Halliburton Q1 revenues rise, stem losses

The Houston oil field services behemoth Halliburton Co., aided by the steady recovery of the U.S. oil and gas sector, boosted revenues and almost broke even in the first quarter of this year.

Halliburton revenues rose by $81 million or 2 percent to $4.3 billion over the same period last year, helping hold losses to $32 million, or 4 cents per share, $2.4 billion better than the company posted in the first quarter last year.

Company losses have steadily improved with the recovery in the oil patch. In the last quarter of 2016, they had risen to just $150 million.

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“North America activity increased rapidly during the first quarter, which was highlighted by our U.S. land revenue growth of nearly 30 percent,” said chief executive Dave Lesar, while noting international activity was still depressed.

Revenue increases were driven by the company’s well completion work, which made almost $300 million more than the first quarter last year.

President Jeff Miller attributed the boost to pressure pumping — a part of the hydraulic fracturing process — and well construction products.

“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,” Miller said.