Halliburton Reports Third Quarter 2024 Financial Results

Halliburton Company ( (HAL) ) has released its Q3 earnings. Here is a breakdown of the information Halliburton Company presented to its investors.

Halliburton Company is a global leader in the energy industry, specializing in providing products and services that enhance the value of assets throughout their life cycle, with a focus on innovation and sustainability.

In the third quarter of 2024, Halliburton Company reported a net income of $571 million or $0.65 per diluted share, with adjusted net income standing at $641 million or $0.73 per diluted share. The revenue for this period was $5.7 billion with an operating margin of 15%, though the company faced challenges such as a cybersecurity incident and adverse weather in the Gulf of Mexico.

Key financial highlights for Halliburton include a decline in revenue from $5.8 billion in the previous quarter to $5.7 billion. The operating income also decreased from $1.0 billion in the second quarter to $871 million in the third quarter. The company reported adjusted operating income of $987 million, considering the impact of impairments and other charges. Regionally, North America saw a 4% decline in revenue, while the Middle East/Asia region experienced a 3% increase, driven by heightened activity.

Additionally, Halliburton highlighted its technological advancements with the introduction of several new services and products, such as TrueSync™, a hybrid motor for ESP operations, and the Octiv® Auto Frac service, along with strategic moves like a multi-year contract with Petrobras.

Looking ahead, Halliburton remains optimistic, focusing on maximizing value through its Zeus platform and expanding its drilling services business. The company is confident in its international operations and plans to prioritize opportunities that offer unique value and high returns, maintaining its commitment to free cash flow generation and shareholder returns.