Halliburton Company (NYSE:HAL) on Monday reported declining profit and revenue in the third quarter, sending shares down nearly 2% in pre-market trading. 

The company blamed the 32% drop in quarterly profit on weak demand for its services and equipment from oil and gas producers in North America, its biggest market. 

Net profit fell to $295 million, or $0.34 cents per share, in the third quarter ended September 30, from $435 million, or $0.50 cents per share, a year earlier. Analysts had on average estimated $0.34 cents per share earnings.

Reduced spending by oil and gas producers

Revenue fell 10% to $5.55 billion, below analysts’ average estimate of $5.80 billion.

Halliburton and its rivals are battling reduced spending by oil and gas producers as investors push for higher returns rather than growth in a weak oil price environment.

Larger rival Schlumberger Limited (NYSE:SLB) said on Friday it had recorded a $1.58 billion goodwill impairment charge related to its pressure pumping business in North America.

Halliburton’s stock, which has fallen more than 30% this year, recently traded down to $18.16 a share in New York.

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