(Corrects to add dollar symbol in last paragraph)
April 24 Halliburton Co reported
quarterly profit and revenue that edged past analysts' estimates
as a surge in drilling activity in North America pushed up
demand for its pressure pumping and well-construction services.
U.S. shale producers have been putting more rigs to work,
buoyed by oil prices that have stabilized above $50 after a more
than two-year slump.
Analysts had sharply lowered their estimates after
Halliburton warned last month of higher costs and weak demand in
markets outside North America.
The average analysts' estimate for profit dropped to 3 cents
per share from 13 cents, while the company on Monday posted an
adjusted profit of 4 cents.
The world's No. 2 oilfield services provider said North
America revenue rose 24.4 percent, while larger rival
Schlumberger said on Friday its revenue from the region
increased 27.8 percent.
"North America activity increased rapidly during the first
quarter, which was highlighted by our U.S. land revenue growth
of nearly 30 percent, outperforming the sequential average U.S.
land rig count growth of 27 percent," Halliburton's Chief
Executive Dave Lesar said in a statement.
Net loss attributable to Halliburton narrowed to $32
million, or 4 cents per share, in the first quarter ended March
31, from $2.41 billion, or $2.81 per share, a year earlier.
The year-ago quarter included charges of $2.77 billion,
mainly related to asset impairments.
The company said its revenue rose 1.9 percent to $4.28
billion, inching past the analysts' average estimate of $4.26
billion, according to Thomson Reuters I/B/E/S.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj