Halliburton Company reported a total revenue of $5.4 billion for the first quarter of 2025, reflecting a 7% decrease from $5.8 billion in the same period of 2024. The decline was primarily attributed to reduced activity in both its Completion and Production segment, which generated $3.1 billion (down 8%), and its Drilling and Evaluation segment, which brought in $2.3 billion (down 6%). The company's operating income also fell significantly, dropping to $431 million from $987 million year-over-year, largely due to $356 million in impairments and other charges recorded during the quarter.
The financial performance was impacted by several operational challenges. Halliburton experienced decreased pressure pumping services and lower completion tool sales in North America, which contributed to a 12% revenue decline in that region. Internationally, revenue decreased by 2%, driven by lower activity in Mexico and other regions, although there were some offsets from increased services in Kuwait and Saudi Arabia. The company reported a net income of $203 million, down from $609 million in the prior year, resulting in a basic net income per share of $0.24 compared to $0.68.
Strategically, Halliburton has been rationalizing its workforce, leading to $107 million in severance costs as part of its efforts to align its operations with market conditions. The company also recorded impairments related to assets held for sale and facility closures, totaling $356 million. Despite these challenges, Halliburton continues to invest in technology and operational efficiency, including a $30 million expense related to its ongoing migration to the SAP S4 system, which is expected to enhance operational visibility and analytics.
As of March 31, 2025, Halliburton had approximately 48,000 employees and maintained a cash balance of $1.8 billion, down from $2.6 billion at the end of 2024. The company repurchased 9.6 million shares for $250 million during the quarter and paid $147 million in dividends. Looking ahead, Halliburton anticipates that the current macroeconomic environment, including fluctuating oil prices and geopolitical tensions, will continue to impact its operations. The company remains focused on returning at least 50% of its annual free cash flow to shareholders while navigating the challenges posed by the evolving energy market.
About HALLIBURTON CO
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