Halliburton Company (NYSE: HAL) has reported its fourth-quarter 2024 results, with a net income of $615 million, or $0.70 per diluted share. This represents growth from the third quarter of 2024, where the company reported a net income of $571 million, or $0.65 per diluted share. Adjusted net income in the third quarter of 2024, excluding impairments and other charges and tax adjustments, was $641 million, or $0.73 per diluted share.
The total revenue for the fourth quarter of 2024 was $5.6 billion, compared to $5.7 billion in the third quarter of 2024. Operating income in the fourth quarter of 2024 was $932 million, compared to $871 million in the third quarter of 2024. Adjusted operating income, excluding impairments and other charges, was $987 million in the third quarter of 2024.
For the full year of 2024, Halliburton reported total revenue of $22.9 billion, flat compared to 2023. Operating income for 2024 was $3.8 billion, compared to 2023's operating income of $4.1 billion. Adjusted operating income, excluding impairments and other charges, for the full year of 2024 was $3.9 billion.
The company also announced a 60% return of free cash flow to shareholders for the full year. Halliburton repurchased approximately $309 million of its common stock, repurchased approximately $100 million of debt across multiple senior notes, paid dividends of $0.17 per share, and spent $33 million on SAP S4 migration during the fourth quarter of 2024.
In terms of segments, the completion and production revenue in the fourth quarter of 2024 was $3.2 billion, a decrease of 4% sequentially, while operating income was $629 million, a decrease of 6%. The drilling and evaluation revenue in the fourth quarter of 2024 was $2.4 billion, while operating income was $401 million, both flat sequentially.
Geographically, North America revenue in the fourth quarter of 2024 was $2.2 billion, a 7% decrease sequentially. International revenue in the fourth quarter of 2024 was $3.4 billion, an increase of 3% sequentially. Latin America revenue in the fourth quarter of 2024 was $953 million, a decrease of 9% sequentially. Europe/Africa revenue was $795 million, an increase of 10% sequentially. Middle East/Asia revenue was $1.6 billion, an increase of 7% sequentially.
Halliburton also introduced several new technologies and products, including the intelli family of diagnostic well intervention wireline logging services, icruise® force intelligent, high-performance motorized rotary steerable system, Sandtrap® XL, and new facilities in Namibia. The company added five innovative companies to its collaborative ecosystem through Halliburton Labs.
As a result of these announcements, the company's shares have moved -3.0% on the market, and are now trading at a price of $28.64. For the full picture, make sure to review Halliburton's 8-K report.
