Halliburton gains in Q1 2022
Global oilfield services company Halliburton said April 19 it had net income of $263mn in Q1 2022, up from Q1 2021 net income of $170mn. Total revenue increased to $4.3bn from $3.5bn.
“I am pleased with Halliburton’s first quarter results,” CEO Jeff Miller said. “Our performance demonstrated the resilience of our unique strategy in action and the importance of our competitive positioning both in North America and international markets.”
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Significant tightness is evident across the full oil and gas value chain in North America, he said, with strong commodity prices and strengthening customer demand and a nearly sold-out equipment market signalling an expected expansion of margins in both Halliburton’s completion and production divisions.
“I expect our strong international business to increase throughout the remainder of the year,” Miller added. “First quarter revenue growth in all our international regions together with North America demonstrates that this multi-year upcycle is well underway.”
North America revenue in Q1 was $1.9bn, up 37% year-over-year, while international revenue rose 15%, to $2.4bn.