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By Reuters
(Reuters) – Halliburton beat first-quarter profit estimates on Tuesday as higher drilling demand from international markets helped the oilfield services firm counter a slowdown in North America.
Oil and gas producers are looking to secure new international and offshore inventories, boosting oilfield equipment and services demand and helping companies like Halliburton.
International rig count, an indicator of future production, stood at 965 on an average at the end of March, 5.4% higher than the previous year, according to Baker Hughes data.
Revenue from Halliburton’s international segment rose 12%, to $3.3 billion in the January to March quarter from last year, aided by 21% growth in Latin America.
The strength in its international segment contrasts sharply with its North America revenue, which declined 8% from a year ago to $2.5 billion, primarily driven by lower pressure pumping services on U.S. land as well as decreased wireline activity throughout the region.
The Houston, Texas-based company posted an adjusted profit of 76 cents per share for the three months ended March 31, topping analysts’ average estimate of 74 cents per share, according to LSEG data.
Its total quarterly revenue of $5.80 billion also beat estimates of $5.67 billion.
Bigger rival SLB reported a 14% rise in first-quarter profit on Friday, in line with analysts’ estimates as higher oil and gas drilling demand in the Middle East and Africa helped offset weakness in North America.
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