Halliburton has posted a 2021 second quarter net income of $227m, with total revenues recorded at $3.7bn compared to $3.5bn in the first quarter of 2021.
“Our second quarter performance demonstrates that our strategy is working well and Halliburton’s strategic priorities are driving value in this transition year. Total company revenue increased 7% sequentially, as both North America and international markets continued to improve, and operating income grew 17% with solid margin performance in both divisions,” commented Jeff Miller, chairman, president and CEO.
Q2 operating income was $434m. Its Completion and Production division margin reached three-year highs, while its Drilling and Evaluation division margin outperformed expectations, setting both divisions up for robust margin growth this year.
“The positive activity momentum we see in North America and international markets today, combined with our expectations for future customer demand, gives us conviction for an unfolding multi-year upcycle,” said Miller.
Completion and Production revenue in the second quarter of 2021 was $2bn, an increase of 10% when compared to the first quarter of 2021, while operating income stood $317m, an increase of 26%. These results were driven by increased activity across multiple product service lines in North America land, higher cementing activity in the Eastern Hemisphere and Latin America, increased completion tools sales in the Middle East, the North Sea, and Latin America, as well as higher well intervention services in Saudi Arabia and Algeria. Partially offsetting these improvements was lower stimulation activity in Latin America.
Drilling and Evaluation revenue in the second quarter of 2021 was $1.7bn, an increase of $78m when compared to the first quarter of 2021, while operating income was $175m, an increase of $4m. These results were due to improved drilling-related services and wireline activity across all regions, along with increased testing services in the Eastern Hemisphere. Partially offsetting these increases were reduced software sales globally.
North America revenue in the second quarter of 2021 was $1.6bn, a 12% increase when compared to the first quarter of 2021. This increase was primarily driven by higher pressure pumping services, drilling-related services, and wireline activity in North America land, as well as higher well construction activity in the Gulf of Mexico. Partially offsetting these increases were reduced software sales across the region.
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