Halliburton announced Tuesday that its profits grew during the second quarter of the year, with increased demand for its services across Latin America, Europe, and Africa helping to compensate for a slowdown in the Middle East caused by the ongoing Iran war.
The conflict in the Middle East has kept global energy markets unsettled throughout the year. Despite repeated escalations in a region that plays a critical role in world oil production, crude oil prices have not surged as dramatically as many analysts feared when fighting broke out in February.
Now entering its fifth month, the war has put pressure on major oilfield service companies including Halliburton, SLB, and Baker Hughes. All three saw their steepest drop in Middle East revenue in more than a year during the first quarter of the year.
However, growing activity in regions like Latin America helped the company absorb the impact of that weakness. Halliburton reported total revenue of $5.71 billion for the second quarter, compared to $5.51 billion during the same three-month stretch one year ago.
The U.S.-based oilfield services company said its net income for the quarter ending June 30 came in at $534 million, or 64 cents per share. That compares to $472 million, or 55 cents per share, recorded in the same quarter the previous year.
