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Halliburton Boosts 1Q Net Income By 55%

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Halliburton Company has reported net income of $263 million, or $0.29 per diluted share, for the first quarter of 2022 in its latest financial results release.

This is a 55 percent increase compared to the company’s net income of $170 million, or $0.19 per diluted share, in the first quarter of 2021. Adjusted net income for the first quarter of 2022, excluding impairments and other charges and a loss on the early extinguishment of debt, was $314 million, or $0.35 per diluted share, the company revealed.

Halliburton’s total revenue for the first quarter of 2022 was $4.3 billion, compared to revenue of $3.5 billion in the first quarter of 2021, and reported operating income was $511 million in the first quarter of 2022, compared to reported operating income of $370 million in the first quarter of 2021.

Excluding impairments and other charges, adjusted operating income was said to be $533 million in the first quarter of 2022.

North America revenue in the first quarter of 2022 was $1.9 billion, which the company noted was a 37 percent increase when compared to the first quarter of 2021.

This increase was primarily driven by increased pressure pumping activity and drilling-related services in North America land, higher stimulation, artificial lift, and drilling-related activity in Canada, and higher completion tool sales in the Gulf of Mexico, according to Halliburton. These increases were partially offset by reduced fluid services in the Gulf of Mexico, however, the company highlighted.

International revenue in the first quarter of 2022 was $2.4 billion, which the company outlined was a 15 percent increase when compared to the first quarter of 2021.

This improvement was said to be primarily driven by increased activity across multiple product service lines in Brazil, Argentina, Mexico, and Egypt, increased drilling-related activity in Europe/Africa/CIS and Latin America, improved well construction services in the Middle East, Colombia, and West Africa, increased testing services in all regions, and higher completion tool sales throughout the Middle East and Latin America. Reduced activity across multiple product service lines in the United Kingdom and lower completion tool sales in Norway and throughout Asia partially offset these increases, Halliburton revealed.

“I am pleased with Halliburton’s first quarter results,” Jeff Miller, Halliburton’s chairman, president and CEO, said in a company statement.

“Our performance demonstrated the resilience of our unique strategy in action and the importance of our competitive positioning both in North America and international markets,” he added.

“I’m excited about the accelerating pace of global activity, pricing improvement, and Halliburton’s strong outlook. With our unique value proposition, clearly defined strategic priorities, leading technology portfolio, and global market presence, I expect Halliburton will deliver profitable growth, strong free cash flow and industry-leading returns,” Miller continued.

Back in January, Halliburton announced net income of $824 million, or $0.92 per diluted share, for the fourth quarter of 2021. This compared to a net loss of $235 million for the fourth quarter of 2020. Total revenue for the full year of 2021 was said to be $15.3 billion, or an increase of $850 million/six percent from 2020.

“I am pleased with our solid execution in the fourth quarter and for the full year,” Miller said in a company statement at the time.

“I am excited about the accelerating multi-year upcycle. I expect the macro industry environment to remain supportive and the international and North America markets to continue their simultaneous growth,” he added in the statement.

Founded in 1919, Halliburton describes itself as one of the world’s largest providers of products and services to the energy industry. The company has more than 40,000 employees, representing 130 nationalities in more than 80 countries, according to its website.

For more information visit www.halliburton.com