Search
Halliburton Announces Fourth Quarter 2024 Results

Halliburton Announces Fourth Quarter 2024 Results

Halliburton Company announced today net income of $615 million, or $0.70 per diluted share, for the fourth quarter of 2024

Q4 2024 Earnings Release - view the complete report (pdf)

  • Net income of $0.70 per diluted share.
  • Revenue of $5.6 billion and operating margin of 17%.
  • Cash flow from operations of $1.5 billion and free cash flow1 of $1.1 billion.
  • Full year share repurchases of $1 billion.
  • Full year 60% return of free cash flow to shareholders.

HOUSTON - January 22, 2025 - Halliburton Company (NYSE: HAL) announced today net income of $615 million, or $0.70 per diluted share, for the fourth quarter of 2024. This compares to net income for the third quarter of 2024 of $571 million, or $0.65 per diluted share. Adjusted net income2 in the third quarter of 2024, excluding impairments and other charges and tax adjustments, was $641 million, or $0.73 per diluted share. Halliburton's total revenue for the fourth quarter of 2024 was $5.6 billion, compared to total revenue of $5.7 billion in the third quarter of 2024. Operating income was $932 million in the fourth quarter of 2024, compared to operating income of $871 million in the third quarter of 2024. Adjusted operating income3, excluding impairments and other charges, was $987 million in the third quarter of 2024.

Total revenue for the full year of 2024 was $22.9 billion, flat compared to 2023. Operating income for 2024 was $3.8 billion, compared to 2023 operating income of $4.1 billion. Adjusted operating income, excluding impairments and other charges, for the full year of 2024 was $3.9 billion.

"I am pleased with our performance in 2024. We generated over $2.6 billion dollars of free cash flow, and returned over $1.6 billion dollars of cash to our shareholders," commented Jeff Miller, Chairman, President and CEO.

"While we expect 2025 to be sequentially softer in North America, we begin the second half of this decade in a great position, with a transformed balance sheet, leading returns, and strong free cash flow.

"I am excited about the long term outlook for Halliburton. I expect to execute our value proposition, deepen our technology portfolio, and drive value through our growth engines: drilling technology, unconventionals, well intervention, and artificial lift," concluded Miller.

Operating Segments

Completions and Production

Completion and Production revenue in the fourth quarter of 2024 was $3.2 billion, a decrease of $121 million, or 4% sequentially, while operating income was $629 million, a decrease of $40 million, or 6%. These results were primarily driven by lower stimulation activity in North America and decreased pressure pumping services in Latin America. Partially offsetting these decreases were higher year-end completion tool sales and improved artificial lift activity in North America and the Middle East, and increased stimulation activity in Africa and the Middle East.

Drilling and Evaluation

Drilling and Evaluation revenue in the fourth quarter of 2024 was $2.4 billion, while operating income was $401 million, both flat sequentially. Increased fluid services in the Middle East and Europe/Africa, improved drilling-related services in the North Sea, and improved software sales internationally were offset by decreased drilling services in the Middle East and Latin America, and decreased wireline activity globally.

Geographic Regions

North America

North America revenue in the fourth quarter of 2024 was $2.2 billion, a 7% decrease sequentially. This decline was primarily driven by lower stimulation activity and decreased fluid services in U.S. land and Canada, along with lower wireline activity in U.S. land. Partially offsetting these declines were increased fluid activities in the Gulf of Mexico, improved drilling services in U. S. land, and higher artificial lift activity and increased completion tool sales in the region.

International

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

Latin America revenue in the fourth quarter of 2024 was $953 million, a decrease of 9% sequentially. This decrease was primarily due to lower activity across multiple product lines in Mexico and decreased pressure pumping services and lower wireline activity in Argentina. Partially offsetting these decreases were higher activity across multiple product lines in Brazil and increased fluid services in Argentina and the Caribbean.

Europe/Africa revenue in the fourth quarter of 2024 was $795 million, an increase of 10% sequentially. This increase was primarily due to improved drilling-related services in the North Sea, as well as increased pressure pumping services and higher fluid services in Africa. Partially offsetting these increases were lower cementing activity and decreased pipeline services in the North Sea and decreased drilling services in West Africa.

Middle East/Asia revenue in the fourth quarter of 2024 was $1.6 billion, an increase of 7% sequentially. This increase was primarily due to higher stimulation activity and increased fluid services in the Middle East, higher completion tool sales in Kuwait and the United Arab Emirates, and improved drilling services throughout Asia. Partially offsetting these improvements were decreased drilling services in the Middle East and lower fluid services in Asia.

Other Financial Items

During the fourth quarter of 2024, Halliburton:

  • Repurchased approximately $309 million of its common stock.
  • Repurchased approximately $100 million of debt across multiple senior notes.
  • Paid dividends of $0.17 per share.
  • Spent $33 million on SAP S4 migration.

Selective Technology & Highlights

  • Halliburton introduced the Intelli family of diagnostic well intervention wireline logging services. This suite of services will enable Halliburton to collaborate more than ever with customers and improve well insights to enable increased production, help extend asset life, and reduce total cost of operations. These services can be combined or used separately. When integrated, the Intelli family of services saves time and cost through data acquisition in a single run. Supported by Halliburton's global geoscience and production team, these services assist customers with their current and future well intervention needs.
  • Halliburton introduced its iCruise® Force intelligent, high-performance motorized rotary steerable system. iCruise Force, when coupled with Halliburton's LOGIX™ automation and remote operations platform, is designed to expand drilling capabilities to optimize performance and maximize asset value for our customers. Powered by high-performance mud motors, the system enhances efficiency with expanded rig capabilities and extended drilling depths in complex formations. This helps our customers achieve faster penetration rates, lower drilling costs, and more precise wellbore placement.
  • Halliburton announced the addition of SandTrap® XL to its sand consolidation portfolio. This latest innovation addresses the industry's challenge of excessive sand production with a low-viscosity resin system. Activated externally, it enables solids control over large intervals. SandTrap XL delivers consolidation strength to formation grains and preserves the original permeability of the rock. This new generation of sand control systems surpasses the limitations of legacy versions. Its external activation allows the treatment of longer intervals without a restriction on pump or cure time.
  • Halliburton will open new facilities in Namibia highlighting the importance of the country's growing oil and gas industry. The facilities, which will support the company's in-country operations, are located in Windhoek, Walvis Bay, Swakopmund, and Lüderitz. Through these locations, Halliburton will deliver advanced technologies that include oilfield automation and remote operations, geosteering, measurement while drilling, and well testing to Namibia's energy sector.
  • Halliburton Labs added five innovative companies to its collaborative ecosystem. The new cohort features 360 Energy, Cella, Espiku, Mitico, and NuCube. The companies will enter a vibrant environment to help advance their commercialization with support from Halliburton's practitioners and business network.
  • The Halliburton Charitable Foundation hosted its 31st annual Halliburton Charity Golf Tournament. The annual fundraising event, which benefits more than 100 charities, raised a record-breaking $4 million in donations. Since its inception in 1993, the tournament has raised a total of $34 million.

(1) Free cash flow is a non-GAAP financial measure; please see reconciliation of Cash Flows from Operating Activities to Free Cash Flow in Footnote Table 5.
(2) Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income to Adjusted Net Income in Footnote Table 3 and 4.
(3) Adjusted operating income is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1 and 2.

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.

Forward-looking Statements

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, 2023, Form 10-Q for the quarter ended September 30, 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.

Conference Call Details

Halliburton Company (NYSE: HAL) will host a conference call on Wednesday, January 22, 2025, to discuss its fourth quarter 2024 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

Download the press release below

Download PDF
icon

Ready to take the next step?

Talk to a Halliburton expert

Get in touch