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Halliburton Plagued by 'Rail Disruptions' in Q1; Revenues Up 34% YOY
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Halliburton reported its Q1 2018 results.
Highlights:
- Achieved total company revenue of $5.7 billion, representing a 34% increase compared to the first quarter of 2017.
- RAIL DISRUPTIONS: Completions and Production division was negatively impacted by delays in sand delivery, due to weather related rail interruptions during the quarter, but achieved a strong March exit with margins in the mid-upper teens.
- In the company's Q1 conference call, Jeff Miller commented: "In the first quarter, Halliburton experienced significant challenges in North America related to rail disruptions. Looking forward, the U.S. rail system is experiencing high demand driven by strong economic activity. This increased overall demand is adding stress to the rail system while at the same time our industry is attempting to move more and more sand every quarter. This stress is making the timing of deliveries less predictable."
- STAGES PER SPREAD RECORD: As a result of the improved activity in U.S. land, in March we achieved a new record for stages per spread as the pressure pumping market remains tight. Our North America business exited the quarter in a strong position and I am confident in our ability to reach normalized margins in North America this year.
- Drilling and Evaluations division had strong year over year revenue growth of 15% while operating income grew 54%.
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