Global business helps Halliburton beat profit forecast in third quarter
The oil services firm reports revenue from North America, its biggest market, up 18% to $3.74bn from a year earlier
Bengaluru — Halliburton’s third-quarter profit edged past analysts’ estimates on Monday, as tight pipeline capacity in the top Permian basin led to fewer well completions.
Oil services firms, which help operators drill and complete wells, are seeing demand for their services cool as producers cut down on spending and delay completions due to pipeline bottlenecks in the Permian basin of Texas and New Mexico.
Halliburton said revenue from North America, its biggest market, rose 18.2% to $3.74bn from a year earlier.
International revenue rose 5% from the second quarter to $2.4bn.
“Our international business continues to show signs of a steady recovery,” CEO Jeff Miller said in a statement.
Rival Schlumberger also managed a slight profit beat on Friday and cautioned that North American growth would slow due to the bottlenecks and hurt results next quarter.
Net profit attributable to Halliburton rose to $435m, or 50c per share, in the third quarter ended September 30, from $365m, or 42c per share, a year earlier.
Excluding items, the company earned 50c per share, beating average analysts’ estimate of 49c per share, according to Refinitiv estimates.
Total revenue rose to $6.17bn from $5.44bn.