Halliburton CEO Defends Fracking Business as Margins Disappoint
- Jeff Miller says prices can be raised, costs can be cut
- Shares tumbled as much as 2.2 percent in early trading
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Fracking isn’t looking so great for the world’s biggest fracker, but the CEO of Halliburton Co. says he can pull some levers to improve profits.
After lackluster margins for the company’s main business sent shares tumbling, casting a cloud over third-quarter earnings that otherwise beat estimates, Chief Executive Officer Jeff Miller said there are three things he plans to do to improve fracking profits: raise prices, maximize the use of machinery and cut costs.