(BOE Report)– Halliburton beat Wall Street estimates for third-quarter profit on Tuesday, helped by steady demand for its oilfield equipment and services in North America.
Quarterly revenue from its North America segment was $2.4 billion, flat from a year earlier, but above analysts’ average estimate of $2.17 billion.
Halliburton said the results were supported by increased stimulation activity in U.S. land and Canada, and higher completion tool sales and increased wireline activity in the Gulf of America.
The Houston-based company’s shares were up 1.3% at $22.90 in premarket trading.
Last week, peer SLB also beat expectations on strong North America demand, but flagged that it does not expect to see a significant pickup in North American drilling activity due to high production costs at some shale basins.
The oil and gas rig count, an early indicator of future output, stood at 548 in North America in the third quarter, up 8 from the previous quarter, according to Baker Hughes data.
While North American activity remains stable, international spending, long viewed as the next growth engine, is showing signs of uneven recovery, particularly in the Middle East.
Halliburton reported an 8% drop in revenue year-over-year in Middle East/Asia.
In July, the company said its international revenue in 2025 is expected to contract by mid-single digits from a year earlier, primarily due to less activity in Saudi Arabia and Mexico.
Halliburton reported an adjusted profit of 58 cents per share for the quarter ended September 30, beating analysts’ estimate of 50 cents, according to LSEG data.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid and Sriraj Kalluvila)
