Halliburton revenue lifted in Q2 by North America

Upstream services company Halliburton reported July 20 that its net income of $227mn in the second quarter marked a year-on-year improvement of $57mn.

“Total company revenue increased 7% sequentially, as both North America and international markets continued to improve, and operating income grew 17% with solid margin performance in both divisions,” CEO Jeff Miller said.

Rig counts so far this year have seen a steady increase, though producers continue to exercise restraint in an effort to capitalise on higher commodity prices. Nevertheless, Halliburton said its revenue from North American operations improved 12% year-on-year to $1.6bn. It attributed the gain to both inland and offshore activity in the region.

In the Middle East and Asian markets, second quarter revenue of $925mn represented a 5% increase sequentially. Regionally, its revenue was bogged down by lower activity in India and Bangladesh.

Across Europe, Africa and in the Commonwealth of Independent States – a region that includes former Soviet republics – Halliburton saw a 7% increase in revenue, to $679mn, with gains reported across Algeria, Ghana, Norway and Russia.

In Latin America, revenue of $534mn was relatively on par with year-ago levels. Gains from operations in Mexico, Brazil and Guyana were offset in part by lower activity in Argentina.

The company reported net income during the first quarter of $170mn, compared with a net Q4 loss of $235mn.