Halliburton stock in red as it posts second-quarter numbers

In the three months to June 30, total revenues were $6.15bn, a 24% year-on-year increase and around 1% ahead of what most analysts had forecast. Total operating income was $789m, against $146m a year ago, when the group wrote down much of its investment in Venezuela. Oil production has tumbled in the struggling South American country.

Houston-based Halliburton has benefited from higher oil prices, which have prompted a surge US crude production to a record 11 million barrels per day last month.

Jeff Miller, Halliburton’s president and chief executive, said of the second-quarter numbers: “We executed on our plan and delivered strong results. Our overall strategy is working well and we plan to stay the course.

“Halliburton is better positioned for the international recovery than it has ever been, and we are ready to make the most of it. We have competitive market share in all of the major markets and have consistently executed to manage the changing dynamics.”

Yet as Wall Street opened, the shares slid swiftly into the red. By 15:10 BST, the stock was off 7% at $41.93.

Analysts pointed to a lack of detail about progress at the Permian Basin, an area central to the booming US shale market. Wall Street is concerned that pipeline constraints will slow production growth in the region.