(WO) – Halliburton expects mid-single-digit revenue growth and operating margins of about 15% in 2027, roughly a 200-basis-point improvement, as international work offsets a softer North American market. Third-quarter revenue was $5.7 billion, flat from the second quarter. Net income was $417 million, or $0.50 per share. Excluding impairments and other charges, adjusted net income was $501 million, or $0.60 per share.
“We are another three months into one of the largest energy disruptions in history. I expect the work to restore production, rebuild inventories and strengthen energy security will drive multi-year demand growth for oilfield services,” said Chairman, President and CEO Jeff Miller.
North America revenue fell 5% to $2.2 billion on lower pressure pumping in U.S. land, while international revenue rose 3% to $3.5 billion. By region:
- Middle East/Asia: Up 8% to $1.4 billion on higher activity in Saudi Arabia and Kuwait.
- Latin America: Flat at $1.1 billion. Lower stimulation work in Argentina was offset by gains in Mexico.
- Europe/Africa: Flat at $1.0 billion. Lower well construction activity in Namibia was offset by Nigeria.
By segment, Drilling and Evaluation revenue rose 4% to $2.6 billion, and its operating income climbed 16%. Completion and Production revenue fell 4% to $3.1 billion on lower stimulation activity in the Western Hemisphere.
During the quarter, Halliburton announced several contracts and agreements:
- an integrated well construction and completions contract from Eni for the Cronos ultra-deepwater gas development in Block 6 offshore Cyprus
- an integrated drilling contract from bp for the first appraisal campaign at the Bumerangue discovery offshore Brazil
- a deployment of its LOGIX automation and remote operations on an Eni deepwater exploration well offshore Indonesia
- memorandums of understanding with Eneva and WESCA to pursue opportunities in Venezuela
- a multiyear digital agreement with Pampa Energía in Vaca Muerta
“This outlook assumes a flat North America market and does not require any recovery in North America hydraulic fracturing. To us, that recovery is purely upside,” Miller said.
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