Halliburton’s QQ3 2024 results show a modest revenue decline against a backdrop of margin resilience and positive cash generation. Reported revenue of $5.697 billion declined 1.8% year over year and 2.3% quarter over quarter, reflecting softer activity levels in a seasonally weaker quarter. Despite the top-line pressure, Halliburton delivered a solid operating margin around 15.3% and an EBITDA margin near 19.6%, underscoring ongoing cost discipline and a favorable mix of services that helped sustain profitability. Net income was $571 million, with earnings per share of $0.65, representing a meaningful YoY and QoQ deterioration that aligns with the revenue trajectory, yet cash flow remained robust with operating cash flow of $841 million and free cash flow of $502 million. The company continued substantial capital allocation through share repurchases ($196 million) and dividends ($150 million), while maintaining a strong balance sheet with total assets of approximately $25.33 billion and total debt of about $8.70 billion. The balance sheet shows a healthy current position (current ratio ~2.21, quick ratio ~1.62) and meaningful liquidity, but leverage remains elevated (long-term debt to capitalization ~0.426; debt to capitalization ~0.458). Overall, the QQ3 print signals a durable earnings framework underpinned by resilient margins and constructive cash generation, even as revenue faces cyclicality tied to the oilfield services cycle and macro demand dynamics.