Oilfield services titan Halliburton reported on April 24, 2017, a rise in its 1st quarter 2017 revenue, when compared to the 1st quarter of 2016. Net loss also narrowed significantly.
The company’s net loss was $32 million for the quarter, on a $4,28 billion in revenue.
This time last year, Halliburton’s net loss was $2.4 billion, on a revenue of around $4,2 billion.
The company’s CEO Dave Lesar said the result was boosted by North America activity which increased rapidly during the1st quarter.
He said the increase was highlighted by our U.S. land revenue growth of nearly 30%, outperforming the sequential average U.S. land rig count growth of 27%.
In the international markets, however, Lesar said activity declines due to seasonality were exacerbated by the current cyclical headwinds.
International revenue in the 1st quarter of 2017 was $2.0 billion, an 8% decrease sequentially, resulting primarily from lower activity in completion tools, Landmark, fluid services and project management.
Latin America revenue in the 1st quarter of 2017 was $463 million, an 8% increase sequentially, driven by increased activity in well completion, fluid services and production solutions in Brazil, as well as pressure pumping, fluid services and project management in Mexico.
Europe/Africa/CIS revenue in the 1st quarter of 2017 was $604 million, an 11% decrease sequentially, resulting primarily from reduced well completion services and stimulation activity in Angola, weather-related reduced activity in the North Sea and Russia, and a decrease in drilling activity in Nigeria.
«1st quarter revenue in North America increased 24% sequentially, significantly outperforming our largest peer. This result was primarily driven by increased activity in our pressure pumping and well construction product service lines. The 1st quarter is best described as one of change, but I love the opportunity that is developing in North America because our strategy is designed to take advantage of that opportunity,» said Jeff Miller, President.
«We are in the midst of a unique and challenging cycle with very different dynamics between the North American and international markets. We are the execution company. I am excited by the activity I see in North America and confident in our ability to manage through any challenges in the international markets,» Miller said.
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