Halliburton Upbeat By Recovery Activity Despite $235 Million Loss In Fourth Quarter 2020

Oilfield services provider, Halliburton, booked a net loss of $235 million in the last quarter of 2020.
While the loss is bigger compared to the third quarter of 2020, it is significantly smaller in a year-over-year comparison.

This compares to a net loss for the third quarter of 2020 of $17 million and a net loss of $1.65 billion in the fourth quarter of 2019.

Halliburton’s total revenue in the fourth quarter of 2020 was $3.2 billion, a nine percent increase from revenue of $3 billion in the third quarter of 2020.

In the fourth quarter of 2019, Halliburton’s revenues were $5.2 billion.

Total revenue for the full year of 2020 was $14.4 billion, a decrease of $8 billion, or 36 percent from 2019.

According to a press statement issued Tuesday, January 19, 2021, Halliburton’s revenue in the fourth quarter of 2020 in the North American regions was $1.2 billion, a 26 percent increase when compared to the third quarter of 2020.

This increase was driven by a higher activity in stimulation and artificial lift in U.S. land, as well as higher well construction and wireline services activity, and year-end completion tools and software sales.

The company’s international revenue in the fourth quarter of 2020 was $2 billion, essentially flat when compared to the third quarter of 2020.

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Commenting on the company’s performance for 2020, Jeff Miller, Chairman, President and CEO, said: “I am pleased with our solid execution in the fourth quarter and for the full year. Our swift and decisive cost actions and service delivery improvements reset our earnings power, delivering strong margins and cash flow. We also achieved historic bests in safety and service quality.”

Continuing, he said: “I am optimistic about the activity momentum I see in North America, and expect international activity to bottom in the first quarter of this year. I am also encouraged by the growing pipeline of international customer opportunities and the unfolding global activity recovery.

“I believe our strategic priorities will allow us to continue generating industry-leading returns and strong free cash flow and solidify Halliburton’s role in the unfolding energy market recovery,” Mr Miller concluded.

Source: www.energynewsafrica.com