Halliburton, one of the world’s largest oil field service providers, signaled Tuesday that the effects of U.S. tariffs and lower oil prices could weigh on the energy industry in the months ahead.
The Houston-based company reported a nearly 7 percent drop in revenue in the first quarter compared with the same period a year earlier. And trade policies could lower Halliburton’s earnings by 2 to 3 cents per share in the second quarter, said Eric Carre, the company’s chief financial officer, during a call Tuesday with analysts and investors.
Halliburton’s financial reports are often seen as a harbinger of where energy markets may be headed. Amid fears of a recession and tumbling stock prices, many U.S. energy executives are digesting uncertainty throughout the market. One big unknown: how President Donald Trump’s tariff plans will shake out across the globe.
Halliburton CEO Jeff Miller said Tuesday that he’s confident in his company’s economic outlook for the coming year. But he noted that volatility since January has embedded more risk in the company’s position.
