Halliburton Revenues Up, Takes LatAm Hit

US services giant Halliburton lost $805mn in 4Q 2017, net of Venezuela and US tax changes, but its CEO said 2017 marked "another step on the road to recovery for our industry."

Adjusted income from continuing 4Q 2017 operations, excluding charges related to US tax reform and Venezuela receivables, was $462mn, up from $365mn income in 3Q 2017, Halliburton said January 22. Its Venezuela charge booked in 4Q was $385mn.

Halliburton's total 4Q revenue was $5.9bn, up 9% from 3Q 2017. Reported operating income was $379mn (versus $634mn in 3Q 2017). Excluding special items, adjusted operating income in 4Q was $764mn.

Total revenue for full year 2017 was $20.6bn, an increase of $4.7bn, or 30%, from 2016. Reported operating income for 2017 was $1.4bn, contrasting with a reported operating loss of $6.8bn in 2016. 

“Outstanding execution resulted in an excellent fourth quarter and we are well positioned to take advantage of opportunities presented by a growing North America market and improving international outlook; I continue to believe we are on the path to normalized margins in North America in 2018,” said CEO Jeff Miller, adding that 2017 was "a dynamic year for the oil and gas sector that marked another step on the road to recovery for our industry" noting strong growth in its drilling and evaluation division. 

North America was clearly the focus of Halliburton's 4Q revenue growth (over 3Q 2017) but the company also saw increases too in Latin America, North Sea/Algeria/Egypt, and Middle East/China. 

Its full year 2017 results included a $368mn payment related to the 2010 Macondo well disaster in the US Gulf, in which it was involved.