Reported net income of $0.29 per diluted share
Adjusted net income of $0.35 per diluted share
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today net income of $263 million, or $0.29 per diluted share, for the first quarter of 2022. This compares to net income for the first quarter of 2021 of $170 million, or $0.19 per diluted share. Adjusted net income for the first quarter of 2022, excluding impairments and other charges and a loss on the early extinguishment of debt, was $314 million, or $0.35 per diluted share. Halliburton’s total revenue for the first quarter of 2022 was $4.3 billion compared to revenue of $3.5 billion in the first quarter of 2021. Reported operating income was $511 million in the first quarter of 2022 compared to reported operating income of $370 million in the first quarter of 2021. Excluding impairments and other charges, adjusted operating income was $533 million in the first quarter of 2022.
“I am pleased with Halliburton’s first quarter results. Our performance demonstrated the resilience of our unique strategy in action and the importance of our competitive positioning both in North America and international markets.
“Total company revenue increased 24% and adjusted operating income grew 44% compared to the first quarter of 2021. Both of our divisions delivered strong margin performance despite weather and supply chain disruptions, with Drilling and Evaluation margin eclipsing 15% in the first quarter for the first time since 2010.
“We see significant tightness across the entire oil and gas value chain in North America. Supportive commodity prices and strengthening customer demand against an almost sold-out equipment market are expected to drive expansion in Completion and Production division margins.
“I expect our strong international business to increase throughout the remainder of the year. First quarter revenue growth in all our international regions together with North America demonstrates that this multi-year upcycle is well underway.
“I’m excited about the accelerating pace of global activity, pricing improvement, and Halliburton’s strong outlook. With our unique value proposition, clearly defined strategic priorities, leading technology portfolio, and global market presence, I expect Halliburton will deliver profitable growth, strong free cash flow and industry-leading returns,” concluded Miller.
Operating Segments
Completion and Production
Completion and Production revenue in the first quarter of 2022 was $2.4 billion, an increase of $483 million, or 26%, when compared to the first quarter of 2021, while operating income was $296 million, an increase of $44 million, or 17%. These results were driven by increased pressure pumping services and artificial lift activity in the Western Hemisphere, higher completion tool sales throughout the Western Hemisphere and the Middle East, increased cementing activity in Africa and Middle East/Asia, and improved well intervention services in North America land and the Eastern Hemisphere. These improvements were partially offset by lower activity across multiple product service lines in Europe and lower completion tool sales throughout Asia.
Drilling and Evaluation
Drilling and Evaluation revenue in the first quarter of 2022 was $1.9 billion, an increase of $350 million, or 22%, when compared to the first quarter of 2021, while operating income was $294 million, an increase of $123 million, or 72%. These results were due to increased drilling-related services globally, improved wireline activity in North America land, Latin America, and the Middle East, increased testing services internationally, and higher project management activity in Latin America, India, and Oman. Partially offsetting these increases were lower project management activity in Iraq, as well as lower fluid services in the Caribbean, Brunei, and Mozambique.
Geographic Regions
North America revenue in the first quarter of 2022 was $1.9 billion, a 37% increase when compared to the first quarter of 2021. This increase was primarily driven by increased pressure pumping activity and drilling-related services in North America land, higher stimulation, artificial lift, and drilling-related activity in Canada, and higher completion tool sales in the Gulf of Mexico. These increases were partially offset by reduced fluid services in the Gulf of Mexico.
International revenue in the first quarter of 2022 was $2.4 billion, a 15% increase when compared to the first quarter of 2021. This improvement was primarily driven by increased activity across multiple product service lines in Brazil, Argentina, Mexico, and Egypt, increased drilling-related activity in Europe/Africa/CIS and Latin America, improved well construction services in the Middle East, Colombia, and West Africa, increased testing services in all regions, and higher completion tool sales throughout the Middle East and Latin America. Partially offsetting these increases were reduced activity across multiple product service lines in the United Kingdom and lower completion tool sales in Norway and throughout Asia.
Latin America revenue in the first quarter of 2022 was $653 million, a 22% increase year over year due to improved activity across multiple product service lines in Brazil, Argentina, and Mexico, increased well construction services in Colombia, higher completion tool sales in Guyana, improved project management activity in Ecuador and Colombia, increased testing services and wireline activity across the region, and increased artificial lift activity in Ecuador. Partially offsetting these increases were reduced fluid services in the Caribbean and lower project management and stimulation activity in Mexico.
Europe/Africa/CIS revenue in the first quarter of 2022 was $677 million, a 7% increase year over year. This improvement was primarily driven by higher activity across multiple product service lines in Egypt, increased drilling-related activity in Azerbaijan, increased well intervention and testing services across the region, improved well construction services in West Africa, and higher completion tool sales and cementing activity in Angola. These increases were partially offset by reduced activity across multiple product service lines in the United Kingdom, reduced well construction services and completion tool sales in Norway, and decreased fluid services in Mozambique.
Middle East/Asia revenue in the first quarter of 2022 was $1.0 billion, a 17% increase year over year, primarily resulting from improved well construction services in Saudi Arabia and Oman, increased wireline activity and completion tool sales in the Middle East, and increased testing services across the region. These increases were partially offset by reduced project management activity in Iraq, lower completion tool sales throughout Asia, decreased fluid services in Brunei, and lower stimulation activity in Bangladesh.
Other Financial Items
Selective Technology & Highlights
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-looking Statements
The statements in this press release that are not historical statements, including statements regarding future financial performance, 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: the impact of COVID-19 and any variants, the related economic repercussions and resulting negative impact on demand for oil and gas, operational challenges relating to COVID-19 and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, performance of contracts and supply chain disruptions; the ability of the OPEC+ countries to agree on and comply with production quotas; the continuation or suspension of our stock repurchase program, the amount, the timing, and the trading prices of Halliburton common stock, and the availability and alternative uses of cash; changes in the demand for or price of oil and/or natural gas; potential catastrophic events related to our operations, and related indemnification and insurance matters; protection of intellectual property rights and against cyber-attacks; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; 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; changes in capital spending by customers, delays or failures by customers to make payments owed to us, and the resulting impact on our liquidity; execution of long-term, fixed-price contracts; structural changes and infrastructure issues in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; agreement with respect to and completion of potential dispositions, acquisitions and integration and success of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2021, 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 |
|||||||||||
|
March 31 |
|
December 31 |
|||||||||
|
2022 |
|
2021 |
|
2021 |
|||||||
Revenue: |
|
|
|
|
|
|||||||
Completion and Production |
$ |
2,353 |
|
|
$ |
1,870 |
|
|
$ |
2,356 |
|
|
Drilling and Evaluation |
|
1,931 |
|
|
|
1,581 |
|
|
|
1,921 |
|
|
Total revenue |
$ |
4,284 |
|
|
$ |
3,451 |
|
|
$ |
4,277 |
|
|
Operating income: |
|
|
|
|
|
|||||||
Completion and Production |
$ |
296 |
|
|
$ |
252 |
|
|
$ |
347 |
|
|
Drilling and Evaluation |
|
294 |
|
|
|
171 |
|
|
|
269 |
|
|
Corporate and other |
|
(57 |
) |
|
|
(53 |
) |
|
|
(66 |
) |
|
Impairments and other charges (a) |
|
(22 |
) |
|
|
— |
|
|
|
— |
|
|
Total operating income |
|
511 |
|
|
|
370 |
|
|
|
550 |
|
|
Interest expense, net |
|
(107 |
) |
|
|
(125 |
) |
|
|
(108 |
) |
|
Loss on early extinguishment of debt (b) |
|
(42 |
) |
|
|
— |
|
|
|
— |
|
|
Other, net |
|
(30 |
) |
|
|
(22 |
) |
|
|
(24 |
) |
|
Income before income taxes |
|
332 |
|
|
|
223 |
|
|
|
418 |
|
|
Income tax benefit (provision) (c) |
|
(68 |
) |
|
|
(52 |
) |
|
|
409 |
|
|
Net income |
$ |
264 |
|
|
$ |
171 |
|
|
$ |
827 |
|
|
Net income attributable to noncontrolling interest |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
Net income attributable to company |
$ |
263 |
|
|
$ |
170 |
|
|
$ |
824 |
|
|
Basic and diluted net income per share |
$ |
0.29 |
|
|
$ |
0.19 |
|
|
$ |
0.92 |
|
|
Basic weighted average common shares outstanding |
|
899 |
|
|
|
889 |
|
|
|
896 |
|
|
Diluted weighted average common shares outstanding |
|
903 |
|
|
|
889 |
|
|
|
896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended March 31, 2022. |
|||||||||||
(b) |
During the three months ended March 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. |
|||||||||||
(c) |
The tax provision includes the tax effect on the loss on early extinguishment of debt and impairments and other charges during the three months ended March 31, 2022. 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. |
|||||||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income. |
||||||||||||
See Footnote Table 2 for Reconciliation of As Reported Net Income to Adjusted Net Income. |
HALLIBURTON COMPANY |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Millions of dollars) |
|||||||
(Unaudited) |
|||||||
|
March 31 |
|
December 31 |
||||
|
2022 |
|
2021 |
||||
Assets |
|||||||
Current assets: |
|
|
|
||||
Cash and equivalents |
$ |
2,154 |
|
|
$ |
3,044 |
|
Receivables, net |
|
4,026 |
|
|
|
3,666 |
|
Inventories |
|
2,578 |
|
|
|
2,361 |
|
Other current assets |
|
959 |
|
|
|
872 |
|
Total current assets |
|
9,717 |
|
|
|
9,943 |
|
Property, plant, and equipment, net |
|
4,270 |
|
|
|
4,326 |
|
Goodwill |
|
2,850 |
|
|
|
2,843 |
|
Deferred income taxes |
|
2,743 |
|
|
|
2,695 |
|
Operating lease right-of-use assets |
|
913 |
|
|
|
934 |
|
Other assets |
|
1,580 |
|
|
|
1,580 |
|
Total assets |
$ |
22,073 |
|
|
$ |
22,321 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|||||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
2,561 |
|
|
$ |
2,353 |
|
Accrued employee compensation and benefits |
|
434 |
|
|
|
493 |
|
Current portion of operating lease liabilities |
|
237 |
|
|
|
240 |
|
Other current liabilities |
|
1,212 |
|
|
|
1,220 |
|
Total current liabilities |
|
4,444 |
|
|
|
4,306 |
|
Long-term debt |
|
8,530 |
|
|
|
9,127 |
|
Operating lease liabilities |
|
815 |
|
|
|
845 |
|
Employee compensation and benefits |
|
460 |
|
|
|
492 |
|
Other liabilities |
|
791 |
|
|
|
823 |
|
Total liabilities |
|
15,040 |
|
|
|
15,593 |
|
Company shareholders’ equity |
|
7,017 |
|
|
|
6,713 |
|
Noncontrolling interest in consolidated subsidiaries |
|
16 |
|
|
|
15 |
|
Total shareholders’ equity |
|
7,033 |
|
|
|
6,728 |
|
Total liabilities and shareholders’ equity |
$ |
22,073 |
|
$ |
22,321 |
HALLIBURTON COMPANY |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Millions of dollars) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31 |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
264 |
|
|
$ |
171 |
|
|
Adjustments to reconcile net income to cash flows from operating activities: |
|
|
|
|||||
Depreciation, depletion, and amortization |
|
232 |
|
|
|
226 |
|
|
Impairments and other charges |
|
22 |
|
|
|
— |
|
|
Working capital (a) |
|
(386 |
) |
|
|
59 |
|
|
Other operating activities |
|
(182 |
) |
|
|
(253 |
) |
|
Total cash flows provided by (used in) operating activities |
|
(50 |
) |
|
|
203 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Capital expenditures |
|
(189 |
) |
|
|
(104 |
) |
|
Proceeds from sales of property, plant, and equipment |
|
56 |
|
|
|
58 |
|
|
Other investing activities |
|
(22 |
) |
|
|
(16 |
) |
|
Total cash flows used in investing activities |
|
(155 |
) |
|
|
(62 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Payments on long-term borrowings |
|
(640 |
) |
|
|
(188 |
) |
|
Dividends to shareholders |
|
(108 |
) |
|
|
(40 |
) |
|
Other financing activities |
|
80 |
|
|
|
5 |
|
|
Total cash flows used in financing activities |
|
(668 |
) |
|
|
(223 |
) |
|
Effect of exchange rate changes on cash |
|
(17 |
) |
|
|
(35 |
) |
|
Decrease in cash and equivalents |
|
(890 |
) |
|
|
(117 |
) |
|
Cash and equivalents at beginning of period |
|
3,044 |
|
|
|
2,563 |
|
|
Cash and equivalents at end of period |
$ |
2,154 |
|
|
$ |
2,446 |
|
|
|
|
|||||||
(a) |
Working capital includes receivables, inventories, and accounts payable. |
|||||||
See Footnote Table 3 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 |
||||||||||
|
March 31 |
|
December 31 |
||||||||
Revenue |
2022 |
|
2021 |
|
2021 |
||||||
By operating segment: |
|
|
|
|
|
||||||
Completion and Production |
$ |
2,353 |
|
|
$ |
1,870 |
|
|
$ |
2,356 |
|
Drilling and Evaluation |
|
1,931 |
|
|
|
1,581 |
|
|
|
1,921 |
|
Total revenue |
$ |
4,284 |
|
|
$ |
3,451 |
|
|
$ |
4,277 |
|
|
|
|
|
|
|
||||||
By geographic region: |
|
|
|
|
|
||||||
North America |
$ |
1,925 |
|
|
$ |
1,404 |
|
|
$ |
1,783 |
|
Latin America |
|
653 |
|
|
|
535 |
|
|
|
669 |
|
Europe/Africa/CIS |
|
677 |
|
|
|
634 |
|
|
|
730 |
|
Middle East/Asia |
|
1,029 |
|
|
|
878 |
|
|
|
1,095 |
|
Total revenue |
$ |
4,284 |
|
|
$ |
3,451 |
|
|
$ |
4,277 |
|
|
|
|
|
|
|
||||||
Operating Income |
|
|
|
|
|
||||||
By operating segment: |
|
|
|
|
|
||||||
Completion and Production |
$ |
296 |
|
|
$ |
252 |
|
|
$ |
347 |
|
Drilling and Evaluation |
|
294 |
|
|
|
171 |
|
|
|
269 |
|
Total |
|
590 |
|
|
|
423 |
|
|
|
616 |
|
Corporate and other |
|
(57 |
) |
|
|
(53 |
) |
|
|
(66 |
) |
Impairments and other charges |
|
(22 |
) |
|
|
— |
|
|
|
— |
|
Total operating income |
$ |
511 |
|
|
$ |
370 |
|
|
$ |
550 |
|
|
|||||||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income. |
FOOTNOTE TABLE 1 |
||||||||||||
HALLIBURTON COMPANY |
||||||||||||
Reconciliation of As Reported Operating Income to Adjusted Operating Income |
||||||||||||
(Millions of dollars) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31 |
|
December 31 |
||||||||
|
|
2022 |
|
2021 |
|
2021 |
||||||
As reported operating income |
$ |
511 |
|
|
$ |
370 |
|
|
$ |
550 |
|
|
|
|
|
|
|
|
|||||||
Impairments and other charges: |
|
|
|
|
|
|||||||
Receivables |
|
16 |
|
|
|
— |
|
|
|
— |
|
|
Other |
|
6 |
|
|
|
— |
|
|
|
— |
|
|
Total impairments and other charges (a) |
|
22 |
|
|
|
— |
|
|
|
— |
|
|
Adjusted operating income (b) |
$ |
533 |
|
$ |
370 |
|
$ |
550 |
||||
|
|
|
|
|
|
|
||||||
(a) |
During the three months ended March 31, 2022, Halliburton recorded $22 million of impairments and other charges, primarily related to our assets in Ukraine. |
|||||||||||
(b) |
Management believes that operating income adjusted for impairments and other charges for the three months ended March 31, 2022, 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. |
FOOTNOTE TABLE 2 |
||||||||||||
HALLIBURTON COMPANY |
||||||||||||
Reconciliation of As Reported Net Income to Adjusted Net Income |
||||||||||||
(Millions of dollars and shares except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31 |
|
December 31 |
||||||||
|
|
2022 |
|
2021 |
|
2021 |
||||||
As reported net income attributable to company |
$ |
263 |
|
|
$ |
170 |
|
|
$ |
824 |
|
|
|
|
|
|
|
|
|||||||
Adjustments: |
|
|
|
|
|
|||||||
Loss on early extinguishment of debt |
|
42 |
|
|
|
— |
|
|
|
— |
|
|
Impairments and other charges |
|
22 |
|
|
|
— |
|
|
|
— |
|
|
Total adjustments, before taxes |
|
64 |
|
|
|
— |
|
|
|
— |
|
|
Tax benefit (a) |
|
(13 |
) |
|
|
— |
|
|
|
(504 |
) |
|
Total adjustments, net of taxes (b) |
|
51 |
|
|
|
— |
|
|
|
(504 |
) |
|
Adjusted net income attributable to company (b) |
$ |
314 |
|
|
$ |
170 |
|
|
$ |
320 |
|
|
|
|
|
|
|
|
|||||||
Diluted weighted average common shares outstanding |
|
903 |
|
|
|
889 |
|
|
|
896 |
|
|
As reported net income per diluted share (c) |
$ |
0.29 |
|
|
$ |
0.19 |
|
|
$ |
0.92 |
|
|
Adjusted net income per diluted share (c) |
$ |
0.35 |
|
|
$ |
0.19 |
|
$ |
0.36 |
|
||
|
|
|
|
|
|
|
||||||
(a) |
The tax benefit in the table above includes the tax effect on the loss on early extinguishment of debt and impairments and other charges, during the three months ended March 31, 2022. 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 that net income adjusted for the loss on the early extinguishment of debt, impairments and other charges, and 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."
|
FOOTNOTE TABLE 3 |
||||||||||||
HALLIBURTON COMPANY |
||||||||||||
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow |
||||||||||||
(Millions of dollars) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31 |
|
December 31 |
||||||||
|
|
2022 |
|
2021 |
|
2021 |
||||||
Total cash flows provided by (used in) operating activities |
$ |
(50 |
) |
|
$ |
203 |
|
|
$ |
682 |
|
|
Capital expenditures |
|
(189 |
) |
|
|
(104 |
) |
|
|
(316 |
) |
|
Proceeds from sales of property, plant, and equipment |
|
56 |
|
|
|
58 |
|
|
|
112 |
|
|
Free cash flow (a) |
$ |
(183 |
) |
|
$ |
157 |
|
|
$ |
478 |
|
|
|
|
|
|
|
|
|
||||||
(a) |
The Free Cash Flow metric is a non-GAAP financial measure, which is calculated as “Total cash flows provided by (used in) 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 our direct, large-cap competitors. |
Conference Call Details
Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, April 19, 2022, to discuss its first quarter 2022 financial results. The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time).
Please click here to pre-register for the conference call and obtain your dial in number and passcode. You can also visit the Halliburton website to listen to the call via live webcast. Attendees should log in to the webcast or dial in approximately 15 minutes prior to the start of the call.
A replay of the conference call will be available on Halliburton’s website until April 26, 2022. Also, a replay may be accessed by telephone at (855) 859-2056 within North America or +1 (404) 537-3406 outside of North America, using the passcode 1562487.
Чистая прибыль составила 0,29 доллара на разводненную акцию
Скорректированная чистая прибыль в размере 0,35 доллара США на разводненную акцию
ХЬЮСТОН -- (BUSINESS WIRE)--Компания Halliburton (NYSE: HAL) объявила сегодня о чистой прибыли в размере 263 миллионов долларов, или 0,29 доллара на разводненную акцию, за первый квартал 2022 года. Это сопоставимо с чистой прибылью за первый квартал 2021 года в размере 170 миллионов долларов, или 0,19 доллара на разводненную акцию. Скорректированная чистая прибыль за первый квартал 2022 года, без учета обесценения и других расходов, а также убытка от досрочного погашения долга, составила 314 миллионов долларов, или 0,35 доллара на разводненную акцию. Общая выручка Halliburton за первый квартал 2022 года составила 4,3 миллиарда долларов по сравнению с выручкой в 3,5 миллиарда долларов в первом квартале 2021 года. Заявленный операционный доход составил 511 миллионов долларов в первом квартале 2022 года по сравнению с заявленным операционным доходом в размере 370 миллионов долларов в первом квартале 2021 года. Без учета обесценения и других расходов скорректированный операционный доход в первом квартале 2022 года составил 533 миллиона долларов.
“Я доволен результатами Halliburton за первый квартал. Наши результаты продемонстрировали устойчивость нашей уникальной стратегии в действии и важность нашего конкурентного позиционирования как в Северной Америке, так и на международных рынках.
“Общая выручка компании увеличилась на 24%, а скорректированный операционный доход вырос на 44% по сравнению с первым кварталом 2021 года. Оба наших подразделения показали высокие показатели рентабельности, несмотря на погодные условия и сбои в цепочках поставок, при этом рентабельность по бурению и оценке превысила 15% в первом квартале впервые с 2010 года.
“Мы видим значительную напряженность во всей цепочке создания стоимости нефти и газа в Северной Америке. Ожидается, что благоприятные цены на сырьевые товары и усиление потребительского спроса на фоне почти распроданного рынка оборудования приведут к увеличению прибыли подразделения по завершению работ и производству.
“Я ожидаю, что наш сильный международный бизнес будет расти в течение оставшейся части года. Рост выручки за первый квартал во всех наших международных регионах вместе с Северной Америкой демонстрирует, что этот многолетний цикл роста идет полным ходом.
“Я в восторге от ускоряющихся темпов глобальной активности, улучшения цен и сильных перспектив Halliburton. С нашим уникальным ценностным предложением, четко определенными стратегическими приоритетами, ведущим технологическим портфелем и присутствием на мировом рынке я ожидаю, что Halliburton обеспечит прибыльный рост, сильный свободный денежный поток и лидирующую в отрасли доходность”, - заключил Миллер.
Операционные сегменты
Завершение и производство
Выручка от завершения и производства в первом квартале 2022 года составила 2,4 миллиарда долларов, увеличившись на 483 миллиона долларов, или на 26%, по сравнению с первым кварталом 2021 года, в то время как операционная прибыль составила 296 миллионов долларов, увеличившись на 44 миллиона долларов, или на 17%. Эти результаты были обусловлены увеличением услуг по откачке давления и искусственному подъему в Западном полушарии, увеличением продаж инструмента для заканчивания работ по всему Западному полушарию и на Ближнем Востоке, увеличением активности по цементированию в Африке и на Ближнем Востоке/в Азии, а также улучшением услуг по бурению скважин в Северной Америке и Восточном полушарии. Эти улучшения были частично компенсированы снижением активности по нескольким направлениям обслуживания продуктов в Европе и снижением продаж инструментов для завершения работ по всей Азии.
Бурение и оценка
Выручка от бурения и оценки в первом квартале 2022 года составила 1,9 миллиарда долларов, увеличившись на 350 миллионов долларов, или на 22%, по сравнению с первым кварталом 2021 года, в то время как операционная прибыль составила 294 миллиона долларов, увеличившись на 123 миллиона долларов, или на 72%. Эти результаты были обусловлены увеличением объема услуг, связанных с бурением, во всем мире, улучшением работы кабельных линий в Северной Америке, Латинской Америке и на Ближнем Востоке, расширением услуг по тестированию на международном уровне и увеличением активности по управлению проектами в Латинской Америке, Индии и Омане. Частично это увеличение компенсировалось снижением активности по управлению проектами в Ираке, а также снижением объема услуг в Карибском бассейне, Брунее и Мозамбике.
Географические регионы
Выручка в Северной Америке в первом квартале 2022 года составила 1,9 миллиарда долларов, что на 37% больше по сравнению с первым кварталом 2021 года. Этот рост был в первую очередь обусловлен увеличением объемов работ по перекачке под давлением и связанных с бурением услуг на территории Северной Америки, увеличением объемов работ по стимулированию, искусственному подъему и бурению в Канаде, а также увеличением продаж инструмента для заканчивания работ в Мексиканском заливе. Это увеличение было частично компенсировано сокращением поставок жидкости в Мексиканский залив.
Международная выручка в первом квартале 2022 года составила 2,4 миллиарда долларов, что на 15% больше по сравнению с первым кварталом 2021 года. Это улучшение было в первую очередь обусловлено увеличением активности по нескольким направлениям обслуживания продуктов в Бразилии, Аргентине, Мексике и Египте, увеличением активности, связанной с бурением, в Европе / Африке / СНГ и Латинской Америке, улучшением услуг по строительству скважин на Ближнем Востоке, в Колумбии и Западной Африке, увеличением услуг по тестированию во всех регионах, и более высокие продажи инструментов для завершения работ по всему Ближнему Востоку и Латинской Америке. Частично компенсировать этот рост было снижение активности по нескольким направлениям обслуживания продуктов в Соединенном Королевстве и снижение продаж завершающих инструментов в Норвегии и по всей Азии.
Выручка в Латинской Америке в первом квартале 2022 года составила 653 миллиона долларов, что на 22% больше по сравнению с аналогичным периодом прошлого года благодаря улучшению деятельности по нескольким направлениям обслуживания продуктов в Бразилии, Аргентине и Мексике, увеличению объема услуг по строительству скважин в Колумбии, увеличению продаж инструментов для завершения работ в Гайане, улучшению деятельности по управлению проектами в Эквадоре и Колумбии, увеличение услуг тестирования и активности проводной связи по всему региону, а также увеличение активности искусственного подъема в Эквадоре. Частично это увеличение компенсировалось сокращением объема услуг в Карибском бассейне и снижением активности по управлению проектами и стимулированию в Мексике.
Выручка в Европе/Африке/СНГ в первом квартале 2022 года составила 677 миллионов долларов, что на 7% больше по сравнению с аналогичным периодом прошлого года. Это улучшение было в первую очередь обусловлено увеличением активности по нескольким направлениям обслуживания продуктов в Египте, увеличением активности, связанной с бурением, в Азербайджане, увеличением услуг по бурению и испытанию скважин по всему региону, улучшением услуг по строительству скважин в Западной Африке и увеличением продаж инструмента для заканчивания работ и цементирования в Анголе. Это увеличение было частично компенсировано снижением активности по нескольким направлениям обслуживания продуктов в Соединенном Королевстве, сокращением продаж услуг по строительству скважин и инструментов для заканчивания скважин в Норвегии и сокращением услуг по обработке жидкостей в Мозамбике.
Выручка на Ближнем Востоке/в Азии в первом квартале 2022 года составила 1,0 млрд долларов, что на 17% больше по сравнению с аналогичным периодом прошлого года, в основном за счет улучшения услуг по строительству скважин в Саудовской Аравии и Омане, увеличения активности на проводных линиях и продаж инструментов для завершения работ на Ближнем Востоке, а также расширения услуг по тестированию по всему региону. Это увеличение было частично компенсировано сокращением деятельности по управлению проектами в Ираке, снижением продаж инструментов для завершения работ по всей Азии, сокращением объема услуг в Брунее и снижением активности по стимулированию в Бангладеш.
Прочие Финансовые статьи
Селективная технология и основные моменты
Об Halliburton
Основанная в 1919 году, Halliburton является одним из крупнейших в мире поставщиков продуктов и услуг для энергетической отрасли. Имея более 40 000 сотрудников, представляющих 130 национальностей в более чем 70 странах, компания помогает своим клиентам максимизировать ценность на протяжении всего жизненного цикла месторождения – от поиска углеводородов и управления геологическими данными до бурения и оценки пласта, строительства и завершения скважин, а также оптимизации добычи на протяжении всего срока службы актива. Посетите веб-сайт компании по адресу www.Halliburton.com . Общайтесь с Halliburton на Facebook, Twitter, LinkedIn, Instagram и YouTube.
Прогнозные заявления
Заявления в этом пресс-релизе, которые не являются историческими заявлениями, включая заявления о будущих финансовых результатах, являются прогнозными заявлениями по смыслу федеральных законов о ценных бумагах. Эти заявления подвержены многочисленным рискам и неопределенностям, многие из которых находятся вне контроля компании, что может привести к тому, что фактические результаты будут существенно отличаться от результатов, выраженных или подразумеваемых в заявлениях. Эти риски и неопределенности включают, но не ограничиваются следующим: влияния COVID-19 и любых вариантов, связанных с экономическими последствиями и в результате негативное воздействие на спрос на нефть и газ, оперативные задачи, связанные с COVID-19 и усилия по минимизации распространения вируса, в том числе материально-технических проблем, для охраны здоровья и благополучия наших сотрудников, исполнение контрактов и поставок, перебои; способность ОПЕК+ стран, чтобы согласовать и соблюдать квоты на добычу; продолжении или приостановлении нашем складе программу выкупа, сумма, сроки, а торговые цены Halliburton обыкновенных акций, а также наличия и альтернативного использования денежных средств; изменения спроса или цен на нефть и/или природный газ; потенциальные катастрофические события, связанные с нашей деятельностью, и связанные возмещения и страхового дела, защиты прав интеллектуальной собственности и борьбе с кибер-атак; соблюдением природоохранного законодательства; изменения в постановления правительства и нормативные требования, особенно те, которые связаны с нефтяной и газовой разведки, радиоактивные источники, взрывчатые, химические, ГРП услуги, климатические инициативы; соблюдение законов, касающихся налогов на доходы и предположения относительно размера будущей налогооблагаемой прибыли; риски в международных операциях, в том числе риски, связанные с неспокойная политическая обстановка, войны, включая проводимую Россией и Украиной конфликтов и расширения этого конфликта, последствия терроризма, валютных курсов и контроля, международной торговли и регулирования контроль и санкции, и ведение бизнеса с национальными нефтяными компаниями; связанные с погодой вопросы, в том числе-за ураганов и тропических штормов; изменения в капитальные расходы клиентами, задержки или сбои клиентами для осуществления платежей, причитающихся к нам, и в результате влияния на ликвидность; исполнения долгосрочных договоров с фиксированной ценой; структурных изменений и инфраструктуры в нефтяной и газовой промышленности; наличия высококвалифицированной рабочей силы; доступность и стоимость сырья и материалов; согласование и завершение потенциальных склонностей, поглощения, а также интеграции и успех приобрел бизнеса и деятельности совместных предприятий. Форма 10-K Halliburton за год, закончившийся 31 декабря 2021 года, последние текущие отчеты по форме 8-K и другие документы Комиссии по ценным бумагам и биржам обсуждают некоторые из выявленных важных факторов риска, которые могут повлиять на бизнес Halliburton, результаты операций и финансовое состояние. Halliburton не берет на себя никаких обязательств по публичному пересмотру или обновлению каких-либо прогнозных заявлений по какой-либо причине.
Halliburton COMPANY |
||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||
(Millions of dollars and shares except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
|
Three Months Ended |
|||||||||||
|
March 31 |
|
December 31 |
|||||||||
|
2022 |
|
2021 |
|
2021 |
|||||||
Revenue: |
|
|
|
|
|
|||||||
Completion and Production |
$ |
2,353 |
|
|
$ |
1,870 |
|
|
$ |
2,356 |
|
|
Drilling and Evaluation |
|
1,931 |
|
|
|
1,581 |
|
|
|
1,921 |
|
|
Total revenue |
$ |
4,284 |
|
|
$ |
3,451 |
|
|
$ |
4,277 |
|
|
Operating income: |
|
|
|
|
|
|||||||
Completion and Production |
$ |
296 |
|
|
$ |
252 |
|
|
$ |
347 |
|
|
Drilling and Evaluation |
|
294 |
|
|
|
171 |
|
|
|
269 |
|
|
Corporate and other |
|
(57 |
) |
|
|
(53 |
) |
|
|
(66 |
) |
|
Impairments and other charges (a) |
|
(22 |
) |
|
|
— |
|
|
|
— |
|
|
Total operating income |
|
511 |
|
|
|
370 |
|
|
|
550 |
|
|
Interest expense, net |
|
(107 |
) |
|
|
(125 |
) |
|
|
(108 |
) |
|
Loss on early extinguishment of debt (b) |
|
(42 |
) |
|
|
— |
|
|
|
— |
|
|
Other, net |
|
(30 |
) |
|
|
(22 |
) |
|
|
(24 |
) |
|
Income before income taxes |
|
332 |
|
|
|
223 |
|
|
|
418 |
|
|
Income tax benefit (provision) (c) |
|
(68 |
) |
|
|
(52 |
) |
|
|
409 |
|
|
Net income |
$ |
264 |
|
|
$ |
171 |
|
|
$ |
827 |
|
|
Net income attributable to noncontrolling interest |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
Net income attributable to company |
$ |
263 |
|
|
$ |
170 |
|
|
$ |
824 |
|
|
Basic and diluted net income per share |
$ |
0.29 |
|
|
$ |
0.19 |
|
|
$ |
0.92 |
|
|
Basic weighted average common shares outstanding |
|
899 |
|
|
|
889 |
|
|
|
896 |
|
|
Diluted weighted average common shares outstanding |
|
903 |
|
|
|
889 |
|
|
|
896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended March 31, 2022. |
|||||||||||
(b) |
During the three months ended March 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. |
|||||||||||
(c) |
The tax provision includes the tax effect on the loss on early extinguishment of debt and impairments and other charges during the three months ended March 31, 2022. 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. |
|||||||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income. |
||||||||||||
See Footnote Table 2 for Reconciliation of As Reported Net Income to Adjusted Net Income. |
Halliburton COMPANY |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Millions of dollars) |
|||||||
(Unaudited) |
|||||||
|
March 31 |
|
December 31 |
||||
|
2022 |
|
2021 |
||||
Assets |
|||||||
Current assets: |
|
|
|
||||
Cash and equivalents |
$ |
2,154 |
|
|
$ |
3,044 |
|
Receivables, net |
|
4,026 |
|
|
|
3,666 |
|
Inventories |
|
2,578 |
|
|
|
2,361 |
|
Other current assets |
|
959 |
|
|
|
872 |
|
Total current assets |
|
9,717 |
|
|
|
9,943 |
|
Property, plant, and equipment, net |
|
4,270 |
|
|
|
4,326 |
|
Goodwill |
|
2,850 |
|
|
|
2,843 |
|
Deferred income taxes |
|
2,743 |
|
|
|
2,695 |
|
Operating lease right-of-use assets |
|
913 |
|
|
|
934 |
|
Other assets |
|
1,580 |
|
|
|
1,580 |
|
Total assets |
$ |
22,073 |
|
|
$ |
22,321 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|||||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
2,561 |
|
|
$ |
2,353 |
|
Accrued employee compensation and benefits |
|
434 |
|
|
|
493 |
|
Current portion of operating lease liabilities |
|
237 |
|
|
|
240 |
|
Other current liabilities |
|
1,212 |
|
|
|
1,220 |
|
Total current liabilities |
|
4,444 |
|
|
|
4,306 |
|
Long-term debt |
|
8,530 |
|
|
|
9,127 |
|
Operating lease liabilities |
|
815 |
|
|
|
845 |
|
Employee compensation and benefits |
|
460 |
|
|
|
492 |
|
Other liabilities |
|
791 |
|
|
|
823 |
|
Total liabilities |
|
15,040 |
|
|
|
15,593 |
|
Company shareholders’ equity |
|
7,017 |
|
|
|
6,713 |
|
Noncontrolling interest in consolidated subsidiaries |
|
16 |
|
|
|
15 |
|
Total shareholders’ equity |
|
7,033 |
|
|
|
6,728 |
|
Total liabilities and shareholders’ equity |
$ |
22,073 |
|
$ |
22,321 |
Halliburton COMPANY |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Millions of dollars) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31 |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
264 |
|
|
$ |
171 |
|
|
Adjustments to reconcile net income to cash flows from operating activities: |
|
|
|
|||||
Depreciation, depletion, and amortization |
|
232 |
|
|
|
226 |
|
|
Impairments and other charges |
|
22 |
|
|
|
— |
|
|
Working capital (a) |
|
(386 |
) |
|
|
59 |
|
|
Other operating activities |
|
(182 |
) |
|
|
(253 |
) |
|
Total cash flows provided by (used in) operating activities |
|
(50 |
) |
|
|
203 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Capital expenditures |
|
(189 |
) |
|
|
(104 |
) |
|
Proceeds from sales of property, plant, and equipment |
|
56 |
|
|
|
58 |
|
|
Other investing activities |
|
(22 |
) |
|
|
(16 |
) |
|
Total cash flows used in investing activities |
|
(155 |
) |
|
|
(62 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Payments on long-term borrowings |
|
(640 |
) |
|
|
(188 |
) |
|
Dividends to shareholders |
|
(108 |
) |
|
|
(40 |
) |
|
Other financing activities |
|
80 |
|
|
|
5 |
|
|
Total cash flows used in financing activities |
|
(668 |
) |
|
|
(223 |
) |
|
Effect of exchange rate changes on cash |
|
(17 |
) |
|
|
(35 |
) |
|
Decrease in cash and equivalents |
|
(890 |
) |
|
|
(117 |
) |
|
Cash and equivalents at beginning of period |
|
3,044 |
|
|
|
2,563 |
|
|
Cash and equivalents at end of period |
$ |
2,154 |
|
|
$ |
2,446 |
|
|
|
|
|||||||
(a) |
Working capital includes receivables, inventories, and accounts payable. |
|||||||
See Footnote Table 3 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 |
||||||||||
|
March 31 |
|
December 31 |
||||||||
Revenue |
2022 |
|
2021 |
|
2021 |
||||||
By operating segment: |
|
|
|
|
|
||||||
Completion and Production |
$ |
2,353 |
|
|
$ |
1,870 |
|
|
$ |
2,356 |
|
Drilling and Evaluation |
|
1,931 |
|
|
|
1,581 |
|
|
|
1,921 |
|
Total revenue |
$ |
4,284 |
|
|
$ |
3,451 |
|
|
$ |
4,277 |
|
|
|
|
|
|
|
||||||
By geographic region: |
|
|
|
|
|
||||||
North America |
$ |
1,925 |
|
|
$ |
1,404 |
|
|
$ |
1,783 |
|
Latin America |
|
653 |
|
|
|
535 |
|
|
|
669 |
|
Europe/Africa/CIS |
|
677 |
|
|
|
634 |
|
|
|
730 |
|
Middle East/Asia |
|
1,029 |
|
|
|
878 |
|
|
|
1,095 |
|
Total revenue |
$ |
4,284 |
|
|
$ |
3,451 |
|
|
$ |
4,277 |
|
|
|
|
|
|
|
||||||
Operating Income |
|
|
|
|
|
||||||
By operating segment: |
|
|
|
|
|
||||||
Completion and Production |
$ |
296 |
|
|
$ |
252 |
|
|
$ |
347 |
|
Drilling and Evaluation |
|
294 |
|
|
|
171 |
|
|
|
269 |
|
Total |
|
590 |
|
|
|
423 |
|
|
|
616 |
|
Corporate and other |
|
(57 |
) |
|
|
(53 |
) |
|
|
(66 |
) |
Impairments and other charges |
|
(22 |
) |
|
|
— |
|
|
|
— |
|
Total operating income |
$ |
511 |
|
|
$ |
370 |
|
|
$ |
550 |
|
|
|||||||||||
See Footnote Table 1 for Reconciliation of As Reported Operating Income to Adjusted Operating Income. |
FOOTNOTE TABLE 1 |
||||||||||||
Halliburton COMPANY |
||||||||||||
Reconciliation of As Reported Operating Income to Adjusted Operating Income |
||||||||||||
(Millions of dollars) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31 |
|
December 31 |
||||||||
|
|
2022 |
|
2021 |
|
2021 |
||||||
As reported operating income |
$ |
511 |
|
|
$ |
370 |
|
|
$ |
550 |
|
|
|
|
|
|
|
|
|||||||
Impairments and other charges: |
|
|
|
|
|
|||||||
Receivables |
|
16 |
|
|
|
— |
|
|
|
— |
|
|
Other |
|
6 |
|
|
|
— |
|
|
|
— |
|
|
Total impairments and other charges (a) |
|
22 |
|
|
|
— |
|
|
|
— |
|
|
Adjusted operating income (b) |
$ |
533 |
|
$ |
370 |
|
$ |
550 |
||||
|
|
|
|
|
|
|
||||||
(a) |
During the three months ended March 31, 2022, Halliburton recorded $22 million of impairments and other charges, primarily related to our assets in Ukraine. |
|||||||||||
(b) |
Management believes that operating income adjusted for impairments and other charges for the three months ended March 31, 2022, 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. |
FOOTNOTE TABLE 2 |
||||||||||||
Halliburton COMPANY |
||||||||||||
Reconciliation of As Reported Net Income to Adjusted Net Income |
||||||||||||
(Millions of dollars and shares except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31 |
|
December 31 |
||||||||
|
|
2022 |
|
2021 |
|
2021 |
||||||
As reported net income attributable to company |
$ |
263 |
|
|
$ |
170 |
|
|
$ |
824 |
|
|
|
|
|
|
|
|
|||||||
Adjustments: |
|
|
|
|
|
|||||||
Loss on early extinguishment of debt |
|
42 |
|
|
|
— |
|
|
|
— |
|
|
Impairments and other charges |
|
22 |
|
|
|
— |
|
|
|
— |
|
|
Total adjustments, before taxes |
|
64 |
|
|
|
— |
|
|
|
— |
|
|
Tax benefit (a) |
|
(13 |
) |
|
|
— |
|
|
|
(504 |
) |
|
Total adjustments, net of taxes (b) |
|
51 |
|
|
|
— |
|
|
|
(504 |
) |
|
Adjusted net income attributable to company (b) |
$ |
314 |
|
|
$ |
170 |
|
|
$ |
320 |
|
|
|
|
|
|
|
|
|||||||
Diluted weighted average common shares outstanding |
|
903 |
|
|
|
889 |
|
|
|
896 |
|
|
As reported net income per diluted share (c) |
$ |
0.29 |
|
|
$ |
0.19 |
|
|
$ |
0.92 |
|
|
Adjusted net income per diluted share (c) |
$ |
0.35 |
|
|
$ |
0.19 |
|
$ |
0.36 |
|
||
|
|
|
|
|
|
|
||||||
(a) |
The tax benefit in the table above includes the tax effect on the loss on early extinguishment of debt and impairments and other charges, during the three months ended March 31, 2022. 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 that net income adjusted for the loss on the early extinguishment of debt, impairments and other charges, and 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."
|
FOOTNOTE TABLE 3 |
||||||||||||
Halliburton COMPANY |
||||||||||||
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow |
||||||||||||
(Millions of dollars) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31 |
|
December 31 |
||||||||
|
|
2022 |
|
2021 |
|
2021 |
||||||
Total cash flows provided by (used in) operating activities |
$ |
(50 |
) |
|
$ |
203 |
|
|
$ |
682 |
|
|
Capital expenditures |
|
(189 |
) |
|
|
(104 |
) |
|
|
(316 |
) |
|
Proceeds from sales of property, plant, and equipment |
|
56 |
|
|
|
58 |
|
|
|
112 |
|
|
Free cash flow (a) |
$ |
(183 |
) |
|
$ |
157 |
|
|
$ |
478 |
|
|
|
|
|
|
|
|
|
||||||
(a) |
The Free Cash Flow metric is a non-GAAP financial measure, which is calculated as “Total cash flows provided by (used in) 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 our direct, large-cap competitors. |
Подробности конференц-звонка
Компания Halliburton (NYSE: HAL) проведет телефонную конференцию во вторник, 19 апреля 2022 года, чтобы обсудить свои финансовые результаты за первый квартал 2022 года. Звонок начнется в 8:00 утра по Центральному времени (9:00 утра по Восточному времени).
Пожалуйста, нажмите здесь, чтобы предварительно зарегистрироваться на конференц-связь и получить свой номер для набора номера и пароль. Вы также можете посетить веб-сайт Halliburton, чтобы прослушать звонок через прямую веб-трансляцию. Участники должны войти в веб-трансляцию или набрать номер примерно за 15 минут до начала разговора.
Повтор телефонной конференции будет доступен на веб-сайте Halliburton до 26 апреля 2022 года. Кроме того, к воспроизведению можно получить доступ по телефону (855) 859-2056 в Северной Америке или +1 (404) 537-3406 за пределами Северной Америки, используя пароль 1562487.
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