Halliburton posts wider fourth-quarter loss on tax provision

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U.S. oilfield providers firm Halliburton reported a bigger-than-expected fourth-quarter revenue after expenses and gave an upbeat outlook for 2018, as greater oil costs proceed to push U.S. manufacturing close to file ranges.

Halliburton delivered an optimistic view for its U.S. and worldwide operations as rising oil costs spur demand for oilfield providers. Its outcomes, like these of bigger rival Schlumberger on Friday, level towards a broadening oil and gasoline restoration shifting from U.S. onshore to worldwide exploration and manufacturing markets.

“I’m very enthusiastic about the best way 2018 is shaping up,” mentioned Chief Govt Jeff Miller through the agency’s quarterly earnings name. “North American unconventional exercise needs to be very busy,” he added, referring to progress in manufacturing from U.S. shale.

Halliburton additionally reported a fourth-quarter cost of $385 million for its operations in Venezuela, which has been mired in political and financial turmoil. Halliburton mentioned it might proceed to “vigorously pursue” funds from its main buyer in Venezuela going ahead, but additionally mentioned it anticipated persevering with delays in funds.

Schlumberger final week disclosed a $938 million write-down on its Venezuelan property and receivables. Different oilfield providers corporations even have taken write-downs not too long ago from receivables and promissory notes exchanged for money owed from state-run oil firm Petroleos de Venezuela.

Halliburton’s share value was up greater than three p.c at $54.64 in morning buying and selling on the New York Inventory Trade on Monday. The corporate posted a revenue of 53 cents a share, beating the typical analyst estimate of 46 cents per share, as per Thomson Reuters I/B/E/S.

The corporate was upbeat concerning the well being of the U.S. oil business given the rise in oil costs and elevated drilling. The U.S. rig rely is up virtually 35 p.c from final yr to 936, in response to knowledge from Common Electrical’s Baker Hughes

“Commodity costs are supportive of accelerating exercise in North America and I’m inspired by the rise in tender exercise and the optimistic discussions we’re having with our worldwide prospects,” Miller mentioned in a press release.

Halliburton, which makes greater than half its income from North American operations, mentioned complete income rose to $5.9 billion for the quarter, from $four.02 billion a yr earlier. Income in North America got here in at $three.four billion, up from $1.eight billion final yr.

The uptick in drilling exercise in the US drove up price for sand and trucking through the quarter, the corporate mentioned on its name. Halliburton mentioned it anticipated its sand prices to say no in 2018 as native mines come on-line.

The corporate additionally reported $882 million in tax expenses, largely the results of preliminary tax provisions associated to the brand new U.S. tax legislation that was handed final month.

Schlumberger final week beat Wall Road forecasts and gave an upbeat outlook, predicting its worldwide operations would develop in 2018 for the primary time in 4 years.

A stronger outlook for the worldwide market follows a virtually 24 p.c climb within the international Brent futures contract previously three months.

“As for the worldwide market, I am inspired for the primary time in three years,” mentioned Miller.

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