Halliburton Company (NYSE:HAL) Q3 2024 Results Conference Call November 7, 2024 9:00 AM ET

Company Participants

David Coleman - Senior Director, IR
Jeff Miller - Chairman, President, and CEO
Eric Carre - EVP and CFO

Conference Call Participants

Dave Anderson - Barclays
Arun Jayaram - JPMorgan Securities
James West - Evercore ISI
Roger Read - Wells Fargo Securities
Neil Mehta - Goldman Sachs
Saurabh Pant - Bank of America
Kurt Hallead - Benchmark

Operator

Good day, and welcome to the Third Quarter 2024 Halliburton Company Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I will pass the call over to the Senior Director of Investor Relations, David Coleman. Please go ahead.

David Coleman

Hello, and thank you for joining the Halliburton third quarter 2024 conference call. We will make a recording of today's webcast available for seven days on Halliburton's website after this call.

Joining me today are Jeff Miller, Chairman, President and CEO; and Eric Carre, Executive Vice President and CFO.

Some of today's comments may include forward-looking statements reflecting Halliburton's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2023, Form 10-Q for the quarter ended June 30, 2024, recent current reports on Form 8-K and other Securities and Exchange Commission filings.

We undertake no obligation to revise or update publicly any forward-looking statements for any reason. Our comments today also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures are included in our third quarter earnings release and in the quarterly results and presentation section of our website.

Now, I'll turn the call over to Jeff.

Jeff Miller

Thank you, David, and good morning, everyone. I'll begin today's discussion with our highlights from the third quarter. We delivered total company revenue of $5.7 billion and adjusted operating margin of 17%. International revenue was $3.3 billion and grew by 4% year-over-year, led by Middle East Asia, which delivered an increase of 9%. North America revenue was $2.4 billion, a decrease of 9% year-over-year.

Finally, during the third quarter, we generated $841 million of cash flow from operations, $543 million of free cash flow and repurchased approximately $200 million of our common stock. The August cybersecurity event has not had a material effect on our financial condition or operating results. However, that event, together with the effect of storms in the Gulf of Mexico, did reduce our adjusted earnings for the quarter by roughly $0.02 per share due to lost or delayed revenue.