Halliburton strategy ‘working well’ says CEO as company posts healthy H1 profits

halliburton strategy company ceo healthy
Gulf
  • Date: 07/20/2021
  • Source: Energy Voice
  • Sector: Economy
  • Country: Gulf

Halliburton strategy ‘working well’ says CEO as company posts healthy H1 profits

Halliburton’s chief executive says the company’s strategy is “working well” after a relatively healthy financial start to the year. The Houston-headquartered oilfield services giant recorded pre-tax profits of $518 million for the first six months of 2021. That is a striking improvement on the corresponding period in 2020, when Halliburton slumped to losses of $2.98 billion, driven by Covid-19 and the subsequent oil price slump. As part of efforts to claw back cash, the company reduced its headcount by 15,000 last year – it’s understood the axe fell on about 160 positions in the north-east. In its second quarter results, published on Tuesday, Halliburton also posted revenues of $7.16bn up to the end of June, down from $8.23bn last year. Net income, the US firm’s favoured financial measure, was $397m across the six months, a large improvement on last year when it incurred losses of $2.69bn. Jeff Miller, Halliburton’s chairman, president and CEO, said: “Our second quarter performance demonstrates that our strategy is working well and Halliburton’s strategic priorities are driving value in this transition year. “Total company revenue increased 7% sequentially, as both North America and international markets continued to improve, and operating income grew 17% with solid margin…