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

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

MDL Secures Cable Laying Job in Asia Pacific

Brownfield Output Decline Accelerates, says IEA

Floating Offshore Wind Test Center Planned for Japan

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

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