{"id":749,"date":"2022-07-19T15:46:40","date_gmt":"2022-07-19T15:46:40","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=749"},"modified":"2022-07-19T15:46:43","modified_gmt":"2022-07-19T15:46:43","slug":"halliburton-profit-jumps-sees-strong-oil-drilling-demand","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/749\/","title":{"rendered":"Halliburton profit jumps, sees strong oil drilling demand"},"content":{"rendered":"
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Oilfield services provider Halliburton Co (HAL.N)<\/a> on Tuesday posted a 41% increase in second-quarter adjusted profit compared to the first quarter, and predicted years of growth in demand for drilling.<\/p>\n\n\n\n

Driven by high oil prices, the gain was in spite of a $344 million hit from the company winding down assets in Russia in response to its invasion of Ukraine.<\/p>\n\n\n\n

Halliburton and rival oilfield companies have benefited this year from oil prices above $100 a barrel , up 53% from the same time last year, and around 6% higher compared to the first quarter.<\/p>\n\n\n\n

Chief Executive Jeff Miller said spending by international customers was on track to hit mid-teens percentage growth, predicting “multiple years” of increased activity.<\/p>\n\n\n\n

He said “political agendas and under-investment” have made it hard to address energy security issues that have pushed up global prices.<\/p>\n\n\n\n

Europe is dealing with fuel shortages that are eroding support among some in business and government for a move to low carbon energy. At the same time, record high temperatures are increasing concern about the continued use of fossil fuels.<\/p>\n\n\n\n

The International Energy Agency last year said for the world to reach net-zero emissions by 2050, there should be no new investments in oil, gas and coal projects. [nL1N2Z00MB}<\/p>\n\n\n\n

In North America, spending gains are on track to eclipse 35%, Miller said in a conference call, adding its hydraulic fracking equipment was sold out for the rest of the year.<\/p>\n\n\n\n

Overall fracking capacity would remain tight in 2023 as oilfield firms have held off building new equipment, which will help support prices, Miller said.<\/p>\n\n\n\n

Margins in its Completion and Production division were 17% for the quarter, the highest since 2014, said Third Bridge analyst Peter McNally.<\/p>\n\n\n\n

While U.S. shale oil producers “have complained about the logistics challenges that have hampered increased drilling activity, Halliburton delivered a strong result,” he said.<\/p>\n\n\n\n

Halliburton’s earnings per share were 49 cents, above analysts’ estimate of 45 cents, IBES data from Refinitiv showed.<\/p>\n\n\n\n

The Houston, Texas-based company’s adjusted net income stood at $442 million compared with $314 million, or 35 cents per share, in the previous quarter.<\/p>\n\n\n\n

Shares were up 1% in early trading to $29.15 and are up 26% year-to-date.<\/p>\n\n\n\n

Its North America revenue, which accounts for roughly half of its sales, was 26% higher, driven in part by an increase in hydraulic fracturing and well-related services.<\/p>\n\n\n\n

Net income fell to $109 million from $263 million, mainly due to the pre-tax charge from exiting Russia.<\/p>\n\n\n\n

Reporting by Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli and Barbara Lewis<\/p>\n

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