Halliburton’s 2nd Q earnings soared over 1st Q report

Halliburton Company reported early Monday its second quarter 2018 earnings from continuing operations totaled $511 million or 58 cents a share.

It’s nearly eleven times more than the $1 million reported in the first quarter of the year. Operating income for the second quarter was $789 million compared to $354 million in the first quarter.

“We executed on our plan and delivered strong results. We achieved total company revenue of $6.1 billion, representing a 7% increase, while operating income was $789 million, a 27% increase over adjusted operating income for the first quarter of 2018. Our overall strategy is working well and we plan to stay the course,” commented Jeff Miller, President and CEO.

He said the Completion and Production division’s operating income grew by 34%, driven largely because of U.S. land operations. The division’s revenue was $4.2 billion or a $357 million increase over the first quarter.

“North America had a strong performance this quarter. This is the largest and fastest growing energy market in the world. On a year-to-date basis, we have grown revenues 47% year over year, while the U.S. land rig count has increased 16%. U.S. land achieved margins that are closing in on what we achieved during the previous peak in 2014,” added Miller.

Second quarter revenue for Halliburton’s Drilling and Evaluation division came to $2 billion which was a $50 million increase over the first quarter of the year.

North America revenue for the quarter was $3.8 billion or 9% higher than the first quarter. International revenue was $2.3 billion or 4% more than revenue from the first quarter 2018.