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Halliburton(HAL) - 2024 Q3 - Quarterly Results
HALHalliburton(HAL)2024-11-07 12:08

Financial Performance - Halliburton reported net income of 571million,or571 million, or 0.65 per diluted share, for Q3 2024, a decrease from 709million,or709 million, or 0.80 per diluted share, in Q2 2024[1]. - Total revenue for Q3 2024 was 5.7billion,downfrom5.7 billion, down from 5.8 billion in Q2 2024, with an operating margin of 15% and adjusted operating margin of 17%[1]. - Completion and Production revenue decreased by 102million,or3102 million, or 3%, sequentially to 3.3 billion, while operating income fell by 54million,or754 million, or 7%, to 669 million[4]. - Drilling and Evaluation revenue remained flat at 2.4billion,withoperatingincomealsoflatat2.4 billion, with operating income also flat at 406 million[5]. - North America revenue decreased by 4% sequentially to 2.4billion,primarilyduetoreducedpressurepumpingservicesandloweractivityintheGulfofMexico[6].−Internationalrevenuewasflatat2.4 billion, primarily due to reduced pressure pumping services and lower activity in the Gulf of Mexico[6]. - International revenue was flat at 3.3 billion, with Middle East/Asia showing a 3% increase to 1.5billion[7][10].−Halliburton′soperatingincomeforQ32024was1.5 billion[7][10]. - Halliburton's operating income for Q3 2024 was 871 million, down from 1,037millioninQ32023,reflectingadecreaseofapproximately16.01,037 million in Q3 2023, reflecting a decrease of approximately 16.0%[39]. - Net income attributable to the company for Q3 2024 was 571 million, a decrease of 20.2% from 716millioninQ32023[41].−AdjustedoperatingincomefortheninemonthsendedSeptember30,2024,was716 million in Q3 2023[41]. - Adjusted operating income for the nine months ended September 30, 2024, was 3,006 million, compared to 3,025millionforthesameperiodin2023,indicatingaslightdeclineofabout0.63,025 million for the same period in 2023, indicating a slight decline of about 0.6%[40]. - Net income attributable to the company for the nine months ended September 30, 2024, was 1,886 million, down from 1,977millionin2023,representingadecreaseof4.591,977 million in 2023, representing a decrease of 4.59%[36]. - Basic and diluted net income per share decreased to 2.13 in 2024 from 2.19in2023[36].−Halliburtonrecognizedtotalimpairmentsandotherchargesof2.19 in 2023[36]. - Halliburton recognized total impairments and other charges of 116 million during Q3 2024, which included severance costs and a cybersecurity incident[39]. Cash Flow and Shareholder Returns - Halliburton expects free cash flow and cash return to shareholders to accelerate in Q4 2024 despite a 0.02pershareimpactfromacybersecurityeventandstorms[1].−CashflowsprovidedbyoperatingactivitiesfortheninemonthsendedSeptember30,2024,were0.02 per share impact from a cybersecurity event and storms[1]. - Cash flows provided by operating activities for the nine months ended September 30, 2024, were 2,409 million, an increase of 17.6% compared to 2,048millionin2023[32].−FreecashflowfortheninemonthsendedSeptember30,2024,was2,048 million in 2023[32]. - Free cash flow for the nine months ended September 30, 2024, was 1,542 million, an increase from 1,204millioninthesameperiodof2023,reflectingagrowthofabout28.11,204 million in the same period of 2023, reflecting a growth of about 28.1%[49]. - Total cash flows provided by operating activities for Q3 2024 were 841 million, up from 841millioninQ32023[49].−Halliburtonrepurchasedapproximately841 million in Q3 2023[49]. - Halliburton repurchased approximately 200 million of its common stock and paid dividends of 0.17pershareduringQ32024[11].CapitalExpendituresandAssets−CapitalexpendituresfortheninemonthsendedSeptember30,2024,were0.17 per share during Q3 2024[11]. Capital Expenditures and Assets - Capital expenditures for the nine months ended September 30, 2024, were 1,016 million, compared to 980millionin2023,reflectinganincreaseof3.67980 million in 2023, reflecting an increase of 3.67%[32]. - Total current assets increased to 12,043 million in 2024 from 11,543millionin2023,markinganincreaseof4.3411,543 million in 2023, marking an increase of 4.34%[29]. - Total liabilities decreased to 14,979 million in 2024 from $15,250 million in 2023, a reduction of 1.77%[30]. Contracts and New Technologies - A multi-year contract was awarded by Petrobras for integrated well interventions in Brazil, set to begin in Q2 2025[19]. - The company introduced several new technologies, including TrueSync™ and Octiv® Auto Frac service, aimed at enhancing operational efficiency and safety[14][15]. Upcoming Events - Halliburton will host a conference call on November 7, 2024, to discuss its third quarter 2024 financial results[51].