Russian exit pushes Halliburton net income down in Q2
US oilfield service (OFS) company Halliburton said July 19 its net income in Q2 2022 fell to $109mn from $263mn in Q1 2022 and from $227mn in Q2 2021.
Excluding impairments and other charges, however, yielded adjusted net income in Q2 this year of $442mn, up from $314mn in Q1 2022 and from $227mn in Q1 2021.
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Impairments in Q2 2022 totalled $344mn, and were largely related to the unwinding of Halliburton’s operations in Russia.
Adjusted operating income also rose sequentially in Q2, to $718mn from $533mn in Q1 2022.
“Our strong second quarter performance demonstrates that our strategy is working well, and Halliburton’s strategic priorities are driving value,” CEO Jeff Miller said. “Total company revenue grew 18% sequentially, as activity increased simultaneously in North America and international markets, and adjusted operating income grew 35% with strong margin performance in both divisions.”
North America revenue was up 26% in Q2 over Q1, to $2.4bn, while international revenue rose 12%, to $2.6bn.