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Oilfield services provider Halliburton announces 2Q18 results

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World Pipelines,

Halliburton Company announced today income from continuing operations of US$511 million, or US$0.58 per diluted share, for 2Q18. This compares to reported income from continuing operations for the 1Q18 of US$46 million, or US$0.05 per diluted share, and adjusted income from continuing operations for 1Q18 of US$358 million, or US$0.41 per diluted share, excluding impairments and other charges related to a write-down of all of the Company's remaining investment in Venezuela. Operating income was US$789 million during the 2Q18, compared to reported operating income of US$354 million and adjusted operating income of US$619 million in 1Q18.

“We executed on our plan and delivered strong results. We achieved total company revenue of US$6.1 billion, representing a 7% increase, while operating income was US$789 million, a 27% increase over adjusted operating income for the 1Q18. Our overall strategy is working well and we plan to stay the course,” commented Jeff Miller, President and CEO.

“Our Completion and Production division grew operating income by 34%, primarily driven by the strength of US land. Despite pricing levels that have yet to fully rebound from the recent down cycle, we are achieving outstanding margins.

“North America had a strong performance this quarter. This is the largest and fastest growing energy market in the world. On a year-to-date basis, we have grown revenues 47% year over year, while the US land rig count has increased 16%. US land achieved margins that are closing in on what we achieved during the previous peak in 2014.

“Halliburton is better positioned for the international recovery than it has ever been and we are ready to make the most of it. We have competitive market share in all of the major markets and have consistently executed to manage the changing dynamics.

“Halliburton is resilient, adaptable and creative and we outperform by keeping our core competencies strong and delivering superior service quality. Our value proposition resonates with our customers and we will continue to maximise their asset value, while providing industry leading returns for our shareholders,” concluded Miller.

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