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Hunting warns on profit amid US shale sector slowdown

By BFN News | 07:37 AM | Tuesday 29 October, 2019

Energy services group Hunting warned on full-year profit, amid a slowdown in the US onshore shale market. The company said it anticipated full-year operating earnings at the lower end of market expectations, amid an ongoing slowdown in US completions. That would result in a net overall profit decline in the third quarter compared to the first and second. In the US more broadly, revenues were generally stable during the quarter resulting from higher offshore and international market demand, the company said. 'Overall the group continues to deliver operating profits, generate cash and exercise ongoing cost discipline,' Hunting said. 'Working capital is controlled and continues to report a modest reduction in inventory levels since year-end.' Story provided by

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