Halliburton Company (HAL) shares tumbled in after-hours trading after the oilfield services giant reported third-quarter earnings that missed analysts’ expectations. While revenue declined slightly, the company highlighted strong international performance and reaffirmed its commitment to shareholder returns.
RPC, Inc., a leading oilfield services company, reported a 7% sequential decline in revenue for the third quarter of 2024, largely due to decreased activity in pressure pumping. Despite the challenges, the company remains debt-free, with a strong cash balance and a commitment to continued dividend payments. RPC also highlights its focus on expanding its innovative new products and services in coiled tubing and downhole tools.
Liberty Energy is set to release its quarterly earnings report on Wednesday, October 16th, 2024. Analysts anticipate an EPS of $0.61, but investors are looking for guidance on future performance and potential growth. This article delves into the company’s past performance, market sentiment, and key financial metrics to provide a comprehensive overview ahead of the earnings announcement.
Helix Energy (HLX) stock closed 5.5% higher, driven by increased demand for its oilfield services in key offshore markets. The company’s focus on extending the life of existing wells is a key growth driver, particularly as upstream players prioritize shareholder returns over production expansion. While revenue is expected to decline year-over-year, positive earnings revisions suggest potential for future price appreciation.
Schlumberger, a leading oilfield services company, is expanding its operations in Russia despite the ongoing war in Ukraine. This move comes as its major Western competitors have exited the market. The company’s decision is fueled by the potential for increased revenues and the lack of comprehensive sanctions on oilfield services in Russia.
Baker Hughes, an oilfield services provider, has reported better-than-expected first-quarter profits due to surging global drilling activity. The company’s robust international performance, particularly in the Middle East, offset the decline in North American operations, where lower natural gas prices have dampened drilling activities. Baker Hughes attributed its success to increased demand for drilling services and equipment as oil companies ramp up production amidst higher Brent crude prices. The company’s quarterly revenue saw a substantial rise, driven by strong international sales, and it also announced an increase in quarterly dividends to reward shareholders.
Halliburton Company reported stronger-than-anticipated adjusted earnings for the first quarter of 2024, primarily attributed to a surge in foreign demand for oilfield services. The company reported an adjusted net income of $679 million, equating to $0.76 per diluted share, surpassing analyst predictions of $0.74 EPS. This positive performance was driven by a 12% surge in international revenue, reaching $3.3 billion, as demand for oilfield services and equipment rose in major markets across the Middle East, Europe, and Latin America.
