• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 5 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 44 mins So the President is on that Hydroxy
  • 42 mins Russia loses its chance to capture the EU gas market
  • 2 hours 60 mph electric mopeds
  • 3 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 13 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 2 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 3 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 16 hours Iran's first oil tanker has arrived near Venezuela
  • 41 mins Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 hours DEFIANCE – There are More of Us Than Them
  • 10 hours Let’s Try This....
  • 10 hours China to Impose Dictatorship on Hong Kong

Halliburton Beats Profit Estimates Despite “Challenging” North America Market

Oilfield services provider Halliburton Company (NYSE:HAL) on Monday beat analyst estimates in its Q2 earnings, thanks to growth in international markets that offset lagging activity in North America, the company’s largest market.

Halliburton, one of the world’s largest oilfield services companies, reported today adjusted net income of US$303 million, or US$0.35 per diluted share, for Q2 2019, excluding impairments and other charges.

The earnings per share exceeded the US$0.30 analyst consensus estimate in the Wall Street Journal.

The Q2 profit beat sent Halliburton’s stock surging more than 7 percent on the NYSE at 10:40 EDT, and 8 percent by 1:45pm EDT.

International revenues rose by 6 percent quarter on quarter, while North America revenue increased by 2 percent, to US$3.3 billion. Halliburton’s North American revenue was driven by higher stimulation, artificial lift and wireline activity onshore, and higher drilling activity in the Gulf of Mexico.  

“We continue to build on the growth momentum internationally and successfully manage the market dynamics in North America,” Jeff Miller, Chairman, President and CEO at Halliburton said, commenting on the Q2 results.

Again referring to North America, Miller noted:

“We are successfully executing our strategy of controlling what we can control and managing our business to perform well in any market conditions.”

In April this year, Halliburton expected total global offshore spending to jump 14 percent this year. Reporting the Q1 figures back then, Miller said, referring to North America, “the worst in the pricing deterioration is now behind us. For the next couple of quarters, I see demand for our services progressing modestly.”

Related: The Ten Countries With The Greatest Fossil Fuel Production

On Friday, Halliburton’s competitor Schlumberger said that its first-half international revenue increased by 8 percent on the year, while North America land revenue declined 12 percent.

“These results reflect the normalization in global E&P spend that we were anticipating as international investment increases in response to the accelerating decline in the mature production base, and North America land investment decreases due to E&P operator cash flow constraints,” Schlumberger said.

Schlumberger’s chief operating officer Olivier Le Peuch—who was appointed to become chief executive officer effective August 1—said in prepared remarks on the Q2 results:

“North America land remains a challenging environment. Indeed, E&P operator focus on cash flow has capped activity and continued efficiency improvements have also reduced the number of active rigs and frac fleets—so far without major impact on oil production.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News