Halliburton Doesn’t See International Oil Market Recovery Until Late 2017

From StockNews.com: Halliburton Company (NYSE:HAL) early Monday posted mixed fourth quarter earnings results, as its North American markets saw a major recovery, but International segments remained relatively weak.

The Houston-based oilfield services provider posted adjusted Q4 EPS of $0.04, which was $0.02 better than the Wall Street consensus estimate of $0.02. Revenues plunged 20.9% from last year to $4.02 billion, missing analysts’ view for $4.1 billion.

HAL noted that North America revenue jumped 9% in the latest period, helped by a huge 23% increase in average U.S. oil rig count. International revenue saw a more modest gain of 2% year-over-year.

The company commented via press release:

“We gained significant market share through the downturn, and as the market stabilized we leveraged this share to drive margin improvement. This market share improvement continued in the fourth quarter as we outgrew our primary competitor in North America, Latin America and the Eastern Hemisphere.

“Despite the positive sentiment surrounding the North American land market, it is important to remember that our world is still a tale of two cycles. The North America market appears to have rounded the corner, but the international downward cycle is still playing out.

Halliburton Company shares were unchanged in premarket trading Monday. Year-to-date, HAL has gained 4.36%, versus a 1.44% rise in the benchmark S&P 500 index during the same period.

HAL currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #2 of 47 stocks in the Energy – Services category.

This article is brought to you courtesy of StockNews.com.

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