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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 | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.08% | 36.73 | 36.89 | 36.238 | 36.74 | 3,911,903 | 01:00:00 |
Yes
|
[X]
|
No
|
[ ]
|
Yes
|
[X]
|
No
|
[ ]
|
|
Large Accelerated Filer
|
[X]
|
Accelerated Filer
|
[ ]
|
|
Non-accelerated Filer
|
[ ]
|
Emerging Growth Company
|
[ ]
|
|
Smaller Reporting Company
|
[ ]
|
|
|
Yes
|
[ ]
|
No
|
[ ]
|
Yes
|
[ ]
|
No
|
[X]
|
|
|
Page No.
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31 |
|||||
Millions of dollars and shares except per share data
|
2019
|
2018
|
||||
Revenue:
|
|
|
||||
Services
|
$
|
4,352
|
|
$
|
4,388
|
|
Product sales
|
1,385
|
|
1,352
|
|
||
Total revenue
|
5,737
|
|
5,740
|
|
||
Operating costs and expenses:
|
|
|
|
|
||
Cost of services
|
4,156
|
|
4,007
|
|
||
Cost of sales
|
1,096
|
|
1,056
|
|
||
Impairments and other charges
|
61
|
|
265
|
|
||
General and administrative
|
59
|
|
58
|
|
||
Total operating costs and expenses
|
5,372
|
|
5,386
|
|
||
Operating income
|
365
|
|
354
|
|
||
Interest expense, net of interest income of $8 and $10
|
(143
|
)
|
(140
|
)
|
||
Other, net
|
(30
|
)
|
(25
|
)
|
||
Income from continuing operations before income taxes
|
192
|
|
189
|
|
||
Income tax provision
|
(40
|
)
|
(142
|
)
|
||
Net income
|
$
|
152
|
|
$
|
47
|
|
Net income attributable to noncontrolling interest
|
—
|
|
(1
|
)
|
||
Net income attributable to company
|
$
|
152
|
|
$
|
46
|
|
|
|
|
||||
Basic and diluted net income per share
|
$
|
0.17
|
|
$
|
0.05
|
|
Basic weighted average common shares outstanding
|
873
|
|
875
|
|
||
Diluted weighted average common shares outstanding
|
873
|
|
878
|
|
||
See notes to condensed consolidated financial statements.
|
|
|
|
Three Months Ended
March 31 |
|||||
Millions of dollars
|
2019
|
2018
|
||||
Net income
|
$
|
152
|
|
$
|
47
|
|
Other comprehensive income (loss), net of income taxes
|
1
|
|
(2
|
)
|
||
Comprehensive income
|
$
|
153
|
|
$
|
45
|
|
Comprehensive income attributable to noncontrolling interest
|
—
|
|
(1
|
)
|
||
Comprehensive income attributable to company shareholders
|
$
|
153
|
|
$
|
44
|
|
See notes to condensed consolidated financial statements.
|
|
|
Millions of dollars and shares except per share data
|
March 31,
2019 |
December 31,
2018 |
||||
Assets
|
||||||
Current assets:
|
|
|
||||
Cash and equivalents
|
$
|
1,380
|
|
$
|
2,008
|
|
Receivables (net of allowances for bad debts of $746 and $738)
|
5,622
|
|
5,234
|
|
||
Inventories
|
3,264
|
|
3,028
|
|
||
Other current assets
|
922
|
|
881
|
|
||
Total current assets
|
11,188
|
|
11,151
|
|
||
Property, plant and equipment (net of accumulated depreciation of $13,311 and $13,182)
|
8,853
|
|
8,873
|
|
||
Goodwill
|
2,824
|
|
2,825
|
|
||
Deferred income taxes
|
1,348
|
|
1,384
|
|
||
Operating lease right-of-use assets
|
1,019
|
|
—
|
|
||
Other assets
|
1,757
|
|
1,749
|
|
||
Total assets
|
$
|
26,989
|
|
$
|
25,982
|
|
Liabilities and Shareholders’ Equity
|
||||||
Current liabilities:
|
|
|
|
|
||
Accounts payable
|
$
|
3,080
|
|
$
|
3,018
|
|
Accrued employee compensation and benefits
|
683
|
|
714
|
|
||
Current portion of operating lease liabilities
|
255
|
|
—
|
|
||
Other current liabilities
|
1,029
|
|
1,070
|
|
||
Total current liabilities
|
5,047
|
|
4,802
|
|
||
Long-term debt
|
10,307
|
|
10,312
|
|
||
Operating lease liabilities
|
758
|
|
—
|
|
||
Employee compensation and benefits
|
454
|
|
483
|
|
||
Other liabilities
|
798
|
|
841
|
|
||
Total liabilities
|
17,364
|
|
16,438
|
|
||
Shareholders’ equity:
|
|
|
|
|
||
Common shares, par value $2.50 per share (authorized 2,000 shares,
issued 1,068 and 1,069 shares)
|
2,671
|
|
2,671
|
|
||
Paid-in capital in excess of par value
|
224
|
|
211
|
|
||
Accumulated other comprehensive loss
|
(354
|
)
|
(355
|
)
|
||
Retained earnings
|
13,734
|
|
13,739
|
|
||
Treasury stock, at cost (196 and 198 shares)
|
(6,670
|
)
|
(6,744
|
)
|
||
Company shareholders’ equity
|
9,605
|
|
9,522
|
|
||
Noncontrolling interest in consolidated subsidiaries
|
20
|
|
22
|
|
||
Total shareholders’ equity
|
9,625
|
|
9,544
|
|
||
Total liabilities and shareholders’ equity
|
$
|
26,989
|
|
$
|
25,982
|
|
See notes to condensed consolidated financial statements.
|
|
|
|
||||||
|
Three Months Ended
March 31 |
|||||
Millions of dollars
|
2019
|
2018
|
||||
Cash flows from operating activities:
|
|
|
||||
Net income
|
$
|
152
|
|
$
|
47
|
|
Adjustments to reconcile net income to cash flows from operating activities:
|
|
|
|
|
||
Depreciation, depletion and amortization
|
416
|
|
394
|
|
||
Impairments and other charges
|
61
|
|
265
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
||
Receivables
|
(339
|
)
|
(245
|
)
|
||
Inventories
|
(236
|
)
|
(119
|
)
|
||
Accounts payable
|
60
|
|
276
|
|
||
Other
|
(158
|
)
|
(46
|
)
|
||
Total cash flows provided by (used in) operating activities
|
(44
|
)
|
572
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||
Capital expenditures
|
(437
|
)
|
(501
|
)
|
||
Proceeds from sales of property, plant and equipment
|
43
|
|
47
|
|
||
Other investing activities
|
(17
|
)
|
80
|
|
||
Total cash flows used in investing activities
|
(411
|
)
|
(374
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||
Dividends to shareholders
|
(157
|
)
|
(158
|
)
|
||
Other financing activities
|
2
|
|
(21
|
)
|
||
Total cash flows used in financing activities
|
(155
|
)
|
(179
|
)
|
||
Effect of exchange rate changes on cash
|
(18
|
)
|
(24
|
)
|
||
Decrease in cash and equivalents
|
(628
|
)
|
(5
|
)
|
||
Cash and equivalents at beginning of period
|
2,008
|
|
2,337
|
|
||
Cash and equivalents at end of period
|
$
|
1,380
|
|
$
|
2,332
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
||
Cash payments during the period for:
|
|
|
|
|
||
Interest
|
$
|
128
|
|
$
|
144
|
|
Income taxes
|
$
|
81
|
|
$
|
85
|
|
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
|
2019
|
2018
|
||||
Revenue:
|
|
|
||||
Completion and Production
|
$
|
3,662
|
|
$
|
3,807
|
|
Drilling and Evaluation
|
2,075
|
|
1,933
|
|
||
Total revenue
|
$
|
5,737
|
|
$
|
5,740
|
|
Operating income:
|
|
|
||||
Completion and Production
|
$
|
368
|
|
$
|
500
|
|
Drilling and Evaluation
|
123
|
|
188
|
|
||
Total operations
|
491
|
|
688
|
|
||
Corporate and other (a)
|
(65
|
)
|
(69
|
)
|
||
Impairments and other charges (b)
|
(61
|
)
|
(265
|
)
|
||
Total operating income
|
$
|
365
|
|
$
|
354
|
|
Interest expense, net of interest income
|
(143
|
)
|
(140
|
)
|
||
Other, net
|
(30
|
)
|
(25
|
)
|
||
Income from continuing operations before income taxes
|
$
|
192
|
|
$
|
189
|
|
Millions of dollars
|
Three Months Ended
March 31 |
|||||
Revenue by segment:
|
2019
|
2018
|
||||
Completion and Production
|
$
|
3,662
|
|
$
|
3,807
|
|
Drilling and Evaluation
|
2,075
|
|
1,933
|
|
||
Total revenue
|
$
|
5,737
|
|
$
|
5,740
|
|
Revenue by geographic region:
|
|
|
||||
North America
|
$
|
3,275
|
|
$
|
3,517
|
|
Latin America
|
587
|
|
457
|
|
||
Europe/Africa/CIS
|
748
|
|
716
|
|
||
Middle East/Asia
|
1,127
|
|
1,050
|
|
||
Total revenue
|
$
|
5,737
|
|
$
|
5,740
|
|
Millions of dollars
|
Three Months Ended
March 31, 2019
|
||
Components of lease expense:
|
|
||
Finance lease cost:
|
|
||
Amortization of right-of-use assets
|
$
|
5
|
|
Interest on lease liabilities
|
15
|
|
|
Operating lease cost
|
96
|
|
|
Short-term lease cost
|
6
|
|
|
Sublease income
|
(1
|
)
|
|
Total lease cost
|
$
|
121
|
|
Millions of dollars
|
As of
March 31, 2019
|
||
Components of balance sheet:
|
|
||
Operating leases:
|
|
||
Operating lease right-of-use assets (non-current)
|
$
|
1,019
|
|
Current portion of operating lease liabilities
|
255
|
|
|
Operating lease liabilities (non-current)
|
758
|
|
|
Finance leases:
|
|
||
Other assets (non-current)
|
$
|
142
|
|
Other current liabilities
|
12
|
|
|
Other liabilities (non-current)
|
139
|
|
Millions of dollars except years and percentages
|
Three Months Ended
March 31, 2019
|
||
Other supplemental information:
|
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
88
|
|
Operating cash flows from finance leases
|
15
|
|
|
Financing cash flows from finance leases
|
10
|
|
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
||
Operating leases (a)
|
$
|
1,098
|
|
Finance leases
|
58
|
|
|
Weighted-average remaining lease term:
|
|
||
Operating leases
|
9.2 years
|
|
|
Finance leases
|
6.1 years
|
|
|
Weighted-average discount rate for operating leases
|
4.7
|
%
|
Millions of dollars
|
Operating Leases
|
Finance Leases
|
||||
2019
|
$
|
238
|
|
$
|
48
|
|
2020
|
191
|
|
66
|
|
||
2021
|
147
|
|
65
|
|
||
2022
|
122
|
|
65
|
|
||
2023
|
97
|
|
65
|
|
||
Thereafter
|
507
|
|
151
|
|
||
Total lease payments
|
1,302
|
|
460
|
|
||
Less imputed interest
|
(289
|
)
|
(309
|
)
|
||
Total
|
$
|
1,013
|
|
$
|
151
|
|
Millions of dollars
|
March 31,
2019 |
December 31,
2018 |
||||
Finished products and parts
|
$
|
2,063
|
|
$
|
1,947
|
|
Raw materials and supplies
|
1,047
|
|
934
|
|
||
Work in process
|
154
|
|
147
|
|
||
Total
|
$
|
3,264
|
|
$
|
3,028
|
|
Millions of dollars
|
Common Shares
|
Paid-in Capital in Excess of Par Value
|
Treasury Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Noncontrolling Interest in Consolidated Subsidiaries
|
Total
|
||||||||||||||
Balance at December 31, 2018
|
$
|
2,671
|
|
$
|
211
|
|
$
|
(6,744
|
)
|
$
|
13,739
|
|
$
|
(355
|
)
|
$
|
22
|
|
$
|
9,544
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
—
|
|
—
|
|
152
|
|
—
|
|
—
|
|
152
|
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
|
|||||||
Cash dividends ($0.18 per share)
|
—
|
|
—
|
|
—
|
|
(157
|
)
|
—
|
|
—
|
|
(157
|
)
|
|||||||
Stock plans
|
—
|
|
13
|
|
74
|
|
—
|
|
—
|
|
—
|
|
87
|
|
|||||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
(2
|
)
|
|||||||
Balance at March 31, 2019
|
$
|
2,671
|
|
$
|
224
|
|
$
|
(6,670
|
)
|
$
|
13,734
|
|
$
|
(354
|
)
|
$
|
20
|
|
$
|
9,625
|
|
Millions of dollars
|
Common Shares
|
Paid-in Capital in Excess of Par Value
|
Treasury Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Noncontrolling Interest in Consolidated Subsidiaries
|
Total
|
||||||||||||||
Balance at December 31, 2017
|
$
|
2,673
|
|
$
|
207
|
|
$
|
(6,757
|
)
|
$
|
12,668
|
|
$
|
(469
|
)
|
$
|
27
|
|
$
|
8,349
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income
|
—
|
|
—
|
|
—
|
|
46
|
|
—
|
|
1
|
|
47
|
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
—
|
|
(2
|
)
|
|||||||
Cash dividends ($0.18 per share)
|
—
|
|
—
|
|
—
|
|
(158
|
)
|
—
|
|
—
|
|
(158
|
)
|
|||||||
Stock plans
|
(1
|
)
|
15
|
|
113
|
|
—
|
|
—
|
|
—
|
|
127
|
|
|||||||
Other
|
—
|
|
—
|
|
—
|
|
30
|
|
—
|
|
(2
|
)
|
28
|
|
|||||||
Balance at March 31, 2018
|
$
|
2,672
|
|
$
|
222
|
|
$
|
(6,644
|
)
|
$
|
12,586
|
|
$
|
(471
|
)
|
$
|
26
|
|
$
|
8,391
|
|
Millions of dollars
|
March 31,
2019 |
December 31,
2018 |
||||
Defined benefit and other postretirement liability adjustments
|
$
|
(203
|
)
|
$
|
(203
|
)
|
Cumulative translation adjustments
|
(82
|
)
|
(82
|
)
|
||
Other
|
(69
|
)
|
(70
|
)
|
||
Total accumulated other comprehensive loss
|
$
|
(354
|
)
|
$
|
(355
|
)
|
-
|
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
|
2019
|
2018
|
||
Basic weighted average common shares outstanding
|
873
|
|
875
|
|
Dilutive effect of awards granted under our stock incentive plans
|
—
|
|
3
|
|
Diluted weighted average common shares outstanding
|
873
|
|
878
|
|
|
|
|
||
Antidilutive shares:
|
|
|
||
Options with exercise price greater than the average market price
|
20
|
|
7
|
|
Total antidilutive shares
|
20
|
|
7
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||
Millions of dollars
|
Level 1
|
Level 2
|
Total fair value
|
Carrying value
|
|
Level 1
|
Level 2
|
Total fair value
|
Carrying value
|
||||||||||||||||
Total debt
|
$
|
8,769
|
|
$
|
2,621
|
|
$
|
11,390
|
|
$
|
10,332
|
|
|
$
|
6,726
|
|
$
|
4,041
|
|
$
|
10,767
|
|
$
|
10,348
|
|
-
|
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 that differentiate our service and product offerings into strategic markets, including unconventionals and mature fields;
|
-
|
collaborating and engineering solutions to maximize asset value for our customers;
|
-
|
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;
|
-
|
seeking additional 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; and
|
-
|
striving to achieve superior growth and returns for our shareholders.
|
|
Three Months Ended
March 31 |
Year Ended
December 31 |
||||
|
2019
|
2018
|
2018
|
|||
U.S. Land
|
1,022
|
|
951
|
|
1,013
|
|
U.S. Offshore
|
21
|
|
16
|
|
19
|
|
Canada
|
183
|
|
269
|
|
191
|
|
North America
|
1,226
|
|
1,236
|
|
1,223
|
|
International
|
1,030
|
|
971
|
|
988
|
|
Worldwide total
|
2,256
|
|
2,207
|
|
2,211
|
|
Revenue:
|
Three Months Ended
March 31 |
Favorable
|
Percentage
|
||||||||
Millions of dollars
|
2019
|
2018
|
(Unfavorable)
|
Change
|
|||||||
Completion and Production
|
$
|
3,662
|
|
$
|
3,807
|
|
$
|
(145
|
)
|
(4
|
)%
|
Drilling and Evaluation
|
2,075
|
|
1,933
|
|
142
|
|
7
|
|
|||
Total revenue
|
$
|
5,737
|
|
$
|
5,740
|
|
$
|
(3
|
)
|
—
|
%
|
|
|
|
|
|
|||||||
By geographic region:
|
|
|
|
|
|||||||
North America
|
$
|
3,275
|
|
$
|
3,517
|
|
$
|
(242
|
)
|
(7
|
)%
|
Latin America
|
587
|
|
457
|
|
130
|
|
28
|
|
|||
Europe/Africa/CIS
|
748
|
|
716
|
|
32
|
|
4
|
|
|||
Middle East/Asia
|
1,127
|
|
1,050
|
|
77
|
|
7
|
|
|||
Total revenue
|
$
|
5,737
|
|
$
|
5,740
|
|
$
|
(3
|
)
|
—
|
%
|
Operating income (loss):
|
Three Months Ended
March 31 |
Favorable
|
Percentage
|
||||||||
Millions of dollars
|
2019
|
2018
|
(Unfavorable)
|
Change
|
|||||||
Completion and Production
|
$
|
368
|
|
$
|
500
|
|
$
|
(132
|
)
|
(26
|
)%
|
Drilling and Evaluation
|
123
|
|
188
|
|
(65
|
)
|
(35
|
)
|
|||
Total
|
491
|
|
688
|
|
(197
|
)
|
(29
|
)
|
|||
Corporate and other
|
(65
|
)
|
(69
|
)
|
4
|
|
6
|
|
|||
Impairments and other charges
|
(61
|
)
|
(265
|
)
|
204
|
|
77
|
|
|||
Total operating income
|
$
|
365
|
|
$
|
354
|
|
$
|
11
|
|
3
|
%
|
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
|
218,492
|
|
$28.49
|
—
|
$5,300,007,172
|
February 1 - 28
|
25,854
|
|
$29.98
|
—
|
$5,300,007,172
|
March 1 - 31
|
16,058
|
|
$31.19
|
—
|
$5,300,007,172
|
Total
|
260,404
|
|
$28.80
|
—
|
|
(a)
|
All of the
260,404
shares purchased during the three-month period ended
March 31, 2019
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
$5.3 billion
remained authorized for repurchases as of
March 31, 2019
. From the inception of this program in February 2006 through
March 31, 2019
, we repurchased approximately
212 million
shares of our common stock for a total cost of approximately
$8.8 billion
.
|
|
10.1
|
|
|
|
|
*
|
31.1
|
|
|
|
|
*
|
31.2
|
|
|
|
|
**
|
32.1
|
|
|
|
|
**
|
32.2
|
|
|
|
|
*
|
95
|
|
|
|
|
*
|
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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/ Lance Loeffler
|
/s/ Charles E. Geer, Jr.
|
Lance Loeffler
|
Charles E. Geer, Jr.
|
Executive Vice President and
|
Vice President and
|
Chief Financial Officer
|
Corporate Controller
|
1 Year Halliburton Chart |
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