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Halliburton Company (HAL) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $5.7 billion from $5.8 billion in the same quarter the previous year. The decrease is attributed to reduced stimulation activity in the Western Hemisphere and lower completion tool sales in specific regions.
Operating income for the quarter was $871 million, down from $1,037 million in the previous year, with the decline attributed to impairments and other charges totaling $116 million.
The Completion and Production segment reported revenue of $3.3 billion, a decrease of 5% compared to the previous year, due to decreased activity in certain regions.
The Drilling and Evaluation segment reported revenue of $2.4 billion, an increase of 3% compared to the previous year, driven by increased drilling services in various regions.
North America revenue decreased by 9% to $2.4 billion, primarily due to lower pressure pumping services and decreased well intervention services.
International revenue increased by 4%, driven by increased activity in the Middle East and Asia, particularly in Kuwait and Saudi Arabia.
Net income for the quarter was $580 million, down from $724 million in the previous year. The effective tax rate for the quarter was 21.0%.
Cash flows from operating activities were $2.4 billion for the first nine months of 2024, with capital expenditures totaling $1.0 billion.
Halliburton repurchased 6.2 million shares of its common stock during the quarter for $196 million, with approximately $3.4 billion remaining authorized for repurchases.
The company continues to focus on its strategic priorities, including international growth, capital efficiency, and sustainability efforts.
Halliburton reported a cybersecurity incident during the quarter, resulting in $35 million in related expenses, but does not expect a material impact on its financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Halliburton Company quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.