Halliburton returns to quarterly profit

  • Business & Finance

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

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