• 11 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 13 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 15 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 16 hours Schlumberger Warns Of Moderating Investment In North America
  • 17 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 18 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 20 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 21 hours New Video Game Targets Oil Infrastructure
  • 23 hours Shell Restarts Bonny Light Exports
  • 24 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
New Tech Could Turn Seaweed Into Biofuel

New Tech Could Turn Seaweed Into Biofuel

Scientists discovered an unlikely abundant…

The U.S. Shale Play To Watch In 2018

The U.S. Shale Play To Watch In 2018

The original U.S. shale gas…

Halliburton Turns in Surprise Q3 Profit On Renewed Activity

Offshore

Oilfield services provider Halliburton Company (NYSE:HAL) reported on Wednesday a small net profit for the third quarter, trumping estimates for a net loss, and saying that its North American operations are showing signs of improvement.

Halliburton booked a net income attributable to the company of US$6 million for the third quarter, versus a US$-54-million loss for same period last year. Earnings per share (EPS) came in at US$0.01, compared to a loss per share of US$0.06 for the third quarter of 2015, and to expectations of a US$0.06-loss among 38 analyst estimates compiled by Bloomberg.

The top line, however, did not look so rosy, and total revenues dropped to US$3.833 billion from US$5.582 billion, just missing a Thomson Reuters estimate of US$3.90 billion.

Halliburton signaled improved results at its North American business, with revenue in the third quarter rising 9 percent on the quarter, as it “took advantage of the rig count growth by increasing utilization, working our surface efficiency model and relentlessly managing costs”.

“This is a step in the right direction as we work to regain profitability in North America,” chairman and CEO Dave Lesar said in the company statement.

It was in July when Halliburton said there were signs that activity was starting to pick up, when it reported a massive loss of US$3.21 billion, or US$3.73 per share, for the second quarter.

Looking ahead, the company sees higher oil prices driving growth in the rig count, but it is cautious over its immediate-term business in the fourth quarter due to downtimes connected with holidays and weather.

Latin America continues to be a headache for Halliburton. It expects its business there to continue to sustain in the short term the impacts of restricted budgets, postponed projects, and rig counts at “historical lows”.

The company expects its fourth-quarter results to be basically flat over the third-quarter figures.

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