Halliburton falls on lower third-quarter revenue forecast

HAL said international business growth outside the Middle East is expected in the low double digits year-on-year.

Including the session's move, the stock was up 15.4% year to date.

Shares of oilfield services firm Halliburton HAL.N slipped 7% to $32.63 after the company said it expects third-quarter drilling and evaluation revenue to be down 3% to 5% sequentially.

HAL also said third-quarter revenue is expected to be slightly down quarter-on-quarter in Latin America, Europe and Africa.

HAL said revenue from the Middle East dropped nearly 11% to $1.3 billion in the second quarter, hit by lower oilfield activity in Kuwait, Iraq and Qatar.

Revenue in North America came in flat at $2.28 billion, primarily due to lower specialty chemicals activity in U.S. land.

However, revenue in Latin America increased nearly 15% to $1.12 billion.

HAL said there is positive margin trajectory in North America with rig additions and white spaces being filled.

The company posted adjusted profit per share of 55 cents for the quarter ended June 30; analysts on average expected 54 cents, according to data compiled by LSEG.