Houston-based oilfield services giant Halliburton posted a net profit of $544 million for the third quarter of 2022 — up from $109 million one year earlier — boosted by rising sector-wide activity, higher oil prices and stronger margin performances.
Halliburton’s total revenue for the third quarter of 2022 was $5.4 billion, compared with $3.9 million for the same period of 2021 and $5.1 billion in the preceding second quarter.
Reported operating income was $846 million in the third quarter of 2022 compared with $374 million in the second quarter of 2022.
Halliburton chief executive Jeff Miller said he expected structural demand for more oil and gas supply to provide “strong tailwinds” for business.
The North America division’s third quarter revenue was $2.6 billion, a 9% increase when compared with the second quarter of 2022.
“In North America I see continued revenue growth — the inbounds for calendar slots are stronger than I have ever seen at this point in the year. Our solid performance in the third quarter was the result of our strategy to maximise value and cash flow in this extremely tight market, Miller stated.
“Looking forward, we see activity increasing around the world — from the smallest to the largest countries and producers. We intend to continue to execute on our strategic priorities and drive free cash flow and returns for our shareholders.”
Outside North America, Halliburton’s international revenue in the third quarter of 2022 was $2.7 billion, a 3% increase when compared with the second quarter of 2022.
Latin America revenue in the third quarter of 2022 was $841 million, an 11% increase from the immediately preceding quarter due to increased well construction services and project management activity in Mexico and higher fluids and project management activity in Suriname.
Europe and Africa revenue in the third quarter of 2022 was $639 million, an 11% decrease sequentially. “Almost all this reduction was related to exiting our Russia business along with decreased activity in the North Sea,” Halliburton said.
During the third quarter of 2022, Halliburton completed the sale of its Russia operations to its former Russia-based management team, which now owns and operates Halliburton’s former Russian business under the name Burservice LLC. As a result, Halliburton no longer conducts operations in Russia.
Middle East and Asia revenue in the third quarter of 2022 was $1.2 billion, a 6% increase sequentially.
Halliburton attributed this to increased activity in Saudi Arabia, higher completion tool sales in Qatar and increased drilling services in Indonesia and Malaysia. Lower activity in Vietnam partially offset these increases.