Halliburton reported a net income of US$615 million, or US$0.70 per diluted share, for the fourth quarter (Q4) of 2024, up from US$571 million, or US$0.65 per diluted share, in the third quarter.
Fourth-quarter revenue was US$5.6 billion, slightly down from US$5.7 billion in the third quarter, while operating income rose to US$932 million from US$871 million sequentially.
For the full year, revenue remained flat at US$22.9 billion compared to 2023. Operating income for 2024 was US$3.8 billion, down from US$4.1 billion in 2023. Adjusted annual operating income, excluding impairments and other charges, was US$3.9 billion.
Chief Executive Officer Jeff Miller praised the company’s performance, highlighting US$2.6 billion in free cash flow and US$1.6 billion returned to shareholders.
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Halliburton said its completions and production revenue for Q4 was US$3.2 billion, down 4%, with operating income decreasing 6% to US$629 million due to lower stimulation activity in North America and Latin America. Drilling and evaluation revenue held steady at US$2.4 billion, with a flat operating income of US$401 million.
Regionally, Halliburton’s North America revenue fell 7% to US$2.2 billion due to reduced stimulation activity and fluid services, partially offset by higher Gulf of Mexico activity and artificial lift sales. International revenue rose 3% sequentially to US$3.4 billion, with growth in the Middle East, Asia, Europe, and Africa, though declines were noted in Latin America.
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Miller remains optimistic about Halliburton’s long-term prospects, citing a strong balance sheet and growth opportunities in drilling technology, unconventionals, well intervention, and artificial lift. “I am excited about the long-term outlook for Halliburton,” he stated.
Halliburton has been active in Guyana since 2015. The company has expanded its operations in the South American country, including establishing one of the largest mud plants in the hemisphere.
