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Halliburton returns to quarterly profit

Halliburton returned to profit in the 2nd quarter 2017 from a significant loss recorded in the last year’s 2nd quarter.


Halliburton, one of the world’s largest oilfield services providers, returned to profit in the 2nd quarter 2017 from a significant loss recorded in the last year’s 2nd quarter, the company reported on July 24, 2017.

 

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 2nd 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 CEO.

 

Source : Neftegaz.RU