Halliburton Company reported a net profit of $ 170 million in the first quarter of 2021.
The figure compares with a net loss of $ 1,017 million in the same quarter of 2020.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry.
With more than 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its clients maximize value throughout the entire reservoir life cycle, from locating hydrocarbons and managing geological data to evaluation. drilling and formations, the construction and completion of wells and the optimization of production throughout the life of the asset.
The company’s reported operating profit was 370 million in the first quarter of 2021, compared to reported operating loss of 96 million and adjusted operating profit of 350 million in the fourth quarter of 2020, excluding impairments and other charges.
“I am satisfied with our performance in the first quarter, which demonstrates the benefits of our strong operating leverage in a recovering global market. We achieved total company revenue of $ 3.5 billion and operating income of $ 370 million, representing increases of 7% and 6%, respectively, compared to revenue and adjusted operating income in the prior quarter, ”said Jeff. Miller, president and CEO of the company.
Also, Halliburton’s production and completion revenue in the first quarter of 2021 was $ 1.9 billion, an increase of 3%, compared to the fourth quarter of 2020, while operating income was of $ 252 million, a decrease. of 11 percent.
Disaggregated, the increase in revenue was driven by higher stimulation and artificial lift activity in North America, higher cementing activity in the North Sea, better stimulation activity in Argentina and Mexico, and higher sales of termination tools in Latin America.
In contrast, this increase was partially offset by lower cementing services in Russia, lower pressure pumping activity in the Middle East, lower sales of seasonal completion tools, and lower well intervention services in the Eastern Hemisphere.
Operating income was negatively impacted primarily by lower completion tool sales, as well as reduced pressure pumping activity in the Eastern Hemisphere.
During 2020, Halliburton’s capital expenditures were approximately $ 728 million, a decrease of 52% year-over-year, and were primarily on its Sperry Drilling, Production Enhancement, Baroid, Artificial Lift, and Wireline and Perforating product service lines.
Halliburton intends for its capital expenditures in 2021 to remain relatively stable, at $ 750 million.