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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Halliburton Co | NYSE:HAL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.2404 | 0.66% | 36.9404 | 2,758 | 14:10:22 |
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001-03492
|
No. 75-2677995
|
(Commission File Number)
|
(IRS Employer Identification No.)
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|
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3000 North Sam Houston Parkway East
Houston, Texas
|
77032
|
(Address of Principal Executive Offices)
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(Zip Code)
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|
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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•
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Reported income from continuing operations of
$0.05
per diluted share
|
•
|
Adjusted income from continuing operations of
$0.41
per diluted share, excluding a write-down in Venezuela
|
•
|
Halliburton announced a multimillion dollar software grant to the Colleges of Science and Engineering at Sultan Qaboos University in Oman. The grant provides access to leading industry software in geoscience, drilling and reservoir management so that students can gain practical experience to prepare for successful careers in the oil and gas industry.
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•
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Halliburton announced that its Angolan facilities, Luanda-SONILS base, which incorporates the Cabinda-Malembo base and Soyo-Kwanda base facilities, and all of the company's product service lines in those locations have received the American Petroleum Institute (API) Specification Q2 Registration. The facilities are the first in Angola to receive this registration, an advanced industry quality standard for oil and natural gas service companies.
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•
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Halliburton launched Quasar Trio®, the industry's first full M/LWD service capable of operating in extreme environments and the WiFire™ Acoustic Firing Head, a technology that provides an alternative way of activating tubing-conveyed perforating guns. Both offerings earned the OTC Spotlight Award for their innovation. The Quasar Trio service surpasses the limits of traditional LWD systems to offer a comprehensive suite of real-time measurements to help operators enhance reservoir understanding, make critical financial decisions earlier in the well construction process and reduce well time.
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•
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Halliburton's CoreVault™ RFPX technology is the first and only wireline rotary sidewall coring system that captures and preserves both reservoir rock and fluid samples within a high pressure encapsulated vessel for accurate hydrocarbon in place determination. High-pressure cores captured using the new advanced nitrogen pressure compensated RFPX system for a customer in West Texas confirmed a six-fold increase in recorded pressure as compared with the previous generation tool deployed in the same field.
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|
Three Months Ended
|
|||||||||||
|
March 31
|
|
December 31
|
|||||||||
|
2018
|
|
2017
|
|
2017
|
|||||||
Revenue:
|
|
|
|
|
|
|||||||
Completion and Production
|
$
|
3,807
|
|
|
$
|
2,604
|
|
|
$
|
3,804
|
|
|
Drilling and Evaluation
|
1,933
|
|
|
1,675
|
|
|
2,136
|
|
||||
Total revenue
|
$
|
5,740
|
|
|
$
|
4,279
|
|
|
$
|
5,940
|
|
|
Operating income:
|
|
|
|
|
|
|||||||
Completion and Production
|
$
|
500
|
|
|
$
|
147
|
|
|
$
|
554
|
|
|
Drilling and Evaluation
|
188
|
|
|
122
|
|
|
293
|
|
||||
Corporate and other
|
(69
|
)
|
|
(66
|
)
|
|
(79
|
)
|
||||
Impairments and other charges (a)
|
(265
|
)
|
|
—
|
|
|
(385
|
)
|
||||
Total operating income
|
354
|
|
|
203
|
|
|
383
|
|
||||
Interest expense, net (b)
|
(140
|
)
|
|
(242
|
)
|
|
(115
|
)
|
||||
Other, net
|
(25
|
)
|
|
(18
|
)
|
|
(24
|
)
|
||||
Income (loss) from continuing operations before income taxes
|
189
|
|
|
(57
|
)
|
|
244
|
|
||||
Income tax (provision) benefit (c)
|
(142
|
)
|
|
25
|
|
|
(1,050
|
)
|
||||
Income (loss) from continuing operations
|
47
|
|
|
(32
|
)
|
|
(806
|
)
|
||||
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(19
|
)
|
||||
Net income (loss)
|
$
|
47
|
|
|
$
|
(32
|
)
|
|
$
|
(825
|
)
|
|
Net (income) loss attributable to noncontrolling interest
|
(1
|
)
|
|
—
|
|
|
1
|
|
||||
Net income (loss) attributable to company
|
$
|
46
|
|
|
$
|
(32
|
)
|
|
$
|
(824
|
)
|
|
Amounts attributable to company shareholders:
|
|
|
|
|
|
|||||||
Income (loss) from continuing operations
|
$
|
46
|
|
|
$
|
(32
|
)
|
|
$
|
(805
|
)
|
|
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(19
|
)
|
||||
Net income (loss) attributable to company
|
$
|
46
|
|
|
$
|
(32
|
)
|
|
$
|
(824
|
)
|
|
Basic income (loss) per share attributable to company shareholders:
|
|
|
|
|
|
|||||||
Income (loss) from continuing operations
|
$
|
0.05
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.92
|
)
|
|
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
||||
Net income (loss) per share
|
$
|
0.05
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.94
|
)
|
|
Diluted income (loss) per share attributable to company shareholders:
|
|
|
|
|
|
|||||||
Income (loss) from continuing operations
|
$
|
0.05
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.92
|
)
|
|
Loss from discontinued operations, net
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
||||
Net income (loss) per share
|
$
|
0.05
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.94
|
)
|
|
Basic weighted average common shares outstanding
|
875
|
|
|
867
|
|
|
873
|
|
||||
Diluted weighted average common shares outstanding
|
878
|
|
|
867
|
|
|
873
|
|
||||
|
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|
||||||||||
(a) During the three months ended March 31, 2018, Halliburton recognized a pre-tax charge of $265 million related to a write-down of its remaining investment in Venezuela, consisting of receivables, fixed assets, inventory and other assets and liabilities. During the three months ended December 31, 2017, Halliburton recognized an aggregate pre-tax charge of $385 million related to receivables in Venezuela.
|
||||||||||||
(b) Includes $104 million of costs related to the early extinguishment of $1.4 billion of senior notes in the three months ended March 31, 2017.
|
||||||||||||
(c) Includes $47 million of accrued taxes in Venezuela for the charge taken during the three months ended March 31, 2018. Includes an aggregate $882 million of non-cash discrete tax charges during the three months ended December 31, 2017, primarily related to tax reform as well as other discrete tax items.
|
||||||||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income.
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|
|
||||||||||
See Footnote Table 2 for Reconciliation of As Reported Income (Loss) from Continuing Operations to Adjusted Income from Continuing Operations.
|
|
|
|
|
|
||||
|
March 31
|
|
December 31
|
|||||
|
2018
|
|
2017
|
|||||
Assets
|
||||||||
Current assets:
|
|
|
|
|||||
Cash and equivalents
|
$
|
2,332
|
|
|
$
|
2,337
|
|
|
Receivables, net
|
5,255
|
|
|
5,036
|
|
|||
Inventories
|
2,458
|
|
|
2,396
|
|
|||
Other current assets
|
990
|
|
|
1,008
|
|
|||
Total current assets
|
11,035
|
|
|
10,777
|
|
|||
|
|
|
|
|||||
Property, plant and equipment, net
|
8,596
|
|
|
8,521
|
|
|||
Goodwill
|
2,707
|
|
|
2,693
|
|
|||
Deferred income taxes
|
1,227
|
|
|
1,230
|
|
|||
Other assets
|
1,626
|
|
|
1,864
|
|
|||
Total assets
|
$
|
25,191
|
|
|
$
|
25,085
|
|
|
|
|
|
|
|||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
|
|
|
|||||
Accounts payable
|
$
|
2,830
|
|
|
$
|
2,554
|
|
|
Accrued employee compensation and benefits
|
647
|
|
|
746
|
|
|||
Short-term borrowings and current maturities of long-term debt
|
466
|
|
|
512
|
|
|||
Other current liabilities
|
1,026
|
|
|
1,050
|
|
|||
Total current liabilities
|
4,969
|
|
|
4,862
|
|
|||
|
|
|
|
|||||
Long-term debt
|
10,428
|
|
|
10,430
|
|
|||
Employee compensation and benefits
|
588
|
|
|
609
|
|
|||
Other liabilities
|
815
|
|
|
835
|
|
|||
Total liabilities
|
16,800
|
|
|
16,736
|
|
|||
|
|
|
|
|||||
Company shareholders’ equity
|
8,365
|
|
|
8,322
|
|
|||
Noncontrolling interest in consolidated subsidiaries
|
26
|
|
|
27
|
|
|||
Total shareholders’ equity
|
8,391
|
|
|
8,349
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
25,191
|
|
|
$
|
25,085
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
47
|
|
|
$
|
(32
|
)
|
Adjustments to reconcile net income (loss) to cash flows from operating activities:
|
|
|
|
||||
Depreciation, depletion and amortization
|
394
|
|
|
383
|
|
||
Impairments and other charges
|
312
|
|
|
—
|
|
||
Working capital (a)
|
(88
|
)
|
|
32
|
|
||
Other
|
(93
|
)
|
|
(378
|
)
|
||
Total cash flows provided by operating activities
|
572
|
|
|
5
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(501
|
)
|
|
(265
|
)
|
||
Proceeds from sales of property, plant and equipment
|
47
|
|
|
41
|
|
||
Other investing activities
|
80
|
|
|
(13
|
)
|
||
Total cash flows used in investing activities
|
(374
|
)
|
|
(237
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Dividends to shareholders
|
(158
|
)
|
|
(156
|
)
|
||
Payments on long-term borrowings
|
(9
|
)
|
|
(1,566
|
)
|
||
Other financing activities
|
(12
|
)
|
|
63
|
|
||
Total cash flows used in financing activities
|
(179
|
)
|
|
(1,659
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash
|
(24
|
)
|
|
(11
|
)
|
||
Decrease in cash and equivalents
|
(5
|
)
|
|
(1,902
|
)
|
||
Cash and equivalents at beginning of period
|
2,337
|
|
|
4,009
|
|
||
Cash and equivalents at end of period
|
$
|
2,332
|
|
|
$
|
2,107
|
|
(a) Working capital includes receivables, inventories and accounts payable.
|
|
Three Months Ended
|
||||||||||
|
March 31
|
|
December 31
|
||||||||
Revenue
|
2018
|
|
2017
|
|
2017
|
||||||
By operating segment:
|
|
|
|
|
|
||||||
Completion and Production
|
$
|
3,807
|
|
|
$
|
2,604
|
|
|
$
|
3,804
|
|
Drilling and Evaluation
|
1,933
|
|
|
1,675
|
|
|
2,136
|
|
|||
Total revenue
|
$
|
5,740
|
|
|
$
|
4,279
|
|
|
$
|
5,940
|
|
|
|
|
|
|
|
||||||
By geographic region:
|
|
|
|
|
|
||||||
North America
|
$
|
3,517
|
|
|
$
|
2,231
|
|
|
$
|
3,400
|
|
Latin America
|
457
|
|
|
463
|
|
|
615
|
|
|||
Europe/Africa/CIS
|
716
|
|
|
604
|
|
|
776
|
|
|||
Middle East/Asia
|
1,050
|
|
|
981
|
|
|
1,149
|
|
|||
Total revenue
|
$
|
5,740
|
|
|
$
|
4,279
|
|
|
$
|
5,940
|
|
|
|
|
|
|
|
||||||
Operating Income
|
|
|
|
|
|
||||||
By operating segment:
|
|
|
|
|
|
||||||
Completion and Production
|
$
|
500
|
|
|
$
|
147
|
|
|
$
|
554
|
|
Drilling and Evaluation
|
188
|
|
|
122
|
|
|
293
|
|
|||
Total
|
688
|
|
|
269
|
|
|
847
|
|
|||
Corporate and other
|
(69
|
)
|
|
(66
|
)
|
|
(79
|
)
|
|||
Impairments and other charges
|
(265
|
)
|
|
—
|
|
|
(385
|
)
|
|||
Total operating income
|
$
|
354
|
|
|
$
|
203
|
|
|
$
|
383
|
|
|
|
|
|
|
|
||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income.
|
|
|
Three Months Ended
|
||||||||
|
|
March 31, 2018
|
March 31, 2017
|
December 31, 2017
|
||||||
As reported operating income
|
$
|
354
|
|
$
|
203
|
|
$
|
383
|
|
|
|
|
|
|
|||||||
Impairments and other charges
|
265
|
|
—
|
|
385
|
|
||||
|
|
|
|
|||||||
Adjusted operating income (a)
|
$
|
619
|
|
$
|
203
|
|
$
|
768
|
|
|
|
|
|
|
|
||||||
(a)
|
Management believes that operating income adjusted for impairments and other charges for the three months ended March 31, 2018 and December 31, 2017 is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Management analyzes operating income without the impact of these items as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. The adjustments remove the effect of these items. Adjusted operating income is calculated as: “As reported operating income” plus "Impairments and other charges" for the three months ended March 31, 2018 and December 31, 2017. There were no such charges for the three months ended March 31, 2017.
|
|
|
Three Months Ended
|
|||||
|
|
March 31, 2018
|
March 31, 2017
|
||||
As reported income (loss) from continuing operations attributable to company
|
$
|
46
|
|
$
|
(32
|
)
|
|
|
|
|
|||||
Adjustments:
|
|
|
|||||
Impairments and other charges
|
265
|
|
—
|
|
|||
Costs related to early extinguishment of debt
|
—
|
|
104
|
|
|||
Total adjustments, before taxes (a)
|
265
|
|
104
|
|
|||
Tax provision (benefit) (b)
|
47
|
|
(38
|
)
|
|||
Total adjustments, net of taxes
|
$
|
312
|
|
$
|
66
|
|
|
|
|
|
|||||
Adjusted income from continuing operations attributable to company
|
$
|
358
|
|
$
|
34
|
|
|
|
|
|
|||||
As reported diluted weighted average common shares outstanding (c)
|
878
|
|
867
|
|
|||
Adjusted diluted weighted average common shares outstanding (c)
|
878
|
|
871
|
|
|||
|
|
|
|
||||
As reported income (loss) from continuing operations per diluted share (d)
|
$
|
0.05
|
|
$
|
(0.04
|
)
|
|
Adjusted income from continuing operations per diluted share (d)
|
$
|
0.41
|
|
$
|
0.04
|
|
|
|
|
|
|
||||
(a)
|
Management believes that income (loss) from continuing operations adjusted for impairments and other charges and costs related to early extinguishment of debt is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Management analyzes income (loss) from continuing operations without the impact of these items as an indicator of performance, to identify underlying trends in the business and to establish operational goals. The adjustment removes the effect of these items. Adjusted income from continuing operations attributable to company is calculated as: “As reported income (loss) from continuing operations attributable to company” plus "Total adjustments, net of taxes" for the three months ended March 31, 2018 and March 31, 2017.
|
||||||
(b)
|
Represents $47 million of accrued taxes in Venezuela for the charge taken during the three months ended March 31, 2018.
|
||||||
(c)
|
As reported diluted weighted average common shares outstanding for the three months ended March 31, 2017 excludes options to purchase four million shares of common stock as their impact would be antidilutive because Halliburton's reported income from continuing operations attributable to company was in a loss position during the period. When adjusting income from continuing operations attributable to company in the period for the adjustments discussed above, these shares become dilutive.
|
||||||
(d)
|
As reported income (loss) from continuing operations per diluted share is calculated as: "As reported income (loss) from continuing operations attributable to company" divided by "As reported diluted weighted average common shares outstanding." Adjusted income from continuing operations per diluted share is calculated as: "Adjusted income from continuing operations attributable to company" divided by "Adjusted diluted weighted average common shares outstanding."
|
|
|
|
HALLIBURTON COMPANY
|
|
|
|
|
|
|
|
|
Date:
|
April 23, 2018
|
By:
|
/s/ Bruce A. Metzinger
|
|
|
|
Bruce A. Metzinger
|
|
|
|
Vice President, Public Law and
|
|
|
|
Assistant Secretary
|
1 Year Halliburton Chart |
1 Month Halliburton Chart |
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