Halliburton plummets to loss of $3.2bn

US drilling services provider to oil and gas sector sees multibillion-dollar swing into red but result still beats Wall Street expectations.

A Halliburton yard in Williston, North Dakota. Despite a first-half loss, the company is confident about the rest of the year. Andrew Cullen/Reuters

Halliburton on Wednesday reported a second-quarter loss of US$3.21 billion, after reporting a profit in the same period a year earlier.

On a per-share basis, the Houston-based company said it had a loss of $3.73. Losses, adjusted for one-time gains and costs, came to 14 cents per share.

The results beat Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.

The provider of drilling services to oil and gas operators posted revenue of $3.84bn in the period, also surpassing Street forecasts. Fourteen analysts surveyed by Zacks expected $3.74bn.

Halliburton shares have increased 32 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 6 per cent. The stock has risen 10 per cent in the past 12 months.

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