Constraints in pipeline carrying capacity have also forced oil producers to slow down drilling and production.Idle oil production equipment at Halliburton's yard in Williston, North Dakota, the US. Picture: REUTERS/ANDREW CULLEN
“We believe the worst in the pricing deterioration is now behind us,” Halliburton CEO Jeff Miller said, adding that it experienced pricing headwinds throughout the quarter. The number of rigs in operation in North America fell for the past four months and production growth in the Permian and other key shale basins have slowed as oil prices fell in the fourth quarter.
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