- Net income of $0.79 per diluted share.
- Revenue of $5.8 billion and operating margin of 17.9%.
- International revenue growth of 17% year on year.
- Repurchases of approximately $200 million of common stock.
Halliburton Company (NYSE: HAL) announced today net income of
$716 million, or $0.79 per diluted share, for the third quarter of
2023. This compares to net income for the second quarter of 2023 of
$610 million, or $0.68 per diluted share and adjusted net income1,
excluding the loss on transactions in Argentina, of $691 million,
or $0.77 per diluted share2. Halliburton's total revenue for the
third quarter of 2023 was $5.8 billion, flat when compared to the
second quarter of 2023. Operating income was $1.0 billion in the
third quarter of 2023, a 3% increase when compared to the second
quarter of 2023.
"Halliburton delivered an impressive third quarter and our
margin strength demonstrated the power of our strategy. I am
pleased with the stability of our North America business and the
profitability of our International growth,” commented Jeff Miller,
Chairman, President and CEO.
"Everything I see today strengthens my conviction in the long
duration of this upcycle. Against this backdrop, we expect
continued demand growth for oilfield services in 2024 and
beyond.
"Halliburton delivered strong returns to our shareholders as
demonstrated by more than $500 million of Free Cash Flow3 and
repurchases of approximately $200 million of common stock and $150
million of debt during the quarter,” concluded Miller.
Operating Segments
Completion and Production
Completion and Production revenue in the third quarter of 2023
was $3.5 billion, flat sequentially, while operating income was
$746 million, an increase of $39 million, or 6%. Margins expanded
sequentially, driven by international operations, while North
American margins remained approximately flat to last quarter. These
results were primarily due to increased stimulation activity
internationally, higher cementing activity in the Eastern
Hemisphere, and improved completion tool sales globally. These
increases were partially offset by lower pressure pumping services
in North America.
Drilling and Evaluation
Drilling and Evaluation revenue in the third quarter of 2023 was
$2.3 billion while operating income was $378 million, both flat
sequentially. Higher fluids activity in the Middle East/Asia and
Latin America and increased wireline activity in Latin America and
Europe/Africa were offset by decreased drilling-related services,
lower project management activity, and decreased software sales in
Mexico.
Geographic Regions
North America
North America revenue in the third quarter of 2023 was $2.6
billion, a 3% decrease sequentially. This decline was primarily
driven by decreased pressure pumping services in U.S. land and
lower well intervention services in the Gulf of Mexico. Partially
offsetting these decreases was improved completion tool sales in
the Gulf of Mexico.
International
International revenue in the third quarter of 2023 was $3.2
billion, a 3% increase sequentially.
Latin America revenue in the third quarter of 2023 was $1.0
billion, an increase of 5% sequentially. This increase was
primarily due to increased pressure pumping services and fluids
activity in Argentina, improved completion tool sales in Brazil,
and higher project management and drilling-related services in
Colombia and Ecuador. Partially offsetting these increases were
lower software sales, decreased project management activity, and
lower well construction services in Mexico.
Europe/Africa revenue in the third quarter of 2023 was $734
million, an increase of 5% sequentially. This increase was
primarily driven by improved well construction services, higher
completion tool sales, and improved wireline activity in Norway and
higher completion tool sales in the Caspian area. Partially
offsetting these increases was lower activity in Africa across
multiple product service lines.
Middle East/Asia revenue in the third quarter of 2023 was $1.4
billion, flat sequentially. Higher well construction in Iraq,
increased drilling-related services and improved completion tool
sales in Qatar, and higher pressure pumping and fluid services in
Asia were offset by decreased activity across multiple product
service lines in Kuwait and India.
Other Financial Items
During the third quarter of 2023, Halliburton:
- Repurchased $198 million of common stock.
- Repurchased $150 million of debt across multiple senior notes,
notes due, and global debentures, using cash on hand.
- Spent $23 million on our SAP S4 migration.
Selective Technology &
Highlights
- Halliburton introduced Obex EcoLock®, a new compression-set
packer that helps prevent sustained casing pressure. The Obex
EcoLock packer serves as a cost-effective mechanical barrier to
mitigate low pressure gas or fluid migration and deliver isolation
assurance. The Obex EcoLock packer, the newest addition to the
Halliburton family of compression-set packers, is built upon the
gas-tight, V0-rated Obex GasLock® packer design. The Obex EcoLock
packer provides V6-rated isolation and can support multiple-stage
cementing with optional integral cementing ports and an internal
closing sleeve.
- Halliburton and PTT Exploration and Production Public Company
Limited (PTTEP) signed a Memorandum of Understanding (MoU) to
co-innovate and market digital transformation solutions for the
energy industry in Thailand, Malaysia, and Vietnam. Under the
agreement, the two companies will develop and provide advanced
digital solutions services that address energy industry challenges
and help increase operational effectiveness and efficiency. The
first two solutions being launched are PTTEP’s Well Delivery
Process (WDP), WellSafvy, and Advanced Production Excellence (APEX)
which are built on Halliburton’s DecisionSpace® 365 suite of
applications and are now available to oil and gas operators in the
selected countries.
- Halliburton introduced Intelevate™, a new data science-driven
platform that helps operators design, build, and operate end-to-end
electrical submersible pump (ESP) monitoring solutions. This
application can be customized for specific needs. The Intelevate
platform from Summit ESP® – A Halliburton Service - seamlessly
integrates historical engineering and performance data with active
operational information to provide a holistic view of an operator’s
ESP system. The service intelligently processes, analyzes, and
models production data with real-time visualization and reporting
to develop a comprehensive optimization plan, including remote
changes and interventions, to achieve production goals.
- Halliburton introduced GuideStar™, a service that uses
high-resolution sampling to provide continuous, definitive survey
measurements for more precise wellbore positioning. The GuideStar
service enhances well delivery by increasing the understanding of
the centerline wellbore placement and reducing survey time. It
enables proactive, real-time steering decisions to help avoid a
reduction in the rate of penetration when landing a well or at
critical intervals of the wellbore.
- Halliburton introduced the BaraFLC® Nano-1 wellbore sealant, a
nanocomposite suspension that boosts wellbore stability. The new
sealant works with Halliburton’s existing conventional and
high-performance water-based fluid systems to create a tighter,
more secure seal that decreases fluid loss into the formation.
Halliburton’s BaraFLC Nano-1 sealant uses nanoparticles to reduce
interaction between filtrate and reactive shale formations,
preventing pore pressure transmission. This helps strengthen
wellbore integrity, which can extend drilling time and
efficiency.
- Halliburton introduced PulseStar™, a service that provides
operators with consistent, high-speed streaming of downhole data.
The service transfers high-resolution, real-time drilling and
subsurface data at extended depth to provide more efficient and
consistent well delivery. The PulseStar service uses telemetry for
remote operations to minimize human interaction and enhances
on-bottom drilling time. It automatically adapts to environmental
changes for optimal data rate and detection. Its artificial
intelligence provides self-optimizing pulses to maintain high data
quality across the reservoir, and its advanced signal processing
allows downlink for two-way communication while drilling.
- Halliburton introduced the FlexRite® Selective Access
multilateral completion system to address more complex and
demanding well scenarios. Multilateral systems maximize reservoir
contact, creating cost and time savings while also reducing the
environmental footprint. The FlexRite Selective Access system
builds on over two decades of Halliburton operational and technical
excellence. It delivers the industry’s highest pressure ratings and
can execute multilateral well strategies in complex reservoir
conditions. Through an innovative combination of stimulation
capability and through-completion selective intervention, the
FlexRite Selective Access system delivers life-of-well versatility
to multilateral installations.
(1)
Adjusted net income is a non-GAAP
financial measure; please see reconciliation of Net Income to
Adjusted Net Income in Footnote Table 2.
(2)
Adjusted net income per diluted share is a
non-GAAP financial measure; please see reconciliation of Net Income
to Adjusted Net Income in Footnote Table 2.
(3)
Free cash flow is a non-GAAP financial
measure; please see reconciliation of Cash Flows from Operating
Activities to Free Cash Flow in Footnote Table 4.
About Halliburton
Halliburton is one of the world’s leading providers of products
and services to the energy industry. Founded in 1919, we create
innovative technologies, products, and services that help our
customers maximize their value throughout the life cycle of an
asset and advance a sustainable energy future. Visit us at
www.halliburton.com; connect with us on Facebook, X, LinkedIn,
Instagram and YouTube.
Forward-looking
Statements
The statements in this press release that are not historical
statements are forward-looking statements within the meaning of the
federal securities laws. These statements are subject to numerous
risks and uncertainties, many of which are beyond the company's
control, which could cause actual results to differ materially from
the results expressed or implied by the statements. These risks and
uncertainties include, but are not limited to: changes in the
demand for or price of oil and/or natural gas, including as a
result of development of alternative energy sources, general
economic conditions such as inflation and recession, the ability of
the OPEC+ countries to agree on and comply with production quotas,
and other causes; changes in capital spending by our customers; the
modification, continuation or suspension of our shareholder return
framework, including the payment of dividends and purchases of our
stock, which will be subject to the discretion of our Board of
Directors and may depend on a variety of factors, including our
results of operations and financial condition, growth plans,
capital requirements and other conditions existing when any payment
or purchase decision is made; potential catastrophic events related
to our operations, and related indemnification and insurance;
protection of intellectual property rights; cyber-attacks and data
security; compliance with environmental laws; changes in government
regulations and regulatory requirements, particularly those related
to oil and natural gas exploration, the environment, radioactive
sources, explosives, chemicals, hydraulic fracturing services, and
climate-related initiatives; assumptions regarding the generation
of future taxable income, and compliance with laws related to and
disputes with taxing authorities regarding income taxes; risks of
international operations, including risks relating to unsettled
political conditions, war, including the ongoing Russia and Ukraine
conflict and any expansion of that conflict, the effects of
terrorism, foreign exchange rates and controls, international trade
and regulatory controls and sanctions, and doing business with
national oil companies; weather-related issues, including the
effects of hurricanes and tropical storms; delays or failures by
customers to make payments owed to us; infrastructure issues in the
oil and natural gas industry; availability and cost of highly
skilled labor and raw materials; completion of potential
dispositions, and acquisitions and integration and success of
acquired businesses and joint ventures. Halliburton's Form 10-K for
the year ended December 31, 2022, Form 10-Q for the quarter ended
June 30, 2023, recent Current Reports on Form 8-K and other
Securities and Exchange Commission filings discuss some of the
important risk factors identified that may affect Halliburton's
business, results of operations, and financial condition.
Halliburton undertakes no obligation to revise or update publicly
any forward-looking statements for any reason.
HALLIBURTON COMPANY
Condensed Consolidated Statements
of Operations
(Millions of dollars and shares
except per share data)
(Unaudited)
Three Months Ended
September 30
June 30
2023
2022
2023
Revenue:
Completion and Production
$
3,487
$
3,136
$
3,476
Drilling and Evaluation
2,317
2,221
2,322
Total revenue
$
5,804
$
5,357
$
5,798
Operating income:
Completion and Production
$
746
$
583
$
707
Drilling and Evaluation
378
325
376
Corporate and other
(64
)
(62
)
(59
)
SAP S4 upgrade expense
(23
)
—
(13
)
Total operating income
1,037
846
1,011
Interest expense, net
(93
)
(93
)
(92
)
Loss on Blue Chip Swap transactions
(a)
—
—
(104
)
Other, net
(28
)
(48
)
(32
)
Income before income taxes
916
705
783
Income tax provision (b)
(192
)
(156
)
(167
)
Net income
$
724
$
549
$
616
Net income attributable to noncontrolling
interest
(8
)
(5
)
(6
)
Net income attributable to
company
$
716
$
544
$
610
Basic net income per share
$
0.80
$
0.60
$
0.68
Diluted net income per share
$
0.79
$
0.60
$
0.68
Basic weighted average common shares
outstanding
898
908
901
Diluted weighted average common shares
outstanding
902
910
903
(a)
The Central Bank of Argentina maintains
currency controls that limit our ability to access U.S. dollars in
Argentina and remit cash from our Argentine operations. The
execution of certain trades known as Blue Chip Swaps, effectively
results in a parallel U.S. dollar exchange rate. During the three
months ended June 30, 2023, Halliburton entered into Blue Chip Swap
transactions which resulted in a $104 million pre-tax loss.
(b)
The tax provision during the three months
ended June 30, 2023 includes the tax effect on the loss on Blue
Chip Swap transactions.
See Footnote Table 2 for Reconciliation of
Net Income to Adjusted Net Income.
HALLIBURTON COMPANY
Condensed Consolidated Statements
of Operations
(Millions of dollars and shares
except per share data)
(Unaudited)
Nine Months Ended
September 30
2023
2022
Revenue:
Completion and Production
$
10,372
$
8,400
Drilling and Evaluation
6,907
6,315
Total revenue
$
17,279
$
14,715
Operating income:
Completion and Production
$
2,119
$
1,378
Drilling and Evaluation
1,123
905
Corporate and other
(181
)
(186
)
SAP S4 upgrade expense
(36
)
—
Impairments and other charges (a)
—
(366
)
Total operating income
3,025
1,731
Interest expense, net
(264
)
(301
)
Loss on Blue Chip Swap transactions
(b)
(104
)
—
Loss on early extinguishment of debt
(c)
—
(42
)
Other, net
(129
)
(120
)
Income before income taxes
2,528
1,268
Income tax provision (d)
(533
)
(338
)
Net Income
$
1,995
$
930
Net Income attributable to noncontrolling
interest
(18
)
(14
)
Net Income attributable to
company
$
1,977
$
916
Basic and diluted net income per share
$
2.19
$
1.01
Basic weighted average common shares
outstanding
901
904
Diluted weighted average common shares
outstanding
904
907
(a)
See Footnote Table 1 for details of the
impairments and other charges recorded during the nine months ended
September 30, 2022.
(b)
The Central Bank of Argentina maintains
currency controls that limit our ability to access U.S. dollars in
Argentina and remit cash from our Argentine operations. The
execution of certain trades known as Blue Chip Swaps, effectively
results in a parallel U.S. dollar exchange rate. During the nine
months ended September 30, 2023, Halliburton entered into Blue Chip
Swap transactions which resulted in a $104 million pre-tax
loss.
(c)
During the nine months ended September 30,
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.
(d)
The tax provision during the nine months
ended September 30, 2023 includes the tax effect on the loss on
Blue Chip Swap transactions. During the nine months ended September
30, 2022, the tax provision includes the tax effect on impairments
and other charges and the loss on early extinguishment of debt.
See Footnote Table 1 for Reconciliation of
Operating Income to Adjusted Operating Income.
See Footnote Table 3 for Reconciliation of
Net Income to Adjusted Net Income.
HALLIBURTON COMPANY
Condensed Consolidated Balance
Sheets
(Millions of dollars)
(Unaudited)
September 30
December 31
2023
2022
Assets
Current assets:
Cash and equivalents
$
2,036
$
2,346
Receivables, net
5,124
4,627
Inventories
3,336
2,923
Other current assets
1,104
1,056
Total current assets
11,600
10,952
Property, plant, and equipment, net
4,733
4,348
Goodwill
2,850
2,829
Deferred income taxes
2,517
2,636
Operating lease right-of-use assets
1,032
913
Other assets
1,710
1,577
Total assets
$
24,442
$
23,255
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
3,238
$
3,121
Accrued employee compensation and
benefits
643
634
Current portion of operating lease
liabilities
248
224
Other current liabilities
1,290
1,366
Total current liabilities
5,419
5,345
Long-term debt
7,783
7,928
Operating lease liabilities
869
791
Employee compensation and benefits
392
408
Other liabilities
790
806
Total liabilities
15,253
15,278
Company shareholders’ equity
9,150
7,948
Noncontrolling interest in consolidated
subsidiaries
39
29
Total shareholders’ equity
9,189
7,977
Total liabilities and shareholders’
equity
$
24,442
$
23,255
HALLIBURTON COMPANY
Condensed Consolidated Statements
of Cash Flows
(Millions of dollars)
(Unaudited)
Nine Months Ended
Three Months Ended
September 30
September 30
2023
2022
2023
Cash flows from operating
activities:
Net income
$
1,995
$
930
$
724
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation, depletion, and
amortization
742
704
256
Impairments and other charges
—
366
—
Working capital (a)
(798
)
(907
)
(209
)
Other operating activities
109
(14
)
103
Total cash flows provided by operating
activities
2,048
1,079
874
Cash flows from investing
activities:
Capital expenditures
(980
)
(661
)
(409
)
Proceeds from sales of property, plant,
and equipment
136
157
46
Other investing activities
(280
)
(74
)
(65
)
Total cash flows used in investing
activities
(1,124
)
(578
)
(428
)
Cash flows from financing
activities:
Stock repurchase program
(546
)
(46
)
(198
)
Dividends to shareholders
(433
)
(327
)
(144
)
Payments on long-term borrowings
(150
)
(1,242
)
(150
)
Other financing activities
2
160
9
Total cash flows used in financing
activities
(1,127
)
(1,455
)
(483
)
Effect of exchange rate changes on
cash
(107
)
(113
)
(32
)
Decrease in cash and equivalents
(310
)
(1,067
)
(69
)
Cash and equivalents at beginning of
period
2,346
3,044
2,105
Cash and equivalents at end of
period
$
2,036
$
1,977
$
2,036
(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.
HALLIBURTON COMPANY
Revenue and Operating Income
Comparison
By Operating Segment and
Geographic Region
(Millions of dollars)
(Unaudited)
Three Months Ended
September 30
June 30
Revenue
2023
2022
2023
By operating segment:
Completion and Production
$
3,487
$
3,136
$
3,476
Drilling and Evaluation
2,317
2,221
2,322
Total revenue
$
5,804
$
5,357
$
5,798
By geographic region:
North America
$
2,608
$
2,635
$
2,696
Latin America
1,048
841
994
Europe/Africa/CIS
734
639
698
Middle East/Asia
1,414
1,242
1,410
Total revenue
$
5,804
$
5,357
$
5,798
Operating Income
By operating segment:
Completion and Production
$
746
$
583
$
707
Drilling and Evaluation
378
325
376
Total Operations
1,124
908
1,083
Corporate and other
(64
)
(62
)
(59
)
SAP S4 upgrade expense
(23
)
—
(13
)
Total operating income
$
1,037
$
846
$
1,011
HALLIBURTON COMPANY
Revenue and Operating Income
Comparison
By Operating Segment and
Geographic Region
(Millions of dollars)
(Unaudited)
Nine Months Ended
September 30
Revenue
2023
2022
By operating segment:
Completion and Production
$
10,372
$
8,400
Drilling and Evaluation
6,907
6,315
Total revenue
$
17,279
$
14,715
By geographic region:
North America
$
8,069
$
6,986
Latin America
2,957
2,252
Europe/Africa/CIS
2,094
2,034
Middle East/Asia
4,159
3,443
Total revenue
$
17,279
$
14,715
Operating Income
By operating segment:
Completion and Production
$
2,119
$
1,378
Drilling and Evaluation
1,123
905
Total Operations
3,242
2,283
Corporate and other
(181
)
(186
)
SAP S4 upgrade expense
(36
)
—
Impairments and other charges
—
(366
)
Total operating income
$
3,025
$
1,731
See Footnote Table 1 for Reconciliation of
Operating Income to Adjusted Operating Income.
FOOTNOTE TABLE 1
HALLIBURTON COMPANY
Reconciliation of Operating
Income to Adjusted Operating Income
(Millions of dollars)
(Unaudited)
Nine Months Ended
September 30
2023
2022
Operating income
$
3,025
$
1,731
Impairments and other charges:
Receivables
—
202
Property, plant, and equipment, net
—
100
Inventory
—
70
Other
—
(6
)
Total impairments and other charges
(a)
—
366
Adjusted operating income (b) (c)
$
3,025
$
2,097
(a)
During the nine months ended September 30,
2022, Halliburton recorded $366 million of impairments and other
charges, primarily due to our decision to market for sale the net
assets of our Russia operations, which was sold in August 2022, and
impairment of the assets in Ukraine.
(b)
Adjusted operating income is a non-GAAP
financial measure which is calculated as: “Operating income” plus
"Total impairments and other charges" for the respective periods.
Management believes that operating income adjusted for impairments
and other charges 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.
(c)
We calculate operating margin by dividing
operating income by revenue. We calculate adjusted operating
margin, a non-GAAP financial measure, by dividing adjusted
operating income by revenue. Management believes adjusted operating
margin is useful to investors to assess and understand operating
performance.
FOOTNOTE TABLE 2
HALLIBURTON COMPANY
Reconciliation of Net Income to
Adjusted Net Income
(Millions of dollars and shares
except per share data)
(Unaudited)
Three Months Ended
September 30
June 30
2023
2022
2023
Net income attributable to company
$
716
$
544
$
610
Adjustments:
Loss on Blue Chip Swap transactions
—
—
104
Total adjustments, before taxes
—
—
104
Tax benefit (a)
—
—
(23
)
Total adjustments, net of taxes (b)
—
—
81
Adjusted net income attributable to
company (b)
$
716
$
544
$
691
Diluted weighted average common shares
outstanding
902
910
903
Net income per diluted share (c)
$
0.79
$
0.60
$
0.68
Adjusted net income per diluted share
(c)
$
0.79
$
0.60
$
0.77
(a)
The tax benefit in the table above
includes the tax effect on the loss on Blue Chip Swap transactions
during the three months ended June 30, 2023.
(b)
Adjusted net income attributable to
company is a non-GAAP financial measure which is calculated as:
“Net income attributable to company” plus "Total adjustments, net
of taxes" for the respective periods. Management believes net
income adjusted for the loss on Blue Chip Swap transactions, 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 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.
(c)
Net income per diluted share is calculated
as: "Net income attributable to company" divided by "Diluted
weighted average common shares outstanding." Adjusted net income
per diluted share is a non-GAAP financial measure which is
calculated as: "Adjusted net income attributable to company"
divided by "Diluted weighted average common shares outstanding."
Management believes adjusted net income per diluted share is useful
to investors to assess and understand operating performance.
FOOTNOTE TABLE 3
HALLIBURTON COMPANY
Reconciliation of Net Income to
Adjusted Net Income
(Millions of dollars and shares
except per share data)
(Unaudited)
Nine Months Ended
September 30
2023
2022
Net income attributable to company
$
1,977
$
916
Adjustments:
Loss on Blue Chip Swap transactions
104
—
Impairments and other charges
—
366
Loss on early extinguishment of debt
—
42
Total adjustments, before taxes
104
408
Tax benefit (a)
(23
)
(24
)
Total adjustments, net of taxes (b)
81
384
Adjusted net income attributable to
company (b)
$
2,058
$
1,300
Diluted weighted average common shares
outstanding
904
907
Net income per diluted share (c)
$
2.19
$
1.01
Adjusted net income per diluted share
(c)
$
2.28
$
1.43
(a)
The tax benefit in the table above
includes the tax effect on the loss on Blue Chip Swap transactions
during the nine months ended September 30, 2023. Additionally,
during the nine months ended September 30, 2022, the tax benefit
includes the tax effect on the impairments and other charges and
the loss on early extinguishment of debt.
(b)
Adjusted net income attributable to
company is a non-GAAP financial measure which is calculated as:
“Net income attributable to company” plus "Total adjustments, net
of taxes" for the respective periods. Management believes net
income adjusted for the loss on Blue Chip Swap transactions,
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.
(c)
Net income per diluted share is calculated
as: "Net income attributable to company" divided by "Diluted
weighted average common shares outstanding." Adjusted net income
per diluted share is a non-GAAP financial measure which is
calculated as: "Adjusted net income attributable to company"
divided by "Diluted weighted average common shares outstanding."
Management believes adjusted net income per diluted share is useful
to investors to assess and understand operating performance.
FOOTNOTE TABLE 4
HALLIBURTON COMPANY
Reconciliation of Cash Flows from
Operating Activities to Free Cash Flow
(Millions of dollars)
(Unaudited)
Nine Months Ended
Three Months Ended
September 30
September 30
2023
2022
2023
Total cash flows provided by operating
activities
$
2,048
$
1,079
$
874
Capital expenditures
(980
)
(661
)
(409
)
Proceeds from sales of property, plant,
and equipment
136
157
46
Free cash flow (a)
$
1,204
$
575
$
511
(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.
Conference Call Details
Halliburton Company (NYSE: HAL) will host a conference call on
Tuesday, October 24, 2023, to discuss its third quarter 2023
financial results. The call will begin at 8:00 a.m. CT (9:00 a.m.
ET).
Please visit the Halliburton website to listen to the call via
live webcast. A recorded version will be available under the same
link immediately following the conclusion of the conference call.
You can also pre-register for the conference call and obtain your
dial in number and passcode by clicking here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231024096753/en/
Investors Relations Contact David Coleman
Investors@Halliburton.com 281-871-2688
Press Contact Brad Leone PR@Halliburton.com
281-871-2601
Halliburton (NYSE:HAL)
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