After a tough second quarter for Halliburton, cutbacks in frac fleets and tighter spending is expected as the company anticipates a tough market for oilfield services.

A combination of weaker oil prices, widespread spending cuts, and ramped-up OPEC crude oil volumes created a softer-than-expected industry environment that will continue at least through the rest of 2025, the CEOs of oilfield services leaders Halliburton and SLB said.

What I see tells me the oilfield services market will be softer than I previously expected over the short to medium term', Halliburton Chairman, President, and CEO Jeff Miller said.