Oilfield services providers have been struggling with a
tightening of spending by oil producers looking to rein in new
drilling in response to shareholder pressure for greater returns
after a period of heavy investment.
In contrast to the sector's other major player Schlumberger NV
last week, Halliburton said activity in its largest market in
North America was modestly higher.
"We believe the worst in the pricing deterioration is now behind
us," Halliburton's Chief Executive Officer Jeff Miller said,
adding that it experienced pricing headwinds throughout the
quarter. The company also said it expects demand for its
services to progress modestly for the next couple of quarters.
Revenue from North America, Halliburton's biggest market, fell 7
percent to $3.3 billion in the three months ended Mar. 31 but
came in above the 3.13 billion that 5 analysts had estimated,
according to IBES data from Refinitiv.
Total revenue was largely flat at $5.74 billion.
Net income attributable to Halliburton rose to $152 million, or
17 cents per share, in the first quarter, from $46 million, or 5
cents per share, a year earlier.
On an adjusted basis, the Houston-based company earned 23 cents
per share, above analysts' average estimates of 22 cents.
(Reporting by Arathy S Nair and Debroop Roy in Bengaluru;
Editing by Shounak Dasgupta)
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