Halliburton posts higher profit in 3Q

U.S. oilfield services provider Halliburton recorded an increase in profit and revenues during the third quarter of 2018 compared to a year earlier. 

Halliburton on Monday reported an income from continuing operations of $435 million for the third quarter of 2018.

This compares to income from continuing operations for the third quarter of 2017 of $365 million.

Operating income was $716 million during the third quarter of 2018, compared to operating income of $642 million in the third quarter of 2017.

The company’s revenues in the third quarter 2018 rose to $6.2 billion from $5.4 billion in the corresponding period of 2017.

Jeff Miller, President and CEO, said: “Our team optimized our performance in North America in the face of short-term challenges, and the recovery of our international operations continued.”

Miller concluded: “The outlook for global commodity supply and demand dynamics is constructive. I am confident that Halliburton has the right strategy, technology, and services to deliver industry-leading returns. We remain the leader in North America, which we believe is poised for a better 2019, and Halliburton is better positioned than it has ever been for the international recovery.”

Last Friday Halliburton’s rival Schlumberger posted third-quarter revenue of $8.5 billion, an eight percent increase compared to the same period a year ago. Net income on GAAP basis was $644 million for the quarter, up 18% compared to a year ago levels.

Offshore Energy Today Staff