Halliburton profit spikes in 3Q

  • Business & Finance

Driven by North American market, oilfield services provider Halliburton recorded a significant increase in its profit and revenues for the third quarter of the year compared to the prior-year period. 

In its financial report on Monday, Halliburton posted a $365 million net profit attributable to Halliburton for the third quarter of this year, a significant increase from the profit of $6 million made in the corresponding period of 2016.

Further according to the report, Halliburton’s revenues during the third quarter 2017 rose to $5.4 billion from $3.8 billion in the same period of 2016.

“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment,” remarked Jeff Miller, President and CEO.

“Total company revenue was $5.4 billion, representing a 10% increase compared to the second quarter of this year. Total operating income was over $630 million, primarily driven by continued strengthening of market conditions in North America and improved profitability in our Drilling and Evaluations product lines.”

Namely, Halliburton’s North America revenue in the third quarter of 2017 was $3.2 billion, a 14% increase sequentially, relative to a 6% increase in average U.S. rig count.

International revenue in the third quarter of 2017 was $2.3 billion, a 4% increase sequentially, resulting primarily from increased activity across multiple product services lines in Latin America, and increased pressure pumping services and drilling activity in the Eastern Hemisphere.

Offshore Energy Today Staff

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