Halliburton Reports Q1 Revenue $4.2B In Operational Update, Consensus $4.16B

Halliburton (HAL) announced Q1 total company revenue of $4.2B, which represents a 17% decline sequentially, compared to a 21% decline in the worldwide rig count. Disruptive market conditions persisted in Q1, as U.S. rig counts reached a record low and the worldwide rig count is at the lowest level since 1999.

Halliburton announced that, due to the upcoming April 30 deadline in its merger agreement with Baker Hughes (BHI), the conference call scheduled for Monday, April 25 to discuss the Q1 financial results is postponed until Tuesday, May 3. As previously announced, Halliburton and Baker Hughes agreed to extend the time period under the merger agreement to obtain regulatory approvals to no later than April 30, after which the parties may continue to seek relevant regulatory approvals or either of the parties may terminate the merger agreement.