Halliburton and Baker Hughes Beat Profit Estimates Despite North America Weakness
Halliburton and Baker Hughes reported better-than-expected second-quarter profits, but both companies warned of weakness in U.S. shale activity for the remainder of the year. Weaker oil and gas prices have led to a reduction in active rigs, impacting demand for drilling equipment and services. While international markets showed promise, concerns remain about the North American market. Halliburton expects flat revenue in the third quarter, while Baker Hughes raised its order outlook for its industrial and energy technology segment.