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Halliburton Co HAL

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Morningstar’s Analysis

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Halliburton Reports Improved Results in Q2 Owing to Ongoing Industry Recovery

Preston Caldwell Senior Analyst

Analyst Note

| Preston Caldwell |

Halliburton reported second-quarter revenue up 7% sequentially, with North America revenue leading the way up 12% and international revenue up 4%. Adjusted operating margins increased to 11.8% from 10.7% in the prior quarter, driven mostly by operating leverage from the higher volumes. Management also reported that pricing has started to improve slightly in North America. By product segment, margins increased 200 basis points in the completion and production segment but dipped 30 basis points in the drilling and evaluation segment due to weaker product mix (lower software sales). Our fair value estimate and narrow moat rating are unchanged following the results.

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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.

Contact
3000 North Sam Houston Parkway East
Houston, TX, 77032
T +1 281 871-2699
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 40,000

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