Energy may indeed be a global market, but that does not mean that industry activity levels are consistent across regions. Once again, energy services giant Halliburton (NYSE:HAL) has reported exceptional results in North America while overseas service demand seems more tepid. With the stock having nearly doubled over the past year, investors need to count on that eventual recovery in overseas activity to push margins and earnings even higher in the next year or two.
Q2 Results Driven by the Home Markets
Halliburton is an international services company, but North America made up more than half of the company's revenue this quarter. Total company revenue rose 12% sequentially (and 35% annually), with North American revenue up 16% and international revenue up 8%. That North American result looks especially good in light of the 6% growth in rig activity.
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