4/19, 12:47 PM (Source: TeleTrader)
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Halliburton reports Q1 revenue of $4.3 billion, up 24% YoY

Halliburton Company announced on Tuesday that its total revenue in the first quarter of fiscal 2022 was $4.3 billion, a 24% increase compared to revenue of $3.5 billion in the same period last year.

Net income amounted to $263 million in the three months ending with March 31, in comparison to $170 million for the first quarter of 2021. The company stated that its basic and diluted net income per share stood at $0.29 in the first three-month period, up compared to the basic and diluted net loss per share of $0.19 recorded a year ago. Reported operating income was $511 million in the first quarter of 2022 compared to reported operating income of $370 million in the first quarter of 2021.

"We see significant tightness across the entire oil and gas value chain in North America. Supportive commodity prices and strengthening customer demand against an almost sold-out equipment market are expected to drive expansion in Completion and Production division margins," CEO Jeff Miller stated.

The oil service company's stock declined 1.63% in premarket trade after the report was released.

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