Halliburton saw both its revenue and net income decline in the third quarter of 2019, according to financial results statement released by the company on Monday.
The world's second biggest oilfield service provider posted revenue of $5.55 billion in the July-September period of this year, down 10% from the $6.17 billion for the same period a year ago.
Net income attributable to the company fell to $295 million in the third quarter of 2019, from $435 million during the same period of 2018, posting a 32.2% decline.
“Our North America revenue decreased 11% sequentially driven by customer activity declines..." Halliburton Chairman, President and CEO Jeff Miller said in the statement.
The company said in the statement that there were fewer activities in pumping and well construction services in onshore North America.
As a result, revenue in North America fell 21.1% to $2.95 billion in the third quarter of 2019, compared to $3.74 billion in the third quarter of 2018.
This was offset by revenue increase in Latin America, Europe, Africa, and the Commonwealth of Independent States (CIS) -- the ten post-Soviet republics.
Revenue in Latin America rose by 16.5% to $608 million in July-September period of this year, from $522 million during the same period of last year, while revenue in Europe, Africa, and in the CIS increased by 9.8% to $831 million from $757 million over the same period.
Middle East and Asia revenue, on the other hand, remained almost unchanged at $1.16 billion, from $1.15 billion, over the same period, according to the financial results statement.
By Ovunc Kutlu