Halliburton posts smaller profit and revenues

Oilfield service provider Halliburton saw a decrease in its third quarter 2019 profit and revenues when compared to its performance in the same period last year.

In its quarterly report on Monday, Halliburton reported a net income of $295 million for the third quarter of 2019, compared to a profit of $435 million in the prior-year quarter.

The company’s operating income was $536 million during the third quarter of 2019, a drop from a $716 million in 3Q 2018.

Halliburton recorded revenues of $5.6 billion for the third quarter of 2019 compared to revenues of $6.2 billion in the same period last year.

Jeff Miller, Chairman, President and CEO, said: ““Our organization executed effectively in the third quarter. We managed the market dynamics and delivered our financial results as per expectations.”

“Total company revenue was $5.6 billion and operating income was $536 million, representing decreases of 6% and 3%, respectively, compared to revenue and adjusted operating income in the second quarter of 2019.”

“International revenue, which was flat sequentially, was up 10% year to date and we remain confident that we will achieve high single-digit international growth for all of 2019.”

He added: “Our North America revenue decreased 11% sequentially driven by customer activity declines and the execution of our new playbook.”