The expenses related to the recent cybersecurity incident suffered by US oil giant Halliburton reached $35 million by the end of September, according to the company’s latest financial report.

The incident came to light on August 22, when Halliburton, one of the world’s largest oilfield service providers, confirmed unauthorized access to some of its systems. 

The company immediately launched an investigation and shut down some systems to contain the incident.

By the end of August, reports emerged that — based on indicators of compromise — the ransomware group known as RansomHub was likely behind the Halliburton attack.

Halliburton has yet to confirm that the incident was a ransomware attack, but its brief description suggests that it was. The company has confirmed that hackers accessed and exfiltrated information from its corporate systems.

Neither RansomHub nor another ransomware group appears to have taken credit for the attack on Halliburton, which indicates that if this was indeed a ransomware attack the company likely paid a ransom. 

The company’s financial report for the third quarter of 2024 reveals that the expenses related to the attack reached $35 million. 

“We experienced a $0.02 per share impact to our adjusted earnings from lost or delayed revenue due to the August cybersecurity event and storms in the Gulf of Mexico,” said Jeff Miller, chairman, president and CEO of Halliburton. “Our full year expectations for free cash flow and cash return to shareholders remain unchanged, and we expect both to accelerate in the fourth quarter.”

Cyberattacks can cause significant losses for major companies. Last week, Microchip Technology revealed that expenses related to a recent cybersecurity incident reached $21.4 million.  

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