Saudi operations boost Halliburton’s Mideast business in second quarter
Halliburton said improved business in its Saudi operations helped to grow its Middle East second quarter revenues.
The oilfield services contractor on Tuesday reported a 33.5 percent increase in Q2 profit from the previous three months, as an oil price rebound spurred demand for work.
The Houston-based company said net income advanced to $227 million in the three months ended June 30, from $170 million in the first quarter.
Its Middle East and Asia revenues gained 5 percent sequentially to $925 million resulting from “improved activity in multiple product service lines in Saudi Arabia, higher well intervention services across the region, increased drilling-related services in Oman, higher completion tools sales in Kuwait,” the company said in a statement.
“Our second quarter performance demonstrates that our strategy is working well and Halliburton’s strategic priorities are driving value in this transition year,” said CEO Jeff Miller.