Halliburton Sees Drillers `Tap the Brakes' on Shale Boom
- Company swings to a profit on rising second-quarter revenue
- Promises disciplined approach ahead in adding fracking gear
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Halliburton Co., promising to be disciplined in adding more fracking gear to the oilfields, says U.S. explorers are "tapping the brakes" on drilling as the price of oil struggles to breach $50 a barrel.
The comments come days after Baker Hughes data found that explorers reduced the number of U.S. rigs for the second time in four weeks. The decline and the statements by Halliburton, the world’s biggest provider of fracking services, could bolster confidence that spending by the shale industry may be slowing as efforts by OPEC and its allies to raise oil prices have faltered.