Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Halliburton’s Q3 revenue fell by 1.8% YoY and missed estimates by 2.2% dragged down by an 8.5% YoY fall in revenue from North America.</li>
<li>The Completion and Production division’s revenue dropped 5.4% YoY and 3% QoQ, while the Drilling and Evaluation division posted a 3.5% YoY increase but declined 1.4% QoQ.</li>
<li>Operating cash flow declined 23.5% QoQ, while free cash flow dropped 31.5%. Earnings were impacted by lost revenue from the cybersecurity incident and Gulf storms.</li>
</ul>


Halliburton’s Q3 revenue fell by 1.8% YoY and missed estimates by 2.2% dragged down by an 8.5% YoY fall in revenue from North America.
The Completion and Production division’s revenue dropped 5.4% YoY and 3% QoQ, while the Drilling and Evaluation division posted a 3.5% YoY increase but declined 1.4% QoQ.
Operating cash flow declined 23.5% QoQ, while free cash flow dropped 31.5%. Earnings were impacted by lost revenue from the cybersecurity incident and Gulf storms.


[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion.</li><li>While the international sector showed promising expansion, particularly in the Middle East/Asia region which grew by 9% year-over-year to $3.3 billion, the North American market exhibited a downturn with a 9% year-over-year revenue decrease to $2.4 billion.</li><li>The adjusted operating margin was pegged at 17%, an indication of Halliburton's consistent cost management and pricing strategies in an unstable market environment.</li></ul>

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion.While the international sector showed promising expansion, particularly in the Middle East/Asia region which grew by 9% year-over-year to $3.3 billion, the North American market exhibited a downturn with a 9% year-over-year revenue decrease to $2.4 billion.The adjusted operating margin was pegged at 17%, an indication of Halliburton's consistent cost management and pricing strategies in an unstable market environment.

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

<ul>
<li>Halliburton will report Q3 earnings on 07/Nov, with revenue projected to remain flat QoQ and EPS to decline 6.3%, reflecting reduced upstream spending amid weak oil prices.</li>
<li>Halliburton's OI PCR at 1.07 signals bearish sentiment, with a 100% IV percentile indicating high volatility. However, its volume PCR at 0.21 indicates a bullish sentiment.</li>
<li>Halliburton's short interest declined in October, reaching 23.27 million shares (3.53% of float) on 15/Oct, a decrease of 11.7% from 30/Sep and 34% from 15/Jul.</li>
</ul>


Halliburton will report Q3 earnings on 07/Nov, with revenue projected to remain flat QoQ and EPS to decline 6.3%, reflecting reduced upstream spending amid weak oil prices.
Halliburton's OI PCR at 1.07 signals bearish sentiment, with a 100% IV percentile indicating high volatility. However, its volume PCR at 0.21 indicates a bullish sentiment.
Halliburton's short interest declined in October, reaching 23.27 million shares (3.53% of float) on 15/Oct, a decrease of 11.7% from 30/Sep and 34% from 15/Jul.


[Pre Earnings Options Flash] Halliburton’s OI PCR Reflects Bearish Sentiment Amid Elevated IV

<ul>
<li>Halliburton’s revenue is expected to rise 0.5% YoY, but EPS is estimated to fall 2.6% due to oversupply concerns and weak oil demand reducing upstream activity.</li>
<li>Halliburton expects a 1%-3% sequential revenue decline and a 75-125 bps margin reduction in its Completion &amp; Production division in Q3 2024.</li>
<li>Halliburton aims to expand its international footprint to offset stagnating US onshore production activity. International markets currently account for 58% of revenue versus 42% from North America.</li>
</ul>


Halliburton’s revenue is expected to rise 0.5% YoY, but EPS is estimated to fall 2.6% due to oversupply concerns and weak oil demand reducing upstream activity.
Halliburton expects a 1%-3% sequential revenue decline and a 75-125 bps margin reduction in its Completion &amp; Production division in Q3 2024.
Halliburton aims to expand its international footprint to offset stagnating US onshore production activity. International markets currently account for 58% of revenue versus 42% from North America.


[Earnings Preview] Halliburton's Q3 Profitability Expected to Fall Amid Slowing Upstream Activity

<ul><li>Halliburton Company reported a total revenue of $5.8 billion for the second quarter, maintaining flat sequential growth.</li><li>The company’s operating margin stood at 18%, representing a sequential increase of 69 basis points.</li><li>International revenue reached $3.4 billion, marking an 8% year-over-year growth, primarily driven by a strong performance in Latin America, which saw a 10% increase.</li></ul>

Halliburton Company reported a total revenue of $5.8 billion for the second quarter, maintaining flat sequential growth.The company’s operating margin stood at 18%, representing a sequential increase of 69 basis points.International revenue reached $3.4 billion, marking an 8% year-over-year growth, primarily driven by a strong performance in Latin America, which saw a 10% increase.

Halliburton Company: Is Its International Market Growth Enough To Warrant A 'Buy' Rating? - Major Drivers

United States

Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry.  The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

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Halliburton Co (HAL US)

[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...

Mint Finance

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion. While...

Baptista Research

[Pre Earnings Options Flash] Halliburton’s OI PCR Reflects Bearish Sentiment Amid Elevated IV

Halliburton’s Q3 revenue is projected flat, with EPS set to drop 2.6% YoY and 6.3% QoQ due to reduced upstream spending. OI PCR suggests bearish...

Mint Finance

[Earnings Preview] Halliburton's Q3 Profitability Expected to Fall Amid Slowing Upstream Activity

Halliburton’s revenue is estimated to remain flat sequentially and rise 0.5% YoY. However, profitability is projected to fall QoQ and YoY. Slowdown...

Mint Finance

Halliburton Company: Is Its International Market Growth Enough To Warrant A 'Buy' Rating? - Major Drivers

Halliburton Company reported a total revenue of $5.8 billion for the second quarter, maintaining flat sequential growth. The company’s operating...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

​Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...

Mint Finance

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion. While...

Baptista Research

[Pre Earnings Options Flash] Halliburton’s OI PCR Reflects Bearish Sentiment Amid Elevated IV

Halliburton’s Q3 revenue is projected flat, with EPS set to drop 2.6% YoY and 6.3% QoQ due to reduced upstream spending. OI PCR suggests bearish...

Mint Finance

[Earnings Preview] Halliburton's Q3 Profitability Expected to Fall Amid Slowing Upstream Activity

Halliburton’s revenue is estimated to remain flat sequentially and rise 0.5% YoY. However, profitability is projected to fall QoQ and YoY. Slowdown...

Mint Finance

Halliburton Company: Is Its International Market Growth Enough To Warrant A 'Buy' Rating? - Major Drivers

Halliburton Company reported a total revenue of $5.8 billion for the second quarter, maintaining flat sequential growth. The company’s operating...

Baptista Research

Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...