The company said total revenue for Q2 2024 was $5.8 billion, flat compared with Q2 2023, and operating income was $1.0 billion, an increase of 2% from Q2 2023.

1. 01

   The company said total revenue for Q2 2024 was $5.8 billion, flat compared with Q2 2023, and operating income was $1.0 billion, an increase of 2% from Q2 2023.

2. 02

   The company said that in Q2 2024, Completion and Production revenue fell 2% while Drilling and Evaluation revenue rose 5%. North America revenue decreased 8% and international revenue increased 8%, all compared with Q2 2023.

3. 03

   In the first six months of 2024, the company generated operating cash flow of $1.6 billion. It said working capital, which consists of receivables, inventories and accounts payable, had a negative impact of $365 million. It also repurchased 13.9 million shares for $500 million.

4. 04

   The company said that in September 2023 2016, it received a NOPA from the IRS proposing to reclassify about 95% of the $3.5 billion termination fee paid to Baker Hughes as a capital loss. It estimated that if the IRS position prevails, cash taxes due could be about $650 million, plus interest.

Key figures

Quarter ended June 30, 2024

Revenue

$5.8B

Operating income

$1.0B

Net income

$709M

EPS

$800000.00

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.