Halliburton revenues rebound by almost 30%

Halliburton, the US oil services company, has disclosed a bigger-than-expected rise in its quarterly revenues amid a rebound in the North American energy industry.

Revenues rose to $4.96bn in the quarter to June 30, from $3.84bn in the same period in 2016, and $4.28bn in the first three months of this year, the group said. That exceeded Wall Street expectations for revenues of $4.86bn.

Halliburton also swung to a net profit of $28m in the second quarter, from a loss of $3.21bn in the prior year’s quarter. Adjusted earnings from continuing operations, a figure that excludes certain items, came in at 23 cents a share, exceeding forecasts by a nickel.

“I am very pleased with our second quarter results. We continue to execute our strategy to
maximise asset value for our customers and deliver differentiated services that we believe
will generate superior returns over the long term,” said Jeff Miller, chief executive.

The company has bounced back from a painful period at the start of last year in which North American oil and gas producers pulled back sharply on spending as a result of a drop in oil prices.

Halliburton shares climbed almost 4 per cent in pre-market trading. They were down 18 per cent year-to-date as of Friday’s close, pressured by renewed volatility in the oil price.