April 21 (Reuters) – Halliburton said on Tuesday first-quarter profit more than doubled as steady demand in Latin America and European markets helped offset a slowdown in activity in the Middle East due to the Iran war.
Quarterly revenue from the oilfield services provider’s international segment rose slightly to $3.3 billion, compared with $3.2 billion a year earlier.
Revenue from Latin America jumped nearly 22% to $1.09 billion.
Attacks on energy infrastructure in the Middle East and Iran’s effective closure of the Strait of Hormuz have led to the largest supply disruption in history, sending oil prices surging more than 94% sequentially in the first quarter.
However, for oilfield services providers such as Halliburton, the jump in oil prices has not translated to an increase in demand for their services and equipment, as oil producers took a more cautious stance instead of increasing drilling activity.
Total revenue was $5.4 billion.
Halliburton said net income attributable to the company was $461 million, or 55 cents per share, for the three months ended March 31, compared with $204 million, or 24 cents per share, a year earlier.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Sriraj Kalluvila)
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