On October 24, 2023, Halliburton Co (HAL, Financial) announced its third-quarter earnings for 2023. The company reported a net income of $716 million, or $0.79 per diluted share, a notable increase from the second quarter's net income of $610 million, or $0.68 per diluted share. The total revenue for the third quarter was $5.8 billion, remaining flat compared to the second quarter of 2023. However, the operating income saw a 3% increase compared to the second quarter, reaching $1.0 billion.
Company Performance and Financial Highlights
Jeff Miller, Chairman, President, and CEO of Halliburton, commented on the company's performance, stating,
Halliburton delivered an impressive third quarter and our margin strength demonstrated the power of our strategy. I am pleased with the stability of our North America business and the profitability of our International growth."He further added that the company expects continued demand growth for oilfield services in 2024 and beyond.
The company's Completion and Production revenue in Q3 2023 was $3.5 billion, remaining flat sequentially, while operating income was $746 million, an increase of $39 million, or 6%. The Drilling and Evaluation revenue was $2.3 billion with an operating income of $378 million, both flat sequentially.
Geographically, North America revenue was $2.6 billion, a 3% decrease sequentially. However, International revenue saw a 3% increase sequentially, reaching $3.2 billion.
Stock Repurchase and Debt Reduction
Halliburton demonstrated strong returns to shareholders with more than $500 million of Free Cash Flow and repurchases of approximately $200 million of common stock and $150 million of debt during the quarter.
Financial Tables Summary
The company's condensed consolidated statements of operations showed a total revenue of $5.8 billion for Q3 2023, with an operating income of $1.0 billion. The net income attributable to the company was $716 million.
The condensed consolidated balance sheets showed total assets of $24.4 billion as of September 30, 2023, and total liabilities of $15.2 billion. The company shareholders' equity stood at $9.1 billion.
The condensed consolidated statements of cash flows showed total cash flows provided by operating activities of $2.0 billion for the nine months ended September 30, 2023. The cash and equivalents at the end of the period were $2.0 billion.
Overall, Halliburton Co (HAL, Financial) demonstrated a strong financial performance in Q3 2023, with robust net income and significant international revenue growth. The company's strategic moves, including stock repurchases and debt reduction, further strengthen its financial position.
