HALLIBURTON EXPECTS INTERNATIONAL ACTIVITY TO BOTTOM IN Q1 2021

January 20, 2021

Halliburton Company announced a net loss of $235 million for the fourth quarter of 2020. This compares to a net loss for the third quarter of 2020 of $17 million. Adjusted net income for the fourth quarter of 2020, excluding impairments and other charges, was $160 million. This compares to adjusted net income for the third quarter of 2020, excluding severance and other charges, of $100 million. Halliburton’s total revenue in the fourth quarter of 2020 was $3.2 billion, a 9% increase from revenue of $3.0 billion in the third quarter of 2020. Reported operating loss was $96 million in the fourth quarter of 2020 compared to reported operating income of $142 million in the third quarter of 2020.
Total revenue for the full year of 2020 was $14.4 billion, a decrease of $8.0 billion, or 36% from 2019. Reported operating loss for 2020 was $2.4 billion, compared to reported operating loss of $448 million for 2019.
“I am pleased with our solid execution in the fourth quarter and for the full year. Our swift and decisive cost actions and service delivery improvements reset our earnings power, delivering strong margins and cash flow. We also achieved historic bests in safety and service quality,” commented Jeff Miller, Chairman, President and CEO. “I am optimistic about the activity momentum I see in North America, and expect international activity to bottom in the first quarter of this year. I am also encouraged by the growing pipeline of international customer opportunities and the unfolding global activity recovery. “I believe our strategic priorities will allow us to continue generating industry-leading returns and strong free cash flow and solidify Halliburton’s role in the unfolding energy market recovery,” concluded Miller.
North America revenue in the fourth quarter of 2020 was $1.2 billion, a 26% increase when compared to the third quarter of 2020. This increase was driven by higher activity in stimulation and artificial lift in U.S. land, as well as higher well construction and wireline services activity, and year-end completion tools and software sales.
International revenue in the fourth quarter of 2020 was $2.0 billion, essentially flat when compared to the third quarter of 2020.
(Source: Halliburton)