The oilfield services company posted net income of $472 million in the second quarter, up from $204 million in the prior quarter
Cheng Xin / Getty Images
Halliburton $HAL reported second-quarter net income of $472 million, or $0.55 per diluted share, as profit rebounded from a first quarter burdened by impairment charges — but Chairman, President and CEO Jeff Miller warned the oilfield services market is weakening more than he had anticipated.
Total revenue for the second quarter of 2025 was $5.5 billion, up from $5.4 billion in the first quarter. Operating income rose to $727 million, compared to $431 million in the previous quarter, which included $356 million in impairments and other charges.
"What I see tells me the oilfield services market will be softer than I previously expected over the short to medium term," Jeff Miller said in a statement. "We will of course take action to address this near term softness, and we remain fully committed to our shareholder returns framework."
On the international side, Jeff Miller said activity reductions in a few large markets would likely overshadow solid performance elsewhere, though he expressed confidence in the company's strategy. In North America, he said customer conversations pointed to technology and service execution as priorities, and that Halliburton expects to outpace competitors in that market.
Revenue from the Completion and Production segment was $3.17 billion in the second quarter, down from $3.40 billion in the same period a year earlier. Drilling and Evaluation revenue came in at $2.34 billion, compared to $2.43 billion a year ago.
Cash flow from operations was $896 million in the quarter, with free cash flow of approximately $582 million. Halliburton repurchased approximately $250 million of its stock during the quarter and paid dividends of $0.17 per share.
For the first half of 2025, total revenue was $10.93 billion, down from $11.64 billion in the first half of 2024. Net income for the six-month period was $676 million, or $0.78 per diluted share, compared to $1.315 billion, or $1.48 per diluted share, a year earlier.
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
