Halliburton Co., which provides services for the energy industry, said Tuesday that reduced activity by major Mexican customer Petroleos Mexicanos _ Pemex _ will drag down fourth-quarter profit by 2 cents per share.
Customers like Pemex are key since Halliburton relies on international business for the bulk of its income. Houston-based Halliburton said state-owned oil company Pemex decided to reduce activity because of low natural gas prices and other constraints.
Pemex said last week its crude production dropped 7.1 percent in the first 10 months of this year amid declining reserves. Mexico's oil production has been falling as reserves dry up. Pemex said it plans to begin producing oil from promising deep-water deposits in the Gulf of Mexico by 2014.
Halliburton shares fell 81 cents to $29.65 in after-hours trading Tuesday after closing at $30.46, up 2 cents on the day.
Susan Hutchison - I Was A Woman In The Marine Corps In the Mid-70s. Hillary Clinton’s Story Doesn’t Add Up
WaPo: Let’s hold free speech guilty for the acts of a lunatic, shall we?
'Your move, Sally': Sally Kohn decries 'inflammatory LIES about' @PPact, but what about this? [photo]
The Cruz Surge Creates GOP Establishment Panic And Paralysis | RedState
BLACK LIVES DON'T MATTER: Obsessed With Planned Parenthood, Media Ignores Larger Mass Shooting - Bearing Arms - Bunny Friend Park, Colorado Springs, Mass shootings, New Orleans
- What Is Your U.S. Income Percentile Ranking?
Importing Terrorism and Other American Values | Human Events