Halliburton swings to quarterly profit

Oilfield services provider Halliburton returned to quarterly profit on the back of a 34% increase in revenues and improved activity in North America.

According to its financial statement for the 1st quarter 2018 released on Monday, Halliburton recorded income from continuing operations of $46 million for the first quarter of 2018. This compares to a loss from continuing operations for the first quarter of 2017 of $32 million.

Adjusted income from continuing operations for the 1st quarter of 2018, excluding impairments and other charges related to a write-down of all of the company’s remaining investment in Venezuela, was $358 million. This compares to adjusted income from continuing operations for the 1st quarter of 2017, excluding costs related to an early extinguishment of debt, of $34 million.

Halliburton’s revenues for this year’s quarter were $5.7 billion compared to $4.3 billion in the prior-year period.

Jeff Miller, Halliburton CEO, said: «We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the 1st quarter of 2017. Adjusted operating income was $619 million, primarily driven by robust market conditions in North America…. Overall, I am optimistic about Halliburton’s relative performance for the remainder of the year, and our ability to grow our North America margins and to maximize the value of our global footprint».