Halliburton’s losses narrow

HOUSTON, April 24, 2017 – Halliburton, the No. 2 oilfield services provider in the world, said on Monday it had lost a total of USD 32 million during the first quarter, a 99% decrease in losses year-on-year.

In the first quarter of 2016, the company booked a net loss of USD 2.41 billion, posting red figures to the tune of some USD 5.77 billion for the full year.

By the fourth quarter, losses had narrowed significantly – Halliburton posted a negative USD 149 million for the three months ending December 31, 2016.

“North America activity increased rapidly during the first quarter, which was highlighted by our U.S. land revenue growth of nearly 30%, outperforming the sequential average U.S. land rig count growth of 27%,” said CEO Dave Lesar in a statement.

“In the international markets, activity declines due to seasonality were exacerbated by the current cyclical headwinds.”

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