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Halliburton Q2 Profit Beats Estimates As Oil Markets Improve

Improved North American and international markets for drilling, completion, and production helped oilfield services provider Halliburton Company (NYSE: HAL) book a higher net profit for the second quarter than analysts had estimated.

Halliburton, which generates the largest share of its revenues from North America, reported on Tuesday net income of $227 million, or $0.26 per diluted share, for the second quarter of 2021. This compares to $0.19 earnings per share for the first quarter of 2021 and is ahead of the $0.22 earnings per share estimate of analysts compiled by The Wall Street Journal.

Halliburton also reported rising revenues both in North America and internationally and higher operating income quarter over quarter as the markets continued to improve, said the company, which sees the beginning of a “multi-year upcycle.”

Although the number of oil and gas rigs in North America has dipped compared to pre-pandemic levels, the latest tally from Baker Hughes showed that the total rig count in the United States stood at 484 last week, up by 231 from the same time last year.

“Total company revenue increased 7% sequentially, as both North America and international markets continued to improve, and operating income grew 17% with solid margin performance in both divisions,” said Jeff Miller, Halliburton’s chairman, president, and chief executive officer.

Halliburton’s revenue in North America jumped by 12 percent sequentially to $1.6 billion for the second quarter, thanks to higher pressure pumping services, drilling-related services, and wireline activity in North America land, as well as higher well construction activity in the Gulf of Mexico.

“Halliburton’s Completion and Production division margin reached three-year highs, while our Drilling and Evaluation division margin outperformed expectations, setting both divisions up for robust margin growth this year,” Miller noted.

“The positive activity momentum we see in North America and international markets today, combined with our expectations for future customer demand, gives us conviction for an unfolding multi-year upcycle,” the executive said.

Following the results release, Halliburton’s shares were up 1.76 percent in pre-market trade in New York.   

By Charles Kennedy for Oilprice.com

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  • George Doolittle on July 21 2021 said:
    This is what a major increase in US onshore production will need to see more of in order to effectively get back to 13 million barrels of oil a day and beyond.

    And it will not be easy for $hal and Baker Hughes either as Canada looks set to flood a still saturated US oil market. These high retail prices across the West Coast but in particular Chicago have pushed people on to Metra for the time being as i imagine is true of Washington DC, South Florida and Philadelphia. Plus "he ain't called Amtrak Joe for nothing." And Denver as well. Kansas City even has top of the line street cars now.

    Anyhow demand is still there most importantly obviously for the US Trucking Industry but of course for US Airlines which have no intention of paying back the taxpayer from the billions they got last year.

    That is in fact deflationary as there is now a massive glut of "US Airlines" at the moment.

    Anyhow onshore oil is far more economic than off shore because of how much easier it is to service and support. Having said that the amount of GOM Offshore product capable of being as realized is truly awesome...plus SpaceX wants those rigs to launch rockets from.

    Long $slb Slumberger
    Strong buy

    Crazy natural gas players I haven't even brought up let alone even crazier coal plays. If car prices weren't so insanely stupid high I might look at the matter differently but even a Honda Civic and Toyota Camry is way overpriced here especially with the new Ford Maverick en route.

    Anyhow Tesla has suddenly become a massive vertically integrated energy Company of truly awesome size "which just happens to sell all electric BEVs." Great news for US Utilities but even better news for Tesla.

    Long $tsla Tesla Motors
    Strong buy

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