Item 2.02. Results of Operations and Financial Condition
On
The text of the Press Release is as follows:
FOR IMMEDIATE RELEASE
HALLIBURTON ANNOUNCES FOURTH QUARTER 2020 RESULTS •Reported net loss of$0.27 per diluted share •Adjusted net income of$0.18 per diluted share, excluding impairments and other charges •Cash flow from operating activities of$638 million and free cash flow of$420 million
Total revenue for the full year of 2020 was
"I am pleased with our solid execution in the fourth quarter and for the full
year. Our swift and decisive cost actions and service delivery improvements
reset our earnings power, delivering strong margins and cash flow. We also
achieved historic bests in safety and service quality," commented
"I am optimistic about the activity momentum I see in
"I believe our strategic priorities will allow us to continue generating industry-leading returns and strong free cash flow and solidify Halliburton's role in the unfolding energy market recovery," concluded Miller.
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Operating Segments
Completion and Production
Completion and Production revenue in the fourth quarter of 2020 was
Drilling and Evaluation
Drilling and Evaluation revenue in the fourth quarter of 2020 was
Geographic Regions
International
International revenue in the fourth quarter of 2020 was
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Other Financial Items
Halliburton recognized
Selective Technology & Highlights
•Halliburton announced its commitment to set science-based targets to reduce
greenhouse gas (GHG) emissions. The Company submitted its commitment letter to
the Science Based Targets initiative (SBTi), a collaboration between CDP, the
United Nations Global Compact,
•Halliburton successfully deployed the industry's first electric-powered fracturing operation for Cimarex Energy Co. in the Permian basin. To date, Halliburton has completed over 300 stages across multiple wells using utility-powered electric frac pumps that demonstrated consistent superior performance. Halliburton's electric-powered equipment is engineered to utilize the maximum power potential from the grid, allowing the customer to achieve pump rates of 30% to 40% higher than with conventional equipment.
•Halliburton and Accenture have teamed up to accelerate Halliburton's digital supply chain transformation and support digitalization within the Company's manufacturing and supply chain functions. This new delivery platform will apply advanced analytics and enhanced business intelligence tools for its support teams to improve service levels and unlock operational benefits. This transformation further supports Halliburton's strategic priority to accelerate digital deployment and integration across the value chain.
•Halliburton introduced Digital Well Operations, a DecisionSpace® 365 cloud solution. Digital Well Operations is the industry's first open and integrated well operations software that seamlessly connects the entire value chain - operators, service providers, logistics providers and rig providers - to deliver more efficient and safe wells.
•OMV Petrom S.A. will adopt Halliburton's DecisionSpace 365 application to consolidate asset and production data in an integrated environment as part of OMV Petrom's DigitUp digitalization program. The solution will integrate the operator's
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asset information to assist engineers in monitoring and optimizing production, while enhancing operational efficiency and decision making. This scalable solution will expand over further assets and functional use cases as collaboration between OMV Petrom S.A. and Halliburton continues.
•Halliburton introduced Crush & Shear™ Hybrid Drill Bit, a new technology that combines the efficiency of traditional polycrystalline diamond compact (PDC) cutters with the torque-reducing capabilities of rolling elements to increase drilling efficiency and maximize bit stability through changing formations.
•Halliburton established a
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 140 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 severity and duration of the COVID-19 pandemic, related economic repercussions and the resulting negative impact on demand for oil and gas; the current significant surplus in the supply of oil and the ability of the OPEC+ countries to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; 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, the effects of terrorism, foreign exchange rates and controls,
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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
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