Halliburton (HAL) reported mixed second-quarter results before the bell Wednesday as weaker-than-expected results in its completion and drilling segment were a drag. Total revenue rose 14% year over year to $5.8 billion, however, came up a bit short versus analyst expectations of $5.86 billion, according to Refinitiv. Earnings per share (EPS) of 77 cents (excluding a non-operating loss on transactions in Argentina), exceeded the adjusted Refinitiv estimate of 75 cents. Bottom line Revenue at the oilfield services giant missed the mark, but strong execution in both operating divisions allowed profit margins and earnings to exceed expectations. Cash flow performance — which was well above expectations in the quarter — is arguably the most important watch item for those investing in the energy complex, given the industry’s pivot to focus on shareholder returns over production growth at all costs. On the call, management reiterated that growing free cash flow is a top priority, and they expect over 50% of it to be “returned to shareholders this year.” That’s consistent with the new framework outlined back in January. The more cash Halliburton can generate, the more we as investors stand to get back in the form of buybacks and dividends, which is why were are much more pleased with the free cash flow result than we are disappointed with the revenue performance. Speaking of cash returns, the company repurchased $248 million worth of shares during the quarter while returning another $144 million to shareholders via dividends. Looking ahead, management did shave its customer spending growth outlook in North America, but they said they continue to see a strong appetite for oil, citing “demand growth of 2 million barrels per day in the first half of the year compared to the same period last year.” The team also guided for full-year free cash flow generation to be above what analysts were looking for — a material positive for the stock in the back half of the year. This, in our view, outweighs the more conservative North American spending guidance. However, Halliburton shares dropped 3% on Wednesday after a strong run over the past month that we trimmed into on Friday for a small gain. HAL YTD mountain Halliburton YTD performance Management expects exploration and production spending to grow this year and into the future, noting discussions with customers that have plans that extend “into the next decade.” While maintaining our 2 rating , we’re nudging up our price target to $42 per share from $40), reflecting about 18 times 2024 free cash flow per share estimates or about 11.5 times 2024 earnings estimates. Both multiples are about in line with what we have seen over the past three years out of HAL and, in our view, are justified by the resiliency in energy commodity prices and the need for additional production to meet global demand behind multiyear upcycle management is forecasting. Guidance Management maintains a positive outlook on the global market, but they did slightly reduce their outlook for customer spending growth in North America to “around 10%” from their prior expectation for growth in the teens on a percentage basis. The expectation incorporates a view that the second half will be weaker than the first but profit margins are expected to “remain strong for the balance of the year.” Internationally, the team expects customer spending to grow in the high teens with “quality services and equipment to remain tight and pricing to continue to improve.” They added, “Halliburton’s strategy is to deliver profitable international growth.” From an operating segment perspective, the team said they’re “looking through any quarterly fluctuations and seasonality,” and fully expect drilling and evaluation margins to “continue to expand over time” Haliburton expects full-year cash flow growth of 30% to 40% over last year’s level. With 2022 free cash flow coming in at $1.43 million, this forecast amounts to about $1.93 million at the midpoint, above Wall Street’s $1.84 million expectation. On a segment-by-segment basis, management expects completion and production revenue to be flat sequentially, in line with expectations, and for drilling and evaluation revenue to increase “low single digits” sequentially, also about in line with expectations. Companywide Q2 results Here are a few highlights: Second quarter operating margin of 17.44% came in above estimates and 329 basis points above year-ago numbers. Management attributed the strong operating margin performance (a subset of the overall margin line-item) primarily to “strong international activity across both divisions, along with improved pricing” In completion and production, Q2 sales rose more than 19% year-over-year to $3.48 billion. Though, that was below estimates (as seen in the product segment column of the earnings table). Management attributed strong operating margin performance in the segment (which allowed operating income for the segment to exceed expectations despite the sales miss) “to increased activity from multiple product lines in international markets and higher artificial lift activity in North America.” In drilling and evaluation, quarterly sales rose more than 7% to $2.32 billion and beat estimates. The team called out “higher drilling activity and increased fluid services in key regions, including the Middle East and Latin America, partially offset by seasonal roll off of software sales across multiple regions.” Our other two energy stocks, Coterra Energy (CTRA) and Pioneer Natural Resources (PXD), report their quarterly results next month. (Jim Cramer’s Charitable Trust is long HAL, CTRA, PXD. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Signage is displayed outside a Halliburton Co. location in Port Fourchon, Louisiana, U.S.
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Halliburton (HAL) reported mixed second-quarter results before the bell Wednesday as weaker-than-expected results in its completion and drilling segment were a drag.
Based on the excellent Hyundai IONIQ 5 N platform, Vanwall gives its Vandervell H-GT a high-performance aesthetic makeover inspired by the classic Lancia Delta HF Integrale. But what makes this body kit a genuine “high-performance” upgrade isn’t the way it makes the car look: it’s the 500 lb. weight savings!
Developed by Austrian racing team ByKOLLES Racing and invoking the name of a 1950s Formula 1 team, the Vandervell H-GT is essentially a new Hyundai IONIQ 5 N in aggressive, Lancia Delta-inspired carbon-fiber bodywork that the company claims gives the car an, “unprecedented weight optimization in this vehicle category.”
The H-GT’s new “thin wall” carbon fiber body slashes the car’s weight by over 230 kg (507 lbs.), which means ByKOLLES’ new Vandervell can do anything that Hyundai’s “special” IONIQ 5 N hot hatch can do. Only faster.
The car was first announced in 2023 (along with the renderings shown, below), when ByKOLLES was competing in the World Endurance Championship (WEC) with what used to be called an LMP car – but they keep changing the names of these things so it could be a Daytona Prototype, Hypercar, or even a 24 Hour LeMans Wonkavator by now.
The important part, however, is that a few of these cars have now broken cover, with ex-Formula 1 supremo, Bernie Ecclestone, having been seen trying the new-age Lancia on for size.
The Vanwall Vandervell website still shows the same €128,000 ($145,405, as I type this) price tag and specs it did in 2023, which either means they haven’t updated it in a while, were really, really good at pricing the thing in the first place, or both.
That’s presumably on top of the IONIQ N’s already hefty $66,100 price tag.
I had the chance to drive the new 2025 RS Audi GT e-tron for a few hours in the Nevada desert and for a few minutes on a race track.
Here are my thoughts.
Audi has stepped up its EV game in a big way with its new electric vehicles based on the PPE platform. Over the last year, I drove both the Q6, an electric SUV based on the PPE, and the A6, an electric sedan based on the same platform, and I came out extremely impressed.
I think those vehicles are going to take Audi to the next level when it comes to EVs.
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But they are not the EVs pushing Audi’s limits; that’s still its flagship Audi GT e-tron, now with a top-performance RS version launched with the 2025 model-year refresh.
The new GT e-tron, which is built on the same platform as the Porsche Taycan, is more than a model year refresh; it’s a mid-cycle update, but not a normal one. While mid-cycle updates often focus on design changes and adding a few features, the 2025 GT e-tron looks very similar to the previous version, but it’s significantly different under the hood.
The design has been slightly updated with a honeycomb grill, a few new wheel designs, and a very cool new motorsport-inspired rear reflector.
I think that the rear diffuser with vertical reflector looks sick on the RS GT:
It still looks like the same sporty vehicle, but more refined, especially the RS version.
Speaking of the RS version, it’s now the most powerful Audi ever with almost 1,000 horsepower (912hp). That’s thanks to new motors with increased copper density, resulting in more power and lower weight:
An added bonus is that they can also regen at a higher rate of 400kW, which quite impressive. I prefer the regen modes in the Q6/A6, but the 400kW capacity has some incredible stopping power. That’s 0.45G at max deceleration.
It’s useful when you launch the RS GT e-tron from 0 to 60 mph in 2.4 seconds with launch control is engaged. I did a few quick acceleration and fast launches in the desert and on a small racetrack outside of Las Vegas and you need to make sure your head is firmly on the headrest.
Audi also has a “push-to-pass” power boost button on the steering wheel that unleashes an extra 94 hp (70 kW) for 10 seconds. The German automaker emphasized that this is repeatable. I didn’t test that, but I can say that I tested the RS GT e-tron on the racetrack after a dozen people did with the same car, and I was impressed by the capacity at about 50% state-of-charge.
Now, if you look closely at this launch, you might have noticed how the front end of the vehicle adjusted itself down after shooting up from the launch.
That’s thanks to the new advanced adaptive air suspension with with damper control.
It’s extremely fast and impressive. I am pretty sure they could make the car jump and down with the suspension if they wanted to, but they don’t.
The suspension is so advanced you don’t need an anti-roll bar. It adjust so fast that it is able to keep the vehicle solid and balance even in high speed corners. It felt effortless driving somewhat aggressively on the desert roads outside of Las Vegas, but Audi enabled a very cool test on the track.
They had me do a lap without the active suspension’s cornering compensation activated and then I did the same lap with it enabled. It was night and day. In fact, it felt like cheating. I’m no track driver, but the second lap felt incredibly easy, almost as if the car was on rails.
Here are the different suspension profiles:
The new 2025 GT e-tron also has 12% more battery capacity resulting in up to 51 more miles of range depending on the configurations and wheel choices. It results in 278 miles of range mac for the RS and 300 miles of range for the S.
As usual, one of the most impressive things about Audi’s EVs is the fast-charging capacity, and the new 2025 GT improves on that thanks to the updated battery pack:
That results in 10 to 80% charging in about 18 minutes.
All that performance doesn’t come cheap. The S e-tron GT starts at $125,500, and the RS e-tron GT Performance starts at $167,000. The version that I tested with closer to $180,000 with options.
Electrek’s Take
This was actually my first time driving an Audi GT e-tron so I can’t compare it to the previous version, but I came out impressed.
With Audi, I love their quiet, comfortable luxury with the A6 and Q6. This is not that. It’s a performance vehicle, but it’s still a 4-door, 4-seater, with decent space in the back, so Audi clearly also focused on comfort, and you can feel it.
I can see this being a great daily driver even though the cabin wasn’t as quiet as the previously mentioned vehicles and you could feel more vibration.
The Audi GT e-tron really shines when you start driving more aggressively. Like I previously said, the active suspension’s cornering suspension is truly impressive and makes things easier.
Though I’d note that, unlike the active suspension in the latest Taycan, the one in the Audi GT does allow a bit of roll to give you some road feedback. I appreciated that.
I also appreciated the vehicle’s steering. Again, I can’t compare it to previous versions, but the ratio was reportedly reduced and it did feel short and precise.
The lower weight and higher battery capacity are also appreciated as it can be hard for people to buy an electric vehicle at $100,000+ with fewer than 250 miles of range, which was the case before this 2025 update.
Now, to be fair, Audi put me in a fully loaded RS GT e-tron Performance that cost closer to $200,000. It was incredible, but I don’t know how the car performs with the base S GT e-tron. I’m sure you can have fun with it too and you get more range.
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A Unifor union rep at the Ontario production facility where GM builds the all electric Chevy BrightDrop van is temporarily halting production of the commercial EV due to slow sales – but with massive discounts, Costco member programs, and state and utility incentives driving costs well below its diesel competitors, it might still be the best EV deal you can get.
To that end, GM says it’s making, “operational and employment adjustments to balance inventory and align production schedules with current demand,” at the CAMI Assembly plant in Ontario, Canada, where it makes BrightDrop vans. The layoffs will begin on April 14, according to the union, when production will temporarily cease until October 2025.
During the downtime, GM says it plans to retool the plant to prepare for production of the (presumably updated) 2026 model year BrightDrop vans.
GM reported sales of just 274 BrightDrop vans in the first quarter of 2025. That’s up about 7% from the 256 sold in Q1 of 2024 – but still really. Definitely. Not. A lot.
When production resumes in October, the plant will operate on a single shift, which will result in reduced manufacturing rate for GM’s commercial vans and the indefinite layoff of nearly 500 union factory workers, according to Unifor.
Electrek’s Take
A BrightDrop van under construction at CAMI Ontario; via GM.
ComEd is offering up to $30,000 in rebates (per vehicle) if you snap up the Class 3/11,000 GVWR version … meaning Chicago area fleets can electrify their delivery operations for much, much less than they probably think.