Oilfield services provider Halliburton more than tripled its first quarter 2019 profit when compared to the prior-year while its revenues stayed flat. The company believes that the worst in the pricing deterioration is behind and predicts progress in demand for its services.
Halliburton on Monday posted a net income of $152 million for the first quarter of 2019. This compares to net income for the first quarter of 2018 of $46 million.
Adjusted net income for the first quarter of 2019, excluding impairments and other charges, was $201 million. This compares to adjusted net income for the first quarter of 2018, excluding impairments and other charges, of $358 million.
Halliburton’s total revenue in the first quarter of 2019 was $5.7 billion, essentially flat year over year.
Jeff Miller, Chairman, President and CEO said: “As expected, the first quarter activity levels in North America were modestly higher compared to the first quarter of 2018, and we experienced pricing headwinds throughout the quarter. We believe the worst in the pricing deterioration is now behind us. For the next couple of quarters, I see demand for our services progressing modestly.
“International revenue increased 11% year over year, which was a great first step towards our expectation of high single-digit international growth for all of 2019. Broad-based recovery continues across all regions, and we expect this momentum to build going into 2020.”
It is worth reminding that Halliburton in 4Q 2018 posted a net income of $668 million, compared to a net loss of $825 million in the fourth quarter of 2017.
Meanwhile, Schlumberger, Halliburton’s competitor in the oilfield services market, last week said it had recorded a smaller profit in the first quarter of the year despite increase in revenues when compared to the prior-year period. Namely, Schlumberger recorded a 20% decrease in net income during 1Q 2019.
Offshore Energy Today Staff
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