Analyst Note| Preston Caldwell |
Halliburton reported improved first-quarter results, with revenue increased 7% sequentially. North America revenue increased 13% sequentially on the back of large increases in U.S. land activity. International revenue increased 2%, in contrast to the usual seasonal decline. By segment, D&E led the way (up 11%), while C&P was up just 3%. Our fair value and narrow moat rating are unchanged following the results.