UPDATE: Bloomberg reported that Halliburton cut 8% of its workforce and idled an unspecified amount of its pressure-pumping gear during the second quarter. Shares traded up more than 8% after the news. That’s one way to boost share prices and, with luck, revenues and profits.

Halliburton Co. (NYSE: HAL) reported second-quarter 2019 results before markets opened on Monday. The oil and gas services company posted adjusted diluted earnings per share (EPS) of $0.35 on revenues of $5.93 billion. In the same period a year ago, the company reported EPS of $0.58 and revenues of $6.15 billion. Second-quarter results also compare to consensus estimates for $0.30 per share and $5.97 billion.

Operating income for the second quarter totaled $303 million and compared with operating income of $789 million a year ago. Excluding impairments and other charges totaling $228 million, second-quarter 2019 adjusted operating income totaled $550 million. The company said the impairments “consisted primarily of asset impairments and severance costs, as the company continues to adjust its cost structure and footprint to the current operating environment.”

Jeff Miller, Halliburton’s board chair and chief executive, said:

International revenue increased 6% sequentially, confirming our expectation of high single-digit international growth for all of 2019. Momentum is building internationally and activity improvement should continue into 2020. Halliburton has the footprint and the expanded technology portfolio to capitalize on this international growth. … As international growth continues and North American unconventionals mature, we remain focused on delivering consistent execution, generating superior financial performance and providing industry-leading shareholder returns.

North American revenue rose by 2% sequentially but fell from $3.83 billion in the second quarter of 2018 to $3.33 billion in the second quarter this year. International revenue rose sequentially by 6% to $2.6 billion and by 12.5% compared with year-ago revenue of $2.31 billion.

The company offered no guidance. The consensus analyst estimates for the third quarter call for EPS of $0.37 and revenues of $6.15 billion. For the fiscal year, analysts are looking for EPS of $1.32 and revenues of $24.02 billion.

Unlike Schlumberger Ltd. (NYSE: SLB), which reported results last Friday, Halliburton chooses not to comment on the direction of the market for oil and the company’s services in providing that oil. The International Energy Agency (IEA) has cut its demand growth forecast for this year by another 100,000 barrels a day to 1.1 million barrels. At the beginning of the year, the IEA forecast demand growth of 1.5 million barrels. Declining demand for crude oil is unlikely to boost Halliburton’s business.

In Monday’s premarket session, Halliburton stock traded down about 0.7% at $21.60, after closing Friday at $21.75. The stock’s 52-week range is $20.98 to $43.05, and the consensus 12-month price target is $34.77.

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