Halliburton Company (NYSE: NYSE:HAL), one of the world's largest providers of products and services to the energy industry, disclosed on August 21, 2024, that it experienced a cybersecurity breach.
An unauthorized third party accessed the company's systems, prompting an immediate response to safeguard information and operations, the company disclosed in a filing on Wednesday.
Upon discovering the breach, Halliburton activated its cybersecurity response plan and initiated an investigation with the help of external advisors. The company took proactive measures, including taking certain systems offline and notifying law enforcement.
The company is actively communicating with customers and other stakeholders regarding the situation. Its focus has been on system restoration and determining the extent of the incident's materiality.
Halliburton reassured that it is maintaining its process-based safety standards for ongoing operations as outlined in the Halliburton Management System. Efforts are underway to ascertain any potential impact from the cybersecurity incident.
In other recent news, Halliburton reported second-quarter earnings per share (EPS) of $0.80, in line with consensus estimates, and a robust free cash flow of $793 million, which greatly exceeded expectations. However, its revenue of $5.83 billion fell short of projections, primarily due to lower than expected revenue in the North American market.
Halliburton also recently declared a quarterly dividend of $0.17 per share for the third quarter of 2024. This regular financial practice underscores the company's commitment to providing returns to its shareholders.
In terms of analyst outlooks, Stifel, TD Cowen, Susquehanna, Piper Sandler, and RBC Capital have all adjusted their views on Halliburton. Despite downward revisions, all firms maintained positive ratings on the company's shares, showing continued confidence in its potential.
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