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Abu Dhabi, UAEWednesday 21 November 2018

Oilfield services major Halliburton's revenue and earnings soar

US company benefits on higher oil as more rigs put to work with profit hitting $511m from $28m a year before and revenue up 24 per cent

A Halliburton hydraulic fracturing site in Midland, Texas. The company has had a good quarter. AP
A Halliburton hydraulic fracturing site in Midland, Texas. The company has had a good quarter. AP

Oilfield services provider Halliburton's quarterly revenue rose 24 per cent to beat analysts' estimates on Monday as higher oil prices encouraged US oil and gas producers to put more rigs to work.

US rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report, up from 764 a year earlier, as energy companies ramp up production in anticipation of higher prices in 2018.

Margins in US onshore operations are closing in on what the company achieved during the previous peak in 2014, Halliburton chief executive Jeff Miller said.

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Halliburton's North America revenue rose 38.4 per cent to $3.83 billion, while revenue from its international business increased 6 per cent to $2.31bn.

The company's total revenue rose to $6.15bn from $4.96bn.

Net profit attributable to Halliburton rose to $511 million, or 58 cents per share, in the second quarter ended June 30, from $28m, or 3 cents per share, a year earlier.

The company took a charge of $262m in the year-ago quarter.

Excluding one-time items, the company earned 58 cents per share, in line with Wall Street estimate, according to Thomson Reuters.