Halliburton said its Latin America revenue in the first quarter of 2023 was US$915 million, an increase of 40% year over the previous year, due primarily to increased well construction services and stimulation activity in Mexico and Argentina, higher completion tool sales across the region, and improved project management activity in Mexico.
This increase was partially offset by lower software sales in Mexico. This formed part of total international revenue of US$2.9 billion in the first quarter, an increase of 23% from the same period last year.
North America revenue in the first quarter of 2023 was $2.8 billion, a 44% increase when compared to the first quarter of 2022. Halliburton reported companywide total net income of US$651 million in the first quarter of 2023, which is a staggering 147% increase from its net income of US$263 million in the first quarter of 2022. This translates to a profit of $0.72 per diluted share compared to $0.29 per diluted share in the same period last year.
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Halliburton’s total revenue for the first quarter of 2023 was US$5.7 billion, a 33% increase from its total revenue of US$4.3 billion in the first quarter of 2022. The reported operating income for the first quarter of 2023 was US$977 million, compared to US$511 million in the same period last year, and adjusted operating income, which excludes impairments and other charges, of US$533 million in the same period last year.
Jeff Miller, the Chairman, President, and CEO of Halliburton, expressed his satisfaction with the company’s performance during the first quarter of 2023, stating that it “demonstrated the earnings power of our strategy, the strength of our competitive position globally and execution for our customers.” Miller also highlighted that both of the company’s divisions delivered strong margin performance, indicating that the company’s business is growing.
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The company’s success in the first quarter of 2023 can be attributed to its strong execution culture, differentiated technology portfolio, and collaborative approach with customers.
Halliburton’s outlook for the current year and the long-term is strong, according to Miller. He stated that the company is hearing positive feedback from its customers, who are motivated to produce more oil and gas, and service capacity is tight.
The company’s strategic priorities are focused on executing its plans to deliver significant and growing free cash flow generation for Halliburton, and the CEO expressed his confidence in the company’s ability to deliver shareholder returns.
Halliburton is a prime contractor of ExxonMobil Guyana, operator of the South American nation’s largest and most lucrative offshore block. Since 2015, the oilfield service company has steadily expanded its activities in Guyana, which has seen the establishment of state-of-the-art facilities, including one of the largest mud plants in the hemisphere, and the expansion of its local workforce. It has also moved close to 100% of its services to Guyana.
