Hunting Shares Drop as Firm Cuts Profit Outlook
The energy services company cites Middle East conflict and North American market weakness for its lowered 2026 financial forecast.
Updated on Oct. 28, 2026 in Corporate Finance
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Hunting shares fell 12 percent to 376p on October 28, 2026, after the energy firm reduced its full-year profit expectations. The company now anticipates 2026 EBITDA to land between $128 million and $133 million due to operational slowdowns.
Why it matters
The company cited a deepening conflict in the Middle East as a primary driver for the reduced results, which impacted rig activity in Saudi Arabia and slowed deliveries. Simultaneously, a persistent demand slump in North America is expected to weigh on performance through the end of the year.
Third-quarter EBITDA totaled $27 million, down from $39 million in the second quarter. The firm reported $11 million in net cash at the end of the third quarter, a turnaround from the $19 million in net debt held at the end of the second quarter.
The players
Hunting
Hunting is an international energy services provider that focuses on the development and manufacturing of equipment for the oil and gas industry.
Kuwait Oil Company
The Kuwait Oil Company is the state-owned oil firm responsible for the exploration and production of oil and gas within Kuwait.
The details
Deliveries to the Middle East have been hampered by the regional conflict, specifically stalling work on the Jafurah gas development. Hunting also projected that the current slowdown in North American oil country tubular goods demand will persist until the fiscal year ends.
Timeline
Q2 2026 EBITDA totaled $39 million.
Q3 2026 EBITDA totaled $27 million.
Hunting released its trading update on October 28, 2026.
North America is facing an OCTG demand slowdown through Q4 2026.
Kuwait Oil Company re-tender results are expected by the end of 2026.
Market Dynamics
This profit revision follows a pattern set by the 2026 Jafurah gas development operational timeline, where regional instability disrupts large-scale energy infrastructure projects. The company's performance now reflects the broader volatility currently impacting energy services firms operating in the Middle East.
Retail and institutional investors saw an immediate 12 percent decline in equity value following the updated 2026 guidance. Shareholders should monitor the year-end cash balance, currently projected at $40 million to $45 million, for signs of liquidity stabilization.
The takeaway
Energy sector volatility remains heavily tied to geopolitical developments that affect regional rig activity. Investors should remain cautious of earnings projections in the current climate, as infrastructure project delays can lead to rapid adjustments in corporate profit outlooks.
What happens next
The Kuwait Oil Company is expected to announce results from its re-tender process toward the end of 2026.
Further reading
For broader trends in industry fiscal performance, visit Corporate Finance.
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