Halliburton: 3Q Earnings Snapshot

A Halliburton Co. Wellhead Connection Unit at Halliburton Co. in Houston in 2013. Shale oil producers who pushed cost-cutting efforts to the limits when oil hit $50 per barrel face new challenges now that it trades near $35. credit: Bloomberg photo by Aaron M. Sprehcer.

HOUSTON (AP) _ Halliburton Co. (HAL) on Monday reported a third-quarter loss of $17 million, after reporting a profit in the same period a year earlier.

The Houston-based company said it had a loss of 2 cents per share. Earnings, adjusted for one-time gains and costs, were 11 cents per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.

The provider of drilling services to oil and gas operators posted revenue of $2.98 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $3.09 billion.
Halliburton shares have dropped 50% since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 8%. The stock has declined 34% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HAL at https://www.zacks.com/ap/HAL