Overview

• Oilfield services provider's Q2 revenue rose and beat analyst expectations

• Adjusted EPS for Q2 beat analyst expectations

• Company repurchased about $200 mln of its shares in Q2

Outlook

• Halliburton expects revenue growth and margin expansion driven by technology and value proposition

• Halliburton anticipates incremental improvements in North America through the year

Result Drivers

• STIMULATION AND WELL CONSTRUCTION ACTIVITY - Higher stimulation and well construction activity in North America, especially US Land, drove revenue growth

• INTERNATIONAL GROWTH - Improved activity in Europe/Africa, including well construction and completion tool sales, contributed to international revenue gains

• CHEMICAL BUSINESS SALE AND GEOPOLITICAL IMPACTS - Lower specialty chemicals activity in North America due to the sale of part of the chemical business and reduced activity in Middle East/Asia from geopolitical conflict partially offset gains

Company press release: ID:nBw9YBqTQa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Beat	$5.70 bln	$5.49 bln (20 Analysts)
Q2 Adjusted EPS	Beat	$0.55	$0.54 (22 Analysts)
Q2 EPS		$0.64
Q2 Adjusted Net Income	Beat	$461 mln	$450.63 mln (15 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 5 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the oil related services and equipment peer group is "buy"

• Wall Street's median 12-month price target for Halliburton Co is $44.50, about 26.7% above its July 20 closing price of $35.11

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 17 three months ago

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