(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Emerging growth company |
Three Months Ended | |||||||||||||||||||||||
December 31 | September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | |||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Completion and Production | $ | 3,182 | $ | 2,356 | $ | 3,136 | |||||||||||||||||
Drilling and Evaluation | 2,400 | 1,921 | 2,221 | ||||||||||||||||||||
Total revenue | $ | 5,582 | $ | 4,277 | $ | 5,357 | |||||||||||||||||
Operating income: | |||||||||||||||||||||||
Completion and Production | $ | 659 | $ | 347 | $ | 583 | |||||||||||||||||
Drilling and Evaluation | 387 | 269 | 325 | ||||||||||||||||||||
Corporate and other | (70) | (66) | (62) | ||||||||||||||||||||
Total operating income | 976 | 550 | 846 | ||||||||||||||||||||
Interest expense, net | (74) | (108) | (93) | ||||||||||||||||||||
Other, net | (60) | (24) | (48) | ||||||||||||||||||||
Income before income taxes | 842 | 418 | 705 | ||||||||||||||||||||
Income tax benefit (provision) | (177) | 409 | (156) | ||||||||||||||||||||
Net income | $ | 665 | $ | 827 | $ | 549 | |||||||||||||||||
Net income attributable to noncontrolling interest | (9) | (3) | (5) | ||||||||||||||||||||
Net income attributable to company | $ | 656 | $ | 824 | $ | 544 | |||||||||||||||||
Basic and diluted net income per share | $ | 0.72 | $ | 0.92 | $ | 0.60 | |||||||||||||||||
Basic weighted average common shares outstanding | 906 | 896 | 908 | ||||||||||||||||||||
Diluted weighted average common shares outstanding | 910 | 896 | 910 | ||||||||||||||||||||
See Footnote Table 2 for Reconciliation of As Reported Net Income to Adjusted Net Income. |
Year Ended | |||||||||||||||||
December 31 | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Revenue: | |||||||||||||||||
Completion and Production | $ | 11,582 | $ | 8,410 | |||||||||||||
Drilling and Evaluation | 8,715 | 6,885 | |||||||||||||||
Total revenue | $ | 20,297 | $ | 15,295 | |||||||||||||
Operating income: | |||||||||||||||||
Completion and Production | $ | 2,037 | $ | 1,238 | |||||||||||||
Drilling and Evaluation | 1,292 | 801 | |||||||||||||||
Corporate and other | (256) | (227) | |||||||||||||||
Impairments and other charges (a) | (366) | (12) | |||||||||||||||
Total operating income | 2,707 | 1,800 | |||||||||||||||
Interest expense, net | (375) | (469) | |||||||||||||||
Loss on early extinguishment of debt (b) | (42) | — | |||||||||||||||
Other, net | (180) | (79) | |||||||||||||||
Income before income taxes | 2,110 | 1,252 | |||||||||||||||
Income tax benefit (provision) (c) | (515) | 216 | |||||||||||||||
Net Income | $ | 1,595 | $ | 1,468 | |||||||||||||
Net Income attributable to noncontrolling interest | (23) | (11) | |||||||||||||||
Net Income attributable to company | $ | 1,572 | $ | 1,457 | |||||||||||||
Basic net income per share | $ | 1.74 | $ | 1.63 | |||||||||||||
Diluted net income per share | $ | 1.73 | $ | 1.63 | |||||||||||||
Basic weighted average common shares outstanding | 904 | 892 | |||||||||||||||
Diluted weighted average common shares outstanding | 908 | 892 | |||||||||||||||
(a) | See Footnote Table 1 for details of the impairments and other charges recorded during the year ended December 31, 2022 and 2021. | ||||||||||||||||
(b) | During the year ended December 31, 2022, Halliburton recognized a $42 million loss on extinguishment of debt related to the early redemption of $600 million aggregate principal amount of senior notes in February 2022. | ||||||||||||||||
(c) | The tax benefit (provision) includes the tax effect related to impairments and other charges and the loss on early extinguishment of debt during the year ended December 31, 2022. Based on changing market conditions during 2021, Halliburton recognized a $504 million tax benefit associated with a valuation allowance on its deferred tax assets. | ||||||||||||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income. | |||||||||||||||||
See Footnote Table 3 for Reconciliation of As Reported Net Income to Adjusted Net Income. |
December 31 | December 31 | |||||||||||||
2022 | 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and equivalents | $ | 2,346 | $ | 3,044 | ||||||||||
Receivables, net | 4,627 | 3,666 | ||||||||||||
Inventories | 2,923 | 2,361 | ||||||||||||
Other current assets | 1,056 | 872 | ||||||||||||
Total current assets | 10,952 | 9,943 | ||||||||||||
Property, plant, and equipment, net | 4,348 | 4,326 | ||||||||||||
Goodwill | 2,829 | 2,843 | ||||||||||||
Deferred income taxes | 2,636 | 2,695 | ||||||||||||
Operating lease right-of-use assets | 913 | 934 | ||||||||||||
Other assets | 1,577 | 1,580 | ||||||||||||
Total assets | $ | 23,255 | $ | 22,321 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 3,121 | $ | 2,353 | ||||||||||
Accrued employee compensation and benefits | 634 | 493 | ||||||||||||
Current portion of operating lease liabilities | 224 | 240 | ||||||||||||
Other current liabilities | 1,366 | 1,220 | ||||||||||||
Total current liabilities | 5,345 | 4,306 | ||||||||||||
Long-term debt | 7,928 | 9,127 | ||||||||||||
Operating lease liabilities | 791 | 845 | ||||||||||||
Employee compensation and benefits | 408 | 492 | ||||||||||||
Other liabilities | 806 | 823 | ||||||||||||
Total liabilities | 15,278 | 15,593 | ||||||||||||
Company shareholders’ equity | 7,948 | 6,713 | ||||||||||||
Noncontrolling interest in consolidated subsidiaries | 29 | 15 | ||||||||||||
Total shareholders’ equity | 7,977 | 6,728 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 23,255 | $ | 22,321 |
Year Ended | Three Months Ended | |||||||||||||||||||
December 31 | December 31 | |||||||||||||||||||
2022 | 2021 | 2022 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 1,595 | $ | 1,468 | $ | 665 | ||||||||||||||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||||||||||||||||
Depreciation, depletion, and amortization | 940 | 904 | 236 | |||||||||||||||||
Impairments and other charges | 366 | 12 | — | |||||||||||||||||
Deferred income tax provision (benefit) | 70 | (486) | 31 | |||||||||||||||||
Working capital (a) | (941) | 285 | (34) | |||||||||||||||||
Other operating activities | 212 | (272) | 265 | |||||||||||||||||
Total cash flows provided by operating activities | 2,242 | 1,911 | 1,163 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (1,011) | (799) | (350) | |||||||||||||||||
Proceeds from sales of property, plant, and equipment | 200 | 257 | 43 | |||||||||||||||||
Proceeds from a structured real estate transaction | — | 87 | — | |||||||||||||||||
Other investing activities | (156) | (79) | (82) | |||||||||||||||||
Total cash flows used in investing activities | (967) | (534) | (389) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on long-term borrowings | (1,242) | (700) | — | |||||||||||||||||
Dividends to shareholders | (435) | (161) | (108) | |||||||||||||||||
Stock repurchase program | (250) | — | (250) | |||||||||||||||||
Other financing activities | 129 | 23 | 15 | |||||||||||||||||
Total cash flows used in financing activities | (1,798) | (838) | (343) | |||||||||||||||||
Effect of exchange rate changes on cash | (175) | (58) | (62) | |||||||||||||||||
Increase (decrease) in cash and equivalents | (698) | 481 | 369 | |||||||||||||||||
Cash and equivalents at beginning of period | 3,044 | 2,563 | 1,977 | |||||||||||||||||
Cash and equivalents at end of period | $ | 2,346 | $ | 3,044 | $ | 2,346 | ||||||||||||||
(a) | Working capital includes receivables, inventories, and accounts payable. | |||||||||||||||||||
See Footnote Table 4 for Reconciliation of Cash Flows from Operating Activities to Free Cash Flow. |
Three Months Ended | |||||||||||||||||
December 31 | September 30 | ||||||||||||||||
Revenue | 2022 | 2021 | 2022 | ||||||||||||||
By operating segment: | |||||||||||||||||
Completion and Production | $ | 3,182 | $ | 2,356 | $ | 3,136 | |||||||||||
Drilling and Evaluation | 2,400 | 1,921 | 2,221 | ||||||||||||||
Total revenue | $ | 5,582 | $ | 4,277 | $ | 5,357 | |||||||||||
By geographic region: | |||||||||||||||||
North America | $ | 2,611 | $ | 1,783 | $ | 2,635 | |||||||||||
Latin America | 945 | 669 | 841 | ||||||||||||||
Europe/Africa/CIS | 657 | 730 | 639 | ||||||||||||||
Middle East/Asia | 1,369 | 1,095 | 1,242 | ||||||||||||||
Total revenue | $ | 5,582 | $ | 4,277 | $ | 5,357 | |||||||||||
Operating Income | |||||||||||||||||
By operating segment: | |||||||||||||||||
Completion and Production | $ | 659 | $ | 347 | $ | 583 | |||||||||||
Drilling and Evaluation | 387 | 269 | 325 | ||||||||||||||
Total Operations | 1,046 | 616 | 908 | ||||||||||||||
Corporate and other | (70) | (66) | (62) | ||||||||||||||
Total operating income | $ | 976 | $ | 550 | $ | 846 | |||||||||||
Year Ended | |||||||||||
December 31 | |||||||||||
Revenue | 2022 | 2021 | |||||||||
By operating segment: | |||||||||||
Completion and Production | $ | 11,582 | $ | 8,410 | |||||||
Drilling and Evaluation | 8,715 | 6,885 | |||||||||
Total revenue | $ | 20,297 | $ | 15,295 | |||||||
By geographic region: | |||||||||||
North America | $ | 9,597 | $ | 6,371 | |||||||
Latin America | 3,197 | 2,362 | |||||||||
Europe/Africa/CIS | 2,691 | 2,719 | |||||||||
Middle East/Asia | 4,812 | 3,843 | |||||||||
Total revenue | $ | 20,297 | $ | 15,295 | |||||||
Operating Income | |||||||||||
By operating segment: | |||||||||||
Completion and Production | $ | 2,037 | $ | 1,238 | |||||||
Drilling and Evaluation | 1,292 | 801 | |||||||||
Total Operations | 3,329 | 2,039 | |||||||||
Corporate and other | (256) | (227) | |||||||||
Impairments and other charges | (366) | (12) | |||||||||
Total operating income | $ | 2,707 | $ | 1,800 | |||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income. |
Year Ended | ||||||||||||||
December 31 | ||||||||||||||
2022 | 2021 | |||||||||||||
As reported operating income | $ | 2,707 | $ | 1,800 | ||||||||||
Impairments and other charges: | ||||||||||||||
Receivables | 202 | — | ||||||||||||
Property, plant, and equipment, net | 100 | — | ||||||||||||
Inventory | 70 | — | ||||||||||||
Catch-up depreciation | — | 36 | ||||||||||||
Severance | — | 15 | ||||||||||||
Gain on real estate transaction | — | (74) | ||||||||||||
Other | (6) | 35 | ||||||||||||
Total impairments and other charges (a) | 366 | 12 | ||||||||||||
Adjusted operating income (b) (c) | $ | 3,073 | $ | 1,812 | ||||||||||
(a) | During the year ended December 31, 2022, Halliburton recorded $366 million of impairments and other charges, primarily due to management's decision to market for sale the net assets of Russia operations, which was sold in August of 2022, and impairment of the assets in Ukraine. During the year ended December 31, 2021, Halliburton closed the structured transaction for the North America real estate assets, which resulted in a $74 million gain. Halliburton also discontinued the proposed sale of the Pipeline and Process Services business leading to a depreciation catch-up related to these assets previously classified as held for sale. As a result, among these and other items, a $12 million pre-tax charge was recognized. | |||||||||||||
(b) | Management believes that operating income adjusted for impairments and other charges for the year ended December 31, 2022 and 2021, 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 "Total impairments and other charges" for the respective periods. | |||||||||||||
(c) | We calculate operating margin by dividing reported operating income by reported revenue. We calculate adjusted operating margin by dividing adjusted operating income by reported revenue. |
Three Months Ended | ||||||||||||||||||||
December 31 | September 30 | |||||||||||||||||||
2022 | 2021 | 2022 | ||||||||||||||||||
As reported net income attributable to company | $ | 656 | $ | 824 | $ | 544 | ||||||||||||||
Tax benefit (a) | — | (504) | — | |||||||||||||||||
Total adjustments, net of taxes (b) | — | (504) | — | |||||||||||||||||
Adjusted net income attributable to company (b) | $ | 656 | $ | 320 | $ | 544 | ||||||||||||||
Diluted weighted average common shares outstanding | 910 | 896 | 910 | |||||||||||||||||
As reported net income per diluted share (c) | $ | 0.72 | $ | 0.92 | $ | 0.60 | ||||||||||||||
Adjusted net income per diluted share (c) | $ | 0.72 | $ | 0.36 | $ | 0.60 | ||||||||||||||
(a) | During the three months ended December 31, 2021, based on improved market conditions, Halliburton recognized a $504 million tax benefit, primarily associated with a partial release of a valuation allowance on its deferred tax assets. | |||||||||||||||||||
(b) | Management believes net income adjusted for the tax benefit during the three months ended December 31, 2021, 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 item to be outside of the company's normal operating results. Management analyzes net income without the impact of this item as an indicator of performance to identify underlying trends in the business and to establish operational goals. Total adjustments remove the effect of this item. Adjusted net income attributable to company is calculated as: “As reported net income attributable to company” plus "Total adjustments, net of taxes" for the respective periods. | |||||||||||||||||||
(c) | As reported net income per diluted share is calculated as: "As reported net income attributable to company" divided by "Diluted weighted average common shares outstanding." Adjusted net income per diluted share is calculated as: "Adjusted net income attributable to company" divided by "Diluted weighted average common shares outstanding." |
Year Ended | ||||||||||||||
December 31 | ||||||||||||||
2022 | 2021 | |||||||||||||
As reported net income attributable to company | $ | 1,572 | $ | 1,457 | ||||||||||
Adjustments: | ||||||||||||||
Impairments and other charges | 366 | 12 | ||||||||||||
Loss on early extinguishment of debt | 42 | — | ||||||||||||
Total adjustments, before taxes | 408 | 12 | ||||||||||||
Tax benefit (a) | (24) | (504) | ||||||||||||
Total adjustments, net of taxes (b) | 384 | (492) | ||||||||||||
Adjusted net income attributable to company (b) | $ | 1,956 | $ | 965 | ||||||||||
Diluted weighted average common shares outstanding | 908 | 892 | ||||||||||||
As reported net income per diluted share (c) | $ | 1.73 | $ | 1.63 | ||||||||||
Adjusted net income per diluted share (c) | $ | 2.15 | $ | 1.08 | ||||||||||
(a) | The tax benefit in the table above includes the tax effect related to impairments and other charges and the loss on early extinguishment of debt during the year ended December 31, 2022. During the year ended December 31, 2021, based on improved market conditions, Halliburton recognized a $504 million tax benefit, primarily associated with a partial release of a valuation allowance on its deferred tax assets. | |||||||||||||
(b) | Management believes net income adjusted for impairments and other charges and the loss on early extinguishment of debt, along with the tax benefit, 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 net income without the impact of these items as an indicator of performance to identify underlying trends in the business and to establish operational goals. Total adjustments remove the effect of these items. Adjusted net income attributable to company is calculated as: “As reported net income attributable to company” plus "Total adjustments, net of taxes" for the respective periods. | |||||||||||||
(c) | As reported net income per diluted share is calculated as: "As reported net income attributable to company" divided by "Diluted weighted average common shares outstanding." Adjusted net income per diluted share is calculated as: "Adjusted net income attributable to company" divided by "Diluted weighted average common shares outstanding." |
Year Ended | Three Months Ended | |||||||||||||||||||
December 31 | December 31 | |||||||||||||||||||
2022 | 2021 | 2022 | ||||||||||||||||||
Total cash flows provided by operating activities | $ | 2,242 | $ | 1,911 | $ | 1,163 | ||||||||||||||
Capital expenditures | (1,011) | (799) | (350) | |||||||||||||||||
Proceeds from sales of property, plant, and equipment | 200 | 257 | 43 | |||||||||||||||||
Free cash flow (a) | $ | 1,431 | $ | 1,369 | $ | 856 | ||||||||||||||
(a) | Free Cash Flow is a non-GAAP financial measure which is calculated as “Total cash flows provided by operating activities” less “Capital expenditures” plus “Proceeds from sales of property, plant, and equipment.” Management believes that Free Cash Flow is a key measure to assess liquidity of the business and is consistent with the disclosures of Halliburton's direct, large-cap competitors. |
HALLIBURTON COMPANY | |||||||||||
Date: | January 24, 2023 | By: | /s/ Bruce A. Metzinger | ||||||||
Bruce A. Metzinger | |||||||||||
Vice President, Public Law and | |||||||||||
Assistant Secretary |
DEI Document |
Jan. 24, 2023 |
---|---|
Document and Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jan. 24, 2023 |
Entity Registrant Name | HALLIBURTON COMPANY |
Entity Central Index Key | 0000045012 |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, par value $2.50 per share |
Entity File Number | 001-03492 |
Entity Tax Identification Number | 75-2677995 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 3000 North Sam Houston Parkway East, |
Entity Address, City or Town | Houston, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77032 |
City Area Code | 281 |
Local Phone Number | 871-2699 |
Trading Symbol | HAL |
Security Exchange Name | NYSE |
Written Communications | false |
Amendment Flag | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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