Halliburton swings to quarterly profit

Oilfield services provider Halliburton returned to quarterly profit on the back of a 34% increase in revenues and improved activity in North America. 

According to its financial statement for the first quarter 2018 released on Monday, Halliburton recorded income from continuing operations of $46 million for the first quarter of 2018. This compares to a loss from continuing operations for the first quarter of 2017 of $32 million.

Adjusted income from continuing operations for the first quarter of 2018, excluding impairments and other charges related to a write-down of all of the company’s remaining investment in Venezuela, was $358 million. This compares to adjusted income from continuing operations for the first quarter of 2017, excluding costs related to an early extinguishment of debt, of $34 million.

Halliburton’s revenues for this year’s quarter were $5.7 billion compared to $4.3 billion in the prior-year period.

Jeff Miller, Halliburton President and CEO, said: “We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the first quarter of 2017. Adjusted operating income was $619 million, primarily driven by robust market conditions in North America.”

Miller also said: “Overall, I am optimistic about Halliburton’s relative performance for the remainder of the year, and our ability to grow our North America margins and to maximize the value of our global footprint.”

Halliburton’s first quarter performance is in line with its oilfield services peer Schlumberger which last Friday also posted higher revenues as well as increased profit. Schlumberger’s revenues increased by 14% to $7.8 billion from $6.9 billion in the same period of 2017. Another oilfield services player, Baker Hughes, posted a modest 1% increase in revenues year-over-year on a combined business basis.

Offshore Energy Today Staff

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