Halliburton Company (NYSE: HAL) announced strong financial results for the second quarter of 2024, with a net income of $709 million, equivalent to $0.80 per diluted share. This represents an increase from the first quarter of 2024, which reported a net income of $606 million, or $0.68 per diluted share, and an adjusted net income of $679 million, or $0.76 per diluted share. Total revenue for the second quarter remained steady at $5.8 billion. Operating income for the quarter rose to $1.0 billion, marking a 5% sequential increase.
Jeff Miller, Chairman, President, and CEO of Halliburton, expressed satisfaction with the company’s performance, attributing it to the quality of their workforce, strategic clarity, leading technologies, robust pipeline of opportunities, and competitive business segments. He highlighted strong demand and activity levels in international markets, alongside tight equipment conditions across major basins.
Miller emphasized Halliburton’s strategy in North America aimed at maximizing shareholder value, expecting continued strong returns throughout the market cycle.
Within their operating segments, Completion and Production revenue remained flat at $3.4 billion for the second quarter of 2024. Operating income in this segment increased to $723 million, up $35 million or 5% compared to the first quarter of 2024. Revenue gains were driven by increased sales of completion tools in the Eastern Hemisphere, higher stimulation activity in Latin America, increased cementing services in the Western Hemisphere, and improved international well intervention services. These were partially offset by decreased stimulation activity in U.S. land, lower completion tool sales in the Western Hemisphere, and reduced artificial lift services in North America. The rise in operating income was attributed to favorable activity mix from completion tool sales in the Eastern Hemisphere, stimulation and well intervention services internationally, and cementing services in North America.
