Posting a strong performance for the first quarter of 2021, Houston-based Halliburton announced a net income of $170 million, or $0.19 per diluted share, according to a company press release. This compares to a net loss for the fourth quarter of 2020 of $235 million, or $0.27 per diluted share, as well as adjusted net income for the fourth quarter of 2020, excluding impairments and other charges, of $160 million, or $0.18 per diluted share. Reported operating income was $370 million in the first quarter of 2021 compared to reported operating loss of $96 million and adjusted operating income of $350 million in the fourth quarter of 2020, excluding impairments and other charges.
The oilfield services company experienced a significant demand for its drilling services, particularly in the Permian Basin.
“I am pleased with our first quarter performance, which demonstrates the benefits of our strong operating leverage in a recovering global market,” said Chairman, President and CEO, Jeff Miller. “The first quarter marked an activity inflection for the international markets, while North America continued to stage a healthy recovery. I expect international activity growth to accelerate, and the early positive momentum in North America gives me confidence in the activity cadence for the rest of the year.”
North America revenue in the first quarter of 2021 was $1.4 billion, a 13% increase when compared to the fourth quarter of 2020. This increase was driven by higher drilling-related services, stimulation, and artificial lift activity in North America land, as well as higher wireline activity and software sales in North America land and the Gulf of Mexico. Partially offsetting these increases were reduced completion tools sales and lower cementing and fluids activity in the Gulf of Mexico.
International revenue in the first quarter of 2021 was $2 billion, a 2% increase when compared to the fourth quarter of 2020. This improvement was driven by higher activity across multiple product service lines in Latin America and the North Sea, coupled with increased software sales and project management activity internationally. Partially offsetting these increases were lower completion tools sales, reduced well intervention services in the Eastern Hemisphere, lower stimulation activity in the Middle East, reduced cementing activity in Russia, and lower drilling-related services in Asia.
Latin America revenue in the first quarter of 2021 was $535 million, a 26% increase sequentially, resulting primarily from increased activity in multiple product service lines in Argentina and Mexico, as well as higher fluid services in the Caribbean. Partially offsetting these improvements was reduced activity across multiple product service lines in Colombia.