Halliburton edges higher after Q4 profit topper, dividend hike
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Halliburton (NYSE:HAL) +0.8% pre-market Tuesday after beating Q4 adjusted earnings expectations and raising its quarterly dividend by a third to $0.16/share from $0.12/share.
Q4 GAAP net income fell to $656M, or $0.72/share, from $824M, or $0.92/share, for Q3, while total revenues rose 30% Y/Y to $5.58B.
Q4 revenues in the completion and production segment jumped 35% Y/Y to $3.18B, while the drilling and evaluation segment gained 25% to $2.4B; by geographic region, North America revenue surged 46% Y/Y to $2.61B, and Middle East/Asia increased 25% to $1.37B.
"Halliburton's (HAL) execution in 2022 demonstrated the earnings power of our strategy, and I expect this earnings power to strengthen in 2023 and beyond,"Chairman, President and CEO Jeff Miller.
The company's results wrapped up a mixed quarter for the top oilfield service providers, as Schlumberger (SLB) beat Wall Street expectations for Q4 profit, while Baker Hughes (BKR) missed both quarterly profit and revenue estimates.
Halliburton (HAL) shares are up more than 7% YTD and have gained 42% during the past year.