US multinational corporation Halliburton posted a significant increase in profit in the second quarter of 2018. Net profit for the three months ending June 30 was $511 million compared to just $28 million a year earlier and $46 million in the first quarter of 2018.
This compares to reported income from continuing operations for the first quarter of 2018 of $46 million, or $0.05 per diluted share, and adjusted income from continuing operations for the first quarter of 2018 of $358 million, or $0.41 per diluted share, excluding impairments and other charges related to a write-down of all of the Company’s remaining investment in Venezuela.
The company said operating income was $789 million during the second quarter of 2018, compared to reported operating income of $354 million and adjusted operating income of $619 million in the first quarter of 2018.
“We executed on our plan and delivered strong results. We achieved total company revenue of $6.1 billion, representing a 7% increase while operating income was $789 million, a 27% increase over adjusted operating income for the first quarter of 2018. Our overall strategy is working well and we plan to stay the course,” commented Jeff Miller, President and CEO.
The company’s Completion & Production division grew operating income by 34%, primarily driven by the strength of U.S. land. Despite pricing levels that have yet to fully rebound from the recent down cycle, Miller said the oilfield services giant is achieving outstanding margins.
“North America had a strong performance this quarter. This is the largest and fastest growing energy market in the world. On a year-to-date basis, we have grown revenues 47% year over year, while the U.S. land rig count has increased 16%. U.S. land achieved margins that are closing in on what we achieved during the previous peak in 2014,” he said.
Halliburton, he asserted, “is better positioned for the international recovery than it has ever been and we are ready to make the most of it. We have competitive market share in all of the major markets and have consistently executed to manage the changing dynamics.”