Halliburton, the multinational oilfield services company based in Houston, has announced a small increase in its fourth-quarter net income. Despite facing challenges from the devaluation of the Argentinian peso, Halliburton reported earnings of $661 million, or 74 cents a share, for the quarter ended Dec. 31. This represents a slight rise from $656 million, or 72 cents a share, during the same period the previous year.
Excluding certain exceptional items like the impact of currency devaluation in Argentina, Halliburton’s earnings reached 86 cents a share. This surpassed the average Wall Street estimate of 80 cents a share recorded by FactSet.
Furthermore, the company’s revenue increased by 2.7% to $5.74 billion. Although slightly lower than the $5.78 billion estimated by analysts, this growth was mainly driven by strong demand for oil-drilling equipment worldwide. North American revenue experienced a decline of 7.2% to $2.42 billion, while international revenue rose to $3.3 billion due to increased oilfield activity in Africa and other regions.
Halliburton also announced an increase in its quarterly dividend from 16 cents to 17 cents per share.
According to President, Chairman, and Chief Executive Jeff Miller, the outlook for oilfield services demand remains robust.
In a similar vein, last week, Halliburton’s crosstown rival SLB, formerly known as Schlumberger, reported better-than-expected earnings, primarily driven by strong international demand.
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