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The double blow to Halliburton has had a big impact on the company's finances.
In August, Halliburton was the victim of a cyberattack that, combined with severe storms in the Gulf of Mexico, affected the company's revenues. According to CEO Jeff Miller, due to the incident, the company's profit decreased by $0.2 per share. In the third quarter, Halliburton suffered a loss of $35 million due to the attack.
The incident affected the company's free cash flow, as invoicing and receiving payments were delayed. Halliburton even suspended its share buyback program to deal with the aftermath of the attack. However, the company did not change its forecasts for cash flows and payments to shareholders. Halliburton is one of the largest oilfield services companies in the world, and its financial position remains stable.
Halliburton (HAL) (Yahoo Finance) Stock Price
Miller thanked employees for their efforts during the attack and noted the support from customers. The CEO stressed that employees were able to continue operating despite the difficulties.
In the third quarter, Halliburton reported a net profit of $641 million on revenue of $5.7 billion. As Miller explained, the cyberattack did not have a serious impact on the company's overall financial performance. Chief Financial Officer Eric Carré added that the company does not expect significant additional costs due to the attack in the fourth quarter. Halliburton plans to solve all the problems that have arisen by the end of the year.
The attack was discovered on August 21 and led to the shutdown of some systems and the theft of data. The RansomHub group is believed to be behind the attack. The attack led to massive disruptions in the company's work. Halliburton's customers were unable to bill and place orders as the necessary systems were shut down. The company has officially confirmed that hackers have gained access to a number of systems. However, Halliburton initially chose not to disclose details about the attack and its scale, which caused discontent among customers who were left in the dark about the possible consequences for their business and protection measures.
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In August, Halliburton was the victim of a cyberattack that, combined with severe storms in the Gulf of Mexico, affected the company's revenues. According to CEO Jeff Miller, due to the incident, the company's profit decreased by $0.2 per share. In the third quarter, Halliburton suffered a loss of $35 million due to the attack.
The incident affected the company's free cash flow, as invoicing and receiving payments were delayed. Halliburton even suspended its share buyback program to deal with the aftermath of the attack. However, the company did not change its forecasts for cash flows and payments to shareholders. Halliburton is one of the largest oilfield services companies in the world, and its financial position remains stable.
Halliburton (HAL) (Yahoo Finance) Stock Price
Miller thanked employees for their efforts during the attack and noted the support from customers. The CEO stressed that employees were able to continue operating despite the difficulties.
In the third quarter, Halliburton reported a net profit of $641 million on revenue of $5.7 billion. As Miller explained, the cyberattack did not have a serious impact on the company's overall financial performance. Chief Financial Officer Eric Carré added that the company does not expect significant additional costs due to the attack in the fourth quarter. Halliburton plans to solve all the problems that have arisen by the end of the year.
The attack was discovered on August 21 and led to the shutdown of some systems and the theft of data. The RansomHub group is believed to be behind the attack. The attack led to massive disruptions in the company's work. Halliburton's customers were unable to bill and place orders as the necessary systems were shut down. The company has officially confirmed that hackers have gained access to a number of systems. However, Halliburton initially chose not to disclose details about the attack and its scale, which caused discontent among customers who were left in the dark about the possible consequences for their business and protection measures.
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