Halliburton Company (NYSE: HAL) announced today net income of $204 million, or $0.24 per diluted share, for the first quarter of 2025
Q1 2025 Earnings Release - view the complete report (pdf)
HOUSTON - April 22, 2025 - Halliburton Company (NYSE: HAL) announced today net income of $204 million, or $0.24 per diluted share, for the first quarter of 2025. This compares to net income for the first quarter of 2024 of $606 million, or $0.68 per diluted share. Adjusted net income3 in the first quarter of 2025, excluding impairments and other charges, was $517 million, or $0.60 per diluted share, compared to adjusted net income of $679 million, or $0.76 per diluted share, in the first quarter of 2024. Halliburton's total revenue for the first quarter of 2025 was $5.4 billion, compared to total revenue of $5.8 billion in the first quarter of 2024. Operating income was $431 million in the first quarter of 2025, compared to operating income of $987 million in the first quarter of 2024. Adjusted operating income4, excluding impairments and other charges, was $787 million in the first quarter of 2025.
“I am pleased with our performance in the first quarter. We delivered total company revenue of $5.4 billion and adjusted operating margin of 14.5%,” commented Jeff Miller, Chairman, President and CEO.
“Our first quarter international tender activity was strong, Halliburton won meaningful integrated offshore work extending through 2026 and beyond. Customers awarded Halliburton several contracts that demonstrate the strength of our value proposition and the power of our service quality execution.
“I am excited by the strong adoption of our groundbreaking technologies. We achieved the world's first closed-loop, autonomous fracturing operation. I believe this unlocks the next big step in unconventionals.
“I firmly believe that despite recent pressures on the energy macro, Halliburton's consistent focus on technology, collaboration, and service quality execution create value for our customers and drive long-term success for Halliburton and its shareholders,” concluded Miller.
Completion and Production revenue in the first quarter of 2025 was $3.1 billion, a decrease of $253 million, or 8% when compared to the first quarter of 2024, while operating income was $531 million, a decrease of $157 million, or 23%. These results were primarily driven by decreased pressure pumping services and lower completion tool sales in the Western Hemisphere. Partially offsetting these decreases were increased completion tool sales and improved stimulation activity in the Middle East.
Drilling and Evaluation revenue in the first quarter of 2025 was $2.3 billion, a decrease of $134 million, or 6% when compared to the first quarter of 2024, while operating income was $352 million, a decrease of $46 million, or 12%. These results were primarily driven by decreased drilling services in Mexico and the Middle East, reduced project management activity in Mexico, and lower wireline activity in the Middle East/Asia. Partially offsetting these decreases was increased fluid services in the Middle East.
North America revenue in the first quarter of 2025 was $2.2 billion, a 12% decrease when compared to the first quarter of 2024. This decline was primarily driven by lower stimulation activity in US Land and decreased completion tool sales in the Gulf of America. Partially offsetting these decreases were higher artificial lift activity and improved drilling services in US Land and increased stimulation activity in the Gulf of America.
International revenue in the first quarter of 2025 was $3.2 billion, a decrease of 2% when compared to the first quarter of 2024.
Latin America revenue in the first quarter of 2025 was $896 million, a decrease of 19% year over year. This decrease was primarily due to lower activity across multiple product service lines in Mexico and decreased completion tool sales across the region. Partially offsetting these decreases were increased drilling-related services in Argentina, Brazil, and the Caribbean.
Europe/Africa revenue in the first quarter of 2025 was $775 million, an increase of 6% year over year. This increase was primarily driven by improved activity across multiple product service lines in Norway, higher well construction activity in Namibia, as well as improved completion tools sales in the Caspian Area. Partially offsetting these increases was decreased activity across multiple product service lines in Senegal and Italy.
Middle East/Asia revenue in the first quarter of 2025 was $1.5 billion, an increase of 6% year over year. This improvement was due to higher activity across multiple product service lines in Kuwait, increased stimulation activity and improved completion tool sales in Saudi Arabia, and increased fluid services in the United Arab Emirates. Partially offsetting these increases were lower well construction activity in Saudi Arabia and Australia, decreased completion tool sales in Malaysia, and reduced drilling-related activity in Oman.
During the first quarter of 2025, Halliburton:
(1) Adjusted net income per diluted share is a non-GAAP financial measure; please see definition of Adjusted Net Income Per Diluted Share in Footnote Table 2.
(2) Adjusted operating margin is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table (3) Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income to Adjusted Net Income in Footnote Table 2.
(4) Adjusted operating income is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1.
About Halliburton
Halliburton is one of the world's leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us on LinkedIn, YouTube, Instagram, and Facebook.
The statements in this press release that are not historical statements are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: changes in the demand for or price of oil and/or natural gas, including as a result of development of alternative energy sources, general economic conditions such as inflation and recession, the ability of the OPEC+ countries to agree on and comply with production quotas, and other causes; changes in capital spending by our customers; the modification, continuation or suspension of our shareholder return framework, including the payment of dividends and purchases of our stock, which will be subject to the discretion of our Board of Directors and may depend on a variety of factors, including our results of operations and financial condition, growth plans, capital requirements and other conditions existing when any payment or purchase decision is made; potential catastrophic events related to our operations, and related indemnification and insurance; protection of intellectual property rights; cyber-attacks and data security; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, the environment, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; assumptions regarding the generation of future taxable income, and compliance with laws related to and disputes with taxing authorities regarding income taxes; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls, tariffs, and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; delays or failures by customers to make payments owed to us; infrastructure issues in the oil and natural gas industry; availability and cost of highly skilled labor and raw materials; completion of potential dispositions, and acquisitions, and integration and success of acquired businesses and joint ventures. Halliburton's Form 10-K for the year ended December 31, 2024, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, April 22, 2025, to discuss its first quarter 2025 financial results. The call will begin at 8:00 a.m. CT (9:00 a.m. ET).
Please visit the Halliburton website to listen to the call via live webcast. A recorded version will be available for seven days under the same link immediately following the conclusion of the conference call. You can also pre-register for the conference call and obtain your dial in number and passcode by clicking here.
CONTACTS
Investor Relations Contact
David Coleman
Investors@halliburton.com
281-871-2688
Media Relations
Misty Rowe
PR@halliburton.com
281-871-2601
