• Net income of $0.80 per diluted share.
• Revenue of $5.8 billion and operating margin of 18%.
• Cash flow from operations of $1.1 billion and free cash flow of approximately $800 million.
• Repurchases of approximately $250 million of common stock.

Halliburton announced net income of $709 million, or $0.80 per diluted share, for the second quarter of 2024. This compares to net income for the first quarter of 2024 of $606 million, or $0.68 per diluted share and first quarter of 2024 adjusted net income of $679 million, or $0.76 per diluted share. Halliburton's total revenue for the second quarter of 2024 was $5.8 billion, sequentially flat. Operating income was $1.0 billion in the second quarter of 2024, an increase of 5% sequentially.

“Halliburton's returns and cash flow are strong and I am pleased with our performance this quarter. 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,” commented Jeff Miller, Chairman, President and CEO.

“In our international markets we see strong demand for Halliburton’s services, high activity levels, and equipment tightness across all major basins.

“In North America, our strategy to maximize value in North America delivers shareholder value, and I expect that we will continue to deliver strong returns through this cycle,” concluded Miller.

Operating Segments

Completion and Production
Completion and Production revenue in the second quarter of 2024 was $3.4 billion, sequentially flat, while operating income was $723 million, an increase of $35 million, or 5%, compared to the first quarter of 2024. Revenue improvements driven by increased completion tool sales in the Eastern Hemisphere, higher stimulation activity in Latin America, increased cementing activity in the Western Hemisphere, and improved well intervention services internationally were offset by decreased stimulation activity in U.S. land, lower completion tool sales in the Western Hemisphere, and decreased artificial lift services in North America. Operating income increased due to activity mix improvements from completion tool sales in the Eastern Hemisphere, stimulation activity and well intervention services internationally, and cementing services in North America.

Drilling and Evaluation
Drilling and Evaluation revenue in the second quarter of 2024 was $2.4 billion, while operating income was $403 million, both flat sequentially. These results were driven by higher drilling-related services in Europe, North America and Asia, improved wireline activity in the Western Hemisphere and Europe, and increased testing services internationally. Offsetting these improvements were lower software sales globally, decreased drilling-related services in Latin America and Africa, and lower wireline activity in Middle East/Asia and Africa.

Geographic Regions

North America
North America revenue in the second quarter of 2024 was $2.5 billion, a 3% decrease sequentially. This decline was primarily driven by decreased pressure pumping services in U.S. land and lower activity across multiple product service lines in the Gulf of Mexico. Partially offsetting these declines were increased drilling-related services in Canada and U.S. land, higher wireline activity in U.S. land and the Gulf of Mexico, improved pressure pumping services in Canada, and increased cementing activity in the Gulf of Mexico.

International
International revenue in the second quarter of 2024 was $3.4 billion, an increase of 3% sequentially.

Latin America revenue in the second quarter of 2024 was $1.1 billion, sequentially flat. Improved activity across multiple product service lines in Argentina and the Caribbean, higher pressure pumping services in Mexico, and increased drilling-related services in Brazil were offset by lower drilling-related services, decreased project management activity, and decreased software sales in Mexico and lower completion tool sales in the Caribbean.

Europe/Africa revenue in the second quarter of 2024 was $757 million, an increase of 4% sequentially. This increase was primarily driven by higher well construction activity and improved wireline activity in Norway along with increased completion tool sales and higher stimulation activity in Angola. Partially offsetting these improvements were lower software sales in the region along with decreased fluid services and lower wireline activity in Africa.

Middle East/Asia revenue in the second quarter of 2024 was $1.5 billion, an increase of 5% sequentially. This increase was primarily due to higher well construction activity in United Arab Emirates, improved completion tool sales in Saudi Arabia, increased stimulation activity and improved project management activity in Kuwait, and increased fluid services in Asia. Partially offsetting these improvements were lower well construction activity in Oman, lower wireline activity in the region, and decreased fluid services in Saudi Arabia.

Selective Technology & Highlights

• Halliburton announced it was awarded a deep water integrated multi-well construction contract in Namibia by Rhino Resources Ltd., a private company engaged in both onshore and offshore energy exploration in Africa.
• Halliburton introduced GeoESP® lifting pumps, an advanced submersible borehole and surface pump technology designed specifically for geothermal energy applications. Developed by Summit ESP®, a Halliburton service, GeoESP lifting pumps address critical challenges related to the transport of fluids to the surface through electric submersible pumps (ESP).
• Halliburton added the SentinelCem™ Pro cement system to its lost circulation solutions portfolio. The single-sack packaging enables proactive storage in offshore and remote locations. SentinelCem Pro cement, built upon its predecessor, simplifies mixing operations as it eliminates the need for pre-hydration of the slurry design and access to high-purity water sources. This feature facilitates more efficient rig operations with the option to direct mix the system on-the-fly or in a batch mixer.
• Halliburton and Wintershall Dea have announced a license agreement under which Wintershall Dea will use Halliburton Landmark’s new Unified Ensemble Modeling (UEM) solution. UEM is an innovative approach that for the first time simultaneously integrates static and dynamic data in real time to represent subsurface conditions across multiple scales. This method improves the accuracy of reservoir models by consistently incorporating geologic uncertainties, making UEM vital to optimize reservoir recovery under uncertainty.
• Halliburton Landmark and AIQ, the Abu Dhabi-based AI champion with innovative solutions for the energy sector announced a partner agreement under which AIQ’s RoboWell autonomous well control (AWC) solution will be made available through Halliburton Landmark’s iEnergy hybrid cloud. This agreement marks a step in AIQ’s goal to expand the adoption of AI-enabled AWC tools to help optimize and increase production in the global upstream sector.
• Halliburton Labs participant, Nanotech Materials, opened a new 43,000-square-foot facility in Katy, Texas, to expand its production of a roof coating that features its novel heat-control technology. The larger facility will support growth after successful scale-up at Halliburton Labs.

KeyFacts Energy Industry Directory: Halliburton