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Halliburton 8-K Report, Financial Results (Jan 23, 2024)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed January 23, 2024
Period End
January 23, 2024
Security
HAL
In the 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. Material agreement8-K · May ’16May ’16
  2. Material agreement8-K · Mar ’20Mar ’20
  3. Leadership change8-K · May ’22May ’22
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed January 23, 2024. Cited figures are marked; the original filing is the authoritative source.

Halliburton Company (NYSE: HAL) reported fourth-quarter 2023 net income of $661 milliona, or $0.74 per diluted share, compared with $716 million, or $0.79 per diluted share, in the third quarter of 2023.

Excluding losses in Argentina primarily due to currency devaluation, adjusted net income was $769 millionb, or $0.86 per diluted share. Total revenue for the quarter was $5.7 billion, flat sequentially, and operating income was $1.1 billion, a 2% increase over the third quarter. Operating margin for the quarter was 18%, and the company reported cash flow from operations of $1.4 billion and free cash flow of $1.1 billion.

For full-year 2023, total revenue was $23.0 billionc, an increase of $2.7 billion, or 13%, from 2022. Operating income was $4.1 billion, compared with $2.7 billion in 2022. Net income attributable to the company was $2,638 million, or $2.92 per diluted share.

Free cash flow for the year was $2.27 billiond, and the company returned $1.4 billion to shareholders through stock repurchases and dividends, which management said represents over 60% of free cash flow. Management also noted that the company retired approximately $300 million of debt during the year. Halliburton's board declared a first-quarter 2024 dividend of $0.17 per share, an increase of $0.01 per share, payable March 27, 2024, to shareholders of record as of March 6, 2024.

Chairman, President and CEO Jeff Miller said the outlook for oilfield services demand remains strong. The filing also highlights new technology introductions and strategic collaborations, including the EquiFlow Density autonomous inflow control device, a RoboWell autonomous well control project with ADNOC, and a digital twin project with the Libra Consortium led by Petrobras.

02—Key points

Key Highlights

  1. Q4 2023 net income of $661 million, or $0.74 per diluted share; adjusted net income of $769 million, or $0.86 per diluted share, excluding Argentina losses
  2. Q4 2023 revenue of $5.7 billion, flat versus Q3 2023; operating income of $1.1 billion with operating margin of 18%
  3. Full-year 2023 revenue of $23.0 billion, up $2.7 billion or 13% from 2022; operating income of $4.1 billion versus $2.7 billion in 2022
  4. Full-year 2023 free cash flow of approximately $2.3 billion; cash returned to shareholders of $1.4 billion through buybacks and dividends
  5. Q4 2023 included approximately $109 million of losses from Argentina currency devaluation and Blue Chip Swap transactions
  6. Board declared first-quarter 2024 dividend of $0.17 per share, up $0.01 per share
  7. Q4 2023 stock repurchases of approximately $250 million and debt repurchases of approximately $150 million

03—Questions

Frequently Asked Questions

  1. How did Halliburton perform in the fourth quarter of 2023?

    Halliburton reported net income of $661 million, or $0.74 per diluted share, and adjusted net income of $769 million, or $0.86 per diluted share, excluding losses in Argentina. Revenue was $5.7 billion, flat sequentially, and operating income was $1.1 billion.

  2. What drove the difference between reported and adjusted earnings?

    The adjustments excluded a $103 million Argentina currency impact from the devaluation of the Argentine currency and a $6 million loss on Blue Chip Swap transactions, net of a $1 million tax adjustment.

  3. How much did Halliburton return to shareholders and what is the dividend?

    The company returned $1.4 billion to shareholders in 2023 through stock repurchases and dividends. The board declared a first-quarter 2024 dividend of $0.17 per share, payable March 27, 2024, to holders of record as of March 6, 2024.

  4. How did the segments perform in the fourth quarter?

    Completion and Production revenue was $3.3 billion, down $170 million or 5% sequentially, with operating income of $716 million. Drilling and Evaluation revenue was $2.4 billion, up $105 million or 5% sequentially, with operating income of $420 million, up $42 million or 11%.

  5. What did management say about the outlook?

    CEO Jeff Miller said the outlook for oilfield services demand remains strong and that the company expects to deepen its value proposition and generate significant free cash flow in 2024.

04—Continue

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