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Halliburton Company (NYSE: HAL), the world’s largest provider of fracking services, reported on Tuesday that adjusted net income for the third quarter more than doubled from the same period last year and expects drilling activity to continue rising in all markets.
Halliburton booked a net income of $544 million, or $0.60 per diluted share, for the third quarter of 2022. This compares to the net income for the second quarter of 2022 of $109 million, or $0.12 per diluted share, and $0.26 per-share net income for the third quarter of 2021.
Revenues rose to $5.4 billion for Q3 2022, up from $5.1 billion in the second quarter of 2022, and much higher than the $3.86 billion revenue for the third quarter of 2021.
“Total company revenue grew 6% sequentially, as activity and pricing increased simultaneously in North America and International markets,” said Jeff Miller, Halliburton’s chairman, president, and CEO.
“I believe structural demand for more oil and gas supply will provide strong tailwinds for our business, and Halliburton is well-positioned to deliver improved profitability and increased returns for shareholders,” Miller added.
“Looking forward, we see activity increasing around the world -- from the smallest to the largest countries and producers.”
Halliburton’s upbeat message to the market is similar to that of the world’s top oilfield services provider, Schlumberger, known as SLB as of yesterday.
Last week, Schlumberger reported third-quarter earnings, beating analyst estimates thanks to accelerating international drilling activity on top of already robust activity in North America.
Looking forward, Schlumberger remains upbeat on the drilling activity globally and expects “multiple years of growth,” CEO Olivier Le Peuch said on Friday.
The remaining of the top three oilfield services providers, Baker Hughes, signaled in its Q3 earnings release last week that the worst supply chain issues “should be behind us,” and that indicates that U.S. crude production could meaningfully increase in 2023.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.