By Robb M. Stewart

Oilfield-services company Halliburton logged a sharp drop in quarterly earnings as production and drilling revenue weakened.

The Houston-based company recorded net income of $204 million, or 24 cents a shares, in the first quarter against $606 million, or 68 cents, a year earlier. That fell short of the 60 cents a share analysts polled by FactSet had forecast.

Earnings for the quarter included $356 million in impairment and other charges related to severance costs, real estate and assets held for sale.

On an adjusted basis stripping out the charges, income came in at $517 million, or 60 cents a share, in line with the mean forecast.

Revenue fell 6.7% for the three months to $5.42 billion from $5.80 billion last year, beating the $5.27 billion analysts anticipated.

North America revenue was 12% lower at $2.2 billion, which Halliburton said was primarily driven by lower stimulation activity on U.S. land and decreased completion tool sales in the Gulf of Mexico, known in the U.S. as the Gulf of America.

International revenue slipped about 2% for the first quarter to $3.2 billion. That included a sharp fall in Latin America with lower activity across multiple product service lines in Mexico, but increased revenue in the Europe and Africa region and in the Middle East and Asia.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

April 22, 2025 07:20 ET (11:20 GMT)

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