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Halliburton shares up premarket after market beating fourth quarter

The oilfield services provider also made a US$1.05bn provision for income tax payments, mainly related to the recent changes made in the US corporate taxation law

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Jeff Miller, the company’s chief executive, said in a statement: “I am optimistic about what I see in 2018.”

Halliburton Co (NYSE:HAL) shares were up in premarket trade after posting market busting fourth quarter results.

The oilfield services provider also made a US$1.05bn provision for income tax payments, mainly related to the recent changes made in the US corporate taxation law.

Delays in collecting payments from primary customer in Venezuela

In the quarter, the company recorded a loss of US$825mln, or a loss of 94 US cents per share, a sharply wider loss from the US$153mln, or a loss of 17 US cents per share, posted a year ago.

The wider losses included the charges relating to the US tax reforms, and Venezuela receivables.

Halliburton also said that it was continuing to face delays in collecting payments on receivables from its primary customer in Venezuela.

Adjusted earnings per share were 53 US cents, soundly beating market expectations for 46 US cents.

During the period, revenue rose to US$5.9bn from US$4.0bn recorded the year before. This was again, higher than market consensus of US$5.6bn.

'Optimistic' says CEO

Jeff Miller, the company’s chief executive, said in a statement: “I am optimistic about what I see in 2018.”

He added: “Commodity prices are supportive of increasing activity in North America and I am encouraged by the increase in tender activity and the positive discussions we are having with our international customers.”

In premarket trade, its shares were up 2.32% at US$53.01.

Quick facts: Halliburton Company

Price: 12.47 USD

NYSE:HAL
Market: NYSE
Market Cap: $10.94 billion
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