Halliburton (NYSE:HAL) and Baker Hughes (NASDAQ:BKR) reported second quarter earnings today.
Halliburton reported an adjusted EPS of $0.77, ahead of the consensus of $0.75. While revenue increased 14% year-over-year to $5.8 billion, it missed analyst targets for $5.85B. Both business segments – Completion & Production and Drilling & Evaluation – underperformed relative to analyst expectations.
Shares in the oil business are down 2.2% after the Q2 earnings report.
"Halliburton’s strong performance in the second quarter demonstrates the earnings power of our business. Total company revenue increased 14% and operating income grew 41% compared to second quarter of 2022 adjusted operating income5. Both of our divisions delivered strong margin performance across all regions,” commented Jeff Miller, Chairman, President and CEO.
On the other hand, Baker Hughes reported EPS and revenue of $0.39 and $6.3B, respectively, beating the analyst consensus for earnings of $0.33 on revenue of $6.27B.
"We were pleased with our second quarter results and remain optimistic on the outlook for 2023,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.
"Growing economic uncertainty continues to drive commodity price volatility globally. However, despite lower oil prices over the first half of the year, we maintain a constructive outlook for global upstream spending in 2023. Market softness in North America is expected to be more than offset by strength in international and offshore markets."
Orders surged 28% year-over-year to $7.47B.
Shares fell 2.7% after the Q2 EPS print.