Halliburton posts bigger 4Q loss
- Business & Finance
Oilfield services provider Halliburton recorded a bigger loss for the fourth quarter of 2017 compared to the prior-year period despite an increase in revenues.
Halliburton on Monday posted a net loss attributable to company of $824 million for the fourth quarter of 2017 compared to a loss of $149 million in the fourth quarter of 2016.
Adjusted income from continuing operations for the fourth quarter of 2017, excluding charges related to United States tax reform and Venezuela receivables, was $462 million. This compares to income from continuing operations for the third quarter of 2017 of $365 million.
Halliburton’s total revenue in the fourth quarter of 2017 was $5.9 billion, a 9% increase from revenue of $5.4 billion in the third quarter of 2017. This is also an increase compared to the fourth quarter 2016 revenues that amounted to $4.02 billion.
Total revenue for the full year of 2017 was $20.6 billion, an increase of $4.7 billion, or 30%, from 2016. Reported operating income for 2017 was $1.4 billion, compared to a reported operating loss of $6.8 billion for 2016. Excluding special items, adjusted operating income for 2017 was $2.0 billion, a three-fold improvement from adjusted operating income of $690 million for 2016.
Jeff Miller, Halliburton President and CEO, commented: “2017 was a dynamic year for the oil and gas sector that marked another step on the road to recovery for our industry.”
Looking ahead, Miller concluded: “I am optimistic about what I see in 2018. Commodity prices support increasing activity in North America and I am encouraged by the increase in tender activity and the positive discussions we are having with our international customers.”
Last week another giant oilfield services provider, Schlumberger, also posted a wider loss for the fourth quarter 2017 compared to 4Q 2016. Its revenues on the other hand increased on a year-over-year basis. Schlumberger also announced the exit of its WesternGeco unit from the business of marine and land seismic acquisition.
Offshore Energy Today Staff