Halliburton Company (NYSE:HAL) shares are seen on the back foot on Monday despite third quarter profit being reported at the upper end of guidance.
The oil services company was boosted by improved pricing and an uptick in industry activity in North America where revenue was up 91% to US$3.16bn for the three months to September 30.
Total group revenue totalled US$5.44bn, up 42% on the same period of last year.
Net profit was reported at US$365mln, amounting to 42 cents per share which is ahead of market expectations of 37 cents per share. The full year figure represented a major improvement of the US$6mln reported for last year’s quarter.
During the period, Halliburton marked a US$3.5bn charge due to the termination of a deal to acquire rival Baker Hughes.