(Reuters) - Halliburton's fourth-quarter profit beat market expectations on Tuesday as strength in offshore and overseas drilling activities internationally boosted demand for oilfield services and equipment.
Halliburton stock gains more than 3% in morning trading.
The Houston-based company said adjusted net income stood at 86 cents per share for the three months ended Dec. 31, compared with 80 cents per share according to LSEG analysts.
With better economics and acerages internationally, oilfield services are setting their sights outside the United States to grow, with the North American segment dominated by higher efficiencies but fewer wells.
International revenue rose 10% to $3.3 billion in the reported quarter year over year, while revenue from North America fell 7.7% to $2.4 billion.
Oil and gas rig count, an indicator of future production, stood at 948 in 2023 internationally, the highest since early 2020, per data from energy services firm Baker Hughes, while U.S. oil and gas rig count stood at 689 in 2023, down from 721 in 2022.
