Halliburton jumped 5.2% after announcing a money-saving collaboration with Honeywell, which was up 1.3%.
In an attempt to reduce risk and lower costs, Halliburton — which provides oil field services — and Honeywell — a manufacturing conglomerate — will join their software solutions and cloud applications to “deliver unparalleled insights about oil and gas assets.”
“The Honeywell and Halliburton collaboration enables our oil and gas customers to make more informed, data-driven decisions from the field to the board room,” said Honeywell Chief Executive Officer Darius Adamczyk. “Our customers will gain increased visibility into their operations so that they can improve productivity, reduce costs and enhance worker safety.”
WTI crude oil futures went negative in April as the world hunkered down at home and demand plummeted. Prices are down 45% in 2020.
Source: Investing.com