Antitrust Probe Targets Halliburton’s Fracking Business
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A federal antitrust probe into the $36 billion hydraulic fracturing market is increasing pressure on oilfield-service companies already reeling as skyrocketing competition cuts into their profit margins.
Halliburton Co. and Baker Hughes Inc. said this week the U.S. Justice Department is seeking documents for an antitrust investigation related to pressure-pumping services, which include hydraulic fracturing, or fracking. Stephen Harris, a spokesman for Schlumberger Ltd., the world’s largest oilfield-services company, declined to say whether it has been contacted by investigators.