Energy service firm Halliburton narrowed its losses in the first quarter of 2017 thanks to increased activity in North America.
Halliburton said its pressure pumping and well construction product service lines performed strongly in the region, but work was harder to come by outside North America due to seasonality and cyclical headwinds.
Revenues edged up 2% to $4.3billion while pre-tax losses narrowed to $57million from $3.3billion in the same quarter last year.
Lower software sales across all regions, as well as lower pricing and decreased fluid sales in the Middle East hit the firm’s drilling and evaluation revenues.
Income from the Europe, Africa and CIS regions were also dented by a drop in well completion services in Angola, bad weather in the North Sea and Russia and a reduction in drilling activity in Nigeria.
Halliburton president Jeff Miller said the company was in the midst of a unique and challenging cycle with “very different dynamics between the North American and international markets”.
Mr Miller said: “The first quarter is best described as one of change, but I love the opportunity that is developing in North America because our strategy is designed to take advantage of that opportunity.”
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