Halliburton revenue jumps on higher North American demand

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[April 23, 2018]  (Reuters) - Oilfield services provider Halliburton Co reported a 34 percent jump in first-quarter revenue on Monday as rising oil prices prompted North American companies to boost oil and gas production.

Halliburtonís campus in Houston, Texas, U.S. May 18, 2017. REUTERS/Daniel Kramer/File Photo

The company's revenue from North America jumped nearly 58 percent to $3.52 billion in the three months ended March 31, while revenue from international operations rose 9 percent.

Total revenue jumped to $5.74 billion from $4.28 billion.

Halliburton said it took a charge of $312 million in the quarter as it wrote down investments in Venezuela, which is struggling with political and economic challenges.

Adjusting for items, Halliburton posted a profit of 41 cents per share in the latest reported quarter, in line with analysts' estimates, according to Thomson Reuters I/B/E/S.

Oilfield services companies were impacted by harsh weather conditions in the first quarter.

Halliburton warned of 10 cents per share hit to first-quarter earnings in February due to delays in deliveries of sand used in fracking.

Net income attributable to Halliburton was $46 million, or 5 cents per share to shareholders, in the three months ended March 31.

The company posted a net attributable loss of $32 million, or 4 cents per share to shareholders, in the same quarter a year earlier.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)

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