Halliburton reports big bump in first quarter revenue
Oilfield services provider Halliburton Co reported a 34 per cent jump in first-quarter revenue on Monday as rising oil prices prompted North American companies to boost oil and gas production.
The company’s revenue from North America jumped nearly 58 per cent to US$3.52 billion in the three months ended March 31, while revenue from international operations rose 9 per ent.
Total revenue jumped to US$5.74 billion from US$4.28 billion.
Halliburton said it took a charge of US$312 million in the quarter as it wrote down investments in Venezuela, which is struggling with political and economic challenges.
Adjusting for items, Halliburton posted a profit of 41 cents per share in the latest reported quarter, in line with analysts’ estimates, according to Thomson Reuters I/B/E/S.
Oilfield services companies were impacted by harsh weather conditions in the first quarter.
Halliburton warned of 10 cents per share hit to first-quarter earnings in February due to delays in deliveries of sand used in fracking.