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HAL · Halliburton

50 filings

10-Q

HAL 10-Q Quarterly Reports

Halliburton - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K122

HAL filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 122 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Mar ’20Mar ’20
  3. Leadership change8-K · May ’22May ’22
  4. Leadership change8-K · Jan ’26Jan ’26
  1. 2026-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2026

    Halliburton Company (HAL) reported third-quarter 2026 total revenue of $5.7 billion, up 2% from $5.6 billion in the third quarter of 2025, with operating income of $624 million versus $356 million a year earlier. Operating income included a $107 million pre-tax charge for impairments and other charges, primarily severance costs, compared with $392 million of such charges in the prior-year quarter. Net income attributable to the company was $417 million, or $0.50 per diluted share, compared with $18 million, or $0.02 per share, in the third quarter of 2025. For the nine months, revenue was $16.8 billion, up 2%, and net income attributable to the company was $1.41 billion, or $1.69 per share. By segment, Completion and Production revenue fell 4% to $3.1 billion in the quarter on lower stimulation activity in North America and lower completion tool sales in Middle East/Asia, while Drilling and Evaluation revenue rose 10% to $2.6 billion on stronger drilling services in North America and Europe and higher activity in Latin America. Management describes results as reflecting continued recovery from Middle East geopolitical disruptions, with ongoing inflationary cost pressures. Cash and equivalents were $1.8 billion at September 30, 2026, and the company repurchased 7.3 million shares for $252 million in the quarter. Management expects 2026 capital expenditures of about $1.1 billion and states that it expects shareholder returns to be in line with its framework of returning at least 50% of annual free cash flow. The filing also discloses a pending IRS Notice of Proposed Adjustment covering the 2016 U.S. tax return, which relates to a $3.5 billion termination fee paid to Baker Hughes in 2016. The IRS proposal could result in cash taxes of approximately $640 million plus interest if the IRS position prevails, which the company says it plans to contest vigorously. The company also states that its debt-related credit default swaps matured in the third quarter, leaving no outstanding notional amount compared with $592 million at year-end 2025.

    Oct 23, 2026
  2. 2026-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2026

    Halliburton Company (HAL) reported second-quarter 2026 total revenue of $5.7 billion, up from $5.5 billion a year earlier, with operating income of $778 million versus $727 million. Results included a net pre-tax credit of $95 million in impairments and other charges (credits), driven mainly by a $54 million gain from changes in ownership of an equity investment, a $10 million remeasurement gain, and a $48 million other credit primarily from a government refund recovery, partly offset by a $17 million loss on the sale of a portion of its chemical business. Net income attributable to the company was $534 million, or $0.64 per diluted share, compared with $472 million, or $0.55 per share, in the prior-year quarter. Completion and Production revenue was roughly flat at $3.2 billion with operating income down 8% to $474 million, while Drilling and Evaluation revenue rose 7% to $2.5 billion and operating income rose 8% to $338 million. Middle East/Asia revenue fell 11% to $1.3 billion due to conflict-related disruptions, while Latin America rose 15% and Europe/Africa/CIS rose 24%. For the first six months, revenue was $11.1 billion and operating income was $1.46 billion. Cash flow from operations was $1.1 billion, capital expenditures were $427 million, and cash and equivalents ended the period at $2.0 billion. The company repurchased $308 million of stock and paid $285 million in dividends during the first half. Management expects 2026 capital spending of about $1.1 billion and expects shareholder returns in line with its framework of returning at least 50% of annual free cash flow. The company's long-term debt carrying value was $7.16 billion, and it reported $3.5 billion of available committed bank credit under its revolving facility. The most significant open item is the IRS Notice of Proposed Adjustment related to the 2016 tax return, which concerns the $3.5 billion Baker Hughes termination fee deduction. If the IRS position prevails through appeals and litigation, the company estimates cash taxes due of approximately $640 million, plus interest for prior years. The company disagrees with the proposed adjustment and states that no payment is currently required.

    Jul 24, 2026
  3. 2026-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2026

    Halliburton Company's Form 10-Q for the first quarter ended March 31, 2026 shows total revenue of $5.4 billion, roughly flat versus $5.4 billion in the first quarter of 2025. Operating income rose to $679 million from $431 million, though the prior-year period included $356 million of impairments and other charges, and net income attributable to the company was $461 million, or $0.55 per diluted share, versus $204 million, or $0.24 per share, a year earlier. Completion and Production revenue fell 3% to $3.0 billion and segment operating income fell 17% to $439 million, while Drilling and Evaluation revenue rose 4% to $2.4 billion with flat operating income of $351 million. The company cited the Middle East geopolitical conflict as reducing diluted net income per share by $0.02 to $0.03. Cash flow from operations was $273 million, down from $377 million, with working capital having a negative $252 million impact. Cash and equivalents ended the quarter at $2.0 billion, versus $2.2 billion at year-end 2025. The company repurchased $100 million of stock and paid $142 million in dividends, and it expects 2026 capital expenditures of about $1.1 billion and shareholder returns in line with its framework of returning at least 50% of annual free cash flow. A key ongoing item is the IRS dispute over the classification of a $3.5 billion 2016 termination fee paid to Baker Hughes. The company states that if the IRS position prevails through appeals and litigation, cash taxes of approximately $640 million (plus interest for prior years) could be due, but it says no payment is currently required and it does not expect this to materially impair its ability to meet expected cash uses or shareholder returns.

    Apr 24, 2026
  4. 2025-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2025

    Halliburton Company (HAL) reported third-quarter 2025 total revenue of $5.6 billion, down 2% from $5.697 billion a year earlier, and operating income of $356 million versus $871 million in the prior-year quarter. Results were weighed down by $392 million of impairments and other charges, including $169 million of severance costs and a $115 million write-off of fixed and other assets, primarily in North America Land. Net income attributable to the company fell to $18 million, or $0.02 per share, from $571 million, or $0.65 per share. The effective tax rate rose to 90.9%, driven by a $125 million valuation allowance on foreign tax credit carryforwards following the One Big Beautiful Bill Act. Nine-month revenue was $16.5 billion, down 5%, and net income attributable to the company was $694 million. Cash flow and liquidity remained solid. Cash flows from operating activities were $1.76 billion for the nine months, capital expenditures were $917 million, and cash and equivalents stood at $2.0 billion at September 30, 2025. The company repurchased 32.9 million shares for $757 million and paid $436 million in dividends. Management said it intends to reduce capital expenditures in 2026 by 30% to approximately $1.0 billion, and it expects to save about $100 million per quarter from cost reductions taken in the third quarter. A new $3.5 billion five-year revolving credit facility was executed in August 2025 and remains fully available. The filing also highlights outlook risks. Management lowered its activity expectations, citing a roughly 12% decline in WTI crude prices since the end of the second quarter as of October 21, 2025, and expects full-year 2025 international and North America revenue to decline year over year. The company continues to contest an IRS Notice of Proposed Adjustment tied to a $3.5 billion 2016 termination fee; the filing states the proposed adjustment could result in cash taxes of approximately $640 million, plus interest, if the IRS position prevails.

    Oct 24, 2025
  5. 2025-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2025

    Halliburton Company (HAL) reported second-quarter 2025 revenue of $5.51 billion, down from $5.83 billion in the prior-year quarter, and operating income of $727 million versus $1.03 billion. Net income attributable to the company was $472 million, or $0.55 per share, compared with $709 million, or $0.80 per share, a year earlier. The Completion and Production segment's revenue fell 7% to $3.17 billion and its operating income fell 29% to $513 million, while Drilling and Evaluation revenue fell 4% to $2.34 billion and its operating income fell 23% to $312 million. The filing attributes the declines to lower pressure pumping services in the Western Hemisphere, reduced completion tool sales, decreased drilling activity in Mexico and Saudi Arabia, and reduced pricing for stimulation services in US Land. For the first six months of 2025, the company recorded $356 million of pre-tax impairments and other charges, including $107 million of severance costs, as it adjusted its cost structure to market conditions. Management states that it expects full-year 2025 international revenue and North America revenue to decline year over year, and that WTI crude prices fell approximately 11% in the second quarter compared with the first quarter. Cash and equivalents were $2.04 billion at June 30, 2025, down from $2.62 billion at year-end 2024, after $1.27 billion of operating cash flow was offset by $656 million of capital expenditures, $507 million of share repurchases, and $292 million of dividends. The filing also discusses a proposed IRS adjustment tied to the 2016 termination fee paid to Baker Hughes. The company states that, if the IRS position prevails, the adjustment could result in cash taxes of approximately $640 million plus interest, and that the matter is being contested through the IRS appeals process. Management also says that the $3.5 billion revolving credit facility and absence of financial covenants support its liquidity.

    Jul 25, 2025
  6. 2025-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2025

    Halliburton Company's first-quarter 2025 Form 10-Q reports total revenue of $5.42 billion, down 7% from $5.80 billion in the first quarter of 2024. Operating income fell to $431 million from $987 million, reflecting $356 million of impairments and other charges, including $107 million of severance costs, a $104 million impairment of assets held for sale tied to a strategic decision to market a portion of its chemical business, and a $53 million impairment related to facility closures and lease terminations. Net income attributable to the company was $204 million, or $0.24 per diluted share, compared with $606 million, or $0.68 per share, a year earlier. Completion and Production revenue was $3.12 billion and operating income was $531 million, while Drilling and Evaluation revenue was $2.30 billion with operating income of $352 million. Cash flow and liquidity weakened over the quarter. Operating cash flow was $377 million, against $487 million a year earlier, and cash and equivalents fell to $1.80 billion from $2.62 billion at December 31, 2024. The company repurchased 9.6 million shares for $250 million, paid $147 million in dividends, and spent $461 million on an equity investment and business acquisitions. Total debt carrying value was $7.54 billion, and the company reported $3.5 billion of available committed bank credit. Management said it does not intend to incur additional debt in 2025. Management expects the decline in crude oil prices, which fell about 10% after the quarter ended amid tariff uncertainty and higher OPEC output, to negatively affect earnings per share in the second quarter of 2025. The filing also discloses an ongoing IRS dispute over the deduction of a $3.5 billion Baker Hughes termination fee, where the IRS position could result in cash taxes of approximately $640 million plus interest.

    Apr 25, 2025
  7. 2024-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2024

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2024 reports third-quarter revenue of $5.70 billion, down 2% from $5.80 billion in the prior-year quarter, and operating income of $871 million, down 16% from $1.04 billion. Results include $116 million of net impairments and other charges, including $63 million of severance, a $49 million impairment on assets held for sale tied to a decision to market part of the chemical business, $35 million of costs from a cybersecurity incident, and a $43 million gain on an equity investment. Net income attributable to the company was $571 million, or $0.65 per diluted share, versus $716 million, or $0.79, a year earlier. For the nine months, revenue was $17.33 billion, essentially flat, and operating income was $2.89 billion, down 4%. North America revenue fell 9% in the quarter, while Middle East/Asia rose 9% and international revenue rose 4%. Cash flow from operations for the nine months was $2.41 billion, against capital expenditures of $1.02 billion. The company repurchased $696 million of stock and paid $452 million in dividends. Cash and equivalents stood at $2.18 billion at quarter-end, and the company had $3.5 billion of available committed bank credit. Management states that the company expects returns to shareholders to be in line with its framework of returning at least 50% of annual free cash flow, and that 2024 capital spending will be about 6% of revenue. The filing also highlights a pending IRS dispute over the classification of a $3.5 billion termination fee paid to Baker Hughes in 2016. The IRS proposed reclassifying roughly 95% of that deduction, and the company estimates cash taxes of approximately $650 million (plus interest) if the IRS position prevails. The company states no payment is currently required. Management also expects North American revenue to decline in 2024 and international revenue to grow mid to high single digits.

    Nov 7, 2024
  8. 2024-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2024

    Halliburton Company's Form 10-Q for the quarter ended June 30, 2024 shows second-quarter revenue of $5.83 billion, flat with the prior year's $5.80 billion, and operating income of $1.03 billion, up 2% from $1.01 billion. Net income attributable to the company was $709 million, or $0.80 per diluted share, compared with $610 million, or $0.68 per diluted share, a year earlier. For the six months, revenue was $11.64 billion and net income attributable to the company was $1.32 billion, or $1.48 per diluted share. Completion and Production revenue fell 2% in the quarter while Drilling and Evaluation revenue rose 5%. North America revenue declined 8%, offset by a 8% increase in Europe/Africa/CIS and a 10% increase in Latin America. Management expects North American revenue to decline in 2024 compared with 2023, but projects about 10% international revenue growth for the full year. Cash and equivalents were $2.14 billion at June 30, 2024, and operating cash flow for the first six months was $1.57 billion. The company repurchased $500 million of stock and paid $302 million in dividends during the first half. Management expects 2024 capital spending of about 6% of revenue and says shareholder returns will be in line with its framework of returning at least 50% of annual free cash flow. The filing highlights an IRS Notice of Proposed Adjustment related to the 2016 deduction of a $3.5 billion Baker Hughes termination fee. Halliburton strongly disagrees with the proposal, which it estimates could result in cash taxes of approximately $650 million plus interest if the IRS position prevails through appeals and litigation. The company states that no payment is currently required.

    Jul 29, 2024
  9. 2024-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2024

    Halliburton Company's Form 10-Q for the first quarter ended March 31, 2024 reports total revenue of $5.80 billion, up from $5.68 billion a year earlier, and operating income of $987 million, roughly flat versus $977 million in the prior-year quarter. Net income attributable to the company was $606 million, or $0.68 per basic and diluted share, compared with $651 million, or $0.72 per share, in Q1 2023. Drilling and Evaluation revenue rose to $2.43 billion from $2.27 billion, while Completion and Production revenue was $3.37 billion versus $3.41 billion. North America revenue fell to $2.55 billion from $2.77 billion, while Latin America rose to $1.11 billion from $915 million. Pre-tax income was reduced by $82 million of charges, including a $38 million loss tied to the fair value decrease of a note from an Argentina investment and a $38 million loss from Egyptian pound devaluation, along with $34 million of SAP S4 upgrade expense. Cash flow from operations was $487 million versus $122 million a year earlier, with capital expenditures of $330 million. The company repurchased 7.0 million shares for $250 million and paid $151 million in dividends. Cash and equivalents ended the quarter at $1.89 billion, and total debt carrying value was $7.64 billion. The filing highlights an ongoing dispute with the IRS over the classification of a $3.5 billion termination fee paid to Baker Hughes in 2016. The IRS proposed a NOPA on September 28, 2023, and the company estimates that, if the IRS position prevails through appeals and litigation, cash taxes due could be approximately $650 million plus interest. The company states that no payment is currently required and that it expects its capital return framework to continue, with a goal of returning at least 50% of annual free cash flow to shareholders.

    Apr 24, 2024
  10. 2023-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2023

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2023 shows third-quarter total revenue of $5.8 billion, up 8% from $5.4 billion ($5,357 million) a year earlier, with operating income of $1.04 billion versus $846 million. Completion and Production revenue rose 11% to $3.5 billion and its operating income rose 28% to $746 million, while Drilling and Evaluation revenue rose 4% to $2.3 billion. North America revenue was roughly flat at $2.6 billion, while international revenue grew 17%. Net income attributable to the company was $716 million, or $0.79 per diluted share, compared with $544 million, or $0.60, a year earlier. For the nine months, net income attributable to the company was $1.98 billion, or $2.19 per diluted share, against $916 million, or $1.01, in the prior-year period. Cash and equivalents declined to $2.0 billion at September 30, 2023 from $2.3 billion at year-end 2022. Operating cash flow for the nine months was $2.05 billion, which included a net $798 million drag from receivables, inventories and accounts payable. Capital expenditures were $980 million, the company repurchased $546 million of stock, and it paid $433 million in dividends. The company reiterated a capital return goal of at least 50% of annual free cash flow, a $0.16 quarterly dividend, and about $4.3 billion remaining under its repurchase authorization. Total debt was $7.8 billion in carrying value, and the company has a $3.5 billion undrawn revolving credit facility. The most significant disclosed risk is a September 28, 2023 Notice of Proposed Adjustment from the IRS relating to the 2016 deduction of the $3.5 billion Baker Hughes termination fee. The company estimates that, if the IRS position prevailed through appeals and litigation, cash taxes due could be approximately $650 million plus interest, and it strongly disagrees with the adjustment. Management stated that no payment is currently required and that the matter would not materially impair its ability to meet expected uses of cash.

    Oct 25, 2023
  11. 2023-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2023

    Halliburton Company's second-quarter 2023 Form 10-Q reports total revenue of $5.80 billion for the three months ended June 30, 2023, up 14% from $5.07 billion a year earlier, and operating income of $1.01 billion versus $374 million in the prior-year quarter, which included $344 million of impairments tied to the decision to sell its Russian operations. Net income attributable to the company was $610 million, or $0.68 per diluted share, compared with $109 million, or $0.12, in the second quarter of 2022. Completion and Production revenue rose 19% to $3.48 billion and Drilling and Evaluation revenue rose 7% to $2.32 billion. North America revenue increased 11%, Latin America 31%, and Middle East/Asia 20%, while Europe/Africa/CIS declined 3%. For the first six months of 2023, revenue was $11.48 billion, up 23%, and net income attributable to the company was $1.26 billion, or $1.39 diluted per share. Operating cash flow was $1.17 billion, capital expenditures were $571 million, and the company repurchased 11 million shares for $348 million and paid $289 million in dividends. Cash and equivalents ended the period at $2.11 billion, and the company reported $7.93 billion of long-term debt. Management noted that commodity prices, including a Brent average of $78 per barrel in the second quarter, were well below 2022 levels and that North American services demand softened, while it expects upstream spending to grow in 2023 and international growth to remain strong. The filing also discloses a $104 million pre-tax loss from Argentine Blue Chip Swap transactions, which the company attributes to currency controls limiting its access to U.S. dollars. Management states there were no material changes to risk factors from the 2022 Form 10-K, and it reports $2.2 billion of letters of credit, bank guarantees, or surety bonds outstanding, with $3.5 billion of available committed bank credit.

    Jul 26, 2023
  12. 2023-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2023

    Halliburton Company's first-quarter 2023 Form 10-Q, filed April 26, 2023, reports total revenue of $5.68 billion for the three months ended March 31, 2023, up 33% from $4.28 billion a year earlier. Operating income rose to $977 million from $511 million, and net income attributable to the company was $651 million, or $0.72 per diluted share, versus $263 million, or $0.29 per share, in the prior-year quarter. Completion and Production revenue grew 45% to $3.41 billion, led by pressure pumping in North America land, while Drilling and Evaluation revenue increased 17% to $2.27 billion. North America revenue rose 44%, Latin America 40%, Middle East/Asia 30%, and Europe/Africa/CIS declined 2%, with the sale of Russian operations in the third quarter of 2022 weighing on both segments. Cash flow from operations was only $122 million, compared with negative $50 million a year earlier, as working capital absorbed a net $728 million, mainly from higher receivables and inventory. Cash and equivalents fell to $1.88 billion from $2.35 billion at year-end 2022. The company paid $145 million in dividends and repurchased 2.9 million shares for $100 million, and it reported $3.5 billion of available committed bank credit under a revolving facility expiring April 27, 2027. Credit ratings remain BBB+ (S&P) and Baa1 (Moody's), both with stable outlooks. Management expects 2023 capital spending within its target of about 5-6% of revenue and expects shareholder returns in line with a framework of returning at least 50% of annual free cash flow. A subsequent event disclosed that Blue Chip Swap transactions to remit cash from Argentina could produce an estimated $60 million loss on investment in the second quarter of 2023.

    Apr 26, 2023
  13. 2022-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2022

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2022 reports third-quarter revenue of $5.357 billion, up 39% from $3.860 billion a year earlier, and operating income of $846 million versus $446 million. Net income attributable to the company was $544 million, or $0.60 per basic and diluted share, compared with $236 million, or $0.26, in the prior-year quarter. For the nine months, revenue was $14.715 billion (up 34%) and net income attributable to the company was $916 million, or $1.01 per share. Results were driven mainly by pressure pumping and drilling-related services in North America. Both segments were negatively affected by the company's August 2022 exit from Russia, which followed a $344 million pre-tax write-down in the second quarter and produced no impairment charges in the third quarter. Cash and equivalents fell to $1.977 billion from $3.044 billion at year-end 2021. Operating cash flow for the nine months was $1.079 billion, including a $907 million negative working-capital impact, while capital expenditures were $661 million and dividends paid were $327 million. The company redeemed $600 million of 3.8% senior notes in February 2022 with a $42 million loss on extinguishment, and redeemed $600 million of 3.5% senior notes due 2023 in September 2022. Long-term debt declined to $7.927 billion. No share repurchases were made under the program in the quarter, and about $5.1 billion remained authorized. The company reports credit ratings of BBB+ (S&P) and Baa1 (Moody's), both with stable outlooks, and $3.5 billion of available committed bank credit. Management expects full-year 2022 capital spending of approximately 5-6% of revenue and anticipates that customer spending in North America will increase by over 35% in 2022 compared with 2021. Management also points to expected activity increases in the Middle East and tighter oilfield equipment availability.

    Oct 26, 2022
  14. 2022-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2022

    Halliburton Company's second-quarter 2022 Form 10-Q reports total revenue of $5.07 billion for the three months ended June 30, 2022, up from $3.71 billion a year earlier, with Completion and Production revenue of $2.91 billion and Drilling and Evaluation revenue of $2.16 billion. Operating income fell to $374 million from $434 million, reflecting $344 million of impairments and other charges tied to the decision to sell its Russian operations. Net income attributable to the company was $109 million, or $0.12 per diluted share, versus $227 million, or $0.26 per share, in the prior-year quarter. For the six months, revenue was $9.36 billion and net income attributable to the company was $372 million. Cash and equivalents declined to $2.23 billion at June 30, 2022, from $3.04 billion at December 31, 2021. Operating cash flow for the first six months was $326 million, which the company says included a negative $810 million impact from working capital, while capital expenditures were $410 million and dividends paid were $217 million. In February 2022 Halliburton redeemed $600 million of its 3.8% senior notes, recording a $42 million loss on early extinguishment, and in April 2022 it entered a new $3.5 billion five-year revolving credit facility. Total debt carrying value was $8.53 billion. The company stated its ratings from S&P (BBB+) and Moody's (Baa1) remain stable, and that no repurchases were made under its buyback program, with about $5.1 billion remaining authorized. The filing highlights ongoing risks from the Russia-Ukraine conflict, including sanctions, the planned divestiture of Russian operations under a non-binding letter of intent, and an effective tax rate of 49.3% for the quarter, which the company attributes mainly to the Russia decision and a related valuation allowance on foreign tax credits. Management expects full-year 2022 capital spending of roughly 5-6% of revenue and cites rising customer spending in North America and internationally.

    Jul 22, 2022
  15. 2022-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2022

    Halliburton Company's first-quarter 2022 results showed a clear rebound in activity. Total revenue was $4.28 billion, up 24% from $3.45 billion in the first quarter of 2021, and operating income rose to $511 million from $370 million. Net income attributable to the company was $263 million, or $0.29 per diluted share, compared with $170 million, or $0.19 per share, a year earlier. The Completion and Production segment grew revenue 26% and the Drilling and Evaluation segment grew 22%, with North America revenue up 37%. Operating income included a $22 million pre-tax charge, primarily from writing down all of the company's Ukraine assets, and a $42 million loss on the early redemption of $600 million of 3.8% senior notes. Cash flow and liquidity were weaker in the quarter. Operating activities used $50 million of cash, including a $386 million negative impact from receivables, inventories and accounts payable. Cash and equivalents fell to $2.15 billion from $3.04 billion at year-end 2021, and long-term debt declined to $8.53 billion from $9.13 billion. The company paid $108 million in dividends and did not repurchase shares under its program, which had about $5.1 billion remaining. Management expects 2022 capital spending of approximately $1 billion and plans to keep the quarterly dividend approximately unchanged in the second quarter while prioritizing debt reduction. The filing also details Russia-related exposure. Halliburton ceased future business in Russia and began winding down its remaining Russian operations in March 2022, with certain contracts to be wound down by May 15, 2022. Its Russian net book value was about $340 million at March 31, 2022, with no impairment recorded, though the filing notes a possible future charge related to those assets. Management also outlined an expectation that North America customer spending will increase by over 35% in 2022 and that international spending will rise 14% to 16%.

    Apr 22, 2022
  16. 2021-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2021

    Halliburton Company's third-quarter 2021 Form 10-Q, filed October 22, 2021, shows a sharp recovery from the prior year. Revenue for the three months ended September 30, 2021 was $3.86 billion, up from $2.98 billion (2,975 million) a year earlier, with Completion and Production revenue up 36% and Drilling and Evaluation revenue up 23%. Operating income was $446 million versus $142 million in the third quarter of 2020, and net income attributable to the company was $236 million, or $0.26 per share, compared with a loss of $17 million in the prior-year quarter. The company attributes the improvement to higher commodity prices driving activity, higher utilization, and structural cost reductions made in 2020. Nine-month results also improved on an operating basis: operating income was $1.25 billion versus an operating loss of $2.34 billion in 2020, which included $3.35 billion of impairments and other charges, while nine-month revenue declined 2% to $11.02 billion. Cash and equivalents were $2.63 billion at September 30, 2021, and total debt carrying value was $9.14 billion. During the first nine months, the company repaid $185 million of 8.75% senior debentures at maturity and redeemed the $500 million 3.25% senior notes at par, using cash on hand. Operating cash flow was $1.23 billion for the nine months, and capital expenditures were $483 million, with the company expecting full-year 2021 capital spending of about 5-6% of revenue. The company repurchased no shares under its program during the quarter, with approximately $5.1 billion remaining authorized. Credit ratings remain BBB+ (S&P, negative outlook) and Baa1 (Moody's, stable outlook). Management also notes that a real estate structured transaction produced a $74 million gain and that customer payment delays in Mexico are being experienced, though no material write-offs are expected.

    Oct 22, 2021
  17. 2021-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2021

    Halliburton Company's second-quarter 2021 Form 10-Q reports total revenue of $3.7 billion for the three months ended June 30, 2021, up 16% from $3.2 billion a year earlier, and operating income of $434 million, compared with an operating loss of $1.9 billion in the second quarter of 2020 that included $2.1 billion of impairments and other charges. Net income attributable to the company was $227 million, or $0.26 per diluted share, versus a loss of $1.68 billion in the prior-year quarter. For the six months, revenue was $7.2 billion, down 13% from $8.2 billion, while operating income was $804 million compared with an operating loss of $2.5 billion in the first half of 2020. Management attributes the improvement to higher activity and pricing in North America land and Latin America, with North America revenue up 50% in the quarter. Liquidity remained solid, with cash and equivalents of $2.7 billion at June 30, 2021 and $3.5 billion of available committed bank credit under the revolving credit facility. Operating cash flow for the first six months was $612 million, capital expenditures were $295 million, and the company repaid $185 million of 8.75% senior debentures in February. It also announced plans to redeem the $500 million 3.25% senior notes on August 15, 2021, using cash on hand. Credit ratings were BBB+ (S&P, negative outlook) and Baa1 (Moody's, stable outlook). The company expects full-year 2021 capital spending of approximately 5-6% of revenue and maintained its quarterly dividend of $0.045 per share, while no share repurchases were made under the $5.1 billion authorization during the quarter. Management expects global oil demand to keep increasing in the second half of 2021 and into 2022, though it flags COVID-19 variants and potential new lockdowns as key risks. Customer receivables are a watch item, as the company has experienced delayed payments and defaults tied to customer liquidity issues, and receivables from its primary Mexican customer represented about 10% of total receivables.

    Jul 23, 2021
  18. 2021-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2021

    Halliburton Company's first-quarter 2021 results showed revenue of $3.45 billion, down from $5.04 billion in the first quarter of 2020, as activity fell across both segments and North America. Operating income was $370 million, compared with an operating loss of $571 million a year earlier, which included $1.07 billion of impairments and other charges. Net income attributable to the company was $170 million, or $0.19 per share, versus a net loss of $1.02 billion in the prior-year quarter. The company stated that operating margins in both segments improved despite lower activity, reflecting cost-reduction initiatives. Cash flow from operations was $203 million, and cash and equivalents ended the quarter at $2.45 billion. Total debt carrying value was $9.64 billion at March 31, 2021. Halliburton repaid $185 million of 8.75% senior debentures in February 2021 and expects to repay $500 million of 3.25% senior notes due November 2021. The company reported $3.5 billion of available committed bank credit, and it stated it has no financial covenants or material adverse change provisions in its bank agreements. Management expects full-year 2021 capital expenditures of approximately $750 million, flat with 2020. Management described improving oil prices and rig counts, with WTI averaging $57.79 per barrel in the quarter, and expects international activity to gain momentum through 2021. The company's S&P long-term rating remains BBB+ with a negative outlook, while Moody's changed its outlook from negative to stable during the quarter. Approximately $5.1 billion remained authorized under the share repurchase program, but no repurchases were made under it during the quarter.

    Apr 27, 2021
  19. 2020-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2020

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2020 shows a sharp revenue decline driven by the COVID-19 pandemic and collapsed oil prices. Third-quarter total revenue was $2.975 billion, down 46% from $5.550 billion a year earlier, and operating income was $142 million versus $536 million. For the nine months, revenue was $11.208 billion (down 35%) and the company reported an operating loss of $2.340 billion, driven by $3.353 billion of impairments and other charges. Net loss attributable to the company was $2.710 billion, or $3.08 per share, for the nine months, compared with net income of $522 million a year earlier. The company filed that it has been materially adversely affected, and that the pandemic's effects could worsen. Balance sheet and liquidity remain a focus. Cash and equivalents were $2.115 billion at September 30, 2020, and the company reported $3.5 billion of available committed bank credit under its revolving credit facility. Total debt carrying value was $9.827 billion. In March 2020 the company issued $1.0 billion of 2.92% senior notes due 2030 and repurchased $1.5 billion of senior notes, recording a $168 million loss on extinguishment. Quarterly dividends were cut from $0.18 to $0.045 per share in the second quarter of 2020. Credit ratings were noted with a negative outlook at S&P (BBB+) and Moody's (Baa1). Management stated that it expects North America land completions activity to rise by a double-digit percentage in the fourth quarter of 2020, and that full-year 2020 capital expenditures are expected to be less than $800 million. The filing also states that the company cannot reasonably estimate the duration or full extent of the pandemic's impact, and that further asset impairments, including of goodwill, are possible if market conditions deteriorate.

    Oct 23, 2020
  20. 2020-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2020

    Halliburton Company's second-quarter 2020 Form 10-Q reports a sharp deterioration in results as COVID-19 and the OPEC+ production dispute collapsed oil demand and prices. Revenue for the three months ended June 30, 2020 was $3.2 billion, down 46% from $5.9 billion a year earlier, and the company posted an operating loss of $1.9 billion after $2.1 billion of impairments and other charges. Net loss attributable to the company was $1.68 billion for the quarter, or $(1.91) per share, compared with net income of $75 million in the second quarter of 2019. For the six months, the net loss attributable to the company was $2.69 billion. The filing states that the pandemic and industry disruption have had a material adverse effect on the business, liquidity, and financial condition. Balance sheet and liquidity remained a focus. Cash and equivalents were $1.8 billion at June 30, 2020, versus $2.3 billion at December 31, 2019, and the company had $3.5 billion of available committed bank credit under its revolving facility. Total debt carrying value was $9.8 billion. In March 2020 the company issued $1.0 billion of 2.92% senior notes due 2030 and tendered for $1.5 billion of existing senior notes, a transaction that produced a $168 million loss on extinguishment. The quarterly dividend was cut from $0.18 to $0.045 per share. Credit ratings remain BBB+ (S&P) and Baa1 (Moody's), both with negative outlooks. Management expects a material decline in activity. Full-year 2020 capital expenditures are expected to be approximately $800 million, a 48% decrease from 2019, and customer spending in North America is expected to be approximately 50% lower than 2019. International activity is expected to decline by a mid-teens percentage in 2020. The company cited ongoing cost reduction and headcount actions, and it recorded a $310 million valuation allowance on deferred tax assets in the first quarter.

    Jul 24, 2020
  21. 2020-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2020

    Halliburton Company reported a first-quarter 2020 operating loss of $571 million on total revenue of $5.04 billion, down from $5.74 billion a year earlier. Net loss attributable to the company was $1.02 billion, or $1.16 per share, compared with net income of $152 million, or $0.17 per share, in the first quarter of 2019. The results were driven by $1.07 billion of impairments and other charges, mostly long-lived asset impairments of $1.02 billion, tied to the COVID-19 pandemic and the oil price collapse following OPEC+ disagreements. Revenue declined 19% in Completion and Production and was flat in Drilling and Evaluation, while North America revenue fell 25%. Management expects a substantial decline in activity and revenue for the remainder of 2020, particularly in North America. The balance sheet and liquidity were reshaped during the quarter. Cash and equivalents fell to $1.39 billion from $2.27 billion at December 31, 2019, and operating cash flow was $225 million. The company issued $1.0 billion of 2.92% senior notes due 2030 and tendered for $1.5 billion of senior notes, recording a $168 million loss on early extinguishment of debt. Management reported $3.5 billion of available committed bank credit, no financial covenants in its bank agreements, and capital expenditure guidance of approximately $800 million for 2020, a 48% decrease from 2019. Credit ratings from S&P (BBB+) and Moody's (Baa1) carry negative outlooks. The filing also flags a valuation allowance of $310 million on deferred tax assets and a $168 million loss on debt extinguishment, with an effective tax rate of -13.3%. Management stated that it cannot reasonably estimate how long the market disruption will last and warned of possible further impairments, including goodwill, if crude prices remain depressed. Halliburton also disclosed that its Venezuela license will prohibit most operations effective April 21, 2020, and that it does not expect a material adverse effect from this change.

    Apr 24, 2020
  22. 2019-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2019

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2019 shows a weaker third quarter and nine-month period. Total revenue for the three months ended September 30, 2019 was $5.55 billion, down from $6.17 billion a year earlier, and operating income fell to $536 million from $716 million. For the nine months, revenue was $17.22 billion versus $18.06 billion, and operating income was $1.20 billion versus $1.86 billion, with $308 million of impairments and other charges. Net income attributable to the company was $295 million for the quarter ($0.34 per share) compared with $435 million ($0.50 per share) a year earlier. The Completion and Production segment drove the decline, with third-quarter revenue down 16% on lower activity and pricing for stimulation services in North America land. The filing states that North America revenue fell 21% in the quarter, while international revenue grew, with Latin America up 16% and Europe/Africa/CIS up 10%. Management expects North American activity to decline further in the fourth quarter of 2019, and plans further cost reductions there. It expects full-year 2019 capital expenditures of $1.6 billion, a 20% decrease from 2018, and says it intends to significantly reduce capital spending again in 2020. Liquidity remained solid, with $1.57 billion of cash and equivalents and $3.5 billion of available committed bank credit. Cash flow from operations for the nine months fell to $1.28 billion from $2.31 billion. The company paid $472 million in dividends and repurchased $100 million of stock during the period, and it has about $5.2 billion remaining under its repurchase authorization. The filing also notes that the operating lease standard was adopted effective January 1, 2019, adding approximately $1.1 billion of operating lease right-of-use assets and liabilities to the balance sheet. The company stated that its credit ratings were A- from S&P with a negative outlook and Baa1 from Moody's with a stable outlook. It also said it expects to cease operations in Venezuela on January 22, 2020 unless OFAC extends the general license, and that it does not expect a material adverse effect from that outcome.

    Oct 25, 2019
  23. 2019-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2019

    Halliburton Company's second-quarter 2019 Form 10-Q reports total revenue of $5.93 billion for the three months ended June 30, 2019, down 4% from $6.15 billion a year earlier, and operating income of $303 million, down from $789 million. Results include $247 million of impairments and other charges, mainly long-lived asset impairments, severance costs and inventory write-downs. Net income attributable to the company was $75 million, or $0.09 per diluted share, versus $511 million, or $0.58, in the prior-year quarter. For the six months, revenue was $11.67 billion and net income attributable to the company was $227 million. By segment, Completion and Production revenue fell 9% to $3.8 billion on lower activity and pricing for stimulation services in U.S. land, while Drilling and Evaluation revenue rose 7% to $2.1 billion on activity improvements across all international regions. North America revenue fell 13% in the quarter, while international revenue rose 13%. Management expects North American activity to decline in the second half of 2019, particularly in gas basins, and expects international activity to keep improving into 2020. Full-year 2019 capital expenditures are expected to be about $1.6 billion, a 20% decrease from 2018. Liquidity remained adequate, with $1.18 billion of cash and equivalents at June 30, 2019, down from $2.01 billion at year-end 2018, and $3.5 billion of available committed bank credit. Operating cash flow for the first half was $407 million, and the company paid $314 million in dividends and repurchased $100 million of stock. S&P changed its outlook on the company's debt from stable to negative during the quarter. The filing also notes that the OFAC general license allowing continued limited operations in Venezuela expires July 27, 2019, and that the company expects to cease those operations absent an extension.

    Jul 26, 2019
  24. 2019-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2019

    Halliburton Company's first-quarter 2019 Form 10-Q, filed April 26, 2019, reports total revenue of $5.74 billion for the quarter, essentially flat from $5.74 billion in the first quarter of 2018. Operating income rose to $365 million from $354 million, a 3% increase, but results were weighed down by $61 million of impairments and other charges, mainly for legacy sand delivery equipment, compared with $265 million in the prior-year quarter. Net income attributable to the company was $152 million, or $0.17 per share, versus $46 million, or $0.05 per share, a year earlier. Revenue was 57% from North America, which fell 7% on lower stimulation pricing in U.S. land, while Latin America rose 28% and international revenue grew 11% overall. Cash flow was weaker: operating cash flow was negative $44 million, compared with $572 million a year earlier, driven by a net $515 million build in receivables, inventories and payables that management attributes to customer payment delays and inventory build for international rollouts. Cash and equivalents fell to $1.38 billion from $2.01 billion at year-end 2018. Liquidity remains supported by a new $3.5 billion five-year revolving credit facility entered into March 5, 2019, which was fully available at quarter end, and about $5.3 billion remaining under the share repurchase authorization. Management expects full-year 2019 capital expenditures of $1.6 billion, a 20% decline from 2018, and said it believes the worst of the North American pricing deterioration is behind it. The company adopted the new lease accounting standard on January 1, 2019, recognizing approximately $1.1 billion of operating lease right-of-use assets and liabilities, with no material impact on results of operations. Segment results were mixed: Completion and Production revenue fell 4% to $3.66 billion with operating income down 26%, while Drilling and Evaluation revenue rose 7% to $2.08 billion but operating income fell 35% to $123 million on international mobilization costs.

    Apr 26, 2019
  25. 2018-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2018

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2018 shows strong year-over-year growth. Third-quarter revenue was $6.17 billion, up 13% from $5.44 billion, and operating income was $716 million, up 12% from $642 million. For the nine months, revenue reached $18.06 billion (up 23%) and operating income was $1.86 billion, versus $991 million a year earlier. Results were helped by higher North America activity, although the company said North America revenue fell 2% sequentially from the second quarter of 2018 on softer completion demand and pricing. Net income attributable to the company for the nine months was $992 million, and diluted EPS was $1.13. The nine-month results also include a $265 million pre-tax impairments and other charges tied to a write-down of the company's remaining investment in Venezuela, which the company recorded in the first quarter. Operating cash flow was $2.3 billion for the first nine months, and cash and equivalents ended the period at $2.1 billion, with $3.0 billion available under its revolving credit facility. Capital expenditures were $1.5 billion year to date, and full-year 2018 capital spending is expected to be about $2.0 billion. Management expects temporary North America challenges to persist through year-end, with a rebound anticipated in 2019, and describes the international markets as in the early stages of recovery.

    Oct 26, 2018
  26. 2018-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2018

    Halliburton Company's Form 10-Q for the quarter ended June 30, 2018 shows a sharp recovery in operations. Total revenue for the second quarter of 2018 was $6.15 billion, compared with $4.96 billion in the second quarter of 2017, an increase of $1.19 billion, or 24%. Operating income rose to $789 million from $146 million, though the prior-year quarter included a $262 million Venezuela fair market value charge. Net income attributable to the company was $511 million, or $0.58 per diluted share, versus $28 million, or $0.03 per share, a year earlier. Growth was led by North America, where revenue rose 38% on higher pressure pumping and artificial lift activity, while Latin America revenue fell 6%. For the first half of 2018, revenue was $11.89 billion and operating income was $1.14 billion. Results were reduced by a $265 million pre-tax impairment and other charges tied to a write-down of the company's remaining investment in Venezuela, which the filing describes as caused by currency system changes, U.S. sanctions guidance, and delayed customer payments. Cash flow from operations was $1.53 billion for the six months, while capital expenditures were $1.07 billion, and the company paid $316 million in dividends. Cash and equivalents stood at $2.06 billion at June 30, 2018, and the company stated it had $3.0 billion available under its revolving credit facility. Management described the North American market as strong but flagged cost inflation in trucking, labor, and equipment maintenance, and expects temporary basin-level constraints to create headwinds for pricing in the third quarter of 2018. Internationally, activity is improving, but pricing pressure persists. The company plans capital spending of approximately $2.0 billion for 2018, intends to repay $400 million of senior notes maturing in August 2018, and targets retiring a $500 million 2021 maturity in the second half of the year, with share repurchases targeted to start in the second half of 2018.

    Jul 27, 2018
  27. 2018-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2018

    Halliburton Company's first-quarter 2018 Form 10-Q, filed April 27, 2018, reports total revenue of $5,740 million, up from $4,279 million a year earlier, with Completion and Production revenue of $3,807 million and Drilling and Evaluation revenue of $1,933 million. Operating income was $354 million, after $265 million of impairments and other charges tied to a write-down of the company's remaining Venezuela investment. Net income attributable to the company was $46 million, or $0.05 per diluted share, compared with a net loss of $32 million in the prior-year quarter, which had included $104 million of costs from early extinguishment of senior notes. The company stated that North American activity improved on rig count and completions growth, while international markets were affected by pricing pressure. Cash flow from operations was $572 million in the quarter, against capital expenditures of $501 million, which the company expects to total about $2.0 billion for 2018. Cash and equivalents were $2.3 billion at March 31, 2018, with $3.0 billion available under the revolving credit facility. Total debt carrying value was $10,894 million, and the company paid $158 million in dividends. No shares were repurchased under the $5.7 billion authorization during the quarter. The Venezuela write-down reflects the company's assessment of recoverability after currency changes, U.S. sanctions guidance on late receivables payments, and delayed customer payments. The company says it is maintaining its presence in Venezuela and has moved revenue recognition there to a cash basis. The filing also notes it adopted the new revenue recognition standard on January 1, 2018 with no material impact to the reported results.

    Apr 27, 2018
  28. 2017-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2017

    Halliburton Company's third-quarter 2017 Form 10-Q shows a sharp recovery in operations from the prior-year period. Total revenue was $5.44 billion for the three months ended September 30, 2017, up from $3.83 billion a year earlier, and operating income was $634 million compared with $128 million. The company attributed the improvement mainly to pressure pumping activity, utilization and pricing in the U.S. land market, plus contributions from its artificial lift acquisition. North America revenue was $3.16 billion in the quarter, and the nine-month revenue of $14.68 billion reflects the same North American strength, partly offset by weakness in the Eastern Hemisphere. Net income attributable to the company was $365 million for the quarter and $361 million for the first nine months of 2017, compared with a nine-month net loss of $5.61 billion in 2016 that included a $4.06 billion merger-related charge. Cash and equivalents fell to $1.90 billion from $4.01 billion at year-end 2016, reflecting $1.46 billion of nine-month operating cash flow offset by $934 million of capital expenditures, about $628 million of acquisition payments, $1.63 billion of debt repayments, and $469 million of dividends. Total debt, including current maturities, was $10.94 billion at September 30, 2017. The most significant risk flagged is Venezuela. The company holds $429 million of net trade receivables there, has a $262 million pre-tax fair value loss on a $375 million note exchange, and has not received the first scheduled principal payment on its $200 million promissory note. New U.S. sanctions could delay completion of the note exchange. The company also disclosed that the Macondo-related final payments were made and that an SEC investigation was resolved with a payment of approximately $29 million.

    Oct 27, 2017
  29. 2017-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2017

    Halliburton Company's second-quarter 2017 Form 10-Q shows total revenue of $4.96 billion for the three months ended June 30, 2017, up from $3.84 billion a year earlier, with operating income of $146 million compared with an operating loss of $3.88 billion in the second quarter of 2016. The quarter included a $262 million pre-tax loss from a fair market value adjustment tied to an expected exchange of $375 million of Venezuelan receivables for a promissory note. Net income was $28 million, or $0.03 per share, compared with a net loss attributable to the company of $3.21 billion in the prior-year quarter, which included a $3.5 billion merger termination fee. The Completion and Production segment drove the improvement, with revenue of $3.13 billion and operating income of $397 million, while North America revenue reached $2.77 billion, or 56% of consolidated revenue. Cash and equivalents declined to $2.14 billion at June 30, 2017, from $4.01 billion at December 31, 2016, reflecting the early redemption of $1.4 billion of senior notes, the final Macondo settlement installment of $335 million, and $312 million in dividends. Cash flow from operations was $351 million for the first six months of 2017, compared with cash used of $3.80 billion a year earlier. The company reported $10.8 billion of long-term debt, and it noted about $2.0 billion of letters of credit, bank guarantees and surety bonds outstanding. Halliburton also disclosed three acquisitions in July 2017 and expects to pay approximately $630 million for them in the third quarter. The filing also details ongoing risks in Venezuela, where net trade receivables totaled $399 million at June 30, 2017, down from $610 million at year-end 2016, and where new U.S. sanctions were announced on July 26, 2017, against a current employee of the primary customer. The company settled an SEC investigation related to Angola for approximately $29 million, and it reported the second-quarter loss contingency for that matter.

    Jul 28, 2017
  30. 2017-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2017

    Halliburton Company's first-quarter 2017 Form 10-Q shows total revenue of $4.28 billion, up from $4.20 billion a year earlier, with operating income of $203 million compared with an operating loss of $3.08 billion in the first quarter of 2016, which included $2.77 billion of impairments and other charges and $538 million of merger-related costs. Net loss narrowed to $32 million, or $0.04 per share, from $2.41 billion, or $2.81 per share, a year earlier. North America revenue rose 24% on rapid growth in U.S. land activity, while Latin America, Europe/Africa/CIS and Middle East/Asia revenue declined. The company said international markets are not expected to show an inflection point for revenue and margins until the latter part of 2017. Liquidity fell sharply during the quarter. Cash and equivalents dropped to $2.11 billion from $4.01 billion at December 31, 2016, after the company redeemed $1.4 billion of senior notes, paid a final $335 million Macondo settlement installment, and spent $265 million on capital expenditures. Operating cash flow was only $5 million. The company reports $3.0 billion available under its revolving credit facility, and says it has no financial covenants or material adverse change provisions in its bank agreements. Total long-term debt fell to $10.81 billion from $12.21 billion. Credit ratings were BBB+ (S&P, stable outlook) and Baa1 (Moody's, negative outlook). On legal matters, the company states it has made all payments under its Macondo well incident MDL settlement and believes there is no additional material financial exposure from that incident. A securities class action settlement of $100 million is pending court approval, with the company funding about $54 million and its insurer the balance. The company also disclosed that its DOJ and SEC investigations into Angola and Iraq matters remain unresolved, and that it has been in discussions with SEC staff about a potential resolution.

    Apr 28, 2017
  31. 2016-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2016

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2016 shows a sharp downturn in the energy services market. Third-quarter revenue was $3.83 billion, down 31% from $5.58 billion a year earlier, and the company posted operating income of $128 million, compared with $43 million in the prior-year quarter, which included $381 million of impairments and other charges. For the first nine months, revenue fell 36% to $11.87 billion and the company recorded an operating loss of $6.83 billion, driven largely by the $3.5 billion termination fee paid to Baker Hughes after the merger agreement was terminated on April 30, 2016, $3.19 billion of impairments and other charges, and North America pressure pumping weakness. Net loss attributable to the company for the nine months was $5.61 billion, or $6.53 per share. Balance sheet and liquidity came under significant strain. Cash and equivalents fell to $3.29 billion from $10.08 billion at December 31, 2015, reflecting the termination fee, $2.5 billion of mandatory senior note redemptions, and a $600 million note repayment. Operating cash flow was negative $2.76 billion for the nine months. Long-term debt was $12.16 billion, and the company had $3.0 billion available under its revolving credit facility. Standard & Poor's lowered the long-term rating from A- to BBB+ during the quarter, with a stable outlook, and Moody's kept a Baa1 rating with a negative outlook. Management said it may have reached the bottom of the downturn, citing a 14% sequential increase in the average third-quarter U.S. rig count, while expecting international margins and revenues to be flat in the fourth quarter. The filing also details ongoing legal and regulatory matters, including the Macondo well incident settlement obligations, with a remaining loss contingency of $413 million, and internal investigations into operations in Angola and Iraq under the FCPA. Capital expenditures were reduced to $625 million for the nine months, and full-year 2016 capital spending is expected to be about $850 million.

    Oct 28, 2016
  32. 2016-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2016

    Halliburton Company's second-quarter 2016 Form 10-Q, filed August 1, 2016, shows a deep downturn in results. Revenue for the quarter was $3.84 billion, down from $5.92 billion a year earlier, and the company reported an operating loss of $3.88 billion. The loss was driven mainly by a $3.5 billion Baker Hughes termination fee, $423 million of impairments and other charges, and $124 million of North America operating losses. Net loss attributable to the company was $3.21 billion, or $3.73 per share, compared with net income of $54 million, or $0.06 per share, in the second quarter of 2015. For the first half of 2016, revenue was $8.03 billion and the net loss attributable to the company was $5.62 billion. The Baker Hughes merger agreement was mutually terminated on April 30, 2016, and the company paid the $3.5 billion fee in May. It also redeemed $2.5 billion of senior notes at 101% of principal. Cash and equivalents fell to $3.11 billion at June 30, 2016 from $10.08 billion at December 31, 2015, and operating cash flow was negative $3.80 billion for the first six months. The company says it has $3.0 billion available under its revolving credit facility and expects full-year 2016 capital expenditures of about $850 million. Standard & Poor's lowered its long-term rating to A- and later to BBB+, and Moody's lowered its rating to Baa1. Management says the North American rig count may have reached a bottom in May 2016, and it expects North America margins to begin recovering in the second half. Latin America is expected to remain the most challenged region. The company also disclosed a $148 million loss on a Venezuelan promissory note and ongoing Macondo-related liabilities, with $439 million remaining on its loss contingency at June 30, 2016.

    Aug 1, 2016
  33. 2016-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2016

    Halliburton Company's first-quarter 2016 Form 10-Q, filed May 6, 2016, reports a sharp deterioration in results. Revenue was $4.20 billion, down from $7.05 billion in the first quarter of 2015, a 40% decrease. The company reported an operating loss of $3.08 billion, compared with an operating loss of $548 million a year earlier, and a net loss attributable to the company of $2.41 billion, or $2.81 per share. The results were driven by pricing pressure and activity declines, particularly in North American pressure pumping, along with $2.77 billion of impairments and other charges and $538 million of Baker Hughes acquisition-related costs. The most significant post-quarter event was the mutual termination of the Baker Hughes merger agreement on April 30, 2016. Halliburton paid a $3.5 billion termination fee on May 4, 2016, and must redeem $2.5 billion of senior notes at 101% of principal in the second quarter. Standard & Poor's lowered the company's long-term rating from A to A- on May 4, 2016 and placed it on CreditWatch with negative implications, while Moody's kept its A2 rating on review for downgrade. Cash and equivalents were $9.59 billion at March 31, 2016, and the company had $3.0 billion available under its revolving credit facility. Investors should also note the ongoing downturn's effects on cash flow and capital allocation. Operating cash flow was a use of $171 million in the quarter, capital expenditures were reduced to $234 million, and 2016 capital spending is now expected to be about $850 million. Management also cited a workforce reduction of over 6,000 in the quarter, and the company remains subject to Macondo-related liabilities of $472 million and ongoing securities litigation and internal investigations.

    May 6, 2016
  34. 2015-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2015

    Halliburton Company's third-quarter 2015 Form 10-Q reports a sharp deterioration in results tied to the energy market downturn. Total revenue for the quarter was $5.58 billion, down $3.1 billion, or 36%, from $8.70 billion in the third quarter of 2014, and the company recorded an operating loss of $251 million for the first nine months of 2015 versus operating income of $3.8 billion a year earlier. Results were weighed down by approximately $1.9 billion of impairments and other charges in the first nine months, including $381 million in the third quarter, and the company reported a net loss of $54 million attributable to the company for the quarter. The filing also covers the pending acquisition of Baker Hughes, under which Halliburton would issue approximately 492 million shares and pay about $8.3 billion in cash. The company continues to target a 2015 close, but the transaction could move into 2016, and several businesses are being marketed for sale to obtain regulatory approvals. Management expects activity in North America to drop further toward year-end and continues to reduce costs, with capital expenditures for 2015 now expected to be $2.4 billion. Balance sheet and liquidity remain solid, with $2.2 billion of cash and equivalents, $7.2 billion of long-term debt, and credit ratings of A2 from Moody's and A from Standard & Poor's, though S&P placed the ratings on negative watch following the Baker Hughes announcement. The company also paid the second $333 million installment under its Macondo well incident settlement and holds a remaining loss contingency of $472 million related to that matter.

    Oct 23, 2015
  35. 2015-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2015

    Halliburton Company's second-quarter 2015 Form 10-Q, filed July 24, 2015, reports a sharp decline in activity and profitability. Revenue for the quarter was $5.92 billion, down $2.1 billion, or 26%, from $8.05 billion in the second quarter of 2014, as reduced activity and pricing concessions hit North America and Europe/Africa/CIS. The company recorded an operating income of $254 million for the quarter, against $1.19 billion a year earlier, after $306 million of impairments and other charges. For the six months, the company posted an operating loss of $294 million and a net loss of $588 million, driven largely by $1.51 billion of impairments and other charges tied to the energy market downturn and a $199 million Venezuela currency loss. The balance sheet and liquidity remained solid. Cash and equivalents were $2.76 billion at June 30, 2015, and cash flows from operating activities were $1.995 billion for the first six months. Management reduced its 2015 capital expenditure outlook to approximately $2.6 billion, and a new $3.0 billion five-year revolving credit agreement was entered into on July 21, 2015, with capacity increasing to $4.5 billion upon closing of the pending Baker Hughes acquisition. The company expects to finance the approximately $8.3 billion cash portion of the Baker Hughes deal with cash on hand and debt, supported by an $8.6 billion bridge commitment, with closing targeted for late 2015. Legal matters remain significant. The company's remaining Macondo well loss contingency was $805 million, with $367 million expected to be paid in the second half of 2015, and it has a pending MDL settlement of $1.1 billion. Investigations in Angola and Iraq and a securities class action remain ongoing, and the company stated it cannot predict their outcomes. Quarterly dividends were increased to $0.18 per share.

    Jul 24, 2015
  36. 2015-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2015

    Halliburton Company's first-quarter 2015 Form 10-Q, filed April 23, 2015, shows a sharp deterioration in results driven by the downturn in the energy market. Total revenue for the three months ended March 31, 2015 was $7.05 billion, compared with $7.35 billion a year earlier, a decrease of $298 million or 4%. The company recorded an operating loss of $548 million, versus operating income of $970 million in the prior-year quarter, largely due to approximately $1.2 billion of impairments and other charges. Net loss attributable to the company was $643 million, or $(0.76) per share, compared with net income of $622 million, or $0.73 per share, in the first quarter of 2014. A $199 million foreign currency loss in Venezuela, recorded in Other, net, also weighed on results. Management expects the remainder of 2015 to be challenging, with continued near-term declines in activity, further pricing pressure, and reduced revenue and operating margins in the second quarter. Capital spending for 2015 is expected to be about $2.8 billion, down from $3.3 billion in 2014. Cash and equivalents were $2.29 billion at March 31, 2015, and the company had $3.0 billion of available committed bank credit. Operating cash flow was $812 million for the quarter, and dividends of $153 million were paid. The pending acquisition of Baker Hughes, under which Halliburton will issue about 490 million shares and pay about $8.3 billion in cash, is expected to close late in the second half of 2015. Halliburton has announced plans to sell certain drilling businesses to obtain regulatory approval, with those assets carried at approximately $2.8 billion. The Macondo well litigation remains a significant risk: the company has a remaining loss contingency of $805 million, has agreed to a $1.1 billion MDL settlement subject to court approval, and notes that further liabilities could have a material adverse effect on liquidity and results.

    Apr 23, 2015
  37. 2014-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2014

    Halliburton Company's third-quarter 2014 Form 10-Q shows revenue of $8.7 billion for the three months ended September 30, 2014, up from $7.5 billion a year earlier, with operating income of $1.63 billion versus $1.11 billion. Nine-month revenue was $24.1 billion and operating income $3.8 billion, compared with $21.8 billion and $2.0 billion in the prior-year period. Net income attributable to the company was $1.2 billion for the quarter ($1.41 diluted per share) and $2.6 billion for the nine months ($3.05 diluted per share). The company cites higher stimulation activity in the United States land market and increased activity across most regions as the main drivers, and it recorded $195 million of Macondo-related income in the quarter from a reduced loss contingency and an expected insurance recovery. The filing's most significant investor issue is the Macondo well incident. In September 2014 Halliburton agreed, subject to court approval, to pay $1.1 billion into a trust to settle a substantial portion of plaintiffs' claims. The MDL court's Phase One Ruling apportioned fault 67% to BP, 30% to Transocean and 3% to Halliburton, and did not find Halliburton grossly negligent. The company reduced its Macondo loss contingency from $1.3 billion to $1.2 billion, consisting of a current portion of $395 million and a non-current portion of $805 million. The company states that the settlement and ruling have eliminated additional material financial exposure, but it also says the outcome remains uncertain because the settlement needs court approval, the ruling is subject to appeal, and liabilities could still have a material adverse effect. Balance sheet and cash flow remained solid. Cash and equivalents were $2.0 billion at September 30, 2014, and long-term debt was $7.8 billion. Operating cash flow was $2.9 billion for the nine months, while capital expenditures were $2.3 billion. The company repurchased $800 million of stock and paid $381 million in dividends. In October 2014 the board raised the quarterly dividend 20%, from $0.15 to $0.18 per share, and the company has about $5.7 billion remaining under its buyback authorization.

    Oct 24, 2014
  38. 2014-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2014

    Halliburton Company's Form 10-Q for the quarter ended June 30, 2014 reports second-quarter revenue of $8.05 billion, up from $7.32 billion in the second quarter of 2013, with operating income of $1.19 billion versus $984 million a year earlier. Net income attributable to the company was $774 million, or $0.91 per diluted share, compared with $644 million, or $0.69 per diluted share, in the prior-year quarter. For the first half of 2014, revenue was $15.40 billion and operating income was $2.16 billion, compared with $886 million in the first half of 2013, which included a $1.0 billion pre-tax Macondo loss contingency charge. Management attributed revenue growth primarily to stimulation activity and product sales in North America and higher activity across most Eastern Hemisphere product service lines. Cash and equivalents were $2.36 billion at June 30, 2014, and the company repurchased about 8.9 million shares for $500 million in the first half. Cash flows from operating activities were $2.08 billion for the six months, and capital expenditures were $1.38 billion. Capital spending for 2014 is expected to be approximately $3.3 billion. On July 15, 2014, the board increased the share repurchase authorization by approximately $4.8 billion, bringing remaining capacity to $6.0 billion. The Macondo well incident remains the most significant risk factor. The company's loss contingency liability was $1.3 billion at June 30, 2014, and management stated it cannot fully estimate the ultimate impact, noting that the MDL court has not yet issued rulings on the first two phases of the trial. Other matters include the KBR Tax Sharing Agreement dispute, in which an arbitrator found KBR owes approximately $105 million plus interest, and ongoing internal and government investigations regarding Angola and Iraq and a Department of Justice civil investigative demand on pressure pumping services.

    Jul 25, 2014
  39. 2014-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2014

    Halliburton Company's first-quarter 2014 Form 10-Q reports revenue of $7.35 billion, up from $6.97 billion a year earlier, and operating income of $970 million, compared with an operating loss of $98 million in the first quarter of 2013. The year-over-year improvement is largely attributable to the absence of the $1.0 billion pre-tax Macondo well incident loss contingency that was recorded in the first quarter of 2013. Revenue growth was driven by the Completion and Production segment (up 8%) and higher activity in the Eastern Hemisphere and U.S. land production enhancement, partly offset by lower Latin American activity. Net income attributable to the company was $622 million, or $0.73 per diluted share, versus a net loss of $18 million in the prior-year quarter. Cash flow from operations was $954 million, and cash and equivalents declined to $2.12 billion from $2.36 billion at year-end 2013. The company repurchased about 8.9 million shares for $500 million during the quarter, paid $127 million in dividends, and reported approximately $1.2 billion remaining under its share repurchase authorization. Capital expenditures were $643 million, and the company expects 2014 capital spending of approximately $3 billion. The Macondo well incident remains the principal open risk. Halliburton carries a loss contingency reserve of $1.3 billion ($278 million current, $1.0 billion non-current), but the company states it cannot fully estimate the ultimate impact, and additional reasonably possible losses exist that it cannot estimate. The MDL trial's first two phases have concluded with no ruling yet issued, and a third phase is scheduled for January 2015. Separately, the Supreme Court is expected to rule on a securities class action by June 2014, and the company is responding to DOJ and SEC inquiries regarding Angola and Iraq.

    Apr 25, 2014
  40. 2013-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2013

    Halliburton Company's third-quarter 2013 10-Q shows record quarterly revenue of $7.47 billion, up from $7.11 billion a year earlier, with operating income rising to $1.11 billion from $954 million. Nine-month results were weighed down by a $1.0 billion Macondo well loss contingency recorded in the first quarter, which cut nine-month operating income to $1.99 billion from $3.18 billion. Net income attributable to the company was $1.33 billion for the nine months, compared with $1.97 billion in the prior-year period, and diluted EPS was $1.45 versus $2.12. The company's capital allocation changed sharply in the quarter. In August 2013 it issued $3.0 billion of senior notes and used the proceeds, along with cash on hand, to repurchase about 68 million shares for $3.3 billion through a modified Dutch auction tender offer. Total share repurchases for the first nine months were about $4.4 billion. Cash and equivalents fell to $1.49 billion from $2.48 billion at year-end 2012, and long-term debt rose to $7.82 billion from $4.82 billion. Quarterly dividends were raised to $0.125 per share. The filing's largest open item is the Macondo well incident. The company maintains a $1.3 billion loss contingency, of which $1.0 billion is non-current, and says that liabilities from the incident could have a material adverse effect on liquidity, results and financial condition. In September 2013 the DOJ closed its criminal investigation after Halliburton Energy Services, Inc. agreed to plead guilty to one misdemeanor, with a $0.2 million fine. Civil litigation in the MDL remains ongoing, and the company also disclosed an accounting referee report finding KBR owes it a net approximately $105 million under the Tax Sharing Agreement.

    Oct 25, 2013
  41. 2013-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2013

    Halliburton Company's second-quarter 2013 Form 10-Q reports revenue of $7.3 billion for the three months ended June 30, 2013, essentially flat compared with $7.2 billion a year earlier, and a quarterly record for the company. Operating income fell to $984 million from $1,201 million, reflecting pricing pressure and lower activity in the United States land market and a $55 million charitable contribution recorded in the quarter. Diluted income per share from continuing operations was $0.69, versus $0.80 in the prior-year quarter. For the six months, revenue was $14.3 billion and operating income was $886 million, which was hit by a $1.0 billion pre-tax loss contingency for the Macondo well incident. Net income attributable to the company was $626 million for the first half. The Macondo loss contingency now stands at $1.3 billion, with $278 million current and $1.0 billion non-current. Management says settlement discussions with private claimants in the multi-district litigation have slowed, and it cannot fully estimate the incident's ultimate impact. In July 2013 Halliburton Energy Services, Inc. agreed to plead guilty to one misdemeanor and pay a $0.2 million fine to resolve the federal criminal investigation, and the DOJ agreed not to pursue further criminal prosecution of the company for conduct related to the incident. Cash and equivalents declined to $1.4 billion from $2.5 billion at year-end 2012, and shareholders' repurchases were significant, with the board raising the buyback authorization by $4.3 billion to $5.0 billion on July 18, 2013. Subsequent to the quarter, the company commenced a modified Dutch auction tender offer of up to $3.3 billion, at $42.50 to $48.50 per share, conditioned on arranging new debt financing. Capital expenditures for 2013 are expected to be approximately $3.0 billion, and the company reports A2 and A credit ratings from Moody's and S&P respectively.

    Jul 26, 2013
  42. 2013-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2013

    Halliburton Company's first-quarter 2013 results were heavily affected by the Macondo well incident. The company reported revenue of $6.97 billion for the three months ended March 31, 2013, up from $6.87 billion a year earlier, but posted an operating loss of $98 million, compared with operating income of $1.02 billion in the prior-year quarter. The loss reflects a $1.0 billion pre-tax loss contingency recorded for the Macondo multi-district litigation, versus $300 million in the first quarter of 2012. Net loss attributable to company shareholders was $18 million, or $0.02 per share, compared with net income of $627 million, or $0.68 per share, a year earlier. By segment, Completion and Production revenue fell 4% to $4.10 billion and operating income fell 41% to $615 million, driven by pricing pressure and reduced stimulation activity in North America. Drilling and Evaluation revenue rose 11% to $2.87 billion and operating income rose 11% to $407 million, supported by international growth. The company's aggregate Macondo reserve stood at $1.3 billion at March 31, 2013, and management states that liabilities from the incident could have a material adverse effect on liquidity, results of operations and financial condition. The MDL trial began February 25, 2013 and is ongoing, and the DOJ has not commenced criminal proceedings against the company as of April 26, 2013. Liquidity remained solid, with cash and equivalents of $2.03 billion at March 31, 2013, and operating cash flow of $349 million. In April 2013 the company amended its revolving credit facility to $3.0 billion from $2.0 billion and extended its maturity to 2018. Management expects 2013 capital expenditures of approximately $3.0 billion and said it anticipates additional share repurchases in the second quarter.

    Apr 26, 2013
  43. 2012-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2012

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2012 reports third-quarter revenue of $7.11 billion, up from $6.55 billion a year earlier, while operating income fell to $954 million from $1.33 billion. Net income attributable to the company was $602 million, or $0.65 per diluted share, versus $683 million, or $0.74 per share, in the third quarter of 2011. For the first nine months of 2012, revenue rose to $21.21 billion from $17.77 billion, but operating income declined to $3.18 billion from $3.31 billion, reflecting a $300 million pre-tax loss contingency for the Macondo well incident recorded in the first quarter. The filing attributes margin pressure in North America to pricing pressure and rising guar gum costs in production enhancement services, partially offset by growth in international regions. The Macondo litigation remains the dominant risk factor. The company states that it is currently unable to fully estimate the impact of the incident, that Liabilities could have a material adverse effect on liquidity, results and financial condition, and that a multi-district litigation trial is delayed to January 2013. The U.S. Department of Justice criminal investigation remains open, with no criminal proceedings commenced as of October 23, 2012. Separately, the company is conducting internal investigations into operations in Angola and Iraq in coordination with the DOJ and SEC. Liquidity remained solid at period end, with cash and equivalents of $2.03 billion, long-term debt of $4.82 billion, and approximately $1.7 billion remaining under the share repurchase authorization. Cash flow from operations was $1.91 billion for the first nine months, against capital expenditures of $2.52 billion, and the company expects 2012 capital spending of $3.4 billion to $3.5 billion. Credit ratings were stated as A2 from Moody's and A from Standard & Poor's.

    Oct 23, 2012
  44. 2012-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2012

    Halliburton Company's second-quarter 2012 Form 10-Q reports total revenue of $7.23 billion for the three months ended June 30, 2012, up from $5.94 billion a year earlier, and net income attributable to the company of $737 million, compared with $739 million in the second quarter of 2011. For the first six months, revenue was $14.10 billion and net income attributable to the company was $1.36 billion. Operating income for the quarter was $1.20 billion, versus $1.16 billion a year earlier, with the Completion and Production segment's operating income essentially flat at $914 million and the Drilling and Evaluation segment's up 21% to $393 million. Corporate and other expenses rose to $106 million in the quarter, and the first half includes a $300 million pre-tax loss contingency related to the Macondo well incident. The filing makes clear that the Macondo litigation and investigations remain the dominant risk. The company says it is currently unable to fully estimate the impact, that liabilities could have a material adverse effect on liquidity, results and financial condition, and that a multi-district litigation trial has been delayed to January 2013. The company also disclosed a Department of Justice criminal investigation, internal investigations into Angola and Iraq matters, and a dispute with KBR over a $256 million tax sharing claim. Management cited guar gum cost inflation, pricing pressure in North American hydraulic fracturing, and a shift from natural gas to oil and liquids-rich drilling as factors affecting margins. Balance sheet and cash flow data show cash and equivalents of $2.17 billion at June 30, 2012, down from $2.70 billion at year-end 2011, with long-term debt unchanged at $4.82 billion. Operating cash flow was $1.14 billion for the first half, while capital expenditures were $1.65 billion. Inventories rose to $3.30 billion, and the company paid $167 million in dividends. Management expects 2012 capital spending of $3.6 billion to $3.8 billion and, subject to board approval, dividends of about $80 million per quarter.

    Jul 27, 2012
  45. 2012-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2012

    Halliburton Company's first-quarter 2012 Form 10-Q, filed April 24, 2012, reports revenue of $6.87 billion, up from $5.28 billion a year earlier, and operating income of $1.02 billion, up from $814 million. Net income attributable to the company was $627 million, or $0.68 per diluted share, compared with $511 million, or $0.56 per share, in the first quarter of 2011. Results were driven mainly by higher drilling activity and pricing improvements in North America and increased activity in all international regions. The quarter absorbed a $300 million pre-tax loss contingency for the Macondo well incident, recorded in Corporate and other and in Cost of services. The Macondo litigation is the dominant risk discussed in the filing. Halliburton is named in more than 400 pollution-related complaints and several personal injury suits, and the company states that it can no longer conclude a probable loss tied to the multi-district litigation is zero. BP's April 2012 settlement with the Plaintiffs' Steering Committee, estimated by BP at about $7.8 billion, could realign the parties and affect claims against Halliburton, and the company says it is still reviewing the agreements. The filing also describes indemnity rulings in Halliburton's favor on compensatory damages from BP, while punitive damages and civil penalties are not covered. Other matters include a Duncan, Oklahoma environmental suit with $32 million accrued, a Securities class action in which the court certified a class, and an ongoing internal investigation in Angola. Liquidity remained solid. Cash and equivalents were $2.66 billion at March 31, 2012, operating cash flow was $734 million, and capital expenditures were $782 million. The company stated that 2012 capital spending is expected to range from $3.5 billion to $4.0 billion, that about $1.7 billion remains under its share repurchase authorization, and that it has credit ratings of A2 from Moody's and A from S&P.

    Apr 24, 2012
  46. 2011-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2011

    Halliburton Company's third-quarter 2011 Form 10-Q reports strong top-line growth. For the three months ended September 30, 2011, total revenue was $6.55 billion versus $4.67 billion a year earlier, and operating income was $1.33 billion versus $818 million. Net income attributable to the company was $683 million, or $0.74 per diluted share, compared with $544 million in the prior-year quarter. For the nine months, revenue reached $17.77 billion and operating income $3.31 billion, with net income attributable to the company of $1.93 billion, or $2.10 per diluted share. The filing attributes the growth mainly to higher drilling activity and pricing in North America, particularly in unconventional oil and liquids-rich basins, with Completion and Production revenue up 52% in the quarter. Outside North America, operating income declined for the nine months on competitive pricing, and North Africa disruptions and Libya remain a drag. The filing's largest risk disclosure concerns the Macondo well (Deepwater Horizon) incident. Halliburton has not accrued any amounts for this matter because it does not believe a loss is probable, and it states it cannot estimate the full impact. The company faces more than 400 pollution-related complaints and numerous personal injury suits, has been tendered into the Limitation Action with trial set for the first quarter of 2012, and received Incidents of Noncompliance from the BSEE in October 2011 with possible civil penalties up to $35,000 per day per violation. A separate $201 million arbitration award against its former subsidiary KBR, for which Halliburton is indemnifying KBR, was recorded in discontinued operations. The company also disclosed an internal investigation of its Angola operations and a $1.6 billion balance of letters of credit, bank guarantees, and surety bonds. On the balance sheet, cash and equivalents rose to $1.78 billion from $1.40 billion at year-end 2010, and long-term debt was unchanged at $3.82 billion. Operating cash flow was $2.37 billion for the nine months, against capital expenditures of $2.16 billion. Subsequent to quarter-end, the company completed the all-cash acquisition of Multi-Chem Group LLC and expects fourth-quarter uses of cash for Multi-Chem and other acquisitions of about $800 million. Credit ratings were held at A2 (Moody's) and A (S&P).

    Oct 21, 2011
  47. 2011-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2011

    Halliburton Company's second-quarter 2011 Form 10-Q, filed July 21, 2011, shows strong top-line and profit growth. For the three months ended June 30, 2011, total revenue was $5.94 billion, up from $4.39 billion, and operating income was $1.16 billion, up from $762 million. Net income attributable to the company was $739 million, or $0.80 per diluted share, compared with $480 million, or $0.53 per diluted share, a year earlier. For the first six months, revenue reached $11.22 billion and operating income $1.98 billion, with the filing attributing the increases primarily to higher drilling activity and pricing improvements in North America, partly offset by operational disruptions in North Africa. The filing reports that North American unconventional and liquids-rich shale activity drove results, with Completion and Production operating income up 85% in the quarter. Management said Gulf of Mexico activity has begun to recover following the resumption of drilling permits by the Bureau of Ocean Energy Management, Regulation and Enforcement, but warned the recovery could stall. Outside North America, operating income declined on highly competitive pricing, and all customer activity in Libya had ceased due to sanctions. The filing's most significant risk disclosure concerns the Macondo well incident in the Gulf of Mexico. Halliburton has not accrued any amounts for the matter because it does not believe a loss is probable, and it states that it cannot estimate the full impact or a reasonably possible loss range. The company is named in more than 400 complaints and faces multiple investigations, and the filing says liabilities could have a material adverse effect on liquidity, results of operations and financial condition. The balance sheet shows cash and equivalents of $1.44 billion, long-term debt of $3.82 billion, and total shareholders' equity of $11.66 billion as of June 30, 2011.

    Jul 21, 2011
  48. 2011-Q1

    Halliburton Quarterly Report for Q1 Ended Mar 31, 2011

    Halliburton Company's first-quarter 2011 Form 10-Q shows revenue of $5.28 billion, up from $3.76 billion in the first quarter of 2010, and operating income of $814 million, compared with $449 million a year earlier. Net income attributable to the company was $511 million, or $0.56 per diluted share, versus $206 million, or $0.23 per share, in the prior-year quarter. The filing attributes the increase mainly to increased drilling activity and pricing improvements in North America, partly offset by adverse weather in North America and the North Sea, operational disruptions in North Africa, and highly competitive pricing outside North America. A $59 million pre-tax charge in Libya, tied to doubtful receivables from Libyan national oil companies and compromised inventory, also weighed on results. The Macondo well incident remains the dominant risk factor. Halliburton states it has not accrued any amounts because it does not believe a loss is probable, and it says it is unable to estimate the full impact or a range of loss. The company has been named in more than 370 pollution-related complaints and at least 28 personal injury lawsuits, and it faces a Limitation Action trial set for the first quarter of 2012. The filing also notes that the Department of Justice has not commenced civil or criminal proceedings against Halliburton, though it has convened a grand jury in Louisiana. Liquidity remained solid, with $1.0 billion of cash and equivalents, $852 million in marketable securities, and a new $2.0 billion revolving credit facility that was fully available at quarter end. Management expects 2011 capital spending of approximately $3.0 billion. Management expects North American margins to be sustainable through 2011, while international recovery is expected to lag, with pricing improvement possible in the second half of 2011. Gulf of Mexico activity had fallen sharply after the Macondo incident, and the Bureau of Ocean Energy Management has only recently resumed issuing drilling permits, so the company says activity may recover in coming quarters without assurance of timing.

    Apr 22, 2011
  49. 2010-Q3

    Halliburton Quarterly Report for Q3 Ended Sep 30, 2010

    Halliburton Company's Form 10-Q for the quarter ended September 30, 2010 shows third-quarter 2010 total revenue of $4,665 million, up from $3,588 million in the third quarter of 2009, and net income attributable to the company of $0.60 per diluted share versus $0.29 a year earlier. For the first nine months, revenue rose to $12.8 billion from $10.99 billion, and operating income increased $463 million, or 30%, to $2.0 billion, with management attributing the gains to higher customer capital spending, higher North American drilling activity and pricing improvements. Cash and equivalents ended the quarter at $1.9 billion, and operating cash flow for the nine months was $1.4 billion, while capital expenditures were $1.4 billion and the company paid $383 million for acquisitions, including Boots & Coots. Management guided to 2010 capital spending of approximately $2.1 billion and said the Gulf of Mexico operations would see a further reduction in the fourth quarter following the lifting of the deepwater drilling suspension. The filing's most prominent risk is the Gulf of Mexico/Macondo well incident. The company was named in more than 319 class-action pollution complaints and 27 multi-plaintiff injury suits, and it has not accrued any amounts for this matter because it does not believe a loss is probable. The company also reports ongoing FCPA-related exposure tied to its indemnity of KBR, including Nigerian criminal charges filed September 3, 2010, and a Petrobras arbitration seeking $220 million plus interest from KBR. Liquidity remains strong, with a $1.2 billion undrawn revolving credit facility and credit ratings of A2 (Moody's) and A (S&P) on long-term debt.

    Oct 22, 2010
  50. 2010-Q2

    Halliburton Quarterly Report for Q2 Ended Jun 30, 2010

    Halliburton Company's Form 10-Q for the quarter ended June 30, 2010 reports total revenue of $4,387 million for the three months ended June 30, 2010, compared with $3,494 million a year earlier, and $8,148 million for the six months versus $7,401 million. Operating income for the six months was $1,211 million, versus $1,092 million in the prior-year period. Net income attributable to the company was $0.76 per diluted share for the first half of 2010, compared with $0.71 a year earlier, and the company paid a quarterly dividend of $0.09 per share. Cash and equivalents fell to $1,160 million at June 30, 2010 from $2,082 million at December 31, 2009, while the company held $1,935 million in marketable securities, mainly U.S. Treasury securities. The company attributes the revenue and operating income increases mainly to higher North American drilling activity and improved pricing. The filing's most significant risk for investors is the Gulf of Mexico Macondo Well incident, in which the Deepwater Horizon rig sank on April 22, 2010. The company has been named in more than 270 class-action pollution complaints and 15 suits alleging wrongful death or personal injury. It states it has not accrued any amounts for this matter because a loss is not probable, and that it relies on indemnification from BP Exploration, which has reserved its rights. The Department of the Interior's deepwater drilling suspension is expected to reduce earnings by $0.05 to $0.08 per share each quarter for the rest of 2010. Other legal exposures include the Bonny Island/TSKJ FCPA-related matters, the Barracuda-Caratinga arbitration with Petrobras claiming $220 million plus interest, and the Securities class action, for which no estimate of possible loss can be made. Liquidity remains solid. The company has a $1.2 billion undrawn revolving credit facility, credit ratings of A2 from Moody's and A from Standard & Poor's, and no financial covenants. Capital spending for 2010 is expected to be approximately $2.0 billion, and the company plans to retire $750 million of 5.5% senior notes at maturity in October 2010. It also agreed to acquire Boots & Coots, Inc. for approximately $250 million in a stock and cash transaction.

    Jul 23, 2010