HOUSTON (AP) - Halliburton Co. says its first-quarter earnings tumbled 35 percent as oil and natural gas producers, stung by low prices, cut back on exploration and drilling.
The oilfield services company, which has corporate headquarters in Houston and Dubai, said Monday its net income in the January-March period fell to $378 million, or 42 cents per share. That compared with $580 million, or 63 cents a share, during the same period a year ago.
The result topped the average estimate of Wall Street analysts polled by Thomson Reuters, who expected earnings of 41 cents a share.
Revenue fell 3 percent to $3.91 billion from $4.03 billion in the year-ago quarter.