Halliburton Hits 1Q Estimates -- Earnings Review
April 23 2018 - 7:44AM
Dow Jones News
By Cara Lombardo
Halliburton Co. (HAL) reported its first-quarter earnings
Monday. Here's what you need to know:
EARNINGS: The oil-field services company reported a profit of
$46 million, or 5 cents a share. On an adjusted basis, the company
earned 41 cents a share, matching what analysts polled by Thomson
Reuters expected.
REVENUE: Revenue jumped 34% to $5.74 billion, which is what
analysts expected. Completion and production revenue increased 46%
to $3.8 billion while drilling and evaluation revenue increased 15%
to $1.9 billion.
GEOGRAPHIC REGIONS: North America revenue jumped 58% from a year
ago to $3.5 billion, while international revenue increased 9% to
$2.2 billion. Revenue increased in the Europe/Africa/CIS and Middle
East/Asia segments while it decreased slightly in Latin
America.
VENEZUELA: Halliburton wrote down all of its remaining
investment in Venezuela during the first quarter of 2018, citing
recent changes in the foreign currency exchange system in
Venezuela, continued devaluation of the local currency, U.S.
sanctions and other challenges. The action resulted in a net charge
of $312 million.
COMMENT: "Activity in U.S. land remains resilient as our
customers have a large portfolio of economically viable projects in
today's commodity price environment," Chief Executive Jeff Miller
said in a statement. When it comes to international markets, he
added that Halliburton has "never been better positioned for a
recovery that it is today."
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
April 23, 2018 07:29 ET (11:29 GMT)
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