Investing.com – Halliburton stock (NYSE:HAL) fell 3.3% Tuesday after the company’s third-quarter revenue fell short of estimates at a time when the U.S. rig count rose, and activity jumped.
The company provides hydraulic fracturing and other oilfield services in North America, Latin America, Europe, Africa and Russia and CIS countries.
Chairman, President and CEO Jeff Miller said he sees a multi-year upcycle unfolding as structural global commodity tightness drives demand for its services, both internationally and in North America.
Revenue in the third quarter jumped 30%, to $3.86 billion, and that helped the company swing back to a profit of $240 million from a loss of $19 million in the same period a year ago.
The U.S. rig count jumped by 51 units over three months to 521 rigs at the end of the third quarter, according to data at rival Baker Hughes (NYSE:BKR).
Adjusted profit per share of 28 cents was higher than the 27 estimated by analysts.
Completion and production revenue was driven by increased activity across multiple product service lines in the western hemisphere, higher cementing activity in West Asia as well as enhanced well intervention activities in Europe, Africa and CIS, the company said.
Drilling-related services improved in North America. Latin America, Mexico and Ecuador also showed more opportunities.