HOUSTON - Halliburton Company (NYSE: NYSE:HAL) reported a slight uptick of 0.62% in its shares premarket following a first-quarter earnings and revenue beat.
The oilfield services provider posted adjusted earnings per share (EPS) of $0.76, surpassing the analyst consensus by $0.02. Revenue for the quarter reached $5.8 billion, exceeding expectations by $130 million and marking a 2% increase from the first quarter of the previous year.
Jeff Miller, Chairman, President, and CEO of Halliburton, attributed the solid first-quarter results to the company's strategic execution and highlighted the recovery of activity in North America from fourth-quarter lows. He also noted the international business's continued growth, marking its 11th consecutive quarter of YoY expansion. Miller expressed confidence in the sustained upcycle of the industry, backed by customers' multi-year activity plans across markets and asset types.
The company's Completion and Production segment experienced a slight decline in revenue compared to the same quarter last year, while the Drilling and Evaluation segment saw a 7% revenue increase. Internationally, Halliburton reported a 12% revenue increase, with notable growth in Latin America (21%) and Europe/Africa (10%).
Halliburton also demonstrated its commitment to shareholder returns by repurchasing approximately $250 million of common stock during the quarter. Miller stated that this repurchase represents a solid start to the year and sets a benchmark for future expectations.
The company's financial discipline was further evidenced by the generation of $487 million in cash flow from operations and $206 million in free cash flow. These figures underscore Halliburton's ability to maintain profitability and return value to shareholders amidst the dynamic conditions of the energy sector.
Looking ahead, Halliburton's strategic focus on innovation and technology is exemplified by the introduction of new services and additions to its carbon capture, utilization, and storage (CCUS) portfolio. These advancements position the company to meet evolving industry demands while supporting a sustainable energy future.
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