HALLIBURTON NET INCOME $46 MLN
HALLIBURTON - Halliburton Company (NYSE:HAL) announced income from continuing operations of $46 million, or $0.05 per diluted share, for the first quarter of 2018.
This compares to a loss from continuing operations for the first quarter of 2017 of $32 million, or $0.04 per diluted share. Adjusted income from continuing operations for the first quarter of 2018, excluding impairments and other charges related to a write-down of all of the Company's remaining investment in Venezuela, was $358 million, or $0.41 per diluted share. This compares to adjusted income from continuing operations for the first quarter of 2017, excluding costs related to an early extinguishment of debt, of $34 million, or $0.04 per diluted share. Reported operating income was $354 million during the first quarter of 2018, compared to operating income of $203 million in the first quarter of 2017. Excluding impairments and other charges, adjusted operating income for the first quarter of 2018 was $619 million.
"We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the first quarter of 2017. Adjusted operating income was $619 million, primarily driven by robust market conditions in North America," remarked Jeff Miller, President and CEO.
"Our Completions and Production division was negatively impacted by delays in sand delivery, due to weather related rail interruptions during the quarter, but achieved a strong March exit with margins in the mid-upper teens. Our Drilling and Evaluations division had strong year over year revenue growth of 15% while operating income grew 54%.
"I am very pleased with the way our North America business exited the quarter. Activity in U.S. land remains resilient as our customers have a large portfolio of economically viable projects in today's commodity price environment. As a result of the improved activity in U.S. land, in March we achieved a new record for stages per spread as the pressure pumping market remains tight. Our North America business exited the quarter in a strong position and I am confident in our ability to reach normalized margins in North America this year.
"Turning to the international markets, Halliburton has never been better positioned for a recovery than it is today. I am confident in the strength and performance our business will demonstrate as the international recovery unfolds.
"Overall, I am optimistic about Halliburton's relative performance for the remainder of the year, and our ability to grow our North America margins and to maximize the value of our global footprint. We are executing our strategy, it is working well and it resonates with our customers. Our strategy is delivering industry leading returns and I am confident that it will continue to do so," concluded Miller.
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Earlier:
2018, January, 24, 07:20:00
HALLIBURTON NET LOSS $824 MLNHALLIBURTON - Halliburton Company (NYSE:HAL) announced a loss from continuing operations of $805 million, or $0.92 per diluted share, for the fourth quarter of 2017.
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2017, November, 22, 11:00:00
MAERSK-AKER-HALLIBURTON ALLIANCEOGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.
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2017, October, 24, 22:27:00
HALLIBURTON NET INCOME $365 MLNHalliburton Company (NYSE:HAL) announced income from continuing operations of $365 million, or $0.42 per diluted share, for the third quarter of 2017.
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2017, July, 25, 22:16:00
HALLIBURTON NET INCOME $28 MLNHalliburton Company (NYSE:HAL) announced income from continuing operations of $28 million, or $0.03 per diluted share, for the second quarter of 2017.
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2017, April, 25, 21:58:00
HALLIBURTON NET LOSS $32 MLNHalliburton Company (NYSE:HAL) announced a loss from continuing operations of $32 million, or $0.04 per diluted share, for the first quarter of 2017.
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2017, January, 24, 21:45:00
HALLIBURTON NET LOSS $149 MLNHalliburton Company (NYSE:HAL) announced a loss from continuing operations of $149 million, or $0.17 per diluted share, for the fourth quarter of 2016.
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2016, October, 25, 18:35:00
HALLIBURTON NET LOSS $5.6 BLNTotal company revenue was flat at $3.8 billion, operating income was $128 million, and cash flow from operating activities for the third quarter was in excess of $1.0 billion. These results were driven primarily by increased utilization in North America, as well as effective global cost and working capital management. |