. cuts.
While demand for equipment and services has surpassed the global price of crude at around $ 45 per barrel in the last three months of 2020, service companies have been forced to offer clients steep discounts. To deal with it, the companies have drastically reduced costs.
“I am optimistic about the movement of activity I will see in North America, and I expect international activity to be in the first quarter of this year,” said Halliburton CEO Jeff Miller.
Halliburton, which started fourth-quarter earnings for service companies, said total revenue rose 8.8% to $ 3.24 billion from the third quarter, just above analysts’ estimates of $ 3.21 billion, according to data Refinitiv IBES.
Reformed net income relating to a company rose to $ 160 million, or 18 cents per share, in the three months ended December 31, from $ 100 million, or 11 cents per share, in the third quarter.
Reporting by Arathy S Nair in Bengaluru; Edited by Maju Samuel