Halliburton Net Clipped by Pemex Slowdown

HOUSTON (TheStreet) -- Halliburton(HAL Quote) said reduced activity from Petroleos Mexicanos, its primary customer in Mexico, will cut fourth-quarter earnings by 2 cents a share.

Halliburton, a provider of services to the energy industry, said Pemex is significantly reducing activity because of "low natural gas prices and other constraints."

Analysts surveyed by Thomson Reuters expect Halliburton to report fourth-quarter earnings of 28 cents a share.

Halliburton, which has operated in Mexico for more than 60 years, relies on international business for the bulk of its income.

Pemex said last week that its crude production dropped 7.1% in the first 10 months of the year amid declining reserves.

Shares of Halliburton shares fell 47 cents in after-hours trading to $29.99. It closed up 2 cents on Tuesday to $30.46.

-- Reported by Joseph Woelfel in New York .

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