Halliburton Sees Unlikely Material Impact from Cyberattack

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Halliburton Sees Unlikely Material Impact from Cyberattack

(Bloomberg) — Halliburton Co., the world’s largest provider of fracking services, said a recent cybersecurity ******* that’s disrupted its business is unlikely to materially impact its finances or operations.

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The Houston-based company continues to evaluate the nature and scope of the breach and has activated its cybersecurity response plan, it said in a statement Tuesday. It initially disclosed the ******* last month and has notified law enforcement officials.

Halliburton said it has proactively taken some systems offline to protect them and believes the hackers removed information from its systems, according to the statement. Its shares fell as much as 4.2% Tuesday in New York to $29.79, its lowest intraday price in 15 months, amid a decline in oil prices.

“The incident has caused disruptions and limitation of access to portions of the Company’s business applications supporting aspects of the Company’s operations and corporate functions,” it said. Halliburton added that it “has incurred, and may continue to incur, certain expenses related to its response to this incident.”

Chief Executive Officer Jeff Miller is scheduled to kick off the Barclays CEO Energy-Power Conference in New York Tuesday afternoon and is likely to field questions from investors on the incident. The company is grappling with the ******* as the oil industry is increasingly relying on digital technologies to drill more efficiently.

Halliburton, which helps oil explorers around the globe identify underground pockets of crude and complete new wells, said it has been communicating with clients and other stakeholders about the *******.

“The company continues to provide its products and services to customers globally,” the company said in its statement.

(Updates with share price in third paragraph.)

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