Houston oilfield service company Halliburton plans to pay down its long-term debt by issuing $1 billion in lower-interest notes.
Halliburton on Wednesday said it plans to issue a type of debt known as senior notes. Due in March 2030, the notes will pay 2.92 percent interest.
The company said it will use proceeds from the sales to buy back previously issued senior notes and reduce other forms of debt.
Halliburton closed 2019 with about $10.3 billion of debt, almost one-third less than the $15.4 billion in debt it had at the end of 2015, according to a Securities and Exchange Commission filing.
With the price of crude hovering just above $50 per barrel, most oil companies are reducing drilling and fracking activity, resulting in recent losses for oilfield service companies. Halliburton lost $1.1 billion in 2019.
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