Halliburton beats estimates on Europe, Latin America oilfield services demand
HAL•North America remains subdued
Top oilfield services provider SLB is scheduled to report on Friday with Baker Hughes rounding out the quarterly reporting season on Sunday.
Halliburton's revenue from North America came in flat at $2.28 billion, primarily due to lower specialty chemicals activity in U.S. Land following the sale of a portion of its chemical business and decreased drilling activity in the Gulf of Mexico.
TD Cowen analyst Marc Bianchi said investors were looking for more upside from North America activity and price.
"Continued Middle East conflict makes setup tricky, but NAm should be a tailwind," Bianchi added, referring to the North American business.
Halliburton posted an adjusted profit of 55 cents per share for the quarter ended June 30, beating estimates of 54 cents, according to LSEG data.
Total revenue rose to $5.71 billion from $5.51 billion a year earlier.
