Major oil and gas companies reported weaker-than-expected first-quarter earnings on Friday, as a sharp drop in natural gas prices compared to last year took a bite out of profits. The results for Big Oil firms are a stark contrast to the record-breaking levels seen in 2022.
Natural Gas Prices
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Oilfield services company Halliburton reported strong first-quarter earnings, exceeding analyst expectations, on the back of robust international demand. The company anticipates flat growth in North America due to weak drilling activity.