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Morningstar's Halliburton Co Stock Analysis

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Halliburton's Q1 Results Dip Due to Seasonality, but Outlook Remains Bright

Preston Caldwell Senior Analyst

Analyst Note

| Preston Caldwell |

As anticipated, Halliburton experienced a small bump downward in first-quarter results, owing chiefly to the usual seasonality. Although revenue was flat, operating margins fell 0.5% sequentially, driven by a 2% margin drop in the completion and production segment. The flat revenue was the result of higher activity in North America, offset by a seasonal dip in activity in international markets. The margin decline was driven by product mix as well as operational disruption in the first quarter (such as sand shortages in North America). Our fair value estimate and narrow moat rating are unchanged following the results.  

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Halliburton Co's Company Profile

Business Description

Halliburton is the world's second- largest oilfield-services company. Building from its origins pioneering oil and gas well cementing in the 1920s, Halliburton has evolved into the premier wellbore engineering company, with leading business lines in cementing, completion equipment, and pressure pumping. It added drilling services as a second key area of focus via its 1998 acquisition of Dresser and today stands second only to industry leader Schlumberger. Owing to its strategic bet on U.S. shale starting nearly two decades ago, Halliburton has played an unparalleled role in facilitating the shale revolution.

3000 North Sam Houston Parkway East
Houston, TX, 77032
T +1 281 871-2699
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 40,000

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