Halliburton’s profit tumbles in 2Q

Halliburton Company, one of the world’s largest providers of products and services to the energy industry, has announced in its second quarter 2015 results that its net income dipped to $53 million in the second quarter from $775 million a year earlier. 

The company said that its income from continuing operations for the second quarter of 2015 was $380 million.

This compares to income from continuing operations for the first quarter of 2015 of $418 million.

Adjusted operating income was $643 million in the second quarter of 2015, compared to adjusted operating income of $699 million in the first quarter of 2015.

Halliburton’s total revenue in the second quarter of 2015 was $5.9 billion, compared to $7.1 billion in the first quarter of 2015.

Halliburton said that primarily as a result of the recent downturn in the energy market and its corresponding impact on the company’s business outlook, the company recorded approximately $258 million, after-tax, in the second quarter of 2015, as compared to $823 million, after-tax, in the first quarter of 2015, in company-wide charges related primarily to severance costs and asset write-offs.

Halliburton recorded Baker Hughes acquisition-related costs of $67 million, after-tax, in the second quarter of 2015, as compared to $35 million, after-tax, in the first quarter of 2015.

Reported income from continuing operations was $55 million, in the second quarter of 2015, as compared to reported loss from continuing operations of $639 million in the first quarter of 2015.

Reported operating income was $254 million for the second quarter of 2015, as compared to reported operating loss of $548 million for the first quarter of 2015.

“We are pleased with our second quarter results, considering the headwinds facing the industry,” said Jeff Miller, President.

“Total company revenue of $5.9 billion declined 16% sequentially, outperforming a 26% drop in the worldwide rig count. Operating income declined as a result of lower activity levels for all product lines, exacerbated by pricing declines, primarily in North America.

“We expect the global markets will remain transitional, and in these times, operational execution is an even more critical source of differentiation. Our financial results reflect our strong execution culture, and we remain focused on delivering reliable, best-in-class service quality for our customers,” said Miller.

“We are pleased with the progress of the proposed Baker Hughes acquisition, as evidenced by our recently announced timing agreement with the U.S. Department of Justice,” added Dave Lesar, Chairman and CEO.

“Our strategy remains consistent – we will manage costs through the downturn, while looking beyond the cycle to ensure that we will be positioned for growth when the industry recovers,” said Lesar.

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Offshore Energy Exhibition and Conference (OEEC)

The three-day event features an exhibition where over 600 companies will showcase their products and services…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply