Oilfield services giant Halliburton saw second-quarter profits drop to $679million as fracking service prices fell.
But growth in Europe, Middle East and Asia helped improve results, while US oil activity looks to be showing signs of recovery.
The company posted record revenue for the second quarter of the year, with $7.3billion ahead of the $7bn posted the previous quarter.
Profits during the period dropped to $679million compared to $737million over the same period last year.
“In Europe/Africa/CIS, revenue and operating income increased 9% and 33%,
respectively, compared to the first quarter,” said Halliburton chief executive Dave Lesar.
“This growth was led by seasonal recovery of activity levels in Russia and the North Sea, and by higher drilling and completions activity in Angola.
“We believe that the Eastern Hemisphere will continue to improve, year-over-year, with full year revenue growth in the mid-teens. We expect margins will continue to improve over the next two quarters and average in the upper teens for the full year.”
Last week Schlumberger posted higher-than-expected earnings on greater international exposure, while US-focused Baker Hughes suffered a slump in earnings.
Halliburton said it had completed a $1billion of share repurchases during the period, after raising its share buyback authorisation to $5billion.
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