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001-03492
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No. 75-2677995
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(Commission File Number)
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(IRS Employer Identification No.)
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3000 North Sam Houston Parkway East
Houston, Texas
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77032
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(Address of Principal Executive Offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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●
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Total revenue grew 30% from prior year led by North America
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●
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Results include a non-cash impairment charge of $32 million, after-tax, and a discontinued operations tax benefit of $62 million
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|
·
|
Halliburton closed the acquisition of Boots & Coots, Inc., creating the industry’s premier intervention services and pressure control product service line. The merger combines Halliburton’s coiled tubing, hydraulic workover, international nitrogen and pipeline and process services operations, providing operators with a more comprehensive production services portfolio.
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·
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Halliburton announced that it has acquired The Permedia Research Group, industry-leading suppliers of petroleum systems modeling software and services. Permedia’s tools and expertise enable oil and gas companies to better assess exploration risk and manage the cost of developing deepwater, sub-salt and unconventional resource plays. Permedia will become an integral part of the Landmark Software and Services business line.
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·
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Halliburton has been awarded a wellwork integrated services contract by ExxonMobil Iraq Ltd. for refurbishment of wells in the West Qurna (Phase 1) field in southern Iraq. Halliburton will provide on-site logistics and technical support for both rigless and rig assisted workovers. Other services provided by Halliburton include provision of a workover rig, coiled tubing, slickline services, logging, production enhancement and well testing.
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·
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Halliburton has been awarded a letter of intent by Shell Iraq Petroleum Development B.V. for the development of the Majnoon field in Southern Iraq. The giant Majnoon field is one of the world's largest oilfields. The letter of intent provides that Halliburton will serve as project manager for the development work, in affiliation with Nabors Drilling and Iraq Drilling Company (IDC). The contract is still subject to final approval by the appropriate Iraqi authorities.
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·
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Halliburton has been awarded a contract by Eni to provide a range of integrated energy services toward the redevelopment of the Zubair field in southern Iraq. Work for the multi-million dollar contract is underway. Halliburton will perform services such as wireline logging, perforating, acidizing, and well testing on 20 wells.
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·
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Halliburton recently performed the first-ever shale hydraulic fracturing operation in Poland for PGNiG, the state-owned Polish oil and gas company. PGNiG contracted Halliburton to fracture the Markowola-1 exploratory well near Kozienice, Lublin province, to determine if the site contained commercial gas deposits. Increasing demand for natural gas in Poland has companies searching for domestic sources of unconventional gas deposits.
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·
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Halliburton has been selected as a 2010 North America and World Leader by the Dow Jones Sustainability Index (DJSI) in the Global Oil Services sector. The criteria for becoming a part of this elite group is based on a "thorough analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, branding, climate change mitigation, supply chain standards and labor practices," according to the DJSI Web site.
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·
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Halliburton’s Landmark Software and Services business line has announced the release of the DecisionSpace® Desktop™ software suite, designed to modernize and streamline upstream technology workflows. It sets a new industry standard by enabling distributed, multi-user teams to work in a common workspace, leading to more efficient and informed decision-making.
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·
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Halliburton announced it has surpassed the milestone of deploying 500 SmartWell® completion systems. The record-breaking event represents the latest in a long list of achievements made by WellDynamics, a Halliburton business line, which has deployed SmartWell completions in more than 26 countries.
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Three Months Ended
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||||||||||||
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September 30
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June 30
|
|||||||||||
|
2010
|
2009
|
2010
|
||||||||||
|
Revenue:
|
||||||||||||
|
Completion and Production
|
$ | 2,655 | $ | 1,821 | $ | 2,393 | ||||||
|
Drilling and Evaluation
|
2,010 | 1,767 | 1,994 | |||||||||
|
Total revenue
|
$ | 4,665 | $ | 3,588 | $ | 4,387 | ||||||
|
Operating income:
|
||||||||||||
|
Completion and Production
|
$ | 609 | $ | 240 | $ | 497 | ||||||
|
Drilling and Evaluation
|
271 | 283 | 318 | |||||||||
|
Corporate and other
|
(62 | ) | (49 | ) | (53 | ) | ||||||
|
Total operating income
|
818 | 474 | 762 | |||||||||
|
Interest expense, net of interest income of $3, $3, and $3
|
(76 | ) | (77 | ) | (76 | ) | ||||||
|
Other, net
|
(7 | ) | (4 | ) | (9 | ) | ||||||
|
Income from continuing operations before income taxes
|
735 | 393 | 677 | |||||||||
|
Provision for income taxes
|
(249 | ) | (124 | ) | (200 | ) | ||||||
|
Income from continuing operations
|
486 | 269 | 477 | |||||||||
|
Income (loss) from discontinued operations, net
|
59 | (a) | (3 | ) | 6 | |||||||
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Net income
|
$ | 545 | $ | 266 | $ | 483 | ||||||
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Noncontrolling interest in net income of subsidiaries
|
(1 | ) | (4 | ) | (3 | ) | ||||||
|
Net income attributable to company
|
$ | 544 | $ | 262 | $ | 480 | ||||||
|
Amounts attributable to company shareholders:
|
||||||||||||
|
Income from continuing operations
|
$ | 485 | $ | 265 | $ | 474 | ||||||
|
Income (loss) from discontinued operations, net
|
59 | (a) | (3 | ) | 6 | |||||||
|
Net income attributable to company
|
$ | 544 | $ | 262 | $ | 480 | ||||||
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Basic income per share attributable to company
|
||||||||||||
|
shareholders:
|
||||||||||||
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Income from continuing operations
|
$ | 0.53 | $ | 0.29 | $ | 0.52 | ||||||
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Income (loss) from discontinued operations, net
|
0.07 | (a) | – | 0.01 | ||||||||
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Net income per share
|
$ | 0.60 | $ | 0.29 | $ | 0.53 | ||||||
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Diluted income per share attributable to company
|
||||||||||||
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shareholders:
|
||||||||||||
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Income from continuing operations
|
$ | 0.53 | $ | 0.29 | $ | 0.52 | ||||||
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Income (loss) from discontinued operations, net
|
0.07 | (a) | – | 0.01 | ||||||||
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Net income per share
|
$ | 0.60 | $ | 0.29 | $ | 0.53 | ||||||
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Basic weighted average common shares outstanding
|
910 | 902 | 906 | |||||||||
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Diluted weighted average common shares outstanding
|
912 | 904 | 909 | |||||||||
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(a)
|
Income (loss) from discontinued operations, net, in the three months ended September 30, 2010 includes, among other items, $62 million of income due to the finalization of a United States tax matter with the Internal Revenue Service.
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Nine Months Ended September 30
|
||||||||
|
2010
|
2009
|
|||||||
|
Revenue:
|
||||||||
|
Completion and Production
|
$ | 7,012 | $ | 5,601 | ||||
|
Drilling and Evaluation
|
5,801 | 5,388 | ||||||
|
Total revenue
|
$ | 12,813 | $ | 10,989 | ||||
|
Operating income:
|
||||||||
|
Completion and Production
|
$ | 1,344 | $ | 846 | ||||
|
Drilling and Evaluation
|
859 | 871 | ||||||
|
Corporate and other
|
(174 | ) | (151 | ) | ||||
|
Total operating income
|
2,029 | 1,566 | ||||||
|
Interest expense, net of interest income of $9 and $8
|
(228 | ) | (207 | ) | ||||
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Other, net
|
(56 | )(a) | (23 | ) | ||||
|
Income from continuing operations before income taxes
|
1,745 | 1,336 | ||||||
|
Provision for income taxes
|
(570 | )(b) | (420 | ) | ||||
|
Income from continuing operations
|
1,175 | 916 | ||||||
|
Income (loss) from discontinued operations, net
|
60 | (c) | (5 | ) | ||||
|
Net income
|
$ | 1,235 | $ | 911 | ||||
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Noncontrolling interest in net income of subsidiaries
|
(5 | ) | (9 | ) | ||||
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Net income attributable to company
|
$ | 1,230 | $ | 902 | ||||
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Amounts attributable to company shareholders:
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||||||||
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Income from continuing operations
|
$ | 1,170 | $ | 907 | ||||
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Income (loss) from discontinued operations, net
|
60 | (c) | (5 | ) | ||||
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Net income attributable to company
|
$ | 1,230 | $ | 902 | ||||
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Basic income per share attributable to company
|
||||||||
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shareholders:
|
||||||||
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Income from continuing operations
|
$ | 1.29 | $ | 1.01 | ||||
|
Income (loss) from discontinued operations, net
|
0.07 | (c) | (0.01 | ) | ||||
|
Net income per share
|
$ | 1.36 | $ | 1.00 | ||||
|
Diluted income per share attributable to company
|
||||||||
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shareholders:
|
||||||||
|
Income from continuing operations
|
$ | 1.29 | $ | 1.01 | ||||
|
Income (loss) from discontinued operations, net
|
0.06 | (c) | (0.01 | ) | ||||
|
Net income per share
|
$ | 1.35 | $ | 1.00 | ||||
|
Basic weighted average common shares outstanding
|
907 | 899 | ||||||
|
Diluted weighted average common shares outstanding
|
910 | 901 | ||||||
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(a)
|
Includes, among other items, a $31 million non-tax deductible, foreign currency loss associated with the devaluation of the Venezuelan Bolívar Fuerte.
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(b)
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Includes $10 million of additional tax expense for local Venezuelan income tax purposes as a result of a taxable gain created by the devaluation of the Bolívar Fuerte on Halliburton’s net United States dollar-denominated monetary assets and liabilities in Venezuela.
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(c)
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Income (loss) from discontinued operations, net, in the nine months ended September 30, 2010 includes, among other items, $62 million of income due to the finalization of a United States tax matter with the Internal Revenue Service.
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|
September 30
|
December 31
|
|||||||
|
2010
|
2009
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
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Cash and equivalents
|
$ | 1,875 | $ | 2,082 | ||||
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Receivables, net
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3,723 | 2,964 | ||||||
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Inventories, net
|
1,889 | 1,598 | ||||||
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Investments in marketable securities
|
880 | 1,312 | ||||||
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Other current assets
|
849 | 682 | ||||||
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Total current assets
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9,216 | 8,638 | ||||||
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Property, plant, and equipment, net
|
6,486 | 5,759 | ||||||
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Goodwill
|
1,254 | 1,100 | ||||||
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Other assets
|
1,242 | 1,041 | ||||||
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Total assets
|
$ | 18,198 | $ | 16,538 | ||||
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Liabilities and Shareholders’ Equity
|
||||||||
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Current liabilities:
|
||||||||
|
Accounts payable
|
$ | 1,095 | $ | 787 | ||||
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Current maturities of long-term debt
|
750 | 750 | ||||||
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Accrued employee compensation and benefits
|
666 | 514 | ||||||
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Other current liabilities
|
822 | 838 | ||||||
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Total current liabilities
|
3,333 | 2,889 | ||||||
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Long-term debt
|
3,824 | 3,824 | ||||||
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Other liabilities
|
1,188 | 1,068 | ||||||
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Total liabilities
|
8,345 | 7,781 | ||||||
|
Company’s shareholders’ equity
|
9,840 | 8,728 | ||||||
|
Noncontrolling interest in consolidated subsidiaries
|
13 | 29 | ||||||
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Total shareholders’ equity
|
9,853 | 8,757 | ||||||
|
Total liabilities and shareholders’ equity
|
$ | 18,198 | $ | 16,538 | ||||
|
Nine Months Ended
|
||||||||
|
September 30
|
||||||||
|
2010
|
2009
|
|||||||
|
Cash flows from operating activities:
|
||||||||
|
Net income
|
$ | 1,235 | $ | 911 | ||||
|
Adjustments to reconcile net income to net cash from operations:
|
||||||||
|
Depreciation, depletion, and amortization
|
817 | 677 | ||||||
|
Payments of Department of Justice and Securities and Exchange Commission
|
||||||||
|
settlement and indemnity
|
(142 | ) | (369 | ) | ||||
|
Other
|
(548 | ) | 411 | |||||
|
Total cash flows from operating activities
|
1,362 | 1,630 | ||||||
|
Cash flows from investing activities:
|
||||||||
|
Capital expenditures
|
(1,412 | ) | (1,390 | ) | ||||
|
Acquisitions, net of cash acquired
|
(383 | ) | (37 | ) | ||||
|
Sales (Purchases) of investments in marketable securities, net
|
418 | (1,518 | ) | |||||
|
Other
|
122 | 93 | ||||||
|
Total cash flows from investing activities
|
(1,255 | ) | (2,852 | ) | ||||
|
Cash flows from financing activities:
|
||||||||
|
Payment of dividends to shareholders
|
(245 | ) | (243 | ) | ||||
|
Proceeds from long-term borrowings, net of offering costs
|
– | 1,975 | ||||||
|
Other
|
(51 | ) | 58 | |||||
|
Total cash flows from financing activities
|
(296 | ) | 1,790 | |||||
|
Effect of exchange rate changes on cash
|
(18 | ) | (17 | ) | ||||
|
Increase (decrease) in cash and equivalents
|
(207 | ) | 551 | |||||
|
Cash and equivalents at beginning of period
|
2,082 | 1,124 | ||||||
|
Cash and equivalents at end of period
|
$ | 1,875 | $ | 1,675 | ||||
|
Three Months Ended
|
||||||||||||
|
September 30
|
June 30
|
|||||||||||
|
Revenue by geographic region:
|
2010
|
2009
|
2010
|
|||||||||
|
Completion and Production:
|
||||||||||||
|
North America
|
$ | 1,706 | $ | 807 | $ | 1,434 | ||||||
|
Latin America
|
208 | 223 | 212 | |||||||||
|
Europe/Africa/CIS
|
437 | 483 | 459 | |||||||||
|
Middle East/Asia
|
304 | 308 | 288 | |||||||||
|
Total
|
2,655 | 1,821 | 2,393 | |||||||||
|
Drilling and Evaluation:
|
||||||||||||
|
North America
|
675 | 478 | 677 | |||||||||
|
Latin America
|
360 | 319 | 355 | |||||||||
|
Europe/Africa/CIS
|
510 | 529 | 522 | |||||||||
|
Middle East/Asia
|
465 | 441 | 440 | |||||||||
|
Total
|
2,010 | 1,767 | 1,994 | |||||||||
|
Total revenue by region:
|
||||||||||||
|
North America
|
2,381 | 1,285 | 2,111 | |||||||||
|
Latin America
|
568 | 542 | 567 | |||||||||
|
Europe/Africa/CIS
|
947 | 1,012 | 981 | |||||||||
|
Middle East/Asia
|
769 | 749 | 728 | |||||||||
|
Operating income by geographic region
|
||||||||||||
|
(excluding Corporate and other):
|
||||||||||||
|
Completion and Production:
|
||||||||||||
|
North America
|
$ | 458 | $ | 9 | $ | 310 | ||||||
|
Latin America
|
28 | 45 | 34 | |||||||||
|
Europe/Africa/CIS
|
73 | 107 | 95 | |||||||||
|
Middle East/Asia
|
50 | 79 | 58 | |||||||||
|
Total
|
609 | 240 | 497 | |||||||||
|
Drilling and Evaluation:
|
||||||||||||
|
North America
|
115 | 28 | 131 | |||||||||
|
Latin America
|
49 | 52 | 55 | |||||||||
|
Europe/Africa/CIS
|
66 | 94 | 53 | |||||||||
|
Middle East/Asia
|
41 | 109 | 79 | |||||||||
|
Total
|
271 | 283 | 318 | |||||||||
|
Total operating income by region:
|
||||||||||||
|
North America
|
573 | 37 | 441 | |||||||||
|
Latin America
|
77 | 97 | 89 | |||||||||
|
Europe/Africa/CIS
|
139 | 201 | 148 | |||||||||
|
Middle East/Asia
|
91 | 188 | 137 | |||||||||
|
|
-more-
|
|
|
HALLIBURTON COMPANY
|
|
|
Revenue and Operating Income Comparison
|
|
|
By Segment and Geographic Region
|
|
|
(Millions of dollars)
|
|
|
(Unaudited)
|
|
Nine Months Ended September 30
|
||||||||
|
Revenue by geographic region:
|
2010
|
2009
|
||||||
|
Completion and Production:
|
||||||||
|
North America
|
$ | 4,265 | $ | 2,673 | ||||
|
Latin America
|
622 | 682 | ||||||
|
Europe/Africa/CIS
|
1,281 | 1,348 | ||||||
|
Middle East/Asia
|
844 | 898 | ||||||
|
Total
|
7,012 | 5,601 | ||||||
|
Drilling and Evaluation:
|
||||||||
|
North America
|
1,931 | 1,554 | ||||||
|
Latin America
|
1,008 | 960 | ||||||
|
Europe/Africa/CIS
|
1,567 | 1,603 | ||||||
|
Middle East/Asia
|
1,295 | 1,271 | ||||||
|
Total
|
5,801 | 5,388 | ||||||
|
Total by revenue by region:
|
||||||||
|
North America
|
6,196 | 4,227 | ||||||
|
Latin America
|
1,630 | 1,642 | ||||||
|
Europe/Africa/CIS
|
2,848 | 2,951 | ||||||
|
Middle East/Asia
|
2,139 | 2,169 | ||||||
|
Operating income by geographic region
|
||||||||
|
(excluding Corporate and other):
|
||||||||
|
Completion and Production:
|
||||||||
|
North America
|
$ | 905 | $ | 227 | ||||
|
Latin America
|
91 | 152 | ||||||
|
Europe/Africa/CIS
|
207 | 253 | ||||||
|
Middle East/Asia
|
141 | 214 | ||||||
|
Total
|
1,344 | 846 | ||||||
|
Drilling and Evaluation:
|
||||||||
|
North America
|
339 | 120 | ||||||
|
Latin America
|
121 | 159 | ||||||
|
Europe/Africa/CIS
|
210 | 271 | ||||||
|
Middle East/Asia
|
189 | 321 | ||||||
|
Total
|
859 | 871 | ||||||
|
Total operating income by region:
|
||||||||
|
North America
|
1,244 | 347 | ||||||
|
Latin America
|
212 | 311 | ||||||
|
Europe/Africa/CIS
|
417 | 524 | ||||||
|
Middle East/Asia
|
330 | 535 | ||||||
|
|
-more-
|
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||
|
September 30, 2010
|
September 30, 2009
|
|||||||||||||||
|
Operating
|
After Tax
|
Operating
|
After Tax
|
|||||||||||||
|
Income
|
per Share
|
Income
|
per Share
|
|||||||||||||
|
Completion and Production:
|
||||||||||||||||
|
North America
|
||||||||||||||||
|
Employee separation costs
|
$ | – | $ | – | $ | (5 | ) | $ | (0.01 | ) | ||||||
|
Latin America
|
||||||||||||||||
|
Employee separation costs
|
– | – | (3 | ) | – | |||||||||||
|
Europe/Africa/CIS
|
||||||||||||||||
|
Employee separation costs
|
– | – | (3 | ) | – | |||||||||||
|
Middle East/Asia
|
||||||||||||||||
|
Employee separation costs
|
– | – | (2 | ) | – | |||||||||||
|
Drilling and Evaluation:
|
||||||||||||||||
|
North America
|
||||||||||||||||
|
Employee separation costs
|
– | – | (4 | ) | – | |||||||||||
|
Latin America
|
||||||||||||||||
|
Employee separation costs
|
– | – | (4 | ) | – | |||||||||||
|
Europe/Africa/CIS
|
||||||||||||||||
|
Employee separation costs
|
– | – | (5 | ) | (0.01 | ) | ||||||||||
|
Middle East/Asia
|
||||||||||||||||
|
Impairment of oil and gas property
|
(50 | ) | (0.04 | ) | – | – | ||||||||||
|
Employee separation costs
|
– | – | (2 | ) | – | |||||||||||
|
|
-more-
|
|
|
By Segment and Geographic Region
|
|
|
(Millions of dollars)
|
|
|
(Unaudited)
|
|
Three Months Ended
|
||||||||||||
|
September 30
|
June 30
|
|||||||||||
|
Adjusted operating income by geographic region: (a) (b)
|
2010
|
2009
|
2010
|
|||||||||
|
Completion and Production:
|
||||||||||||
|
North America
|
$ | 458 | $ | 14 | $ | 310 | ||||||
|
Latin America
|
28 | 48 | 34 | |||||||||
|
Europe/Africa/CIS
|
73 | 110 | 95 | |||||||||
|
Middle East/Asia
|
50 | 81 | 58 | |||||||||
|
Total
|
609 | 253 | 497 | |||||||||
|
Drilling and Evaluation:
|
||||||||||||
|
North America
|
115 | 32 | 131 | |||||||||
|
Latin America
|
49 | 56 | 55 | |||||||||
|
Europe/Africa/CIS
|
66 | 99 | 53 | |||||||||
|
Middle East/Asia
|
91 | 111 | 79 | |||||||||
|
Total
|
321 | 298 | 318 | |||||||||
|
Total operating income by region:
|
||||||||||||
|
North America
|
573 | 46 | 441 | |||||||||
|
Latin America
|
77 | 104 | 89 | |||||||||
|
Europe/Africa/CIS
|
139 | 209 | 148 | |||||||||
|
Middle East/Asia
|
141 | 192 | 137 | |||||||||
|
Corporate and other
|
(62 | ) | (49 | ) | (53 | ) | ||||||
|
Total
|
868 | 502 | 762 | |||||||||
|
(a)
|
Management believes that operating income adjusted for a non-cash impairment charge for an oil & gas property and employee separation costs is useful to investors to assess and understand operating performance, especially when comparing current results with previous 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 the non-cash impairment charge for the oil and gas property and employee separation costs as an indicator of ongoing operating performance, to identify underlying trends in the business, and to establish segment and region operational goals. The adjustments remove the effect of the expenses.
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(b)
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Adjusted operating income for each segment and region is calculated as: “Operating income” less “Items Included in Operating Income.”
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-more-
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FOOTNOTE TABLE 3
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Items Included in Operating Income
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|
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(Millions of dollars except per share data)
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|
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(Unaudited)
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Nine Months Ended
|
Nine Months Ended
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|||||||||||||||
|
September 30, 2010
|
September 30, 2009
|
|||||||||||||||
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Operating
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After Tax
|
Operating
|
After Tax
|
|||||||||||||
|
Income
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per Share
|
Income
|
per Share
|
|||||||||||||
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Completion and Production:
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||||||||||||||||
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North America
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||||||||||||||||
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Employee separation costs
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$ | – | $ | – | $ | (19 | ) | $ | (0.02 | ) | ||||||
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Latin America
|
||||||||||||||||
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Employee separation costs
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– | – | (7 | ) | – | |||||||||||
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Europe/Africa/CIS
|
||||||||||||||||
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Employee separation costs
|
– | – | (5 | ) | – | |||||||||||
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Middle East/Asia
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||||||||||||||||
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Employee separation costs
|
– | – | (3 | ) | – | |||||||||||
|
Drilling and Evaluation:
|
||||||||||||||||
|
North America
|
||||||||||||||||
|
Employee separation costs
|
– | – | (13 | ) | (0.01 | ) | ||||||||||
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Latin America
|
||||||||||||||||
|
Employee separation costs
|
– | – | (8 | ) | (0.01 | ) | ||||||||||
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Europe/Africa/CIS
|
||||||||||||||||
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Employee separation costs
|
– | – | (8 | ) | (0.01 | ) | ||||||||||
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Middle East/Asia
|
||||||||||||||||
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Impairment of oil and gas property
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(50 | ) | (0.04 | ) | – | – | ||||||||||
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Employee separation costs
|
– | – | (5 | ) | – | |||||||||||
|
Corporate and other:
|
||||||||||||||||
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Employee separation costs
|
– | – | (5 | ) | – | |||||||||||
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SIGNATURES
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|
HALLIBURTON COMPANY
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||
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Date: October 19, 2010
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By:
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/s/ Bruce A. Metzinger |
|
Bruce A. Metzinger
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Assistant Secretary
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