Halliburton Revenue Beats on Higher North America Rig Count

Monday, July 23, 2018

Oilfield services provider Halliburton Co's quarterly revenue rose 24 percent to beat analysts' estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.

U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report, up from 764 a year earlier, as energy companies ramp up production in anticipation of higher prices in 2018.

Margins in U.S. onshore operations are closing in on what the company achieved during the previous peak in 2014, Halliburton Chief Executive Jeff Miller said in a statement.

Halliburton's North America revenue rose 38.4 percent to $3.83 billion, while revenue from its international business increased 6 percent to $2.31 billion.

The company's total revenue rose to $6.15 billion from $4.96 billion.

Net profit attributable to Halliburton rose to $511 million, or 58 cents per share, in the second quarter ended June 30, from $28 million, or 3 cents per share, a year earlier.

The company took a charge of $262 million in the year-ago quarter.

Excluding one-time items, the company earned 58 cents per share, in line with Wall Street estimate, according to Thomson Reuters I/B/E/S.


(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)

Categories: Energy Finance Shale Oil & Gas

Related Stories

Turkish Petroleum, Chevron Discuss Joint Oil and Gas Exploration

Woodside to Supply LNG to JERA During Japan's Winter Peak

Vantris Energy Lands Petronas Job on Malaysia’s Offshore Fields

Murphy Oil Appraisal Well Boosts Resource Outlook at Field off Vietnam

Jereh Group Delivers Oil Separation Systems for Petrobras’ FPSO Units

Low Demand, High Supply Keeps Asia LNG Spot Prices Flat

Sponsored: Record Deals and Record Attendance Underscore ADIPEC’s Global Impact

Sponsored: Energy Sector Urged to Scale AI Adoption at ADIPEC

Major Oil and Gas Projects Drive Strong OSV Demand in the Middle East

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Current News

Australia and Timor-Leste Push to Advance Greater Sunrise Gas Field

MODEC, Eld Energy Partnership Targets Low-Carbon FPSO Power

JERA Lifts First LNG Cargo From Barossa Gas Project in Australia

Inpex Moves to Accelerate Indonesia’s Abadi LNG Project

Chevron in Final Talks with Eneos, Glencore on Singapore Assets Sale

Seadrill Firms Up Offshore Drilling Workload with Multi-Region Contract Awards

Turkish Petroleum, Chevron Discuss Joint Oil and Gas Exploration

ADNOC Gas Signs $3B LNG Supply Deal with India’s HPCL

Samos Energy Buys Suksan Salamander FSO from Altera Infrastructure

Philippines Makes First Offshore Gas Discovery in Over a Decade

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com