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Oil and gas servicing giant Halliburton $HAL reported better than expected Q317 results on Monday before the market. HAL competitors Schlumberger $SLB and Baker Hughes a GE Co. $BHGE reported earnings boosted by shale fracking activity last week. 

The Baker Hughes rig count has been drifting lower  has been drifting lower since rising from January benefiting oil service companies. Halliburton serves the upstream oil and gas industry throughout the lifecycle extraction to completion of the energy source.

Earnings: $361 million, or 42 cents EPS compared to $28 million, and one cent, in year-ago quarter. Ahead of FactSet consensus 37 cents. Revenue of $5.444 billion, versus $3.833 billion, a year ago. and ahead of consensus estimate of $5.342 billion.

Reaction  Halliburton NYSE: HAL Pre-market: $ $43.80 +.047 +1.08 

 "Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company," said CEO Jeff Miller

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HAL operates under two main segments; Completion and Production and Drilling and Evaluation.

$HAL International revenue for 3Q17 of $2.3 billion, a 4% increase from the previous quarter. This results primarily from increased activity across multiple product services lines in Latin America, and increased pressure pumping services and drilling activity in the Eastern Hemisphere.

$HAL North America revenue for 3Q17 grew 14% sequentially, relative to a 6% increase in average U.S. rig count. This was due to higher utilization and pricing throughout the U.S. land sector in the majority of its product service lines, primarily pressure pumping, as well as higher well completion and pressure pumping activity in Canada.

$HAL Completion and Production revenue for 3Q17 grew 13% to $3.5Bil from 2Q17. This was primarily due to improved utilization and pricing throughout the United States land sector in the majority of product service lines, as well as contributions from recent artificial lift acquisition.

Source: HAL, Alphastreet

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