Halliburton expects no let-up in LatAm contribution to international ops

Most new international work this year for oilfield service provider Halliburton will come from the Middle East and Latin America, according to CEO Jeff Miller.

Miller made the comment during the Houston-based company’s fourth quarter results call where he said that international activity in 2023 is expected “to grow at least mid-teens.”

Commenting on factors behind the outlook, he cited customer "intensity of wanting to stay busy" and "producing more barrels sooner than later."

International revenue for Halliburton in 4Q22 rose 9% to US$2.97bn, with revenue from Latin America up 12% to US$945mn. Overall revenue was US$5.58bn, with US$2.61bn from North America.

The service provider attributed the Latin America jump to greater activity across multiple product service lines in Mexico and an uptick in completion tool sales in the region.

Increased pressure pumping services in Argentina and improved well construction services in Colombia also boosted revenue, offset by lower fluids activity in Guyana.

Full year 2022 revenue from Latin America totaled US$3.2bn, up 35% and 92% from 2021 and 2020, respectively.

Also read SLB sees Guyana, Suriname helping drive offshore growth