Halliburton announced a net income of US$709 million, or us$0.80 per diluted share, for Q2 2024. This marks an increase from Q1 2024, which saw a net income of US$606 million, or US$0.68 per diluted share, and an adjusted net income of US$679 million, or US$0.76 per diluted share. Halliburton said its total revenue for Q2 2024 remained flat at US$5.8 billion. Its operating income rose by 5% sequentially to US$1.0 billion.
“Halliburton’s returns and cash flow are strong, and I am pleased with our performance this quarter,” said Jeff Miller, Chairman, President, and Chief Executive Officer. “The quality of our people, the clarity of our strategy, our leading technologies, the depth of our pipeline of opportunities, and the competitiveness of our business segments all give me confidence in Halliburton’s future.”
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Miller highlighted strong demand and high activity levels in international markets, noting equipment tightness across major basins. In North America, Halliburton’s strategy aims to maximize shareholder value and deliver strong returns.
Halliburton’s revenue from completion and production was US$3.4 billion, flat sequentially, with an operating income of US$723 million, up 5%. Increased completion tool sales in the Eastern Hemisphere and higher stimulation activity in Latin America were notable factors. Drilling and evaluation revenue and operating income both remained flat at US$2.4 billion and US$403 million, respectively. Higher drilling-related services in Europe, North America, and Asia were offset by lower software sales globally, the company said.
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Its North American revenue decreased by 3% to US$2.5 billion due to lower pressure pumping services and activity in the Gulf of Mexico. This was partially offset by increased drilling-related services in Canada and the U.S. International revenue rose by 3% to US$3.4 billion. In Latin America, Halliburton’s revenue stayed flat at US$1.1 billion. Improved activity in Argentina and the Caribbean was offset by declines in Mexico and the Caribbean, the company added.
Halliburton is one of ExxonMobil’s prime contractors supporting its Guyana operations.
