Oil services major Halliburton Company (NYSE:HAL) reported a 6% improvement in quarterly revenue thanks to what was reported as a rapid increase in activity in North America.
Group revenue was reported at US$4.3bn for the three months ended March 31, up from US$4bn in the preceding quarter.
Halliburton reported a loss from continuing operation of 4 cents per share, albeit the figure converts to 4 cents of income after early debt extinguishment costs are excluded.
Whilst the North American market is seeing an increase in activity, the company noted that seasonal weakness in international business was exacerbated by ‘cyclical headwinds’.
“First quarter revenue in North America increased 24% sequentially, significantly outperforming our largest peer,” said Jeff Miller, Halliburton president.
“This result was primarily driven by increased activity in our pressure pumping and well construction product service lines.”
Miller also highlighted: “We are in the midst of a unique and challenging cycle with very different dynamics between the North American and international markets.
“We are the execution company. I am excited by the activity I see in North America and confident in our ability to manage through any challenges in the international markets.”