Halliburton to idle some of its oilfield equipment due to ‘deteriorating demand’

Halliburton, largest provider of hydraulic fracturing services, reportedly plans to idle or retire some of its oilfield equipment in response to “deteriorating demand among shale companies.”  Jeff Miller, chairman, president and CEO, announced the plans during the company’s second quarter earnings report July 22.  The move “reflects a broader slowdown in the U.S. shale patch as evidence by Diamondback Energy’s expected drop in rigs and the U.S. Energy Information Administration’s reduced forecast for domestic crude output growth.”

Miller added, “What I see tells me the oilfield services markets will be softer than I previously expected over the short to medium term.  We will, of course, take action to address this near-term softness, and we remain fully committed to our shareholder returns framework.”