Halliburton beats Q1 profit estimates on growing international strength

By Thomson Reuters Apr 23, 2024 | 5:58 AM

(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.

Its North America revenue declined 8%, to $2.5 billion, from a year ago.

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.

(Reporting by Arunima Kumar in Bengaluru; Editing by Pooja Desai)