Financial Data and Key Metrics Changes - Total company revenue for Q3 2024 was $5.7 billion, a decrease of 2% sequentially, with an adjusted operating margin of 17% [41] - Adjusted net income per diluted share was $0.73, while reported net income per diluted share was $0.65 [37] - Cash flow from operations was $841 million, and free cash flow was $543 million [50] - The cybersecurity event and storms in the Gulf of Mexico reduced adjusted earnings by approximately $0.02 per share [7][38] Business Line Data and Key Metrics Changes - Completion and Production division revenue was $3.3 billion, a decrease of 3% sequentially, with an operating income margin of 20% [42] - Drilling and Evaluation division revenue was $2.4 billion, remaining flat sequentially, with an operating margin of 17% [43] - International revenue was flat sequentially, with notable performance in Middle East Asia, which saw a 3% increase [45] Market Data and Key Metrics Changes - North America revenue was $2.4 billion, a 4% decrease sequentially, primarily due to lower hydraulic fracturing activity [47] - Latin America revenue decreased by 4% sequentially to $1.1 billion, driven by lower hydraulic fracturing activity in Argentina [46] - Europe Africa revenue decreased by 5% sequentially to $722 million, primarily due to decreased drilling-related services in the North Sea [44] Company Strategy and Development Direction - The company aims to maximize value in North America through unique technology and disciplined capital deployment, with 90% of its fracturing fleets committed for work in 2025 [25][35] - International growth is expected to be in the low- to mid-single digits, with a focus on unconventionals, artificial lift, and intervention as key growth areas [11][17] - The company emphasizes its technology portfolio and value proposition to drive profitable growth in 2025 [23][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the impact of reduced regulation and faster permitting on North American onshore activity [56] - The company anticipates that the cybersecurity event will not have significant further expenses in Q4 and expects to catch up on stock buybacks [39][40] - Management highlighted the importance of technology and efficiency in driving future growth, particularly in international markets [82][84] Other Important Information - The implementation of SAP S4 has been delayed by three to six months and is expected to cost an additional $20 million to $30 million [41][95] - The company plans to maintain a systematic approach to stock buybacks, targeting an average of $250 million per quarter [96][99] Q&A Session Summary Question: How might the election impact the business? - Management expressed optimism that reduced regulation and faster permitting would positively impact North American onshore activity [56] Question: Will there be a pickup in Gulf of Mexico activity? - Management indicated that reducing regulatory risks could create a better environment for operators in the Gulf of Mexico [57] Question: Outlook for North America and Completion and Production next year? - Management feels confident about 2025, with significant capacity committed and a focus on efficiency and recovery [64] Question: How does increased efficiency in frac fleets impact profitability? - Management noted that increased efficiency allows for generating the same or more revenue with less equipment, which supports margins [68] Question: Insights on international productivity and efficiency? - Management stated that international markets are further behind in technology application compared to North America, presenting growth opportunities [82][84] Question: What are the lessons learned from the cybersecurity incident? - Management emphasized the importance of preparedness and working with top professionals in the industry [90] Question: What is the plan for stock buybacks moving forward? - Management plans to maintain a systematic approach to stock buybacks, with a target of $250 million per quarter [99]

Core Insights - Halliburton missed analyst expectations for Q3 2024, reporting revenue of $5.7 billion, below the estimated $5.83 billion, due to operational challenges [1][2] - The company recorded a diluted EPS of $0.65, falling short of the forecast of $0.753, marking a year-over-year decline of 17.8% [2][3] Financial Performance - Revenue for Q3 2024 was $5.697 billion, a decrease of 1.8% from Q3 2023's $5.804 billion [3] - Completion and Production revenue was $3.299 billion, down 5.4% sequentially, while Drilling and Evaluation revenue was $2.398 billion, down 1.3% [3][6] - Operating income for the Completion and Production segment fell by 7% to $669 million, while the Drilling and Evaluation segment saw a slight increase in operating income to $406 million [6][7] Operational Challenges - The company faced significant operational challenges, including cyber incidents and adverse weather conditions, which impacted revenue and operational continuity [1][7] - A cyberattack and storms in the Gulf of Mexico notably affected operations, resulting in a $0.02 hit to EPS [7] Regional Performance - North America experienced a 4% sequential revenue decline to $2.4 billion, influenced by reduced pressure pumping activities and storm disruptions [8] - International revenue remained steady at $3.3 billion, with the Middle East/Asia region seeing a 3% increase due to enhanced operations in Saudi Arabia [8] Strategic Initiatives - Halliburton is focusing on technological advancements to optimize operations and enhance service offerings, including digital and automation solutions [5] - The company initiated a $200 million stock repurchase plan and incurred $28 million in capital expenditures for digital infrastructure migration [9] Future Outlook - Management remains optimistic about strong free cash flow and sustained shareholder returns, driven by international growth and technological advancements [10] - Investors are encouraged to monitor developments in digital technology initiatives and international market expansion as key growth areas [11]

Revenue Performance - Total company revenue for Q3 2024 was $5.7 billion, a 2% decrease compared to Q3 2023[54]. - Total revenue for Q3 2024 was $5.697 billion, a decrease of $107 million or 2% compared to $5.804 billion in Q3 2023[81]. - Total revenue for the first nine months of 2024 was $17.3 billion, a slight increase of $55 million compared to $17.3 billion in the same period of 2023[96]. - Completion and Production segment revenue decreased by 5% in Q3 2024, primarily due to reduced stimulation activity in the Western Hemisphere[55]. - Completion and Production segment revenue decreased by $299 million, or 3%, to $10.1 billion in the first nine months of 2024[98]. - Drilling and Evaluation segment revenue increased by 3% in Q3 2024, driven by higher drilling services in the Western Hemisphere and Middle East/Asia[56]. - Drilling and Evaluation segment revenue increased by $354 million, or 5%, to $7.3 billion in the first nine months of 2024[99]. - North America revenue decreased by 9% in Q3 2024, mainly due to lower pressure pumping services and decreased well intervention services in U.S. land[57]. - North America revenue decreased by 8% to $7.4 billion, primarily due to lower pressure pumping services and decreased well intervention services[100]. - International revenue increased by 4% in Q3 2024, largely due to increased activity in Kuwait and improved well construction in Mexico and UAE[58]. - Latin America revenue increased by 10% to $3.3 billion, driven by improved activity in Mexico and Argentina[101]. - Europe/Africa/CIS revenue increased by 5% to $2.2 billion, supported by higher project management activity and pressure pumping services[102]. - Middle East/Asia revenue increased by 9% to $1.536 billion in Q3 2024, driven by higher activity in Kuwait and Saudi Arabia[88]. - Middle East/Asia revenue increased by 7% to $4.5 billion, primarily due to increased drilling and pressure pumping services[103]. Operating Income and Expenses - Operating income for Q3 2024 was $871 million, reflecting a 16% decrease from Q3 2023, including impairments and other charges of $116 million[54]. - Operating income for Q3 2024 was $871 million, a decrease of 16% from $1.037 billion in Q3 2023[82]. - Operating income for the first nine months of 2024 was $2.9 billion, a decrease of $135 million, or 4%, compared to $3.0 billion in 2023[97]. - The company recognized a pre-tax charge of $116 million in Q3 2024 related to severance costs and asset impairments[90]. - The company recognized $91 million in SAP S4 upgrade expenses during the first nine months of 2024, up from $36 million in the same period of 2023[104]. Cash Flow and Shareholder Returns - Cash flows from operating activities for the first nine months of 2024 were $2.4 billion, with capital expenditures of $1.0 billion[62]. - The company repurchased 20.1 million shares for $696 million and paid $452 million in dividends to shareholders during the first nine months of 2024[62]. - As of September 30, 2024, the company had $2.2 billion in cash and equivalents, down from $2.3 billion at the end of 2023[61]. - The company aims to maintain capital expenditures at approximately 6% of revenue while focusing on technological advancements and process improvements[63]. Tax and Market Conditions - The effective tax rate for Q3 2024 was 21.0%, consistent with the rate in Q3 2023, with a total income tax provision of $154 million[91]. - The effective tax rate for the nine months ended September 30, 2024, was 22.1%, compared to 21.1% for the same period in 2023[108]. - Average WTI crude oil price for Q3 2024 was $76.24, compared to $82.30 in Q3 2023, reflecting a decrease of 7.6%[77]. - The average worldwide rig count for Q3 2024 was 1,733, down from 1,788 in Q3 2023, indicating a decrease in drilling activity[78]. Future Outlook - The company expects mid to high single-digit revenue growth internationally for the full year of 2024, despite a decline in North America[80]. - Consolidated revenue for the first nine months of 2024 was 41% from the United States, down from 45% in the same period of 2023[73].

Halliburton (HAL) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.79 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -2.67%. A quarter ago, it was expected that this provider of drilling services to oil and gas operators would post earnings of $0.80 per share when it actually produced earnings of $0.80, delivering no surprise. Over th ...

Financial Performance - Halliburton reported net income of $571 million, or $0.65 per diluted share, for Q3 2024, a decrease from $709 million, or $0.80 per diluted share, in Q2 2024[1]. - Total revenue for Q3 2024 was $5.7 billion, down from $5.8 billion in Q2 2024, with an operating margin of 15% and adjusted operating margin of 17%[1]. - Completion and Production revenue decreased by $102 million, or 3%, sequentially to $3.3 billion, while operating income fell by $54 million, or 7%, to $669 million[4]. - Drilling and Evaluation revenue remained flat at $2.4 billion, with operating income also flat at $406 million[5]. - North America revenue decreased by 4% sequentially to $2.4 billion, primarily due to reduced pressure pumping services and lower activity in the Gulf of Mexico[6]. - International revenue was flat at $3.3 billion, with Middle East/Asia showing a 3% increase to $1.5 billion[7][10]. - Halliburton's operating income for Q3 2024 was $871 million, down from $1,037 million in Q3 2023, reflecting a decrease of approximately 16.0%[39]. - Net income attributable to the company for Q3 2024 was $571 million, a decrease of 20.2% from $716 million in Q3 2023[41]. - Adjusted operating income for the nine months ended September 30, 2024, was $3,006 million, compared to $3,025 million for the same period in 2023, indicating a slight decline of about 0.6%[40]. - Net income attributable to the company for the nine months ended September 30, 2024, was $1,886 million, down from $1,977 million in 2023, representing a decrease of 4.59%[36]. - Basic and diluted net income per share decreased to $2.13 in 2024 from $2.19 in 2023[36]. - Halliburton recognized total impairments and other charges of $116 million during Q3 2024, which included severance costs and a cybersecurity incident[39]. Cash Flow and Shareholder Returns - Halliburton expects free cash flow and cash return to shareholders to accelerate in Q4 2024 despite a $0.02 per share impact from a cybersecurity event and storms[1]. - Cash flows provided by operating activities for the nine months ended September 30, 2024, were $2,409 million, an increase of 17.6% compared to $2,048 million in 2023[32]. - Free cash flow for the nine months ended September 30, 2024, was $1,542 million, an increase from $1,204 million in the same period of 2023, reflecting a growth of about 28.1%[49]. - Total cash flows provided by operating activities for Q3 2024 were $841 million, up from $841 million in Q3 2023[49]. - Halliburton repurchased approximately $200 million of its common stock and paid dividends of $0.17 per share during Q3 2024[11]. Capital Expenditures and Assets - Capital expenditures for the nine months ended September 30, 2024, were $1,016 million, compared to $980 million in 2023, reflecting an increase of 3.67%[32]. - Total current assets increased to $12,043 million in 2024 from $11,543 million in 2023, marking an increase of 4.34%[29]. - Total liabilities decreased to $14,979 million in 2024 from $15,250 million in 2023, a reduction of 1.77%[30]. Contracts and New Technologies - A multi-year contract was awarded by Petrobras for integrated well interventions in Brazil, set to begin in Q2 2025[19]. - The company introduced several new technologies, including TrueSync™ and Octiv® Auto Frac service, aimed at enhancing operational efficiency and safety[14][15]. Upcoming Events - Halliburton will host a conference call on November 7, 2024, to discuss its third quarter 2024 financial results[51].

Immediately following news of Donald Trump’s U.S. Presidential election victory, oil stocks surged. Halliburton (HAL) stock was last seen up more than 6.7% today, pacing for its best daily performance since October 2023. HAL is still underperforming for the year though, down 4% since January. And more losses could be on the way, as the stock is now flashing a historically bearish signal.The oil name has risen to its 50-day moving average, and per Schaeffer's Senior Quantitative Analyst Rocky White, it's run ...

Halliburton Company (HAL) is set to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of 80 cents per share on revenues of $6 billion.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Let’s delve into the factors that might have influenced the oilfield service firm’s performance in the September quarter. But it’s worth taking a look at HAL’s previous-quarter performance first.Highlights of Q2 Earnings & Surprise Hi ...

Halliburton (HAL) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on November 7, 2024, might help the stock move higher if these key numbers are better tha ...

Halliburton Company (HAL) has launched the Octiv Auto Frac service, which is the latest addition to its Octiv Intelligent Fracturing Platform. The company stated that the innovative solution is intended to revolutionize the frac process. This service has been engineered for the automation and digitization of workflows, equipment management and information handling across all key parts of the fracturing process. Halliburton also mentioned that the service is expected to improve efficiency and safety in frac ...

Halliburton Company (HAL) , based in Houston, TX, has taken a significant step forward in the oil and gas industry with the introduction of the Octiv Auto Frac service, a cutting-edge addition to the Octiv Intelligent Fracturing Platform. This innovative service digitizes and automates workflows, equipment and information across all facets of fracture operations, enhancing efficiency and safety for HAL and its customers. Understanding the Octiv Intelligent Fracturing Platform The Octiv platform is designed ...