Halliburton signals fast re-entry to Venezuela as U.S. policy shifts
(Bloomberg) – Halliburton is ready to quickly restart operations in Venezuela once it obtains U.S. government approval and some sort of payment protections, said CEO Jeff Miller.
“I’m excited about the tremendous opportunity for Halliburton in Venezuela,” Miller told investors during a conference call on Wednesday. “We can mobilize in weeks. I feel confident we can move fairly quickly as opportunities arise.”
Halliburton jumped as much as 5.4% to a 17-month high in New York trading.
Halliburton’s North American business has been particularly exposed to the effects of slowing growth in the U.S. shale patch. Contracts to work in Venezuela’s prolific fields would help offset weakening domestic demand for its services, while positioning the company to benefit from U.S. President Donald Trump’s push to boost the South American nation’s crude output.
Miller said that overall Latin America will drive international growth for the oilfield-services sector this year, particularly in Brazil, Argentina, Ecuador and Guyana.
Halliburton had written down all remaining investment in Venezuela in 2020 in connection with the wind-down of operations due to U.S. sanctions. The global contractor has said that by the end of 2020 it no longer had workers in the country but maintained a local entity as well as facilities and equipment there.
Miller’s comments came after the company posted fourth-quarter adjusted profit of 69 cents a share, 15 cents higher than analyst expectations. Rival SLB is scheduled to disclose results on Friday.
See also: Halliburton posts stronger Q4 margins as international activity offsets North America slowdown
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