Halliburton, the multinational oilfield services company, disclosed its financial performance for the first quarter of 2024, reporting a net income of US$606 million, equivalent to US$0.68 per diluted share.
This represented a decrease from the first quarter of 2023 when the company recorded a net income of US$651 million. Total revenue for the quarter reached US$5.8 billion, reflecting a modest 2% increase compared to the same period last year. Operating income remained steady at US$987 million, unchanged from Q1 2023.
Jeff Miller, Halliburton’s Chairman, President, and Chief Executive Officer, expressed satisfaction with the company’s performance, highlighting the rebound of North American activity from previous lows and the sustained growth of international operations. Miller commented, “Our customers’ multi-year activity plans across markets and asset types confirm my confidence in the strength and duration of this upcycle.”
Halliburton invites EOIs for spill containment services at Guyana mud plant | OilNOW
Breaking down the operating segments, Halliburton’s Completion and Production division recorded revenue of US$3.4 billion, down from Q1 2023, while operating income increased to US$688 million, primarily fueled by completion tool sales and improved activity and pricing in artificial lift and cementing services. On the other hand, its Drilling and Evaluation segment saw revenue rise to US$2.4 billion, with operating income reaching US$398 million, driven by heightened drilling-related services in various regions.
In terms of Halliburton’s geographic performance, North America experienced an 8% decline in revenue, attributed to reduced pressure pumping services in U.S. land and lower wireline activity. Conversely, international revenue surged by 12%, with notable growth in Latin America, Europe/Africa, and the Middle East/Asia.
Halliburton launches STEM program to capture Guyanese talent | OilNOW
Latin America reported revenue of US$1.1 billion, up by 21%, driven by increased drilling-related services and software sales in Mexico, among other factors. Europe/Africa revenue reached US$729 million, marking a 10% increase, primarily due to higher completion tool sales and improved fluid services in select regions. Meanwhile, Middle East/Asia revenue stood at US$1.4 billion, marking a 6% increase, buoyed by improved activity in Kuwait, Saudi Arabia, and Oman.
Halliburton is one of ExxonMobil’s prime contractors supporting its Guyana operations.
