Halliburton was also benefiting from a rise in oil prices as international benchmark Brent crude and West Texas crude both climbed in trading Tuesday.
The commodity was rose despite a bearish report from the International Energy Association that lowered its 2021 oil demand estimate by 170,000 barrels of oil per day due to weaker expectations for jet fuel/kerosene.
Brent was recently trading at $50 per barrel as recent positive vaccination news was seen as a positive for increased demand. But there are also concerns that the holiday season will lead to an increase in infections and a potential resumption of lockdown measures.In October, Halliburton missed on third-quarter revenue expectations, posting a net loss of $19 million, or 2 cents a share, vs. net income of $296 million, or 34 cents a share, in the year-earlier quarter. On an adjusted basis, the company said it earned $100 million, or 11 cents an adjusted share.
The adjusted per-share earnings number beat analysts’ forecasts of 8 cents.
Total sales rang in at $2.97 billion, down 46% from the $5.5 billion it brought in a year earlier and below analysts’ forecasts of $3.09 billion. Cash flow from operations came in at $420 million, with free cash flow of $265 million, Halliburton said.
Read More: Halliburton Jumps on Citi Upgrade, Rising Crude Prices