News Desk

Halliburton sales rise


Oilfield services provider Halliburton Co’s third-quarter profit edged past analysts’ estimates, helped by its international business, even as pipeline bottlenecks in North America led to fewer well completions.

Halliburton, the largest provider of hydraulic fracturing services, has seen demand for its services soften as US producers cut down on spending and transportation bottlenecks in the Permian basin of west Texas and New Mexico pushed the price of regional crude lower.

The company had previously warned that slowing growth in the largest US shale basin would impact its results.

But while demand for its North American completions services has weakened, the firm’s international business is showing signs of recovery, the company said, as global oil prices have climbed to around $80 a barrel.

Halliburton’s international revenue rose 5 per cent from the second quarter to $2.4 billion, while in North America, revenues decreased 2 per cent sequentially to $3.74 billion. North American revenues are up 18.2 per cent year-over-year.

"Our international business continues to show signs of a steady recovery," chief executive officer Jeff Miller said in a statement.

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