Why Is Halliburton Stock Falling Today?

Halliburton Company’s (NYSE:HAL) stock is trading lower on Tuesday in the premarket session.

Earlier, in an exchange filing dated August 21, the company said that it became aware that an unauthorized third party gained access to certain of its systems.

Halliburton reported today in a filing that the cyber attack has disrupted and restricted access to critical business applications, impacting various operations and corporate functions. The company insists that the incident hasn’t and isn’t expected to significantly impact its financial health or operations.

The company suspects that an unauthorized third party gained access to and extracted sensitive information from its systems. Halliburton is currently assessing the extent of the breach and determining the necessary notifications.

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However, it still faces a slew of risks: management distractions, possible lawsuits, shifts in customer behavior, and a likely increase in regulatory scrutiny.

Halliburton said it is actively updating its customers and stakeholders about the incident.

Adhering to its rigorous safety protocols under the Halliburton Management System, it also assesses the impact of the breach on its ongoing operations. the filing added.

According to Benzinga Pro, HAL stock has lost over 23% in the past year. Investors can gain exposure to the stock via iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ) and Invesco Oil & Gas Services ETF (NYSE:PXJ).

Price Action: HAL shares are trading lower by 1.74% to $30.55 premarket at last check Tuesday.

Image via Shutterstock

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.