July 6 (UPI) -- Oilfield services company Halliburton said it's fortified its position in the industry by acquiring a company that provides pumping technology for the sector.
For undisclosed terms, Halliburton acquired Summit ESP, identified as a leader in pumping technology and services.
"This accretive transaction accelerates our strategy to deliver leading returns to our shareholders and maximize asset value for our customers," President and CEO Jeff Miller said in a statement.
Halliburton recorded a loss from continuing operations during the first quarter of $32 million, an improvement from the $149 million loss reported in the fourth quarter. Total revenue of $4.3 billion was a 6 percent improvement.
Companies that service the exploration and production side of the industry suffered under the market downturn last year. Efficiency, however, has improved and some operators in North America have been more resilient than many industry watchers had expected.
Halliburton said activity in North America "increased rapidly" during the first quarter. In announcing quarterly results, Miller said improvements were driven in part by its pumping services.
Halliburton made an unsuccessful takeover bid for rival Baker Hughes, which has since joined forces with the oil and gas division of General Electric. Shareholders at Baker Hughes last week approved the merger with GE Oil & Gas, an arrangement that analysts said added a layer of optimization to the exploration and production sector.
John Kenner, the president and CEO of Summit, said the tie up with Halliburton is a win-win for employees and customers.
Based in Oklahoma, Summit has more than 500 employees stationed across North America.