April 25 (UPI) -- Oil and gas services company Halliburton said Tuesday that net income for the first quarter was more than twice as high as year-ago levels.
Halliburton reported net income of $651 million, compared with $263 million during the first quarter of 2022. Total revenue of $5 billion was $1.3 billion more than year-ago levels.
Even though crude oil prices are below levels from this time last year and inflationary strains are creating headwinds for economic momentum, companies catering to producers and explorers are optimistic.
"My Halliburton outlook -- for both the current year and the long-term -- is strong," Chairman, President and CEO Jeff Miller said Tuesday.
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In North America, Halliburton reported net revenue of $2.8 billion, a 44% increase over year-ago levels. The company attributed the gains to higher service fees and an increase in activity in the U.S. waters of the Gulf of Mexico.
International revenue was $1.3 billion, a 30% increase over the same period last year. Most of that gain came from various product service lines in Saudi Arabia, the largest oil producer among members of the Organization of the Petroleum Exporting Countries.
Halliburton reported $5.6 billion in total revenue for the fourth quarter, a $200 million improvement over the third quarter. Total revenue of $20.3 billion for 2022 marked a 33% increase from the prior year.
Rival Schlumberger, otherwise known as SLB, reported net revenue for the first quarter of $7.7 billion, 2% lower than during the three-month period ending in December but 30% higher than a year ago.
Baker Hughes reported net revenue of $289 million for the first quarter, about 24% less than during the fourth quarter but 99% higher than year-ago levels.
