Schlumberger and Halliburton’s Revenue Trends



Revenue growth

In the first half of 2018, Halliburton’s (HAL) revenues grew 29% YoY (year-over-year)—compared to Schlumberger’s (SLB) 12% revenue growth during the same period. In comparison, TechnipFMC’s (FTI) revenues fell 16% YoY in the first half of 2018. Baker Hughes’ (BHGE) revenues increased 79% YoY due to the merger of General Electric’s (GE) oil and gas business and Baker Hughes—completed in July 2017. In the first half of 2018, Baker Hughes’ revenues grew 2% YoY on a combined business basis.

So, Halliburton’s revenues grew the most among the four peers in the first half of 2018. The above graph shows the quarterly revenues of the four companies over ten quarters. As the graph shows, Halliburton and Schlumberger’s revenues showed an upward trend during this period.

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The fall in TechnipFMC’s revenues was driven by its Subsea and Onshore/Offshore segments. TechnipFMC’s Subsea segment’s revenues fell as its projects in Asia-Pacific, Africa, and North America proceeded towards completion. The segment’s revenues have been impacted negatively by declines in orders due to the market downturn.

Similarly, TechnipFMC’s Onshore/Offshore segment’s revenues fell as it moved closer to completing major projects including Yamal LNG in Russia. TechnipFMC’s order backlog increased sequentially to $14.9 billion in the second quarter.

Next, we’ll discuss the four companies’ earnings trends.


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