Halliburton says it had first quarter 2018 income of $46 million on its worldwide operations including those in Oklahoma and Texas. The income figured to be $0.05 per diluted share.
The $46 million compares to a $32 million loss reported in the first quarter of 2017 or $0.04 per diluted share.
The adjusted income excluding impairments and other charges related to a write-down of the company’s remaining investment in Venezuela was $358 million.
“We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the first quarter of 2017. Adjusted operating income was $619 million, primarily driven by robust market conditions in North America,” remarked Jeff Miller, President and CEO.
“Our Completions and Production division was negatively impacted by delays in sand delivery, due to weather related rail interruptions during the quarter, but achieved a strong March exit with margins in the mid-upper teens. Our Drilling and Evaluations division had strong year over year revenue growth of 15% while operating income grew 54%.
Internationally, he said the company has never been better positioned for a recovery than today.
The company reported its completion and production revenue for the quarter was $3.8 billion or an increase of $1.2 billion compared to one year ago. Operating income tripled to $500 million.