Halliburton Co, the world’s second-largest oilfield services company, reported a better-than-expected quarterly profit on higher drilling activity in its international markets.
Halliburton’s North American profit margins were hit by a shortage of guar beans, a key ingredient in fracking fluid, and a shift to U.S. oil basins from natural gas-rich areas.
The company said it expects guar cost and equipment relocation issues to subside in 2013.
Halliburton, which earned more than three-quarters of its 2011 income in North America, said operating income from the region decreased 19 percent sequentially.
Operating income, however, rose in the company’s international markets including Latin America, Europe, Africa, the Middle East and Asia.
Halliburton is well-positioned to capture market share in expanding international unconventional basins, Chief Executive David Lesar said.
Schlumberger NV and Baker Hughes Inc reported higher-than-forecast profits on Friday, lifted by strength outside North America.
Income from continuing operations rose to $745 million, or 80 cents per share, in the second quarter, from $739 million, or 80 cents per share, a year earlier.
Revenue rose 22 percent to $7.2 billion.
Analysts on average had expected a profit of 75 cents on revenue of $6.96 billion, according to Thomson Reuters I/B/E/S.
