Oilfield services lift Halliburton profit despite North America slowdown
Clients in North America pulled back on some drilling services in 2018 amid transportation bottlenecks in the largest US production region and after oil prices slid sharply
Bengaluru — Halliburton beat Wall Street estimates for quarterly profit on Tuesday, as higher demand for its oilfield services in international markets offset a slowdown in North America. Clients in North America, Halliburton’s biggest market by revenue, began pulling back on some drilling services in 2018 amid transportation bottlenecks in the largest US production region and after oil prices slid sharply in the fourth quarter. An oil glut and concerns about a global economic slowdown have pushed US crude down about 30% since their October high to about $53 a barrel. Houston-based Halliburton said revenue from North America fell about 2% to $3.3bn from a year earlier and dropped 11% from the third quarter. International revenue rose to $2.6bn from $2.5bn from a year earlier. It rose 7% from the third quarter. “In North America, the demand for completions services decreased during the fourth quarter, leading to lower pricing for hydraulic fracturing services,” CEO Jeff Miller said. ...
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