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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 | |
---|---|---|---|---|---|---|---|---|
-0.095 | -0.26% | 36.605 | 36.89 | 36.238 | 36.74 | 2,005,179 | 18:42:26 |
Yes
|
[X]
|
No
|
[ ]
|
Yes
|
[X]
|
No
|
[ ]
|
|
Large accelerated filer
|
[X]
|
Accelerated filer
|
[ ]
|
|
Non-accelerated filer
|
[ ]
|
(Do not check if a smaller reporting company)
|
|
|
Smaller reporting company
|
[ ]
|
Emerging growth company
|
[ ]
|
Yes
|
[ ]
|
No
|
[ ]
|
Yes
|
[ ]
|
No
|
[X]
|
|
|
Page No.
|
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|
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Three Months Ended
March 31 |
|||||
Millions of dollars and shares except per share data
|
2018
|
2017
|
||||
Revenue:
|
|
|
||||
Services
|
$
|
4,388
|
|
$
|
3,151
|
|
Product sales
|
1,352
|
|
1,128
|
|
||
Total revenue
|
5,740
|
|
4,279
|
|
||
Operating costs and expenses:
|
|
|
|
|
||
Cost of services
|
4,007
|
|
3,103
|
|
||
Cost of sales
|
1,056
|
|
918
|
|
||
General and administrative
|
58
|
|
55
|
|
||
Impairments and other charges
|
265
|
|
—
|
|
||
Total operating costs and expenses
|
5,386
|
|
4,076
|
|
||
Operating income
|
354
|
|
203
|
|
||
Interest expense, net of interest income of $10 and $23
|
(140
|
)
|
(242
|
)
|
||
Other, net
|
(25
|
)
|
(18
|
)
|
||
Income (loss) from continuing operations before income taxes
|
189
|
|
(57
|
)
|
||
Income tax (provision) benefit
|
(142
|
)
|
25
|
|
||
Net income (loss)
|
$
|
47
|
|
$
|
(32
|
)
|
Net income attributable to noncontrolling interest
|
(1
|
)
|
—
|
|
||
Net income (loss) attributable to company
|
$
|
46
|
|
$
|
(32
|
)
|
|
|
|
||||
Basic and diluted net income (loss) per share
|
$
|
0.05
|
|
$
|
(0.04
|
)
|
Basic weighted average common shares outstanding
|
875
|
|
867
|
|
||
Diluted weighted average common shares outstanding
|
878
|
|
867
|
|
||
Cash dividends per share
|
$
|
0.18
|
|
$
|
0.18
|
|
See notes to condensed consolidated financial statements.
|
|
|
|
Three Months Ended
March 31 |
|||||
Millions of dollars
|
2018
|
2017
|
||||
Net income (loss)
|
$
|
47
|
|
$
|
(32
|
)
|
Other comprehensive income (loss), net of income taxes
|
(2
|
)
|
2
|
|
||
Comprehensive income (loss)
|
$
|
45
|
|
$
|
(30
|
)
|
Comprehensive income attributable to noncontrolling interest
|
(1
|
)
|
—
|
|
||
Comprehensive income (loss) attributable to company shareholders
|
$
|
44
|
|
$
|
(30
|
)
|
See notes to condensed consolidated financial statements.
|
|
|
Millions of dollars and shares except per share data
|
March 31,
2018 |
December 31,
2017 |
||||
Assets
|
||||||
Current assets:
|
|
|
||||
Cash and equivalents
|
$
|
2,332
|
|
$
|
2,337
|
|
Receivables (net of allowances for bad debts of $809 and $725)
|
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 of accumulated depreciation of $12,232 and $12,249)
|
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
|
|
||
Shareholders’ equity:
|
|
|
|
|
||
Common shares, par value $2.50 per share (authorized 2,000 shares,
issued 1,069 and 1,069 shares)
|
2,672
|
|
2,673
|
|
||
Paid-in capital in excess of par value
|
222
|
|
207
|
|
||
Accumulated other comprehensive loss
|
(471
|
)
|
(469
|
)
|
||
Retained earnings
|
12,586
|
|
12,668
|
|
||
Treasury stock, at cost (194 and 196 shares)
|
(6,644
|
)
|
(6,757
|
)
|
||
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
|
|
See notes to condensed consolidated financial statements.
|
|
|
|
||||||
|
Three Months Ended
March 31 |
|||||
Millions of dollars
|
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
|
|
—
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
||
Receivables
|
(245
|
)
|
(178
|
)
|
||
Accounts payable
|
276
|
|
228
|
|
||
Inventories
|
(119
|
)
|
(18
|
)
|
||
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
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
||
Cash payments during the period for:
|
|
|
|
|
||
Interest
|
$
|
144
|
|
$
|
173
|
|
Income taxes
|
$
|
85
|
|
$
|
77
|
|
See notes to condensed consolidated financial statements.
|
|
|
-
|
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and
|
-
|
the reported amounts of revenue and expenses during the reporting period.
|
|
Three Months Ended
March 31 |
|||||
Millions of dollars
|
2018
|
2017
|
||||
Revenue:
|
|
|
||||
Completion and Production
|
$
|
3,807
|
|
$
|
2,604
|
|
Drilling and Evaluation
|
1,933
|
|
1,675
|
|
||
Total revenue
|
$
|
5,740
|
|
$
|
4,279
|
|
Operating income:
|
|
|
||||
Completion and Production
|
$
|
500
|
|
$
|
147
|
|
Drilling and Evaluation
|
188
|
|
122
|
|
||
Total operations
|
688
|
|
269
|
|
||
Corporate and other (a)
|
(69
|
)
|
(66
|
)
|
||
Impairments and other charges (b)
|
(265
|
)
|
—
|
|
||
Total operating income
|
$
|
354
|
|
$
|
203
|
|
Interest expense, net of interest income (c)
|
(140
|
)
|
(242
|
)
|
||
Other, net
|
(25
|
)
|
(18
|
)
|
||
Income (loss) from continuing operations before income taxes
|
$
|
189
|
|
$
|
(57
|
)
|
REVENUE:
|
Three Months Ended
March 31 |
|||||
Millions of dollars
|
2018
|
2017
|
||||
Completion and Production
|
$
|
3,807
|
|
$
|
2,604
|
|
Drilling and Evaluation
|
1,933
|
|
1,675
|
|
||
Total revenue
|
$
|
5,740
|
|
$
|
4,279
|
|
|
|
|
||||
By geographic region:
|
|
|
||||
North America
|
$
|
3,517
|
|
$
|
2,231
|
|
Latin America
|
457
|
|
463
|
|
||
Europe/Africa/CIS
|
716
|
|
604
|
|
||
Middle East/Asia
|
1,050
|
|
981
|
|
||
Total revenue
|
$
|
5,740
|
|
$
|
4,279
|
|
Millions of dollars
|
March 31,
2018 |
December 31,
2017 |
||||
Finished products and parts
|
$
|
1,572
|
|
$
|
1,547
|
|
Raw materials and supplies
|
717
|
|
703
|
|
||
Work in process
|
169
|
|
146
|
|
||
Total
|
$
|
2,458
|
|
$
|
2,396
|
|
Millions of dollars
|
Total shareholders' equity
|
Company shareholders' equity
|
Noncontrolling interest in consolidated subsidiaries
|
||||||
Balance at December 31, 2017
|
$
|
8,349
|
|
$
|
8,322
|
|
$
|
27
|
|
Retained earnings adjustment for new accounting standard (a)
|
30
|
|
30
|
|
—
|
|
|||
Payments of dividends to shareholders
|
(158
|
)
|
(158
|
)
|
—
|
|
|||
Stock plans
|
139
|
|
139
|
|
—
|
|
|||
Other
|
(14
|
)
|
(12
|
)
|
(2
|
)
|
|||
Comprehensive income
|
45
|
|
44
|
|
1
|
|
|||
Balance at March 31, 2018
|
$
|
8,391
|
|
$
|
8,365
|
|
$
|
26
|
|
Millions of dollars
|
Total shareholders' equity
|
Company shareholders' equity
|
Noncontrolling interest in consolidated subsidiaries
|
||||||
Balance at December 31, 2016
|
$
|
9,448
|
|
$
|
9,409
|
|
$
|
39
|
|
Retained earnings adjustment for new accounting standard (b)
|
(384
|
)
|
(384
|
)
|
—
|
|
|||
Payments of dividends to shareholders
|
(156
|
)
|
(156
|
)
|
—
|
|
|||
Stock plans
|
120
|
|
120
|
|
—
|
|
|||
Other
|
(9
|
)
|
(8
|
)
|
(1
|
)
|
|||
Comprehensive loss
|
(30
|
)
|
(30
|
)
|
—
|
|
|||
Balance at March 31, 2017
|
$
|
8,989
|
|
$
|
8,951
|
|
$
|
38
|
|
Millions of dollars
|
March 31,
2018 |
December 31,
2017 |
||||
Defined benefit and other postretirement liability adjustments
|
$
|
(333
|
)
|
$
|
(334
|
)
|
Cumulative translation adjustments
|
(79
|
)
|
(80
|
)
|
||
Other
|
(59
|
)
|
(55
|
)
|
||
Total accumulated other comprehensive loss
|
$
|
(471
|
)
|
$
|
(469
|
)
|
-
|
the Comprehensive Environmental Response, Compensation, and Liability Act;
|
-
|
the Resource Conservation and Recovery Act;
|
-
|
the Clean Air Act;
|
-
|
the Federal Water Pollution Control Act;
|
-
|
the Toxic Substances Control Act; and
|
-
|
the Oil Pollution Act.
|
|
Three Months Ended
March 31 |
|||
Millions of shares
|
2018
|
2017
|
||
Basic weighted average common shares outstanding
|
875
|
|
867
|
|
Dilutive effect of awards granted under our stock incentive plans
|
3
|
|
—
|
|
Diluted weighted average common shares outstanding
|
878
|
|
867
|
|
|
|
|
||
Antidilutive shares:
|
|
|
||
Options with exercise price greater than the average market price
|
7
|
|
4
|
|
Options which are antidilutive due to net loss position
|
—
|
|
3
|
|
Total antidilutive shares
|
7
|
|
7
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||
Millions of dollars
|
Level 1
|
Level 2
|
Total fair value
|
Carrying value
|
|
Level 1
|
Level 2
|
Total fair value
|
Carrying value
|
||||||||||||||||
Total debt
|
$
|
9,862
|
|
$
|
2,146
|
|
$
|
12,008
|
|
$
|
10,894
|
|
|
$
|
3,285
|
|
$
|
9,172
|
|
$
|
12,457
|
|
$
|
10,942
|
|
-
|
our Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion products and services. The segment consists of Production Enhancement, Cementing, Completion Tools, Production Solutions, Pipeline and Process Services, Multi-Chem and Artificial Lift.
|
-
|
our Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and precise wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities. The segment consists of Baroid, Sperry Drilling, Wireline and Perforating, Drill Bits and Services, Landmark Software and Services, Testing and Subsea, and Consulting and Project Management.
|
-
|
directing capital and resources into strategic growth markets, including unconventional plays and mature fields;
|
-
|
leveraging our broad technology offerings to provide value to our customers and enable them to more efficiently drill and complete their wells;
|
-
|
exploring additional opportunities for acquisitions that will enhance or augment our current portfolio of services and products, including those with unique technologies or distribution networks in areas where we do not already have significant operations;
|
-
|
investing in technology that will help our customers reduce reservoir uncertainty and increase operational efficiency;
|
-
|
improving working capital and managing our balance sheet to maximize our financial flexibility;
|
-
|
continuing to seek ways to be one of the most cost-efficient service providers in the industry by maintaining capital discipline and leveraging our scale and breadth of operations;
|
-
|
striving to achieve superior growth and returns for our shareholders.
|
|
Three Months Ended
March 31 |
Year Ended
December 31 |
||||
Land vs. Offshore
|
2018
|
2017
|
2017
|
|||
United States:
|
|
|
|
|||
Land
|
951
|
|
722
|
|
856
|
|
Offshore (incl. Gulf of Mexico)
|
16
|
|
20
|
|
20
|
|
Total
|
967
|
|
742
|
|
876
|
|
Canada:
|
|
|
|
|
|
|
Land
|
267
|
|
294
|
|
205
|
|
Offshore
|
2
|
|
1
|
|
1
|
|
Total
|
269
|
|
295
|
|
206
|
|
International (excluding Canada):
|
|
|
|
|
|
|
Land
|
779
|
|
738
|
|
751
|
|
Offshore
|
192
|
|
201
|
|
198
|
|
Total
|
971
|
|
939
|
|
949
|
|
Worldwide total
|
2,207
|
|
1,976
|
|
2,031
|
|
Land total
|
1,997
|
|
1,754
|
|
1,812
|
|
Offshore total
|
210
|
|
222
|
|
219
|
|
|
|
|
|
|||
|
Three Months Ended
March 31 |
Year Ended
December 31 |
||||
Oil vs. Natural Gas
|
2018
|
2017
|
2017
|
|||
United States (incl. Gulf of Mexico):
|
|
|
|
|
|
|
Oil
|
781
|
|
594
|
|
704
|
|
Natural gas
|
186
|
|
148
|
|
172
|
|
Total
|
967
|
|
742
|
|
876
|
|
Canada:
|
|
|
|
|
|
|
Oil
|
178
|
|
162
|
|
109
|
|
Natural gas
|
91
|
|
133
|
|
97
|
|
Total
|
269
|
|
295
|
|
206
|
|
International (excluding Canada):
|
|
|
|
|
|
|
Oil
|
764
|
|
718
|
|
732
|
|
Natural gas
|
207
|
|
221
|
|
217
|
|
Total
|
971
|
|
939
|
|
949
|
|
Worldwide total
|
2,207
|
|
1,976
|
|
2,031
|
|
Oil total
|
1,723
|
|
1,474
|
|
1,545
|
|
Natural gas total
|
484
|
|
502
|
|
486
|
|
|
Three Months Ended
March 31 |
Year Ended
December 31 |
||||
Drilling Type
|
2018
|
2017
|
2017
|
|||
United States (incl. Gulf of Mexico):
|
|
|
|
|||
Horizontal
|
833
|
|
610
|
|
736
|
|
Vertical
|
63
|
|
69
|
|
70
|
|
Directional
|
71
|
|
63
|
|
70
|
|
Total
|
967
|
|
742
|
|
876
|
|
REVENUE:
|
Three Months Ended
March 31 |
Favorable
|
Percentage
|
||||||||
Millions of dollars
|
2018
|
2017
|
(Unfavorable)
|
Change
|
|||||||
Completion and Production
|
$
|
3,807
|
|
$
|
2,604
|
|
$
|
1,203
|
|
46
|
%
|
Drilling and Evaluation
|
1,933
|
|
1,675
|
|
258
|
|
15
|
|
|||
Total revenue
|
$
|
5,740
|
|
$
|
4,279
|
|
$
|
1,461
|
|
34
|
%
|
|
|
|
|
|
|||||||
By geographic region:
|
|
|
|
|
|||||||
North America
|
$
|
3,517
|
|
$
|
2,231
|
|
$
|
1,286
|
|
58
|
%
|
Latin America
|
457
|
|
463
|
|
(6
|
)
|
(1
|
)
|
|||
Europe/Africa/CIS
|
716
|
|
604
|
|
112
|
|
19
|
|
|||
Middle East/Asia
|
1,050
|
|
981
|
|
69
|
|
7
|
|
|||
Total revenue
|
$
|
5,740
|
|
$
|
4,279
|
|
$
|
1,461
|
|
34
|
%
|
OPERATING INCOME:
|
Three Months Ended
March 31 |
Favorable
|
Percentage
|
||||||||
Millions of dollars
|
2018
|
2017
|
(Unfavorable)
|
Change
|
|||||||
Completion and Production
|
$
|
500
|
|
$
|
147
|
|
$
|
353
|
|
240
|
%
|
Drilling and Evaluation
|
188
|
|
122
|
|
66
|
|
54
|
|
|||
Total
|
688
|
|
269
|
|
419
|
|
156
|
|
|||
Corporate and other
|
(69
|
)
|
(66
|
)
|
(3
|
)
|
(5
|
)
|
|||
Impairments and other charges
|
(265
|
)
|
—
|
|
(265
|
)
|
—
|
|
|||
Total operating income
|
$
|
354
|
|
$
|
203
|
|
$
|
151
|
|
74
|
%
|
Period
|
Total Number
of Shares Purchased (a) |
Average
Price Paid per Share |
Total Number
of Shares Purchased as Part of Publicly Announced Plans or Programs (b) |
Maximum
Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Program (b) |
|
January 1 - 31
|
203,521
|
|
$50.04
|
—
|
$5,700,004,373
|
February 1 - 28
|
18,483
|
|
$51.81
|
—
|
$5,700,004,373
|
March 1 - 31
|
15,103
|
|
$46.59
|
—
|
$5,700,004,373
|
Total
|
237,107
|
|
$49.96
|
—
|
|
(a)
|
All of the
237,107
shares purchased during the three-month period ended
March 31, 2018
were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock.
|
(b)
|
Our Board of Directors has authorized a program to repurchase our common stock from time to time. Approximately
$5.7 billion
remains authorized for repurchases as of
March 31, 2018
. From the inception of this program in February 2006 through
March 31, 2018
, we repurchased approximately
201 million
shares of our common stock for a total cost of approximately
$8.4 billion
.
|
*
|
12.1
|
|
|
|
|
*
|
31.1
|
|
|
|
|
*
|
31.2
|
|
|
|
|
**
|
32.1
|
|
|
|
|
**
|
32.2
|
|
|
|
|
*
|
95
|
|
|
|
|
*
|
101.INS
|
XBRL Instance Document
|
*
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
*
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
*
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
*
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
*
|
Filed with this Form 10-Q.
|
|
**
|
Furnished with this Form 10-Q.
|
|
|
|
/s/ Christopher T. Weber
|
/s/ Charles E. Geer, Jr.
|
Christopher T. Weber
|
Charles E. Geer, Jr.
|
Executive Vice President and
|
Vice President and
|
Chief Financial Officer
|
Corporate Controller
|
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