Q2 2024 Halliburton Co Earnings Call Transcript
Key Points
- Halliburton Co (HAL) delivered solid second-quarter results with total company revenue of $5.8 billion and an operating margin of 18%.
- International revenue grew 8% year over year, marking the 12th consecutive quarter of year-on-year growth in the international business.
- The company generated $1.1 billion of cash flow from operations and about $800 million of free cash flow, repurchasing $250 million of common stock.
- Halliburton's artificial lift product line is growing in international markets at double the rate of the overall international business.
- The iCruise X rotary steerable system and LOGIX autonomous drilling platform showed strong performance, with drilling services revenue in the Middle East growing about 30% year over year.
- North America revenue declined 3% compared to the first quarter, with full-year North America revenues expected to decline 6% to 8% versus last year due to lower activity.
- The gas market took a leg down, impacting activity levels more than expected.
- Completion and production division revenue in Q2 was flat sequentially, with softer results in North America offsetting strong international performance.
- The company retired a few fleets during the quarter, indicating a reduction in capacity availability.
- Q3 margins in the international business are expected to be lower than Q2, contributing to a sequential decrease in completion and production division margins.
Good day, and thank you for standing by. Welcome to the second-quarter 2024 Halliburton earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to David Coleman, Senior Director, Investor Relations. Please go ahead.
Hello, and thank you for joining the Halliburton second-quarter 2024 conference call. We will make the recording of today's webcast available for seven 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
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