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Halliburton beats expectations with a $1.7bn loss

Halliburton’s CEO Jeffrey Miller guided this year to be not a “V” nor “W” but an “L”. While there are “green shoots” of recovery, these are not “meaningful”, and full year guidance is below the eye-watering sequential declines seen Q1 to Q2, with full year revenues expected to be 50% down for 2020 over 2019 in North America. International decline expectations are mid-teens, with the year ending with “usual seasonal deceleration”. Given we expect another […]

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