Halliburton is well positioned to navigate the near-term and thrive in the long run, according to Jeff Miller – Halliburton chairman, president and CEO – who made the statement in the company’s latest financial results announcement.

“We will achieve that through responsible capital stewardship, prioritizing capital efficiency, investing in the technologies that deliver differentiation, and generating strong cash flow and returns,” Miller said in Halliburton’s first quarter results announcement.

Halliburton’s total revenue stood at $5.737 billion in the first quarter, compared to $5.740 billion during the same period last year. Total operating income was $365 million in 1Q, compared to $354 million in 1Q 2018, and adjusted operating income was $426 million in 1Q, compared to $619 million in 1Q 2018.

The company’s net income came in at $152 million in 1Q, compared to $47 million in 1Q 2018, and adjusted net income was $201 million in 1Q, compared to $358 million in 1Q 2018.

“Our results for the first quarter played out as we expected and I’m pleased with how our organization executed both in North America and internationally,” Miller said in Halliburton’s results announcement.

“As expected, the first quarter activity levels in North America were modestly higher compared to the first quarter of 2018, and we experienced pricing headwinds throughout the quarter. We believe the worst in the pricing deterioration is now behind us. For the next couple of quarters, I see demand for our services progressing modestly,” he added.

“International revenue increased 11 percent year over year, which was a great first step towards our expectation of high single-digit international growth for all of 2019. Broad-based recovery continues across all regions, and we expect this momentum to build going into 2020,” Miller continued.

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. The company has 60,000 employees, representing 140 nationalities, in more than 80 countries, according to its website.

Earlier this month, Halliburton revealed that the city of Houston declared April 10 as Halliburton Day in honor of the company’s 100^th anniversary. Houston is the location of Halliburton’s global corporate headquarters.

(From Rigzone)