By David Wethe
Halliburton Co., the world’s biggest fracking provider, expects the worst-ever slump in oil exploration to end soon. Almost three fourths of the nation’s active oil rigs have been sidelined this year on the heels of pandemic-driven lockdowns that decimated energy demand and sent prices plummeting in March and April.
“We do see some recovery in the back half” of this year, Halliburton Chief Executive Officer Jeff Miller said during a recent interview on Bloomberg TV. “Frack activity reached a bottom in the second quarter. I think we’ll see drilling activity reach a bottom in the third quarter and then some modest recovery.”
West Texas Intermediate, the U.S. benchmark, fell 0.8% to $42.58 a barrel at 1:23 p.m. in New York.