Multinational oilfield services company Halliburton has reported a fourth-quarter income of US$661 million, or $0.74 per diluted share, for 2023. The company witnessed a robust demand for oilfield services and equipment, particularly in international markets. Halliburton’s international revenue recorded a significant 10% growth, reaching US$3.3 billion year-over-year, while North American revenue experienced a 7.7% decline to US$2.4 billion.
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Despite slightly missing overall revenue expectations, coming in at around US$5.74 billion against analysts’ estimates of US$5.78 billion, Halliburton’s performance reflects a broader trend within the industry. The North American segment, while dominated by higher efficiencies, is witnessing a reduction in the number of wells.
The company’s international revenue surge was attributed to improved activity in the Middle East, aligning with the performance of its larger rival, SLB (Schlumberger) which also exceeded analysts’ profit estimates in the previous week. Halliburton’s shares showed a 2% increase before the opening bell.
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Halliburton’s Chief Executive, Jeff Miller, expressed optimism about 2024, stating, “The outlook for oilfield services demand remains strong.”
In 2023, the company returned US$1.4 billion of cash to shareholders through stock repurchases and dividends, representing over 60% of its free cash flow.
Halliburton is a world-leading energy industry contractor. It is one of ExxonMobil’s prime contractors supporting its Guyana operations.
