Halliburton profits beat estimates on booming oil activity

Halliburton Co It posted a third-quarter profit increase that beat analysts’ forecasts, the latest of the oilfield services companies to report better-than-expected results amid increased drilling activity around the world.

The Brent crude oil averaged $98.96 per barrel during the quarter, up 33% from a year earlier, as sanctions imposed on top oil producer Russia over its invasion of Ukraine jeopardized supply routes .

Demand, meanwhile, has rebounded strongly from the lows of the pandemic.

Looking ahead, we see activity increasing around the world, from the smallest to the largest countries and producers,” Halliburton Chief Executive Jeff Miller said in a statement.

In North America, Miller said demand for services is “stronger than I’ve ever seen at this time of year.”

Houston-based Halliburton’s net income rose to $544 million, or 60 cents a share, in the quarter ended Sept. 30, from $236 million, or 26 cents a share, in the year. previous.

Analysts had forecast a profit of 56 cents a share.

Halliburton said North America revenue rose 9% from the second quarter to $2.6 billion. International revenue increased 3% quarter-on-quarter to $2.7 billion.

The company said the results of its business divisions were negatively affected by the liquidation and sale of its Russian operations in the third quarter to its local management team. The unit now operates under the name BurService LLC, independent of Halliburton.