Halliburton forecasts 10% international revenue growth

Oilfield service provider Halliburton expects international revenue to grow 10% this year, according to CEO Jeff Miller.

International revenue for the Houston-based company in the first half of 2024 rose by nearly the same percentage year-on-year, reaching US$6.61 billion, with US$2.92bn from Middle East/Asia (+6%), US$2.21bn from Latin America (+15.6%) and US$1.49bn from Europe/Africa/CIS (+9%).

The executive made the comment during Halliburton's second quarter earnings call, where he highlighted three product lines that are driving international growth.

Miller pointed to Halliburton’s software business, such as AI and machine learning; artificial lift, which he said is growing at double the rate of all international business; and drilling services.

First half revenue for the company from North America slid 8% to US$5.03bn.

Regarding Latin America, the CEO said he is “excited” about the possibilities in the region, such as unconventionals in Argentina.

In 2Q24, Halliburton reported improved activity across multiple product service lines in Argentina and the Caribbean, higher pressure pumping services in Mexico, and increased drilling-related services in Brazil.

This activity was offset by lower drilling-related services, decreased project management activity, decreased software sales in Mexico and lower completion tool sales in the Caribbean.