Halliburton’s reporting what some call an “unexpected profit” in its third quarter results, this after the company was relieved of charges over its failed merger with Baker Hughes Inc.
The company posted a profit of $6 million for the September quarter, or a penny a share. That compares with a loss of $54 million a year ago or 6 cents a share. Total revenue however, still plunged 31% to $3.83 billion. Analysts had predicted the company would lose 6 cents a share on $3.9 billion in revenue.
“This is a step in the right direction as we work to regain profitability in North America,” said Dave Lesar, chief executive of the oil-field-services company with regional operations in Duncan, Oklahoma.
He credited improved rig counts and what he called “relentlessly managing costs.” Operating costs improved by $58 million and the business grew 9%.
“I am pleased with our third quarter results given the devastation our industry has faced over the last two years,” said Lesar.