Investing.com - Halliburton (N:HAL), the world's No.2 oilfield services provider, reported a bigger-than-expected 36% drop in quarterly revenue, hurt by weak drilling activity and pricing in North America.
Many oil and gas companies have cut back on drilling activity and slashed their capital spending plans as crude prices have nearly halved in the past year.
To make up for their falling revenue, oilfield services providers including Halliburton and Schlumberger (N:SLB) have been cutting jobs and trimming expenses.
Halliburton's revenue in North America almost halved to $2.49 billion in the third quarter. The region accounts for about half of the company's total revenue.
Revenue from markets outside North America fell 22.2%.
Halliburton's shares were down 1.42% after the open on Monday.