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Oil and gas servicing giant Halliburton reported better than expected earnings Monday before the market. $HAL follows earnngs from Schlumberger and ahead of Baker Hughes a GE Co. boosted by shale fracking activity spurred on by high oil prices but hampered by Permian bottlenecks

Halliburton Oilfield

The Baker Hughes oil rig count has hit a cycle high benefiting oil service companies with the increased activity in North America. Halliburton serves the upstream oil and gas industry throughout the lifecycle extraction to completion of the energy source.

Halliburton Company NYSE: HAL Reported Before Open Monday

$0.50 Beat $0.49 EPS Forecast AND $6.17 Bil Beat $6.13 Billion Forecast in Revenue 

Earnings 

Haliburton Co. (NYSE: HAL) reported its third-quarter results early on Monday at 50 cents a share. Revenue rose 13% to $6.17 billion. Halliburton said revenue rose in every international region.with analysts expecting $0.49 in earnings per share (EPS) on $6.13 billion in revenue. Shares in $HAL have a 52-week trading range of $35.75 to $57.86.

Halliburton Company NYSE: HAL

Market Reaction> Pre-market 36.99 −0.55 (1.47%)

Highlights

  • Completion and production unit revenue was flat quarter-over-quarter at $4.2 billion.
  • Drilling and evaluation unit revenue was also flat at $2 billion. 
  • North America revenue fell 2% sequentially to $3.7 billion on lower pricing for stimulation services in the U.S. land sector and reduced drilling fluids activity in North America.
  • International revenue rose 5% sequentially to $2.4 billion on increased completion tool sales.
  • Halliburton said revenue rose in every international region.

HAL Earnings Q3 18

OPEC Oct US Rig Counts

Halliburton Company NYSE: HAL Q2 Earnings Recap

Halliburton Co. (NYSE: $HAL) Reported Before Open Monday

EPS of $0.58 in line with analysts consensus of $0.58 in earnings per share

Earnings

Net income of $511 million, or 58 cents a share, in the quarter, up from $28 million, or 3 cents a share, in the year-earlier period. Revenue rose to $6.147 billion from $4.957 billion. The FactSet consensus was for EPS of 58 cents and revenue of $6.111 billion  

Halliburton Company NYSE: $HAL

Market Reaction > Pre-market $43.65 −1.55 (-3.43%)

$HAL shares closed Friday at $45.20 and the 52-week trading range is $38.18 to $57.86.

Segments

  • Operating segment, completion and production revenue rose 9% from the first quarter to $4.2 billion.
  • Drilling and evaluation rose 3% from the first quarter to $2.0 billion.
  • Halliburton’s North America revenue rose 38.4 percent to $3.83 billion, 
  • Revenue from its international business increased 6 percent to $2.31 billion.
  • Margins in U.S. onshore operations are nearing in on what the company achieved during the previous peak in 2014, Halliburton Chief Executive Jeff Miller said in a statement.

 

HAL Earnings Q2 18

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“North America had a strong performance this quarter. This is the largest and fastest growing energy market in the world. On a year-to-date basis, we have grown revenues 47% year over year, while the U.S. land rig count has increased 16%. U.S. land achieved margins that are closing in on what we achieved during the previous peak in 2014. “Halliburton is better positioned for the international recovery than it has ever been and we are ready to make the most of it. We have competitive market share in all of the major markets and have consistently executed to manage the changing dynamics." CEO Jeff Miller

Conference Call Details

Halliburton will host a conference call on Monday, July 23, 2018, to discuss the second quarter 2018 financial results. The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time).

Source: HAL, Alphastreet

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