Halliburton Company reported total revenue of $22.9 billion for the fiscal year ended December 31, 2024, a slight decrease from $23.0 billion in 2023. The company's operating income also fell to $3.8 billion, down from $4.1 billion the previous year. The decline in revenue was primarily attributed to an 8% decrease in North America revenue, which was impacted by lower pressure pumping services and reduced wireline activity. In contrast, international revenue increased by 6%, driven by growth in the Middle East and Asia, despite a flat international rig count.
The company's Completion and Production segment generated $13.3 billion in revenue, a 3% decrease from the prior year, while the Drilling and Evaluation segment saw a 4% increase, reaching $9.7 billion. Operating margins for the Completion and Production segment were reported at 20%, while the Drilling and Evaluation segment achieved 16% margins. Halliburton's total cash flows from operations were strong, amounting to $3.9 billion, and the company returned $1.6 billion to shareholders through dividends and share repurchases.
In terms of strategic developments, Halliburton continued to focus on digital transformation, incorporating next-generation digital and automation technologies to enhance operational efficiency. The company also advanced its capital efficiency initiatives, maintaining capital expenditures at 6% of revenue, aligning with its target range. Additionally, Halliburton expanded its early-stage company accelerator, Halliburton Labs, to include 38 participant and alumni organizations, emphasizing its commitment to sustainability and energy transition.
As of December 31, 2024, Halliburton employed over 48,000 individuals across more than 70 countries, with a diverse workforce representing 145 nationalities. The company reported a relatively low voluntary turnover rate of 8% in 2024, despite a competitive labor market. Looking ahead, Halliburton anticipates a modest decrease in North America revenue for 2025, while expecting flat international revenues, with growth in most markets offset by reduced activity in Mexico. The company remains committed to returning over 50% of annual free cash flow to shareholders through dividends and share repurchases, while continuing to invest in key strategic technologies and business areas.
About HALLIBURTON CO
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