Halliburton Company’s (NYSE:HAL) stock was in negative territory ahead of Monday’s opening bell after the oilfield services group cautioned investors over weakness in the international market, but said North American shale operations were doing better than expected.
Drilling and well completion activity has increased in North America, it added.
Halliburton on Monday reported a US$149mln loss from continuing operations for the fourth quarter of 2016.
Fourth quarter revenue amounted to US$4bn, up 5% from the preceding three months. For the full year revenue totalled US$15.9bn, down US$7.7bn or 33% from 2015. It reported an operating loss of US$6.8bn, up from US$165mln in the prior year.
Halliburton said the results for 2016 were impacted by lower commodity prices and “widespread pricing pressure”.
“Despite the turbulent year for the energy industry, I am very pleased with our 2016 results,” said Dave Lesar, Halliburton chief executive.
“They show that we have executed in a challenging market.”
Halliburon shares were down 1.3% trading at US$55.70 in pre-market trading.