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Oilfield Services

Reuters | Equities.com |

The top executive for oilfield services firm Halliburton Co earned roughly $10 million more in 2020 than the prior year, despite pledges from the company to reduce executive pay as the coronavirus pandemic crushed the oil industry.

Jeff Miller earned a total of $22.3 million in 2020, versus $12.8 million the previous year. His compensation is 293 times that of the median compensation for his employees.


Kimberly Redmond | Equities.com |

In its quarterly and annual earnings report released Friday, Schlumberger, the world’s top oilfield services provider reported fourth quarter net income of $374 million, or $0.27 per share, compared with $333 million, or $0.24 per share, during the prior year's quarter.

Revenue totaled $5.53 billion in the quarter, down from $8.23 billion a year earlier but above analyst estimates of $5.24 billion. It's the first quarter-over-quarter increase in revenue for Schlumberger since the third quarter of 2019.


Kimberly Redmond | Equities.com |

After reporting its first quarterly net profit since oil prices took a nosedive in March 2020, Baker Hughes believes a rebound is on the horizon. 

On Thursday, the Houston-based company posted fourth quarter net income of $653 million, or $0.91 a share, compared with $48 million, or $0.07 a share, during the fourth quarter of 2019.

On an adjusted basis, however, the oilfield equipment and services provider reported a loss of $50 million, or $0.07 per share, in the quarter ending Dec. 31. Analysts had been looking for adjusted earnings of $0.17 per share.


Kimberly Redmond | Equities.com |

Although Halliburton ended 2020 with a nearly $3 billion loss for the year after demand for drilling work dried up during one of the worst oil busts in decades, company executives are hopeful they’re on the cusp of a rebound.

In its fourth-quarter earnings report released Tuesday, the Houston-based energy service firm said it had a net loss of $235 million, or $0.27 per share, during the last three months of 2020.


Reuters | Equities.com |

Oilfield services provider Halliburton Co has reduced its workforce in Venezuela as a result of U.S. sanctions limiting its operations in the crisis-stricken OPEC nation, a spokeswoman for the company said on Wednesday.

Washington in April limited the activities Halliburton - as well as rivals Schlumberger NV, Baker Hughes Co and Weatherford International Plc - could perform in Venezuela. The United States in 2019 sanctioned state oil company Petroleos de Venezuela as part of its push to oust President Nicolas Maduro.