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Halliburton Talks Frac Activity Slowdown; 3Q Guidance
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Yesterday, Halliburton talked to investors at the Barclays Energy Power Conference.
Here are the main points:1. CEO Jeff Miller said they expect more consolidation among U.S. pressure pumpers.
2. The company expects Q3 earnings to come in lower end of the company guidance, hurt by the continued slowdown of completion activity by North American E&Ps.
3. Unconventional activity has increased in Argentina and Saudi Arabia.
4. As Shale Experts noted earlier this year, in North America the maturation of shale is underway. The shareholder expectations have changed for our industry. Capital discipline, focus on free cash flow generation and returns have replaced growth agendas of the past.
5. Customers/E&Ps are slowing down completion activity in 3Q19 faster than they originally thought.
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