Hallliburton reports “flat” revenue

Halliburton’s  first quarter 2019 net income easily topped the first quarter of 2018 but the company’s total year to year revenue was flat.

The Houston company said its net income so far this year was $152 million or 71 cents a diluted share compared to the $46 million and 5-cents a diluted share reported in the first quarter a year ago.

Adjusted net income for the first quarter of 2019 came to $201 million or 23 cents per diluted share. This year’s adjusted net income was down from the $358 million reported a year ago.

Total company revenue in the first quarter of 2019 was $5.7 billion and management called it “essentially flat year over year.”

“Our results for the first quarter played out as we expected and I’m pleased with how our organization executed both in North America and internationally. We continued to collaborate with our customers to engineer solutions that maximize their asset value,” commented Jeff Miller, Chairman, President and CEO.

“Total company revenue of $5.7 billion was essentially flat compared to the first quarter of 2018, and adjusted operating income was $426 million.

Here’s how it played out for the company:

Completion and Production

Completion and Production revenue in the first quarter of 2019 was $3.7 billion, a decrease of $145 million, or 4%, when compared to the first quarter of 2018, while operating income was $368 million, a decrease of $132 million, or 26%.

Drilling and Evaluation

Drilling and Evaluation revenue in the first quarter of 2019 was $2.1 billion, an increase of $142 million, or 7%, when compared to the first quarter of 2018, with activity improvements across all geographic regions.

Geographic Regions

North America

North America revenue in the first quarter of 2019 was $3.3 billion, a 7% decrease compared to the first quarter of 2018.

International

International revenue in the first quarter of 2019 was $2.5 billion, an 11% increase year over year, resulting primarily from increased stimulation and fluids activity in Latin America, coupled with higher completion tool sales in the Middle East/Asia and improved logging activity in Europe/Africa/CIS.

Selective Technology & Highlights

  • Halliburton announced it will build the first oilfield chemical manufacturing plant in Saudi Arabia. Upon the plant’s completion in 2020, Halliburton will begin local manufacturing of a broad slate of specialty chemicals for stimulation, production, midstream and downstream engineering treatment programs to help customers achieve production and reliability goals in applications from the reservoir to the refinery.
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