The world's second-biggest oil services company Halliburton saw its income increase in the first quarter while its revenue decreased year-over-year, the company's financial results statement showed on Thursday.
The company posted a net income of $170 million in the first quarter respective to its $1.017 billion loss in the same quarter of last year.
Halliburton had posted a net loss of $2.9 billion in 2020, compared to its loss of $1.3 billion in 2019.
-Revenues decline in first quarter
The company’s revenues declined by 31.4% in the first quarter to around $3.4 billion, compared to $5 billion during the same quarter of 2020.
The company's revenue totaled $14.4 billion last year, a decrease of $8 billion, equating to a 36% year-on-year fall.
'I am optimistic about how this transition year is shaping up. Our focus on technology innovation, digital investments, and capital efficiency positions us for profitable growth internationally and maximizing value in North America,' Jeff Miller, chairman, president and CEO of the company was quoted as saying in the statement.
By Sibel Morrow