Halliburton faces profit drop in North America in the third quarter

In the third quarter, Halliburton reports a 20% drop in net profit, mainly impacted by a cyberattack and slowing demand in North America, its key market.

Share:

The oilfield services company Halliburton has released its third-quarter results, showing a significant decline in net profit. This 20% drop compared to the previous year is attributed to several factors that weighed on the company’s performance, particularly in North America, its main market.

Net profit for the quarter, ending in September, stands at $571 million, down from $714 million a year earlier. This result includes an exceptional charge due to a cyberattack that occurred in August, which had a considerable impact on the company’s performance. The attack forced Halliburton to incur expenses to enhance its cybersecurity and assess the damages, directly influencing its net income.

Slowing demand in North America

North America, Halliburton’s primary market, experienced a notable slowdown. Revenue in this region decreased by 8.4%, reaching $2.4 billion during the quarter. This decline is attributed to a drop in demand for pressure pumping services, a core segment of Halliburton’s U.S. business. The company observed a similar decrease in activity during the second quarter, which has continued to affect its revenue in this market.

Halliburton’s activity was also impacted by adverse weather conditions in the Gulf of Mexico. Two hurricanes, Francine and Helene, led to temporary interruptions in drilling operations, affecting revenue from this strategic region for the group.

Contrasting performance in international markets

In contrast, some international regions contributed positively to the company’s results. In the Middle East and Asia, Halliburton’s revenue increased by 8.6% to reach $1.5 billion. This growth is largely due to the expansion of new drilling facilities, particularly in Saudi Arabia and Kuwait, where activity was supported by local investments in energy infrastructure.

The Europe/Africa region saw stable revenue at $722 million, indicating no growth but also no decline in these markets for the quarter. In Latin America, results remained nearly unchanged, with revenue at $1.05 billion, illustrating a stable market without significant expansion.

Investor reaction and outlook

Despite these mixed results, investors reacted moderately. Before the New York Stock Exchange opened, Halliburton’s stock posted a slight gain of 0.33%, suggesting some confidence in the company’s ability to rebound in the upcoming quarters. However, the company faces the challenge of strengthening its resilience against cyberattacks and boosting demand in North America.

Halliburton continues its efforts to diversify its international activities and optimize its operations, a plan that may prove crucial amid current volatility in energy markets.

Offshore drilling company Borr Drilling Limited announced the completion of an initial tranche issuance of 30 million ordinary shares out of the planned 50 million, raising $61.5mn towards the total goal of $102.5mn.
EDF announces a new internal organization with key executive appointments to enhance decision-making efficiency and expedite the revival of nuclear and hydroelectric projects central to its industrial strategy.
Rubis announces half-year results of its liquidity agreement managed by Exane BNP Paribas, totalling 241,328 shares exchanged for an aggregate amount of €6.5mn in the first half of 2025.
Chinese oil giant CNOOC Limited appoints Zhang Chuanjiang as chairman, entrusting this experienced engineer to head the group's board of directors, strategic committee, and sustainability committee from July 8.
PTT Oil and Retail Business announces a 46% increase in net profit for the first quarter of 2025, driven by regional expansion in its energy and non-energy activities, alongside an integrated ESG strategy.
Shell revises downward its forecasts for the second quarter of 2025, anticipating notably a decline in Integrated Gas and Upstream segments, impacted by reduced volumes and lower profitability in several major activities.
The Luxembourg-based group will handle engineering, procurement, commissioning and installation of flexible pipelines and umbilicals to link a new field to Egypt’s existing offshore infrastructure, with offshore work scheduled for 2026.
British firm Octopus Energy is considering a £10 billion spin-off of Kraken Technologies, involving an upcoming minority stake sale, and has initiated preliminary discussions with banks to oversee the strategic operation within the next year.
Investment fund Ardian finalises its takeover of Akuo and appoints former Électricité de France executive Bruno Bensasson to steer the renewable-energy developer’s growth towards five gigawatts of installed capacity by 2030.
TotalEnergies acquires 50% of AES' renewable portfolio in the Dominican Republic following a previous purchase of 30% of similar assets in Puerto Rico, consolidating 1.5 GW of solar, wind, and battery storage capacities in the Caribbean.
Q ENERGY France secures a bank financing of €109 million arranged by BPCE Energeco to build four new energy production facilities, totalling 55 MW of wind and solar capacity by the end of 2024.
Shell announces amendment of two annual reports after notification by Ernst & Young of non-compliance with SEC auditor partner rotation rules; however, financial statements remain unchanged.
The Financial Superintendency of Colombia approves an amendment to Ecopetrol’s local bonds and commercial paper program, enabling issuance of sustainable, indexed, or in-kind repayable instruments.
ABO Energy is selling its subsidiary ABO Energy Hellas and an energy project portfolio of approximately 1.5 gigawatts to HELLENiQ ENERGY Holdings, thus refocusing its strategic resources towards other markets, notably Germany, without major financial impact anticipated for 2025.
Iberdrola announces a supplementary dividend of €0.409 per share for 2024 under the "Iberdrola Retribución Flexible" programme, bringing the total annual remuneration to €0.645 per share, representing a year-on-year increase of 15.6%.
BHP has signed contracts with COSCO Shipping to charter two ammonia-powered Newcastlemax bulk carriers, primarily for transporting iron ore between Western Australia and Northeast Asia starting from 2028.
CBAK Energy and Anker Innovations jointly launch a battery cell manufacturing facility in Malaysia, with a commercial potential estimated at $357 million, further strengthening their strategic partnership in the lithium-ion battery sector.
German energy group Badenova plans to invest $4.64 billion in its energy networks and capacity by 2050, including $232 million committed from 2025, according to the company's recently published annual financial results.
ORIX announces the sale of the majority of its stake in Greenko to AM Green Power and commits a new USD 731mn investment in the Luxembourg-based AMG holding, confirming its strategic repositioning in next-generation energy.
Invenergy seals four further contracts with Meta to supply nearly eight hundred megawatts of solar and wind power to the group’s data centres, lifting total cooperation between the two companies to one point eight gigawatts.