Halliburton Co.

Revenue Performance & Forecasts: Halliburton achieved $22.9 billion in total revenue for 2024, with a 6% year-over-year growth in international markets, particularly driven by the Middle East/Asia. However, North American revenue declined by 8% year-over-year, driven by softer completion activity and lower rig counts. For 2025, international revenues are expected to be flat, with growth of low to mid-single digits excluding Mexico, which is forecasted to face significant reductions in activity due to uncertainties with Pemex.

Operating Income & Margins: The Q4 2024 operating income stood at $932 million, with an overall operating margin of 17%. For the Completion and Production (C&P) division, operating margins are forecasted to decline between 175 to 225 basis points in Q1 2025. The Drilling and Evaluation (D&E) division is expected to have flat margins compared to 2024, reflecting potential pressures due to pricing and activity levels.

Cash Flow & Returns to Shareholders: Halliburton generated $3.9 billion of cash from operations in 2024 and $2.6 billion of free cash flow, marking a 16% increase from 2023. The company is committed to returning at least $1.6 billion in cash to shareholders in 2025 through dividends and stock buybacks, representing a 60% return of free cash flow for 2024.