Halliburton encouraged by activity recovery despite 4Q loss
Oilfield services provider Halliburton booked a loss in the last quarter of 2020. While the loss is bigger compared to 3Q 2020, it is significantly smaller in a year-over-year comparison.
In a report on Tuesday, Halliburton announced a net loss of $235 million for the fourth quarter of 2020.
This compares to a net loss for the third quarter of 2020 of $17 million and a net loss of $1.65 billion in the fourth quarter of 2019.
Halliburton’s total revenue in the fourth quarter of 2020 was $3.2 billion, a 9 per cent increase from revenue of $3 billion in the third quarter of 2020. In the fourth quarter of 2019, Halliburton’s revenues were $5.2 billion.
Total revenue for the full year of 2020 was $14.4 billion, a decrease of $8 billion, or 36 per cent from 2019.
Jeff Miller, Chairman, President and CEO, said: “I am optimistic about the activity momentum I see in North America and expect international activity to bottom in the first quarter of this year.
Namely, in the North America regions, Halliburton’s revenue in the fourth quarter of 2020 was $1.2 billion, a 26 per cent increase when compared to the third quarter of 2020.
This increase was driven by higher activity in stimulation and artificial lift in U.S. land, as well as higher well construction and wireline services activity, and year-end completion tools and software sales.
The company’s International revenue in the fourth quarter of 2020 was $2 billion, essentially flat when compared to the third quarter of 2020.
Miller added: “I am also encouraged by the growing pipeline of international customer opportunities and the unfolding global activity recovery”.