Halliburton has posted its highest quarterly earnings in over a decade after bringing in total revenues of $5.8 billion (£4.6bn) in the first quarter of 2024.
This marked a 2% increase compared to the first quarter of 2023.
The fracking specialist made a net income of $606 million (£486m), down from compared to the first quarter of 2023’s $651m (£522m). Adjusted net income in the first quarter of 2024 was $679m (£545m) while operating income was $987, (£792m), flat when compared to the first quarter of 2023.
The increase in revenue was driven by 12% growth from the company’s international sales, hitting $3.3bn (£2.6bn)
Of this, $729m (£585m) came from European and African revenue, an increase of 10% year over year.
According to Halliburton, this increase was primarily driven by higher completion tool sales in the region and improved fluid services in Norway and the Caspian Area. Partially offsetting these improvements was lower drilling services in the area.
However, this was balanced by falling North America revenue, down 8% compared to the year-earlier period, coming in at $2.5bn (£2bn).
Halliburton said that this decline was primarily driven by lower pressure pumping services in US land along with lower wireline activity throughout the region.
Partially offsetting these declines were improved completion tool sales, higher pressure pumping services, and improved drilling-related services in the Gulf of Mexico along with higher artificial lift activity in US land.
Halliburton, along with other oilfield services giants Halliburton, have been riding a wave of international demand, posting bumper full year profits for 2023.
Halliburton chairman, president and chief executive officer Jeff Miller stated: “Halliburton delivered solid first quarter results that again demonstrated the power of our strategy and the strength of our execution. Activity in North America recovered from fourth quarter lows, and our international business delivered its 11th consecutive quarter of year-on-year growth.
“Our customers’ multi-year activity plans across markets and asset types confirms my confidence in the strength and duration of this upcycle.
“Halliburton demonstrated its commitment to shareholder returns in the first quarter and repurchased $250 million of common stock – a solid start to the year and a good benchmark for our expectations going forward,” concluded Miller.
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