Halliburton eyes rebound in North America drilling, names new president

|About: Halliburton Company (HAL)|By:, SA News Editor

Halliburton (NYSE:HAL) +0.4% premarket after reporting a better than expected 10% rise in Q2 revenue and raising its share buyback authorization to $6B from $5B.

Revenue from North America rose 11% Q/Q while operating income rose 31%, stronger than the 9% Q/Q rise in revenue and 26% gain in operating income from the Eastern Hemisphere.

Expects North America activity levels to improve, with margins approaching 20% in Q3; based on the strength of the outlook, HAL plans to immediately accelerate additions to its hydraulic fracturing fleet and logistics capabilities.

In Q2, HAL's completion and production segment reported a 13% revenue increase to $4.94B, driven by higher stimulation activity in the U.S. land market and strong growth in its international operations.

Drilling and evaluation revenue climbed 5.3% to $3.11B, helped by higher wireline and fluid services in the Eastern Hemisphere and the U.S.

HAL also says it is promoting COO Jeff Miller to President effective Aug. 1; he also will become a board member.