NorthAmOil: Halliburton narrowly beats third-quarter earnings estimates

Oilfield services giant Halliburton has beaten analyst estimates with its third-quarter results, which were announced this week.
The company posted net income of $236mn, or $0.26 per share, for the quarter, up from a net loss of $17mn in the same quarter a year ago. The result also marked a slight increase on earnings of $227mn in the second quarter of 2021. Adjusted income of $0.28 per share, excluding special items, narrowly beat analyst expectations of $0.27 per share.
Halliburton’s revenues, at $3.86bn, also rose both on a sequential and annual basis. Increases were reported both across the company’s North American business and internationally. In North America, the higher revenues came despite some impact from Hurricane Ida in the US Gulf of Mexico, which made landfall in late August, significantly disrupting oil and gas operations in the region.
The result comes as oil prices remain strong and demand rises, helping to boost activity. Halliburton’s chairman, president and CEO, Jeff Miller, expects these trends to continue as countries around the world ramp up economic activity again following waves of lockdowns related to the coronavirus (COVID-19) pandemic.
“I see a multi-year upcycle unfolding,” Miller stated. “Structural global commodity tightness drives increased demand for our services, both internationally and in North America. I believe Halliburton is uniquely positioned in both markets to benefit from this improving environment.”