Halliburton doubles Q4 profit and revises dividend in strong results

Oilfield services major Halliburton announced strong fourth quarter results on Monday, posting a quarterly profit of US $824 million and returning more cash to shareholders in the form of a revised first quarter dividend of  US 0.12 cents per share instead of US 0.045 cents it pledged earlier.

The adjusted net income for the Houston-based company stood at US $320 million, or 36 cents per share, as against US $160 million, or 18 cents per share during the same period last year, Halliburton said in its report. It posted a revenue of US $4.28 billion for the quarter – exceeding Wall Street forecasts of US $4.08 billion.

Cash flow from operating activities stood at US $682 million with a free cash flow of US $478 million for the quarter, the company said.

For the year, Halliburton reported net income of US$1.46 billion, or US $1.63 per share, roaring back to profit in the period, while annual revenue was reported as  US $15.3 billion.

“Today's announcements of the dividend increase and debt retirement demonstrate my confidence in our business, customers, employees, and value proposition,” Jeff Miller, Chairman, President and CEO of Halliburton, said in a statement.

“I am excited about the accelerating multi-year up cycle. I expect the macro industry environment to remain supportive and the international and North America markets to continue their simultaneous growth,” he added.

With US crude prices rising by an average of 50 percent last year and currently hovering around US $85 a barrel, the company focused on margins and execution in the final quarter of 2021 – much like its industry peers Schlumberger and Baker Hughes.

Both of Halliburton’s operating divisions experienced revenue growth in the international and North America markets, the company said.