(New York) The American oil services group Halliburton saw its results jump in the first quarter, still supported by strong demand for its services and equipment while oil and gas prices remain at high levels.
From January to March, the group generated a turnover of 5.7 billion dollars, up 33% compared to the same period of 2022, according to a press release published on Tuesday. This is more than anticipated by a consensus of analysts polled by Factset.
Net profit also rose sharply, to $651 million from $263 million a year earlier. Adjusted per share and excluding exceptional items, its profit was $0.72, more than doubling over one year.
Oil and gas prices have been moving for months at high levels with the drying up of Russian exports, a consequence of sanctions against Moscow for its invasion of Ukraine, which is supporting the results of oil and oil services companies. In addition, the Organization of the Petroleum Exporting Countries (OPEC) has indicated that it expects demand to grow in 2023.
“Our customers are clearly motivated to produce more oil and gas, as production capacity is stretched,” Halliburton CEO Jeff Miller said in the statement.
In North America, its largest market, Halliburton’s revenue grew 44% year-on-year to $2.8 billion, driven by price increases, as well as larger infrastructure construction oil companies, according to its press release.
In other regions of the world, Halliburton’s sales grew at a slower pace, although still solid (23%) to $2.9 billion.
In Latin America, over this period, revenues were $915 million, a 40% growth linked to the construction of oil and gas infrastructure.
Conversely, the Europe/Africa region saw its revenues decline very slightly (-2%) in the first quarter to $662 million, mainly due to the withdrawal of Halliburton from Russia.
The Middle East/Asia region, on the other hand, is very well oriented with revenues up 30% to $1.3 billion.
The stock was down about 1.3% at $34 in electronic trading before Wall Street opened.