Halliburton beats profit estimates on international drilling activity
July 19 (Reuters) - Halliburton Co beat analysts' estimates for second-quarter profit on Wednesday as resilient drilling activity boosted demand for its services and equipment, kicking off oilfield services earnings on a high note.
Oilfield services and drilling demand has been buoyant, driven by hunt for oil and gas deposits as companies bet on long-term demand and the need for energy security after Russia's invasion of Ukraine disrupted the global crude markets.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Analysts have said robust international and offshore activity, led by the Middle-East and Latin America, should offset North America weakness as shale producers maintain production discipline.
North America revenue in the second quarter was $2.7 billion, a 2% decrease compared with prior quarter, while revenue from international operations climbed 7% to $3.1 billion from first-quarter
The Houston, Texas-based firm posted an adjusted income of 77 cents per share for the three months ended June 30, compared with the average analyst estimate of 75 cents, according to Refinitiv data. (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)