November 1, 2016
Good news for several Houston oil-field services companies: They reported stronger net profits for Q3 2016. The numbers signal a possibility that the end of the oil downturn could be coming. Rig count and crude pricing is inching up, while costs are declining, according to John Mayes with Turner, Mason and Co. Though it will take a while for the market to rebalance, “it does seem to be showing early signs of recovery,” Mayes said.
Specific balance sheet numbers showed:
- Sclumberger Ltd. reported a $176 million net profit.
- Weatherford International LTD reported a $1.78 billion loss, with most of its Q3 losses stemming from after-tax charges.
- Baker Hughes lost $430 million, down from the $913 million lost in Q2 2016.
- Halliburton Co. ended up with a $7 million net profit, the second time it avoided a loss since the start of 2015.
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