Halliburton Excited About Multi-Year Upcycle
Halliburton’s chairman, president and chief executive officer Jeff Miller has stated that he is excited about the “accelerating multi-year upcycle”.
“I expect the macro industry environment to remain supportive and the international and North America markets to continue their simultaneous growth,” the head of one of the world’s largest providers of products and services to the energy industry said in the company’s latest financial results statement.
“Halliburton uniquely benefits from this constructive environment. Our value proposition works, we have the right strategies for both international and North America markets, we are leaders in digital and automation, and we drive capital efficiency while advancing a sustainable energy future,” he added in the statement.
“I fully expect that Halliburton will accelerate cash flow generation, strengthen our balance sheet, and increase cash returns to shareholders in this upcycle,” Miller went on to say.
Halliburton announced net income of $824 million, or $0.92 per diluted share, for the fourth quarter of 2021, which marked a notable increase from net income of $236 million, or $0.26 per diluted share, for the third quarter of last year. Adjusted net income for the fourth quarter, excluding tax adjustments, was $320 million, or $0.36 per diluted share, compared to adjusted net income for the third quarter, excluding special items, of $248 million, or $0.28 per diluted share.
Halliburton’s total revenue for the fourth quarter was $4.3 billion, compared to revenue of $3.9 billion in the third quarter. Reported operating income was $550 million in the fourth quarter, compared to reported operating income of $446 million in the third quarter. Total revenue for the full year of 2021 was said to be $15.3 billion, which marked an increase of $850 million, or six percent, from 2020.
The company announced a 2022 first quarter dividend of $0.12 per share. In November last year, Halliburton announced a 2021 fourth quarter dividend of $0.045 per share.
“I am pleased with our solid execution in the fourth quarter and for the full year,” Miller said in Halliburton’s results statement.
“Both operating divisions experienced revenue growth in the international and North America markets. Our completion and production division delivered solid mid-teens margins, and our drilling and evaluation division margins surprised to the upside,” he added in the statement.
In Halliburton’s third quarter results statement released last October, Miller noted that he saw a “multi-year upcycle unfolding”.
“Structural global commodity tightness drives increased demand for our services, both internationally and in North America,” Miller said in a company statement at the time.
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