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.

Halliburton expects the oilfield services market will be softer than previously thought after logging lower second-quarter profit and revenue.