In addition, we generated $3.5 billion of cash flow from operating activities and $2.3 billion of free cash flow. Consistent with our shareholder returns framework, we returned $1.4 billion to shareholders in the form of dividends and stock repurchases and we retired approximately $300 million of debt.
We achieved these results through execution on Halliburton's five key strategies — Deliver Profitable International Growth, Maximize Value in North America, Accelerate Digital and Automation, Improve Capital Efficiency, and Advance a Sustainable Energy Future. By delivering on our value proposition: to collaborate and engineer solutions to maximize asset value for our customers, we deepened our relationships with customers, improved profitability, and delivered on our strategy. Our commitment to doing business the REDWay: Responsibly, Ethically, and Diligently guided this strategic execution and these results.
Deliver profitable international growth
Halliburton operates in over 70 countries around the world — in both on- and off-shore markets, and across all major product service lines. Our international operations today represent just over half of our total business. Halliburton’s international revenue grew 17% in 2023 and delivered improved margins and higher returns throughout the year, despite our exit from Russia in 2022.
Throughout the international markets in which we operate, we deliver shareholder value through disciplined capital allocation, which means we strategically deploy assets to markets where customers recognize the value of our reliable execution and collaboration. Our next-generation equipment delivers leading-edge performance for our customers and structurally improved returns for Halliburton.
Our 2023 results demonstrate the success of our profitable international growth strategy. In the international markets in which we operate, we expect higher international spending for multiple years. To deliver strong shareholder returns through this multi-year upcycle, we will execute on our value proposition, deploy leading technologies, and exercise disciplined capital allocation.
Maximize value in North America
Halliburton is the only globally integrated service company with the leading presence in North America, the world’s largest oil field services market. Our leadership means we have the resources to invest in next-generation technologies, infrastructure to commercialize these technologies at scale, and expertise to execute at the highest levels of efficiency.
Today, the North America market continues to evolve with a growing segment of customers focused on productivity, efficiency, and reserve recovery. This growing customer segment employs long term development programs, targets improved reservoir recovery through technology, and minimizes operating cost through service efficiencies. We expect Halliburton to extend its technology leadership, deliver unmatched efficiency through our design innovations, and execute on its strategy to maximize value in North America.
Accelerate digital and automation
Halliburton’s strategy to advance digital and automation has transformed both our service delivery and our business performance. Digital and automation lower our costs, improve safety for our personnel, and lower our carbon footprint. Today, that investment in digital and automation exists in our product lines including innovations such as remote offshore cementing jobs, automated directional drilling, and predictive pump maintenance.
Halliburton’s service quality leadership and leading approach to digital and automation strengthens our execution for customers. To further advance our digital and automation strategy, Halliburton has accelerated development and deployment of new digital and automation technologies that will benefit our business and that of our customers.
Improve capital efficiency
Capital efficiency improvement means we deploy innovative solutions to do more with less. Our technology and development pipeline focuses on technologies that structurally improve our capital efficiency like our iCruise® intelligent rotary steerable system and Zeus™ electric fracturing fleets. These technologies require fewer spare parts, lower maintenance expense, and structurally deliver higher returns for shareholders.
Advance a sustainable energy future
Access to secure and reliable energy remains fundamental to economic and social development, and Halliburton is committed to advancing a sustainable energy future. Our approach to advancing this future aligns squarely with our core competencies. We work to help our customers decarbonize their operations. We advance a sustainable future through operations directly adjacent to our core operations. Finally, through Halliburton Labs, we collaborate with early-stage companies to advance the future of energy.
Into the future
We are grateful for our employees and the work they do each day. Together, we look forward to the opportunity to deliver profitable international growth, maximize value in North America, develop and deploy digital and automation solutions, increase capital efficiency, and advance a sustainable energy future.
We are excited about 2024 and beyond. We remain focused on delivering strong returns to our shareholders as we execute on our value proposition — to collaborate and engineer solutions to maximize asset value for our customers.
