Halliburton disappoints on earnings, impairs Ukrainian assets
Halliburton books disappointing Q1 earnings, with the US oil service group also impairing the value of Ukrainian assets in a year otherwise forecast to show the largest earnings growth in more than five years.
The company thus books an impairment before taxes worth USD 22m on Ukrainian assets.
Sales surge by 24 percent to USD 4.28bn in Q1 against analyst forecasts of USD 4.2bn, according to Bloomberg.
Operating earnings are up by 38 percent to USD 511m relative to consensus estimate of USD 540.3m.
Adjusted earnings per share nearly doubled to USD 0.35 from 19 cents, which is well in line with market expectations.
”We see significant tightness across the entire oil and gas value chain in North America,” says Halliburton CEO Jeff Miller.
The CEO also points out that the business is supported by rising commodity prices and strengthened demand in a near sold-out equipment market.
Halliburton stock is indexed 2.3 percent higher in US pre-market trading.
Halliburton exceeds expectations, delivers Q4 profit
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