Houston’s Halliburton posted growing profits and revenues Monday as it attempts to hold onto its longstanding position as the world’s second-largest oilfield services company after Schlumberger.
Driven by a booming but now slowing U.S. shale market, Halliburton touted a $365 million quarterly profit, or 42 cents a share, that’s up from just $7 million this time last year. The U.S. hydraulic fracturing, or fracking, leader said its $5.44 billion in quarterly revenues jumped 42 percent from last year, and are up 10 percent from the second quarter of 2017.
Nearly 60 percent of those revenues came just from the North American market, said Halliburton CEO Jeff Miller, who recently finished his first full quarter as Halliburton’s chief executive.
“Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment,” Miller said. “Halliburton outgrew its peers on a global basis demonstrating that we are taking market share globally, and we generated industry leading returns.”
Update May, 22, 2020 – Well, its certainly been a wild ride this spring. Things have certainly changed in the oil patch and just about every other industry on the planet. Jobs are not as abundant, prices have collapsed, rebounded, and are starting to slide again. COVID-19 has upended life we we know it, and the oil and gas industry was no exception. Here is an updated look at how things are looking in the spring of 2020 for operators and service companies like Halliburton.
SOURCE: Jordan Blum, Houston Chronicle
Compiled and Published by GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.