Halliburton Profit Surges 20% on Heightened Drilling

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Halliburton Profit Surges 20% on Heightened Drilling

Halliburton Co. profit for the second quarter rose 20%. Revenue for the same period surpassed expectations, buoyed by drilling and assessment.

Overall, Halliburton posted $774 million in profit or 91 cents per share, up from the previous year’s $644 million or 69 cents per share. Revenue soared 10% to $8.05 billion.

Chief Executive Dave Lesar said he anticipated sustained growth in North America, which posted a jump of 11% in revenue to $4.34 billion.

“We expect North America activity levels to continue to improve, with margins approaching 20% in the third quarter.We have concluded based on the strength of this outlook that we will immediately accelerate additions to our hydraulic fracturing fleet and logistics capabilities, with new crews available for service beginning later this year,” Mr. Lesar is quoted by the Wall Street Journal as saying.

The company’s markets in Europe, Africa, Middle East and Asia also posted growth in revenue. But, revenue in Latin America dropped 5% to $897 million, affected by the late arrival of a blanket order for consulting and project management as the firm’s land rig total nearly touched historic lows during the three-month period, Halliburton said.

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The firm’s completion and output segment registered a 13% rise in revenue to $4.94 billion, fueled by higher stimulation in the US land market and solid improvement in its global operations.

The company, which is the US’ biggest provider of hydraulic fracturing service, said that its drilling and evaluation revenue surged 5.3% to $3.11billion.

Halliburton said it was going to immediately accelerate additions of members to its crew and hydraulic fracturing fleet amid strained capacity in North America, Reuters reported.

The firm also announced it would shift the responsibility of president to Chief Operating Officer Jeff Miller, effective August 1. The role is currently played by Chief Executive David Lesar.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com