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rffrydr
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 Posted: Mon Jan 29, 2007 9:56 am Post subject: HAL |
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HAL target cut at Deutsche Bank. Talks about capx cuts
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HenryTo
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| Posted: Mon Jan 23, 2012 5:30 pm Post subject: |
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Morningstar on HAL's 4Q earnings.
| Quote: | | Halliburton's HAL fourth-quarter results were respectable. Revenue increased to $7.1 billion from $6.5 billion in the third quarter, and operating income improved to $1.4 billion from $1.3 billion over the same time frame. North American revenue was up 6% sequentially to $4.1 billion, while the region's operating margin declined to 27.2% from 29.3% in the third quarter. Halliburton indicated that the margin decline was due to merger and acquisition-related costs, seasonal factors, cost inflation, logistical challenges, and reduced productivity from crews relocating from dry gas to liquids-rich basins. Peers struggled with similar issues in 2011, but until this quarter, Halliburton appeared immune to the rest of the industry's challenges. The company now anticipate s these logistics, costs, and labor-related issues to carry over into 2012 results. Halliburton continues to be extremely confident that North American revenue will grow in excess of rig count growth in 2012 and the region's margins will not collapse. Furthermore, the company's Gulf of Mexico revenue is now above pre-Macondo levels, as deep-water drilling and permitting activity improves. Halliburton's international results were very good, helped by seasonal factors overseas. Year-end sales of software were beneficial, but the company also saw increased activity in Mexico and Iraq and additional subsea work in Brazil. The firm expects Eastern Hemisphere margins (Europe and the Middle East) to reach mid- to high double digits at the end of 2012, up from about 9% in the fourth quarter. Halliburton plans to direct more pressure pumping equipment overseas in 2012 to meet demand. We believe this overseas strength bodes well for the industry (including our Best Idea, Baker Hughes BHI) as it seeks to offset a slowing North American market. |
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HenryTo
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| Posted: Mon Oct 17, 2011 11:42 am Post subject: |
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Morningstar on HAL's 3Q earnings:
| Quote: | | Halliburton HAL delivered a good third quarter, based on the continued strength in North America, and set records for revenue and operating income. Overall, revenue was $6.5 billion and operating income was $1.3 billion versus $5.9 billion and $1.2 billion, respectively, in the prior quarter. North American margins are now 29.3%, only slightly higher than the second quarter's 28.9%, thanks to cost increases for materials, logistics, and labor, poor weather in the Marcellus, and water shortages in the Mid-Continent. Internationally, Latin America and Middle East/Asia were standout performers, and the company plans to have six rigs in Iraq by the end of the fourth quarter. Libyan work may start to make a positive contribution in early part of 2012. International pricing continues to be competitive, but as drilling activity ramps up, we believe the market will tighten in the near future. Halliburton reaffirmed our thesis for the general health of the North American market, pointing to several factors that distinguish today's market from 2008's market. These factors are the high levels of oil activity, where prices are supported by the long-term challenges in finding and extracting the commodity, an increased presence of large international and national oil companies in the region, and a healthy credit market, which lend more financial stability to a historically volatile region. |
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HenryTo
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| Posted: Mon Jul 18, 2011 2:49 pm Post subject: |
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Morningstar on HAL's 2Q earnings:
| Quote: | | Halliburton's HAL results were once again led by North America in the second quarter. North American revenue increased 16% sequentially to $3.4 billion and operating margins in the region reached 28.9%, a 440-basis-point increase from the prior quarter. Halliburton continues to benefit from the shift toward liquids-rich drilling and the adoption of its fully integrated solution. The company continues to express confidence that the North American market will be strong through 2012. Given Halliburton's continued pricing power and the apparently insatiable demand for liquids-rich drilling, we think this is a reasonable outcome. Internationally, Halliburton's results were decent and lend credence to our thesis of a continued margin recovery. Revenue increased 8% to $2.5 billion and operating margins increased to 9.8% from 6.9% in the prior quarter. Project delays in Iraq and the ongoing shutdown in Libya have slowed the pace of recovery for Halliburton. However, a seasonal recovery in the North Sea and Russia as well as improved activity in Latin America and Asia helped results. Longer term, we're intrigued by Halliburton's recent award of a three-year contract in Poland to provide integrated services for shale natural gas exploration. The use of the integrated model overseas bodes well for Halliburton's competitive advantages, as it appears to be successfully transitioning its North American leadership role to key early-stage international markets. A separate project with Realm Energy on the technical evaluation of several high-potential shale plays in Europe has led to Realm acquiring 650,000 gross acres and government applications for 4.4 million acres of shale resources. Therefore, we continue to view Halliburton's international prospects as bright, thanks to the potential for additional large project awards. |
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HenryTo
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| Posted: Mon Jul 19, 2010 10:12 am Post subject: |
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Morningstar comments on HAL's 2Q earnings:
| Quote: | | Halliburton HAL turned in strong second-quarter results, thanks to a red-hot North American market. Overall, revenue was up 17% from the first quarter to $4.4 billion, and operating income was up 70% to $762 million over the same time frame. In North America, revenue was up 24% from the first quarter to $2.1 billion, and operating income increased 90% to $441 million. Halliburton's North American operating margin, at 21%, is now close to the levels of late 2008. Remarkably, just a few quarters ago, Halliburton earned a 3% operating margin in North America. The company indicated that its equipment utilization in the region has surpassed 2008 levels, thanks to increased horsepower requirements, elevated levels of horizontal drilling, and higher levels of services intensity from the development of liquid-rich reservoirs. These results are above our expectations. However, Halliburton also noted that the weakness in the Gulf will cut its earnings per share in the second half of 2010 by about $0.10-$0.16. |
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rffrydr
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| Posted: Tue Apr 20, 2010 7:07 am Post subject: |
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These guys broke the last "decoupling" rally of the great rally and were the first bought on yesterday's break. Woe to all if Peak Oil is not sustainable.
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HenryTo
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Location: Los Angeles, California
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| Posted: Tue Apr 20, 2010 12:48 am Post subject: |
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Morningstar's analyst comments on HAL's earnings report:
| Quote: | | Halliburton's HAL first-quarter results met our expectations. Revenue increased 2% and operating income jumped 5% from the fourth quarter, thanks to an improving North American market. Strong activity in the unconventional shale plays has boosted equipment utilization and pricing. However, the positive environment may be short-lived. We believe some operators are considering slashing their natural gas drilling budgets in the second half of 2010 because of weak natural gas prices. Halliburton indicated that operator hedging positions, the need to drill to hold acreage, and a shift in focus to liquids-rich production could help stem any near-term decline in the rig count. Still, we think the services recovery may weaken heading into the second half of 2010, which could cause Halliburton's North American quarterly results to flatten or even decline. In contrast to North America, Halliburton's international results worsened last quarter, as revenue and profitability declined, thanks to contract resets. Halliburton signaled this would be the case early last year, so we are not surprised to see the weak results. In line with past downturns, it appears the international market downturn will be far shallower than that of the more volatile North American market, as Halliburton expects the international markets to continue to recover in the second half of 2010. We agree, as international oil and gas companies look likely to move forward on delayed oily projects, which will boost services activity. That being said, it will take time for the services industry to upsell advanced technology into the projects, so today's low margins may linger into 2011. |
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nodoodahs
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| Posted: Mon Jan 29, 2007 11:00 am Post subject: |
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Hmm. This would happen when I wasn't short HAL. Oh, bother.
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