Halliburton's revenue rose to $5.7bn as North American activity recovered

North America is where an oilfield-services company turns first, and Halliburton's North American revenue rose 7 percent from the first quarter to $2.3 billion. Total revenue was $5.7 billion, up from $5.4 billion, according to a Form 8-K exhibit the company released July 21.

Net income was $534 million, or $0.64 per diluted share. Adjusted net income, which excludes a line the company labels impairments and other credits, was $461 million, or $0.55 per share. That adjusted figure is the same as the first quarter, so on the company's preferred measure earnings held flat, and the difference this time is a credit that lifted the reported number rather than a charge that cut it.

Operating income was $778 million, against $679 million in the first quarter, and the operating margin was 14 percent. The two segments moved apart. Completion and Production revenue rose 6 percent sequentially to $3.2 billion, with operating income up 8 percent, while Drilling and Evaluation revenue rose 5 percent to $2.5 billion but its operating income fell 4 percent, which the company attributed to a seasonal roll off of software sales.

Cash flow from operations was $824 million and free cash flow was $668 million. The company repurchased about $200 million of stock in the quarter. Internationally, revenue rose 5 percent to $3.4 billion, with Europe and Africa up 19 percent on activity in the North Sea, Namibia, Egypt and elsewhere. Jeff Miller, chairman, president and chief executive, said he expected "revenue growth and margin expansion" and pointed to international contract awards.