The Quarter that Was
Halliburton reported 17% sequential revenue growth for the company's second quarter, and total revenues of $4.4 billion. The star performer was the North American business, as revenue here grew 24%, largely due to the ongoing strength in pressure pumping and horizontal drilling related to exploiting shale gas. What makes this result even more impressive is the fact that it comes close to doubling the 13% sequential increase in North American land rigs - in other words, overall activity (at least as measured by rig count) was higher, but Halliburton surpassed that pace by a wide margin. (For more, see Oil And Gas Industry Primer.)
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