Sunday, June 26, 2022

Halliburton’s first quarter profit jumps 54% over same period last year

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Halliburton reported net income of US$263 million for the first quarter of 2022, or US$0.29 per diluted share, a 54% increase from the US$170 million profit from the previous year’s first quarter, or US$0.19 per diluted share.

It said its adjusted net income for the first quarter of 2022, excluding impairments and other charges and a loss on the early extinguishment debt, was US$314 million, or US$0.35 per diluted share

“Halliburton’s total revenue for the first quarter of 2022 was $4.3 billion compared to revenue of $3.5 billion in the first quarter of 2021,” it said.

Reported operating income was US$511 million in the first quarter of 2022 compared to reported operating income of US$370 million same time last year.

Excluding impairments and other charges, adjusted operating income was US$533 million in the first quarter of 2022.

The company held its earnings call on Tuesday.

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Chairman, President and Chief Executive Officer at Halliburton, Jeff Miller, said he is pleased with Halliburton’s first quarter results.

“Our performance demonstrated the resilience of our unique strategy in action and the importance of our competitive positioning both in North America and international markets.”

He said total company revenue increased 24% and adjusted operating income grew 44% compared to the same period last year.

“We see significant tightness across the entire oil and gas value chain in North America. Supportive commodity prices and strengthening customer demand against an almost sold-out equipment market are expected to drive expansion in Completion and Production division margins,” the official said.

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“I expect our strong international business to increase throughout the remainder of the year. First quarter revenue growth in all our international regions together with North America demonstrates that this multi-year upcycle is well underway.

The company expects the accelerating pace of global petroleum activity, pricing improvement and its strong outlook to serve its business well.

With its unique value proposition, clearly defined strategic priorities, leading technology portfolio, and global market presence, Miller expects Halliburton will deliver profitable growth, strong free cash flow and industry-leading returns.

Halliburton is one of the world’s largest providers of products and services to the energy industry with approximately 40,000 employees, representing 130 nationalities in more than 70 countries, including Guyana.

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