Great news for Halliburton Co. (NYSE: HAL) as Q1 2017 Earnings are higher than projected. Halliburton was trading at $48 per share around 8am before the market opened about a 2.6% bump up. This increase may be due to their Q1 Total revenue reports approximately 4.3 Billion in revenue alone based on their Earning report that was released earlier today. An amazing win since revenues forecasts by 27 analysts less than 4.27 Billion for Q1 (2017) according to the Financial Times. Halliburton also reports an operating income of $203 million dollars.
Dave Lesar, CEO states: “Our total company revenue was $4.3 billion, a 6% improvement sequentially, while operating income was $203 million for the quarter. North America activity increased rapidly during the first quarter, which was highlighted by our U.S. land revenue growth of nearly 30%, outperforming the sequential average U.S. land rig count growth of 27%. In the international markets, activity declines due to seasonality were exacerbated by the current cyclical headwinds,”
To remark on the accomplishments that their North American Market is doing, Jeff Miller, the president of Halliburton stated: “First quarter revenue in North America increased 24% sequentially, significantly outperforming our largest peer. This result was primarily driven by increased activity in our pressure pumping and well construction product service lines. The first quarter is best described as one of change, but I love the opportunity that is developing in North America because our strategy is designed to take advantage of that opportunity,”
Halliburton Company provides services and products to the upstream oil and natural gas industry throughout the life-cycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field. It operates through two segments: the Completion and Production segment, and the Drilling and Evaluation segment. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion services. The Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities. It serves national and independent oil and natural gas companies. As of December 31, 2016, it had conducted business in approximately 70 countries around the world.