Halliburton says Mexico oil output decline rates will pressure reactivation of business
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Halliburton says Mexico oil output decline rates will pressure reactivation of business
Halliburton says it expects full-year international revenue to decline by mid-single digits. Pemex has been unable to pay some of its oil workers since the start of the year. The company says it is working with the government to find a solution.
Output of crude and condensate by Pemex, the largest producer in the country, fell 8.4% in May to 1.64 million barrels per day, according to official figures.
Oilfield service companies have significantly decreased activities because of the lack of payments from Pemex, the world’s most indebted energy company.
Halliburton said issues related to payments from Pemex have not been resolved yet.
The Mexican association that groups foreign oil services companies warned last month that many of these firms may have to stop operations as early as July.
Halliburton, which posted second-quarter earnings on Tuesday, said it expects its full-year international revenue to decline by mid-single digits, year on year, primarily driven by activity reductions in Saudi Arabia and Mexico.
(Reporting by Arathy Somasekhar and Tanay Dhumal in Houston; Editing by Chizu Nomiyama )
Source: https://finance.yahoo.com/news/halliburton-says-mexico-oil-output-152644485.html