Increased North America Drilling Buoys Halliburton Income

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Researched by Industrial Info Resources (Sugar Land, Texas)--Oilfield services firm Halliburton Company (NYSE:HAL) (Houston, Texas) is pleased with its North America land market activities, although cyclical headwinds continue to plague international efforts. However, things may be getting better across the board. In a conference call regarding the company's quarterly performance, Halliburton President Jeff Miller said, "In North America, the momentum is building, and we only see it getting better, and we believe we've seen the bottom in international markets." Industrial Info is tracking $7.37 billion in projects involving Halliburton.

Among the positive aspects the company is seeing is growth in the U.S. onshore rig count, where Halliburton saw a 30% increase in U.S. onshore revenue. "In North America, the first quarter brought a lot of change. ...Customers are investing to meet production targets. Pricing is moving. Supply versus demand dynamics are tight," said Miller.

Latin America revenue increased 8% sequentially, due primarily to increased activity in Brazil and Mexico. The rest of the world didn't present quite as positive of a picture for Halliburton. The company's Eastern Hemisphere revenue declined 12% sequentially.

Halliburton reported an overall net loss of $32 million, compared with a net loss of $2.4 billion in the same period of the previous year. The company's total operating income was $203 million.

Among the largest Halliburton projects being tracked by Industrial Info is Delek Group Limited's (Netanya, Israel) planned offshore liquefied natural gas (LNG) processing plant in the Mediterranean Sea near Israel. The floating LNG plant would be capable of producing 3 million tonnes per year of LNG. Halliburton is performing design/engineering work on the project, which is planned to kick off construction in mid-2019 and be completed in summer 2022.

In Norway, the company is acting as a contractor on the subsea equipment installation for the Maria Satellite Field development in the North Sea. The $1.12 billion project includes the construction and installation of two four-slot combined production and water injection templates, with two production wells and a water injection well on the Maria Satellite field. Construction began in summer of 2016 and is expected to be completed the first quarter of 2018.

The company also operates in a limited capacity outside of the oil and gas business. In Nevada, Halliburton continues planning for the expansion of the Rossi barite mine, near Carlin. The project would expand the existing Rossi pit to exploit a new ore body at the existing 1,000-ton-per-day mine to extend mine life by another eight years. The project could kick off late this summer and be completed by the end of 2018.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.