Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Halliburton will report Q3 earnings on 07/Nov, with revenue projected to remain flat QoQ and EPS to decline 6.3%, reflecting reduced upstream spending amid weak oil prices.</li>
<li>Halliburton's OI PCR at 1.07 signals bearish sentiment, with a 100% IV percentile indicating high volatility. However, its volume PCR at 0.21 indicates a bullish sentiment.</li>
<li>Halliburton's short interest declined in October, reaching 23.27 million shares (3.53% of float) on 15/Oct, a decrease of 11.7% from 30/Sep and 34% from 15/Jul.</li>
</ul>


Halliburton will report Q3 earnings on 07/Nov, with revenue projected to remain flat QoQ and EPS to decline 6.3%, reflecting reduced upstream spending amid weak oil prices.
Halliburton's OI PCR at 1.07 signals bearish sentiment, with a 100% IV percentile indicating high volatility. However, its volume PCR at 0.21 indicates a bullish sentiment.
Halliburton's short interest declined in October, reaching 23.27 million shares (3.53% of float) on 15/Oct, a decrease of 11.7% from 30/Sep and 34% from 15/Jul.


[Pre Earnings Options Flash] Halliburton’s OI PCR Reflects Bearish Sentiment Amid Elevated IV

<ul>
<li>Halliburton’s revenue is expected to rise 0.5% YoY, but EPS is estimated to fall 2.6% due to oversupply concerns and weak oil demand reducing upstream activity.</li>
<li>Halliburton expects a 1%-3% sequential revenue decline and a 75-125 bps margin reduction in its Completion &amp; Production division in Q3 2024.</li>
<li>Halliburton aims to expand its international footprint to offset stagnating US onshore production activity. International markets currently account for 58% of revenue versus 42% from North America.</li>
</ul>


Halliburton’s revenue is expected to rise 0.5% YoY, but EPS is estimated to fall 2.6% due to oversupply concerns and weak oil demand reducing upstream activity.
Halliburton expects a 1%-3% sequential revenue decline and a 75-125 bps margin reduction in its Completion &amp; Production division in Q3 2024.
Halliburton aims to expand its international footprint to offset stagnating US onshore production activity. International markets currently account for 58% of revenue versus 42% from North America.


[Earnings Preview] Halliburton's Q3 Profitability Expected to Fall Amid Slowing Upstream Activity

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Halliburton Company reported a total revenue of $5.8 billion for the second quarter, maintaining flat sequential growth.</li><li>The company’s operating margin stood at 18%, representing a sequential increase of 69 basis points.</li><li>International revenue reached $3.4 billion, marking an 8% year-over-year growth, primarily driven by a strong performance in Latin America, which saw a 10% increase.</li></ul>

Halliburton Company reported a total revenue of $5.8 billion for the second quarter, maintaining flat sequential growth.The company’s operating margin stood at 18%, representing a sequential increase of 69 basis points.International revenue reached $3.4 billion, marking an 8% year-over-year growth, primarily driven by a strong performance in Latin America, which saw a 10% increase.

Halliburton Company: Is Its International Market Growth Enough To Warrant A 'Buy' Rating? - Major Drivers

<ul>
<li>Halliburton’s Q2 revenue rises by 0.6% YoY, held back by an 8% YoY decline in revenue from North America. It missed its revenue estimates by 1.9%.</li>
<li>Strong performance from the international operations more than offset the slowdown in North America. Revenue from international markets rose 8% YoY.</li>
<li>For 2024, Halliburton forecasts a 10% YoY increase in international revenue, while North American revenue is expected to decline by 6-8% YoY.</li>
</ul>


Halliburton’s Q2 revenue rises by 0.6% YoY, held back by an 8% YoY decline in revenue from North America. It missed its revenue estimates by 1.9%.
Strong performance from the international operations more than offset the slowdown in North America. Revenue from international markets rose 8% YoY.
For 2024, Halliburton forecasts a 10% YoY increase in international revenue, while North American revenue is expected to decline by 6-8% YoY.


[Earnings Review] Halliburton Dips as North America Slowdown Hits Q2 Revenue

<ul>
<li>Halliburton forecasts low double-digit revenue growth from its international business and flat revenue growth from North America in 2024.</li>
<li>Management expects sequential margin growth of 25-75 bps in its Drilling &amp; Evaluation and Completion &amp; Production segments in Q2 2024.</li>
<li>Halliburton expects its FCF to rise 10% YoY in 2024. The company returned nearly 60% of its FCF to shareholders in 2023.</li>
</ul>


Halliburton forecasts low double-digit revenue growth from its international business and flat revenue growth from North America in 2024.
Management expects sequential margin growth of 25-75 bps in its Drilling &amp; Evaluation and Completion &amp; Production segments in Q2 2024.
Halliburton expects its FCF to rise 10% YoY in 2024. The company returned nearly 60% of its FCF to shareholders in 2023.


[Earnings Preview] Halliburton: Leans on International Operations Amid North American Weakness

United States

Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry.  The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

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Halliburton Co (HAL US)

[Pre Earnings Options Flash] Halliburton’s OI PCR Reflects Bearish Sentiment Amid Elevated IV

Halliburton’s Q3 revenue is projected flat, with EPS set to drop 2.6% YoY and 6.3% QoQ due to reduced upstream spending. OI PCR suggests bearish...

Mint Finance

[Earnings Preview] Halliburton's Q3 Profitability Expected to Fall Amid Slowing Upstream Activity

Halliburton’s revenue is estimated to remain flat sequentially and rise 0.5% YoY. However, profitability is projected to fall QoQ and YoY. Slowdown...

Mint Finance

Halliburton Company: Is Its International Market Growth Enough To Warrant A 'Buy' Rating? - Major Drivers

Halliburton Company reported a total revenue of $5.8 billion for the second quarter, maintaining flat sequential growth. The company’s operating...

Baptista Research

[Earnings Review] Halliburton Dips as North America Slowdown Hits Q2 Revenue

Halliburton met Q2 EPS estimates but missed revenue targets. International revenue grew 8% YoY, led by Latin America. Management anticipates the...

Mint Finance

[Earnings Preview] Halliburton: Leans on International Operations Amid North American Weakness

Halliburton expects margin expansion from its international operations in 2024 and across its business divisions in Q2 2024. The firm expects its...

Mint Finance

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