Q3 2024 Halliburton Co Earnings Call Transcript
Key Points
- Halliburton Co (HAL) reported total company revenue of $5.7 billion with an adjusted operating margin of 17%.
- International revenue grew by 4% year-over-year, led by a 9% increase in the Middle East/Asia region.
- The company generated $841 million of cash flow from operations and $543 million of free cash flow.
- Halliburton Co (HAL) repurchased approximately $200 million of its common stock during the quarter.
- The company has 90% of its fracturing fleets committed for work in 2025, indicating strong future demand.
- North America revenue decreased by 9% year-over-year, primarily due to lower hydraulic fracturing activity.
- The August cybersecurity event and storms in the Gulf of Mexico reduced adjusted earnings by approximately $0.02 per share.
- The cybersecurity event caused delays in billing and collections, impacting free cash flow.
- The implementation of SAP S/4 is expected to be delayed by 3 to 6 months, with additional costs of $20 million to $30 million.
- Completion and Production division revenue decreased by 3% sequentially, driven by lower hydraulic fracturing services.
Good day, and welcome to the third quarter 2024 Halliburton Company earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I will pass the call over to the Senior Director of Investor Relations, David Coleman. Please go ahead.
Hello, and thank you for joining the Halliburton third quarter 2024 conference call. We will make a recording of today's webcast available for 7 days on Halliburton's website after this call.
Joining me today are Jeff Miller, Chairman, President and CEO; and Eric Carre, Executive Vice President and CFO.
Some of today's comments may include forward-looking statements reflecting Halliburton's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements.
These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2023, Form 10-Q for the quarter ended June
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