Halliburton said its first-quarter profit more than doubled, supported by a rebound in Latin America and steady activity across European markets that helped counter slower work in the Middle East.
The company reported total revenue of $5.4 billion for the three months ended March 31. Net income attributable to Halliburton was $461 million, or $0.55 per share, compared with $204 million, or $0.24 per share, a year earlier.
On the international front, quarterly revenue edged up to $3.3 billion, from $3.2 billion in the year-ago period. Latin America was a standout, with revenue there increasing nearly 22% to $1.09 billion.
Regional energy disruptions played a major role in commodity price moves during the period. Attacks on energy infrastructure in the Middle East, together with Iran effectively closing the Strait of Hormuz, produced what the company characterized as the largest supply disruption in history and pushed oil prices sharply higher - rising more than 94% sequentially in the first quarter.
Despite the surge in oil prices, Halliburton said the higher commodity prices did not translate into a corresponding boost in demand for oilfield services and equipment. Instead, oil producers adopted a more cautious stance and did not significantly increase drilling activity, limiting near-term service demand for companies in the sector.
Context and implications
The quarter illustrates a divergence between commodity price moves and service-sector activity. While oil prices rose sharply due to supply disruptions, that pricing environment did not immediately drive additional spending by producers on drilling and related services. Halliburton's results therefore reflect both geographic resilience - notably in Latin America - and sensitivity to operator capital allocation decisions in response to geopolitical risk.
Halliburton's reported figures are a snapshot of the three-month period ending March 31 and show how regional dynamics can offset one another in a global services business.