Halliburton Swings to Profit as Revenues Rise Almost 30 Pct

The U.S. oilfield services major Halliburton has bounced back in black in the second quarter, ended June 30, 2017, as it saw increased utilization in North America boosting its revenues by close to 30 per cent year-over-year, and some 16 per cent sequentially.

For the second quarter 2017, Halliburton reported operating income of $146 million, and cash flow from operating activities of $351 million.

The company booked quarterly profit of $28 million ($0.03 per share), compared with net loss of $3.2 billion, ($3,73 per share) in the year-ago quarter. Year-to-date loss amounted to $4 million against loss of 5.6 billion or $6.54 per share for the first six months in 2016.

Second-quarter revenue increased to $5 billion from $3.8 billion same time last year.

Sequentially, revenue increased by close to $700 million. Revenue in the first six months of 2017 was $9.2 billion up from the corresponding period in 2016 at $8 billion.

Subsea World News Staff

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