Oil and Gas 360


  • Net income of $0.72 per diluted share.
  • Net income per diluted share more than doubled from Q1 2022.
  • Revenue of $5.7 billion, increased 33% year-over-year.
  • Operating margin of 17.2%, increased 530 basis points year-over-year.

Halliburton announces first quarter 2023 results- oil and gas 360

HOUSTON–(BUSINESS WIRE)–Apr. 25, 2023– Halliburton Company (NYSE: HAL) announced today net income of $651 million, or $0.72 per diluted share, for the first quarter of 2023. This compares to net income for the first quarter of 2022 of $263 million, or $0.29 per diluted share.Halliburton’s total revenue for the first quarter of 2023 was $5.7 billion compared to total revenue of $4.3 billion in the first quarter of 2022. Reported operating income was $977 million in the first quarter of 2023 compared to reported operating income of $511 million and adjusted operating income, excluding impairments and other charges, of $533 million in the first quarter of 2022.

“Halliburton’s performance in the first quarter again demonstrated the earnings power of our strategy, the strength of our competitive position globally and execution for our customers. Total company revenue increased 33% and operating income grew 91% compared to the first quarter of 2022. Both of our divisions delivered strong margin performance,” commented Jeff Miller, Chairman, President and CEO.

“My Halliburton outlook — for both the current year and the long-term — is strong. We hear it from our customers, and we see it in our first quarter results. Our customers are clearly motivated to produce more oil and gas and service capacity is tight.

“Our strong execution culture, differentiated technology portfolio, and collaborative approach with customers – drive margin improvements and growth across our business. I am confident that we will execute our strategic priorities and deliver shareholder returns. I expect the execution of our strategy will deliver significant and growing free cash flow generation for Halliburton,” concluded Miller.

Operating Segments

Completion and Production

Completion and Production revenue in the first quarter of 2023 was $3.4 billion, an increase of $1.1 billion, or 45%, when compared to the first quarter of 2022, while operating income was $666 million, an increase of $370 million, or 125%. These results were driven by increased pressure pumping services and completion tool sales globally and improved artificial lift services in North America land and Kuwait.

Drilling and Evaluation

Drilling and Evaluation revenue in the first quarter of 2023 was $2.3 billion, an increase of $337 million, or 17%, when compared to the first quarter of 2022, while operating income was $369 million, an increase of $75 million, or 26%. These results were primarily due to an increase in drilling-related services, along with improved wireline and testing services globally. This increase was partially offset by lower software sales in Mexico.

Both divisional results were negatively impacted in the first quarter of 2023 when compared to the first quarter of 2022, resulting from the sale of our Russian operations during 2022.

Geographic Regions

North America

North America revenue in the first quarter of 2023 was $2.8 billion, a 44% increase when compared to the first quarter of 2022. This increase was primarily driven by improved stimulation activity and pricing gains, in addition to higher well construction services, artificial lift activity, and wireline services in North America land, as well as improved activity in the U.S. Gulf of Mexico across multiple product service lines.

International

International revenue in the first quarter of 2023 was $2.9 billion, a 23% increase when compared to the first quarter of 2022.

Latin America revenue in the first quarter of 2023 was $915 million, an increase of 40% year over year, due primarily to increased well construction services and stimulation activity in Mexico and Argentina, higher completion tool sales across the region, and improved project management activity in Mexico. This increase was partially offset by lower software sales in Mexico.

Europe/Africa revenue in the first quarter of 2023 was $662 million, a decrease of 2% year over year, primarily resulting from our exit from Russia, along with decreased activity across multiple product services lines in Norway. This decrease was offset in part by increased well construction services in Africa.

Middle East/Asia revenue in the first quarter of 2023 was $1.3 billion, an increase of 30% year over year, primarily due to improved activity across multiple product service lines in Saudi Arabia, higher completion tool sales, improved well construction services, and increased project management activity across the region. Partially offsetting this increase was lower stimulation activity in Oman and Kuwait.

Other Financial Items

During the first quarter of 2023, Halliburton repurchased approximately $100 million of common stock.

Click here for full press release


Legal Notice