Daily Management Review

American Halliburton's profit collapses 2.4 times in the first half of 2019


Net profit of the American oilfield service company Halliburton Inc. decreased in January-June by 2.4 times in annual terms to $ 229 million, follows from the company's statements.

Geoffrey Rhodes
Geoffrey Rhodes
Diluted earnings per common share were $ 0.26 versus $ 0.63 in the first half of 2018. Revenue decreased by 2% to $ 11.667 billion.

Net profit in Q2 decreased 6.6 times in annual terms to $ 77 million. Diluted earnings per share were $ 0.09 against $ 0.58 in the second quarter of 2018. Revenues decreased by 3.5% to $ 5.93 billion

The company noted revenue growth in foreign markets. In particular, revenues in Europe, Africa and the CIS countries amounted to $ 823 million in the second quarter, which is 10% higher than in the first quarter. Halliburton explains this by increasing the activity of well servicing in the North Sea and the "increase in the volume of well construction services in Russia."

“We continue to grow at the international market and successfully manage the dynamics in the North American market,” said Halliburton President and CEO Jeff Miller.

Halliburton Inc. founded in 1919, produces equipment for drilling wells, maintains pipelines and tanks, develops IT solutions for the oil and gas industry. The company is represented in 80 countries, the number of employees exceeds 60 thousand people. Headquartered in Houston (Texas, USA). 

source: bloomberg.com