How did Halliburton perform in the fourth quarter of 2024?

Halliburton reported net income of $615 million, or $0.70 per diluted share, on revenue of $5.6 billion and operating income of $932 million. Each of these figures was slightly lower than the third quarter's revenue of $5.7 billion, but operating income and net income were higher than the third quarter's $871 million and $571 million, respectively.

What drove the change in segment results in the fourth quarter?

Completion and Production revenue was $3.2 billion, a decrease of $121 million sequentially, with operating income of $629 million, down $40 million. The decline was primarily driven by lower stimulation activity in North America and decreased pressure pumping services in Latin America. Drilling and Evaluation revenue was $2.4 billion and operating income was $401 million, both flat sequentially.

How much did Halliburton return to shareholders?

In the fourth quarter, Halliburton repurchased approximately $309 million of common stock and paid dividends of $0.17 per share. For the full year 2024, share repurchases totaled $1 billion, and the company stated it returned over $1.6 billion of cash to shareholders.

What is the outlook for 2025?

Chairman, President and CEO Jeff Miller said the company expects 2025 to be sequentially softer in North America. He also said Halliburton begins the second half of the decade with a transformed balance sheet, leading returns and strong free cash flow, and named drilling technology, unconventionals, well intervention and artificial lift as its growth engines.

HAL 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed January 22, 2025. Cited figures are marked; the original filing is the authoritative source.

Halliburton Company reported financial results for the quarter ended December 31, 2024 in Exhibit 99.1, a press release dated January 22, 2025.

Net income was $615 million^a, or $0.70 per diluted share, compared with $571 million, or $0.65 per diluted share, in the third quarter of 2024. Total revenue was $5.6 billion, compared with $5.7 billion in the third quarter, and operating income was $932 million, compared with $871 million. For the full year 2024, total revenue was $22.9 billion, flat compared with 2023, and operating income was $3.8 billion, compared with $4.1 billion in 2023.

During the fourth quarter, the company repurchased approximately $309 million^b of its common stock, repurchased approximately $100 million of debt across multiple senior notes, and paid dividends of $0.17 per share. Cash flow from operations was $1.5 billion and free cash flow was $1.1 billion for the quarter. For the full year, share repurchases totaled $1 billion, and free cash flow was $2.6 billion, with the company stating it returned over $1.6 billion to shareholders.

Management said it expects 2025 to be sequentially softer in North America. By segment, Completion and Production revenue was $3.2 billion^c, a decrease of $121 million sequentially, and Drilling and Evaluation revenue was $2.4 billion, flat sequentially. The company's year-end balance sheet showed cash and equivalents of $2.6 billion and long-term debt of $7.2 billion.

02—Key points

Key Highlights

Q4 2024 net income of $615 million, or $0.70 per diluted share, versus $0.65 per diluted share in Q3 2024.
Q4 2024 revenue of $5.6 billion and operating income of $932 million, compared with $5.7 billion and $871 million in Q3 2024.
Full-year 2024 revenue of $22.9 billion, flat versus 2023, and operating income of $3.8 billion versus $4.1 billion in 2023.
Q4 2024 cash flow from operations of $1.5 billion and free cash flow of $1.1 billion; full-year free cash flow of $2.6 billion.
Returned capital to shareholders: approximately $309 million of stock repurchased and $0.17 per share in dividends paid in Q4; full-year share repurchases of $1 billion.
Repurchased approximately $100 million of senior notes debt in Q4 2024; year-end long-term debt was $7.2 billion.
Management expects 2025 to be sequentially softer in North America, while citing a transformed balance sheet and strong free cash flow.

03—Questions

Frequently Asked Questions

How did Halliburton perform in the fourth quarter of 2024?
Halliburton reported net income of $615 million, or $0.70 per diluted share, on revenue of $5.6 billion and operating income of $932 million. Each of these figures was slightly lower than the third quarter's revenue of $5.7 billion, but operating income and net income were higher than the third quarter's $871 million and $571 million, respectively.
What drove the change in segment results in the fourth quarter?
Completion and Production revenue was $3.2 billion, a decrease of $121 million sequentially, with operating income of $629 million, down $40 million. The decline was primarily driven by lower stimulation activity in North America and decreased pressure pumping services in Latin America. Drilling and Evaluation revenue was $2.4 billion and operating income was $401 million, both flat sequentially.
How much did Halliburton return to shareholders?
In the fourth quarter, Halliburton repurchased approximately $309 million of common stock and paid dividends of $0.17 per share. For the full year 2024, share repurchases totaled $1 billion, and the company stated it returned over $1.6 billion of cash to shareholders.
What is the outlook for 2025?
Chairman, President and CEO Jeff Miller said the company expects 2025 to be sequentially softer in North America. He also said Halliburton begins the second half of the decade with a transformed balance sheet, leading returns and strong free cash flow, and named drilling technology, unconventionals, well intervention and artificial lift as its growth engines.

04—Continue

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