a close eye on their production in North America.

North America reported a 8.5% decline in revenue, to $2.39 Billion in the third quarter from a year ago.

Halliburton was the victim of a cyberattack in August when a third party gained access to and deleted data from their systems.

Halliburton's CEO Jeff Miller said: "We saw a loss or delay in revenue of $0.02 per share due to the August cyber event and storms that hit the Gulf of Mexico."

According to data compiled and analyzed by LSEG, the Houston-based company posted a profit adjusted of 73 cents for the three months ending Sept. 30. This was below analysts' average of 75 cents.

In premarket trading, the company's stock was down 1.8% to $29.95. (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)

(source: Reuters)