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Halliburton to reduce 2020 spending

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Oilfield Technology,

As reported by Reuters, Halliburton is accelerating its cost-cutting and will significantly reduce spending this year below its original US$1.2 billion budget, its finance chief said on Tuesday.

The company did not disclose a new spending target, but is testing scenarios including a 60 – 65% reduction in some areas of the oilfield services sector, Chief Financial Officer Lance Loeffler told investors on a webcast. He pointed to a reduction to US$800 million done during the last downturn that began in late 2014 as a potential target.

Halliburton had already been cutting cost by idling equipment and laying off workers. Last week, it said it would furlough 3500 workers for two months.

Loeffler emphasised that Halliburton would focus on returns and free cash flow, rather than slashing prices to gain or hold onto market share, as the company did in the last downturn.

He said one reason Halliburton was taking a different strategy this time was because financing from Wall Street had dried up for the oil and gas industry.

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