Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

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 Q2 revenue rises by 0.6% YoY, held back by an 8% YoY decline in revenue from North America. It missed its revenue estimates by 1.9%.</li>
<li>Strong performance from the international operations more than offset the slowdown in North America. Revenue from international markets rose 8% YoY.</li>
<li>For 2024, Halliburton forecasts a 10% YoY increase in international revenue, while North American revenue is expected to decline by 6-8% YoY.</li>
</ul>


Halliburton’s Q2 revenue rises by 0.6% YoY, held back by an 8% YoY decline in revenue from North America. It missed its revenue estimates by 1.9%.
Strong performance from the international operations more than offset the slowdown in North America. Revenue from international markets rose 8% YoY.
For 2024, Halliburton forecasts a 10% YoY increase in international revenue, while North American revenue is expected to decline by 6-8% YoY.


[Earnings Review] Halliburton Dips as North America Slowdown Hits Q2 Revenue

<ul>
<li>Halliburton forecasts low double-digit revenue growth from its international business and flat revenue growth from North America in 2024.</li>
<li>Management expects sequential margin growth of 25-75 bps in its Drilling &amp; Evaluation and Completion &amp; Production segments in Q2 2024.</li>
<li>Halliburton expects its FCF to rise 10% YoY in 2024. The company returned nearly 60% of its FCF to shareholders in 2023.</li>
</ul>


Halliburton forecasts low double-digit revenue growth from its international business and flat revenue growth from North America in 2024.
Management expects sequential margin growth of 25-75 bps in its Drilling &amp; Evaluation and Completion &amp; Production segments in Q2 2024.
Halliburton expects its FCF to rise 10% YoY in 2024. The company returned nearly 60% of its FCF to shareholders in 2023.


[Earnings Preview] Halliburton: Leans on International Operations Amid North American Weakness

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, one of the largest oilfield services companies globally, recently held its first-quarter 2024 conference call that demonstrated robust performance.</li><li>The company delivered a total revenue of $5.8 billion and an operating margin of 17%.</li><li>Both divisions showcased improvement in margin year-over-year.</li></ul>

Halliburton, one of the largest oilfield services companies globally, recently held its first-quarter 2024 conference call that demonstrated robust performance.The company delivered a total revenue of $5.8 billion and an operating margin of 17%.Both divisions showcased improvement in margin year-over-year.

Halliburton Company: A Tale Of Technological Innovation & A New Acquisition! - Major Drivers

Commodities

<ul>
<li>US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.</li>
<li>As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.</li>
<li>TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.</li>
</ul>


US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.
As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.
TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.


[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

<ul><li>Halliburton Company in its fourth quarter 2023 earnings call reported a strong year with both its divisions, completion and production, and drilling and evaluation achieving their highest operating margins in over a decade.</li><li>The company generated full-year total company revenue of $23 billion, a 13% increase year-over-year, and operating income of $4.1 billion, an increase of 33% compared to 2022 adjusted operating income.</li><li>International business grew robustly with revenue up 17% year on-year despite the company's exit from Russia in August of 2022.</li></ul>

Halliburton Company in its fourth quarter 2023 earnings call reported a strong year with both its divisions, completion and production, and drilling and evaluation achieving their highest operating margins in over a decade.The company generated full-year total company revenue of $23 billion, a 13% increase year-over-year, and operating income of $4.1 billion, an increase of 33% compared to 2022 adjusted operating income.International business grew robustly with revenue up 17% year on-year despite the company's exit from Russia in August of 2022.

Halliburton Company: Will The Recent Technology Advancements Become Their Biggest Growth Catalyst? - 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 Dips as North America Slowdown Hits Q2 Revenue

Halliburton met Q2 EPS estimates but missed revenue targets. International revenue grew 8% YoY, led by Latin America. Management anticipates the...

Mint Finance

[Earnings Preview] Halliburton: Leans on International Operations Amid North American Weakness

Halliburton expects margin expansion from its international operations in 2024 and across its business divisions in Q2 2024. The firm expects its...

Mint Finance

Halliburton Company: A Tale Of Technological Innovation & A New Acquisition! - Major Drivers

Halliburton, one of the largest oilfield services companies globally, recently held its first-quarter 2024 conference call that demonstrated...

Baptista Research

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

Halliburton Company: Will The Recent Technology Advancements Become Their Biggest Growth Catalyst? - Major Drivers

Halliburton Company in its fourth quarter 2023 earnings call reported a strong year with both its divisions, completion and production, and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Earnings Review] Halliburton Dips as North America Slowdown Hits Q2 Revenue

Halliburton met Q2 EPS estimates but missed revenue targets. International revenue grew 8% YoY, led by Latin America. Management anticipates the...

Mint Finance

[Earnings Preview] Halliburton: Leans on International Operations Amid North American Weakness

Halliburton expects margin expansion from its international operations in 2024 and across its business divisions in Q2 2024. The firm expects its...

Mint Finance

Halliburton Company: A Tale Of Technological Innovation & A New Acquisition! - Major Drivers

Halliburton, one of the largest oilfield services companies globally, recently held its first-quarter 2024 conference call that demonstrated...

Baptista Research

[ETP 30/2024] Oil Reels Under Macroeconomic Headwinds; Nat-Gas Sheds Gains to Oversupply Concerns

​US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...

Mint Finance

Halliburton Company: Will The Recent Technology Advancements Become Their Biggest Growth Catalyst? - Major Drivers

Halliburton Company in its fourth quarter 2023 earnings call reported a strong year with both its divisions, completion and production, and...

Baptista Research

US crude inventories continue to decline, while gasoline stocks see largest drop since March. US natural gas inventories up YoY, TotalEnergies' Q2...