Halliburton Joins Schlumberger in Cutting Venezuelan Activity
- Says late payments behind decision to curtail presence
- Country represents more than 10% of company's receivables
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Halliburton Co. has joined rival Schlumberger Ltd. in curbing activity in Venezuela due to lack of payment during the oil industry’s worst financial crisis.
"During the first quarter of 2016, we made the decision to begin curtailing activity in Venezuela," Halliburton, the world’s second-largest oil services provider, said Friday in a filing with the U.S. Securities and Exchange Commission.