Halliburton Returns to Profit

Oilfield services major Halliburton has bounced back in black in the third quarter, ended September 30, 2016, as it saw increased utilization in North America, and improved cost and working capital management.

For the third quarter 2016, Halliburton reported operating income of $128 million, and cash flow from operating activities in excess of $1.0 billion.

The company booked quarterly profit of $6 million ($0.01 per share), compared with net loss of $54 million, ($0,06 per share) in the year-ago quarter. Year-to-date loss amounted to $6.53 per share against loss of 75 cents per share for the first nine months in 2015. Apart from slowdown in the oil services market, the negative result was mostly due to a $3.5-million termination fee following a failed merger agreement with Baker Hughes.

“I am pleased with our third quarter results given the devastation our industry has faced over the last two years. These results reflect the hard work and determination of our organization. While the recent cycle has provided its fair share of challenges, we out-executed even against the very high expectations we place on our organization,” said Dave Lesar, chairman and CEO.

Second-quarter revenue dropped to $3.83 billion from $5.58 billion same time last year. Sequentially, revenue was relatively flat. Revenue in the first nine months of 2016 was $6.7 billion lower from the corresponding period in 2015 at 11.86 billion.

Subsea World News Staff