Halliburton Company (NYSE:HAL) topped market expectations on revenue for the first quarter of 2019 while earnings came in line with estimates. Shares jumped 4.2% in premarket hours on Monday.
Total revenue of $5.7 billion was essentially flat year-over-year, but surpassed the estimate of $5.5 billion.
Reported net income improved to $152 million, or $0.17 per share, from $46 million, or $0.05 per share in the year-ago quarter. Adjusted net income totaled $201 million, or $0.23 per share.
CEO Jeff Miller said, “As expected, the first quarter activity levels in North America were modestly higher compared to the first quarter of 2018, and we experienced pricing headwinds throughout the quarter. We believe the worst in the pricing deterioration is now behind us. For the next couple of quarters, I see demand for our services progressing modestly.”
During the quarter, Completion and Production revenue fell 4% year-over-year to $3.7 billion, mainly due to lower pricing for stimulation services in US land. Drilling and Evaluation revenue rose 7% year-over-year to $2.1 billion, with activity improvements across all geographic regions. The increase was helped by higher logging and project management activity globally and improved fluids activity in Latin America.
In North America, revenue dropped 7% to $3.3 billion, hurt mainly by lower pricing for stimulation services in US land. International revenue increased 11% year-over-year, driven by increased stimulation and fluids activity in Latin America, higher completion tool sales in the Middle East/Asia and improved logging activity in Europe/Africa/CIS.
Within International, the highest revenue growth of 28% came from Latin America, fueled by higher activity for the majority of Halliburton’s product service lines in Mexico, higher stimulation activity in Argentina and improved fluids activity across the region.
Higher activity across multiple product service lines in Ghana and the UK, higher completion tool sales, increased project management activity in India and improved drilling activity in the Middle East all helped drive revenue increases in the Europe/Africa/CIS and Middle East/Asia regions.
Halliburton said it will build the first oilfield chemical manufacturing plant in Saudi Arabia. The plant is expected to be completed in 2020.
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