July 24 (UPI) -- Drilling services contractor Halliburton said Monday it beat out every one of its rivals in the international market, but the gains came mostly from North America.
Total revenue for Halliburton, which has headquarters in Houston, was $5 billion, a 16 percent increase from the first quarter. Executive Chairman Dave Lesar said revenue growth from North America increased 24 percent, which was better than the 21 percent increase in the land rig count in the United States.
"More broadly, we outperformed our major peer in every geo-market, demonstrating that we continue to grow our global market share," he said in a statement.
International revenue for Halliburton was $2.2 billion, a 7 percent increase from the previous quarter. In terms of real momentum, the European and African markets were the primary drivers for growth, with the $679 million in revenue representing a 12 percent gain from the previous quarter.
Halliburton said most of that increase came from a rebound in activity in the North Sea and Russia. Aker BP, joint venture of Norwegian energy companies and a regional subsidiary of BP, was one of the first energy companies reporting second quarter figures. With a strong North Sea portfolio, the company said it expected to produce between 135 million barrels of oil equivalent and 140 million barrels of oil equivalent per day for all of 2017, an upward revision of about 5 percent.
Halliburton's gains for the first quarter were stronger than rival Schlumberger, but lower monetarily. Schlumberger reported revenue for the three months ending June 30 at $7.4 billion, up 8 percent from the previous quarter. Schlumberger CEO Paal Kibsgaard said the outlook for North America during the second half of the year was robust, but more positive signs were emerging in the international market.
Kibsgaard added that several new final investment decisions offshore are making the international market attractive. Sector consultant group Wood Mackenzie found the oil and gas industry sanctioned 15 new developments, which is the equivalent of about 8 billion barrels of new reserves. That compares with final investment decisions for 12 new projects last year, or about 8.8 billion barrels of oil equivalent.
Halliburton in early July fortified its position in the industry by acquiring Summit ESP, identified as a leader in pumping technology and services. That followed its unsuccessful takeover bid for rival Baker Hughes, which has since joined forces with the oil and gas division of General Electric.