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Oil giant Halliburton tops earnings estimates

Yahoo Finance Video

Yahoo Finance Live's Julie Hyman and Brian Sozzi discuss first quarter earnings for Halliburton.

Video Transcript

JULIE HYMAN: Let's decode the quarter from Halliburton as well, because that was another interesting one here. $0.35 a share is what Halliburton reported, if you exclude some items. The shares, though, are trading lower. And we have a write down from Halliburton. We've had this from many of the energy companies. It has to do with their Russia business right here.

So the company wrote off all of its Ukrainian assets. So that seems to be what's responsible. Pre-tax charge of $22 million. So it's not huge, but it is 8% of its first-quarter net income. That included-- that charge included $16 million in receivables. So it looks like investors are still just trying to figure out-- I mean, for a defense company like Lockheed, figure out potential upside, or maybe not as much upside as anticipated. And for Halliburton, try and figure out how much is the hit going to continue to be from some of these effects from Russia-Ukraine.

BRIAN SOZZI: I was joking before with our turtleneck-wearing, very own Brian Cheung about me paying close to $6 a gallon in gas. And I look at this Halliburton quarter, I'm looking at it through the lens of the consumer. They're saying, quote, "we see significant tightness across the entire oil and gas value chain in North America." And to me, that suggests continued high energy prices moving forward.

We've seen a pretty big move in natural gas prices so far this week. Not good for my wallet, or even your wallet.

JULIE HYMAN: Even my wallet?

BRIAN SOZZI: Well, yeah. You don't drive an electric car, do you?

JULIE HYMAN: I drive a hybrid car.

BRIAN SOZZI: Well, there you go.

JULIE HYMAN: Yes. So I still put gas--

BRIAN SOZZI: There we go. See. I knew it.

JULIE HYMAN: --in my car. And we all pay the knock-on effects, of course, of those higher energy prices.

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