Halliburton tops Wall St. quarterly profit estimates

Halliburton tops Wall St. quarterly profit estimates

(Reuters) – Halliburton Co surpassed Wall Street profit estimates for the fourth quarter on Tuesday, wrapping up a mixed season for the worlds top oilfield services providers as elevated oil prices through 2022 encouraged drilling activity and boosted demand for its drilling services and equipment.

Brent crude averaged $88.62 a barrel during the fourth quarter, up about 11% from a year earlier, as sanctions on large oil producer Russia for its invasion of Ukraine have upended global supply routes.

Meanwhile, average North America rig count, an early indicator of future output, for the Oct-Dec 2022 quarter rose to 965 from 720 from the previous year, according to Baker Hughes data.

Halliburton also raised its first-quarter dividend by 33% to $0.16 per share.

The Houston, Texas-based firm posted adjusted income of $656 million, or 72 cents per share, for the three months ended Dec. 31, compared with average analyst estimate of 67 cents per share.

Market leader Schlumberger beat Wall Street estimates for fourth-quarter profit. Baker Hughes missed both quarterly profit and revenue estimates on Monday and said the global economy is expected to experience inflationary pressures and tightening monetary conditions.

(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)

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