Halliburton reports its second quarter 2019 net income totaled $75 million or 9 cents a diluted share. It compared to net income of $152 million in the first quarter of the year and 17 cents a share.
However, adjusted net income for the second quarter was far better than the first quarter as it totaled $303 million or 35 cents a share. The first quarter adjusted net income was $201 million and 23 cents per diluted share.
Jeff Miller, Chairman, President and CEO called the second quarter results “outstanding” and said the company is building in growth momentum.
“Total company revenue was $5.9 billion and adjusted operating income was $550 million, representing increases of 3% and 29%, respectively, compared to the first quarter of 2019.
Reported operating income was $303 million during the second quarter of 2019, compared to reported operating income of $365 million in the first quarter of 2019. Excluding impairments and other charges, adjusted operating income was $550 million for the second quarter of 2019 compared to $426 million for the first quarter of 2019.
Completion and Production revenue in the second quarter of 2019 was $3.8 billion, an increase of $143 million, or 4%, when compared to the first quarter of 2019, while operating income was $470 million, an increase of $102 million, or 28%.
North America revenue in the second quarter of 2019 was $3.3 billion, a 2% increase when compared to the first quarter of 2019. Improvements were primarily driven by higher stimulation, artificial lift and wireline activity in North America land and higher drilling activity in the Gulf of Mexico.
International revenue in the second quarter of 2019 was $2.6 billion, a 6% increase when compared to the first quarter of 2019, resulting primarily from higher completion tool sales and increased cementing, project management, and fluids activity in the Eastern Hemisphere, coupled with improved stimulation activity in Middle East/Asia and higher wireline activity across all regions.
Latin America revenue in the second quarter of 2019 was $571 million, a 3% decrease sequentially, resulting primarily from lower software revenue and reduced fluids activity throughout the region and reduced stimulation activity in Argentina.