Shares in Halliburton (HAL) rallied after beating on revenue and earnings per share (EPS) for the third quarter, and announcing a deal for data center power infrastructure.
Oilfield services giant Halliburton reported revenue of $5.6 billion in the third quarter, beating consensus estimates of $5.4 billion, and adjusted earnings per share of $0.58 per share, beating estimates of $0.49.
“I am pleased with Halliburton’s third quarter performance,” CEO Jeff Miller commented. “We are committed to returning cash to shareholders, maintaining cost and capital discipline, and investing in differentiated technologies that drive long-term performance.”
On Monday night, shortly before Tuesday’s earnings report, Halliburton and energy technology developer VoltaGrid announced a partnership that will see Halliburton supply power generation equipment for VoltaGrid’s data center customers.
The collaboration is expected to see an initial roll-out in the Middle East.
“The demand for power and for AI is like nothing I’ve ever seen in terms of demand growth and that we’ve watched that, and we also know that not only in the U.S. but around the world, the rest of the world is a really big opportunity set for the same level of growth,” Miller said.
“From a Halliburton perspective, we’ve got boots on the ground in 70 countries. We’ve got excellent execution skills, a proven manufacturing, and we also have global scale, industrial global scale, which I think is critical.”