Energy services giant Halliburton saw first quarter revenues reach record levels after turning around last year’s loss.
The firm posted a £370million profit for the first three months of 2014, compared to the £10million loss suffered in the same period last year as the company felt the effects of oil spill clear-up work in the wake of the Macondo disaster.
Revenues at the firm rose to £4.3billion for the quarter, up from £4.16billion the year before, with the company enjoying significant growth from the Middle and Far East, where operations were 11%.
New oil projects in Saudi Arabia, along with an increased rig count in the Arabian Gulf, helped swell operations in the region by 13%, with Africa helping drive a 21% growth in income from the country’s European and African operations. Drilling demand in UK and Angolan waters was up 19%, the company said.
Halliburton said weather conditions in North America had kept performance flat in the country for the first half of the year, though increased service demand was expected to see margins rise by a fifth before the end of 2014.
“I am pleased with total company revenue of $7.3 billion, which was a record first quarter for Halliburton,” said chief executive Dave Lesar.
“Our strategy is working well and we intend to stay the course. I am optimistic about our ability to grow our North America revenue and margins, and to realise industry-leading revenue and margin growth in our international business.
“We remain focused on generating superior financial performance and providing industry-leading shareholder returns, as evidenced by our $500 million share repurchase this quarter.”
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