Halliburton, one of the world’s largest oilfield services providers, returned to profit in the second quarter 2017 from a significant loss recorded in the last year’s second quarter.
In its report on Monday, the oilfield services giant posted a profit of $28 million compared to $3.2 billion loss in the corresponding period of 2016 when it paid a $3.5 billion termination fee over the termination of merger agreement with its rival Baker Hughes. The merger fell through after a series of regulatory hurdles .
Later on, Baker Hughes went on to merge with GE ‘s oil and gas business, creating a player with an offering across the full value chain of oil and gas activities—from upstream to midstream to downstream.
Further in its financial report on Monday, Halliburton posted revenues of $5 billion for the second quarter of this year, which is an increase when compared to revenues of $3.8 billion in the prior-year quarter. Sequentially, these revenues represent a 16% increase.
“These results were primarily driven by continued strengthening of market conditions in North America, which were partially offset by pricing pressure internationally,” said Jeff Miller , Halliburton President and CEO.
Offshore Energy Today Staff