Halliburton records increased total revenue but smaller earnings

Halliburton Trades Expertise for Knowledge in Transition | Energy  Intelligence


Halliburton Company’s second quarter earnings fell from the first quarter, despite a slight gain in total revenue according to an announcement.

Net income was $610 million or 68 cents a diluted share cmopared to $651 million and 72 cents in the first quarter of 2023, according to a Wednesday announcement by the Houston-based company that has major operations in southern Oklahoma.

Adjusted net income for the second quarter of 2023, excluding the loss on transactions in Argentina, was $691 million, or $0.77 per diluted share.

Halliburton’s total revenue for the second quarter of 2023 was $5.8 billion compared to total revenue of $5.7 billion in the first quarter of 2023. Operating income was $1.0 billion in the second quarter of 2023 compared to operating income of $977 million in the first quarter of 2023.

“Halliburton’s strong performance in the second quarter demonstrates the earnings power of our business. Total company revenue increased 14% and operating income grew 41% compared to second quarter of 2022 adjusted operating income5. Both of our divisions delivered strong margin performance across all regions,” commented Jeff Miller, Chairman, President and CEO.

“Oil and gas are critical to the global economy and meeting long term demand requires sustained capital investment. I am confident in the strength and duration of this upcycle and Halliburton’s ability to outperform in it.

He said the strong cash flow generation will result in the return of more cash back to shasreholders.

Source: PR News Wire