Marketing for sale its business in Russia and impairments on its assets in Ukraine saw Halliburton (NASDAQ: HAL) take $366m of impairments in the first half of 2022.
However the oilfield services giant said it is eyeing a “multi-year upcycle” reporting its first-half results today.
The Texas energy firm posted pre-tax profits of $563m, up 8% on the same period in 2021.
Revenues have meanwhile surged to $9.3bn, up 19% year-on-year.
Chairman and CEO Jeff Miller was bullish about the firm’s prospects in the US and internationally.
“I expect the international markets will experience multiple years of growth, and I am confident that Halliburton is positioned to benefit more from this multi-year upcycle than ever before.
“Halliburton’s competitive position is unique among our peers. We have the scale and technology to benefit meaningfully and differentially from the international market expansion, and we are the leader in the extremely busy North American market. I’m excited about the future of Halliburton and expect us to deliver profitable growth, margin expansion, strong free cash flow, and industry-leading returns in this upcycle.”
Net income has dipped slightly, at $381m for the first half of the year compared to $401 in H1 2021.
During the period Halliburton took $366 million of impairments and other charges, primarily due to its decision to market for sale the assets of its Russia operations and impairment of its assets in Ukraine
North America remains the largest market, taking in revenues of $4.3bn in the period, up from $2.9bn in H1 2022.
Europe/ Africa / CIS accounted for $1.39bn in the half.
Halliburton said there had been increased fluid services and completion tool sales in the UK during the second quarter, though gains had been offset by lower activity in Norway drilling services and the wind down of its business in Russia.
Halliburton shares are down 13% over the last month to $28.89.