Halliburton sees small bump in Q3 earnings
US oilfield services firm Halliburton reported a modest gain in Q3 2021 earnings October 19, with net income rising to $236mn from $227mn in the second quarter. Adjusted income in Q3, including special items, was $248mn.
Halliburton CEO Jeff Miller attributed the small gain to tight global commodity markets, with both its operating divisions, international and North America, showing revenue growth.
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“I see a multi-year upcycle unfolding,” he said. “Structural global commodity tightness drives increased demand for our services, both internationally and in North America.”
International revenue in Q3 rose 5% from Q2, driving largely by increased activity across multiple product lines in Latin America and higher well intervention services in Europe, Africa and the CIS region.
North America revenue increased 3% sequentially, with higher on-shore well construction services, artificial lift and wireline activity, increased completion tool sales in the Gulf of Mexico and higher stimulation and drilling activity in Canada. Gains were partially offset by reduced drilling and wireline related activity in the Gulf of Mexico in the wake of Hurricane Ida.
During the quarter, Miller said, Halliburton generated $469mn of free cash flow, retired $500mn of debt and maintained its cash balance at $2.6bn.