BAKU, Azerbaijan, Jan.21
By Leman Zeynalova - Trend:
US-based oil service company Halliburton increased activity in multiple product service lines in the Middle East in the fourth quarter of 2019, Trend reports with reference to the company.
“Middle East/Asia revenue in the fourth quarter of 2019 was $1.4 billion, a 19 percent increase sequentially, largely resulting from increased activity in multiple product service lines in the Middle East, India and China, increased pressure pumping activity in Australasia, and increased year-end completion tool sales across the region. These results were partially offset by reduced well intervention services in the Middle East,” reads the report released by the company.
This is while Europe/Africa/CIS revenue in the fourth quarter of 2019 was $883 million, a 6 percent increase sequentially, resulting primarily from increased well construction activity in the North Sea, coupled with increased activity in multiple product service lines in Algeria, according to the company.
Halliburton said these improvements were partially offset by reduced pipeline services across the region.
In general, international revenue in the fourth quarter of 2019 was $2.9 billion, a 10 percent increase when compared to the third quarter of 2019, primarily driven by increased activity in multiple product service lines in Middle East/Asia and increased well construction activity in the North Sea, the report shows.
“These improvements were partially offset by a decline in activity in Argentina. Latin America revenue in the fourth quarter of 2019 was $598 million, a 2 percent decrease sequentially, resulting primarily from reduced activity in multiple product service lines in Argentina, coupled with decreased testing activity across the region. These results were partially offset by increased activity for all product service lines in Colombia, increased project management activity and cloud infrastructure installations in Mexico, and increased year-end completion tool sales across the region,” the company said.
Halliburton said that total revenue for the full year of 2019 was $22.4 billion, a decrease of $1.6 billion, or 7 percent, from 2018.
“Reported operating loss for 2019 was $448 million, compared to a reported operating income of $2.5 billion for 2018. Excluding impairments and other charges, adjusted operating income for 2019 was $2.1 billion, compared to adjusted operating income of $2.7 billion for 2018,” reads the report.
Halliburton comprises 14 product service lines (PSLs). The PSLs operate in two divisions: Drilling and Evaluation, and Completion and Production. Our Consulting and Project Management PSL works across both divisions and is the spearhead of our integrated-services strategy. Its financial results are included in the Drilling and Evaluation Division. PSLs are primarily responsible and accountable for strategy, technology development, process development, people development and capital allocation.
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