Halliburton Company reported a second quarter drop in net income compared to the first quarter of the year, indicating income totaled $109 million or 12 cents a diluted share.
The company said it was down from the first quarter net income of $263 million or 29 cents a share.
Halliburton’s adjusted net income for the second quarter of 2022, excluding impairments and other charges, was $442 million, or $0.49 per diluted share. This compares to adjusted net income for the first quarter of 2022, excluding impairments and other charges and a loss on the early extinguishment of debt, of $314 million, or $0.35 per diluted share.
Halliburton’s total revenue for the second quarter of 2022 was $5.1 billion compared to revenue of $4.3 billion in the first quarter of 2022. Reported operating income was $374 million in the second quarter of 2022 compared to reported operating income of $511 million in the first quarter of 2022. Excluding impairments and other charges, adjusted operating income was $718 million in the second quarter of 2022 compared to adjusted operating income of $533 million for the first quarter of 2022.
“Our strong second quarter performance demonstrates that our strategy is working well, and Halliburton’s strategic priorities are driving value. Total company revenue grew 18% sequentially, as activity increased simultaneously in North America and international markets, and adjusted operating income grew 35% with strong margin performance in both divisions,” commented Jeff Miller, Chairman, President and CEO.
“I expect the international markets will experience multiple years of growth, and I am confident that Halliburton is positioned to benefit more from this multi-year upcycle than ever before. We have a leading technology portfolio, the right geographic presence, and new service line opportunities that align perfectly with our strategy to deliver profitable international growth.
“In North America, I expect Halliburton to uniquely maximize value in this strong, steadily growing, and all but sold-out market. Pricing gains across all product service lines supported significant sequential margin expansion in the second quarter.
“Halliburton’s competitive position is unique among our peers. We have the scale and technology to benefit meaningfully and differentially from the international market expansion, and we are the leader in the extremely busy North American market. I’m excited about the future of Halliburton and expect us to deliver profitable growth, margin expansion, strong free cash flow, and industry-leading returns in this upcycle,” concluded Miller.
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