Halliburton Company (NYSE: HAL) stock rises on positive results

Free $100 Forex No-Deposit Bonus

Halliburton Company (NYSE: HAL) stock rose over 5% on July 20th, 2020 (as of 9:34 am GMT-4; Source: Google finance) driven by better than expected second quarter of 2020 performance as well as strategic partnerships. Better margin performance of their Completion and Production as well as Drilling and Evaluation divisions coupled with $456 million of positive free cash flow generated during the quarter drove the stock.

The firm also made a five-year strategic agreement with Microsoft Corp. (Nasdaq: MSFT) and Accenture (NYSE: ACN) to advance its digital capabilities in Microsoft Azure. Under this agreement, they would finish its move to cloud-based digital platforms while boost its customer offerings. With this partnership, the firm would enhance real-time platforms for expanded remote operations while improve analytics capability with the Halliburton Data Lake utilizing machine learning and artificial intelligence. They are also speeding up the deployment of new technology and applications, including SOC2 compliance, for Halliburton’s overall system reliability and security. Moreover, the firm along with TechnipFMC launched Odassea™, the world’s first distributed acoustic sensing solution for subsea wells. The technology platform enables operators to execute intervention-less seismic imaging and reservoir diagnostics to cut the overall cost of ownership while improving reservoir knowledge. The firm also launched DynaTrac™ Real-Time Wireless Depth Correlation System, a new technology that reduces uncertainty and saves rig time by enabling operators to accurately position packers, perforating guns and the bottom-hole assembly without running wireline or moving the work string. The firm also partnered with SPECTRUM® e-IP, the industry’s first electrically operated inflatable packer to offer precision and reliability for the placement of selective treatments, such as acidizing, water shut off, sand consolidation, and remedial integrity.

As per the second quarter of 2020 performance, the Completion and Production division revenue fell 44% to $1.7 billion, against first quarter of 2020, hurt by fall in pressure pumping activity globally, especially in U.S. land and Latin America. Drilling and Evaluation Drilling and Evaluation revenue lost 27% yoy to $1.5 billion, hurt by global reduction in drilling-related services and lower software sales internationally

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.