- Net income of $0.72 per diluted share.
- Operating margin of 17.5%, increased 460 basis points
year-over-year.
- Full year revenue of $20.3 billion, increased 33%
year-over-year.
- Full year operating income of $2.7 billion, increased 50%
year-over-year.
- 2023 first quarter dividend increases by 33% to $0.16 per
share.
Halliburton Company (NYSE: HAL) announced today net income of
$656 million, or $0.72 per diluted share, for the fourth quarter of
2022. This compares to net income for the third quarter of 2022 of
$544 million, or $0.60 per diluted share. Halliburton's total
revenue for the fourth quarter of 2022 was $5.6 billion compared to
total revenue of $5.4 billion in the third quarter of 2022.
Operating income was $976 million in the fourth quarter of 2022
compared to operating income of $846 million in the third quarter
of 2022.
Total revenue for the full year of 2022 was $20.3 billion, an
increase of $5.0 billion, or 33% from 2021. Operating income for
2022 was $2.7 billion, and adjusted operating income was $3.1
billion, excluding impairments and other charges, compared to
operating income of $1.8 billion for 2021.
“Halliburton’s execution in 2022 demonstrated the earnings power
of our strategy, and I expect this earnings power to strengthen in
2023 and beyond. Both operating divisions delivered strong margins
in the international and North America markets,” commented Jeff
Miller, Chairman, President and CEO.
“I am pleased to announce that our Board has adopted a capital
returns framework and an increase in our dividend to sixteen cents
($0.16) per share beginning this quarter. This capital returns
framework, our dividend increase, and the share buy backs we made
during the fourth quarter demonstrate Halliburton’s confidence in
our business, customers, employees, and value proposition.
“I am confident in Halliburton’s strong outlook and ability to
generate increased returns for shareholders. Halliburton’s
exceptional financial performance is a clear result of executing
our strategic priorities - to maximize value in North America,
deliver profitable international growth and drive capital
efficiency,” concluded Miller.
Operating Segments
Completion and Production
Completion and Production revenue in the fourth quarter of 2022
was $3.2 billion, an increase of $46 million, or 1%, when compared
to the third quarter of 2022, while operating income was $659
million, an increase of $76 million, or 13%. These results were
driven by weather related lower stimulation activity offset by
improved pricing, service efficiency and activity mix in North
America land, as well as higher completion tool sales and cementing
activity globally.
Drilling and Evaluation
Drilling and Evaluation revenue in the fourth quarter of 2022
was $2.4 billion, an increase of $179 million, or 8%, when compared
to the third quarter of 2022, while operating income was $387
million, an increase of $62 million, or 19%. These results were due
to increased drilling-related services, testing services, and
year-end software sales internationally and higher project
management activity in Mexico.
Geographic Regions
North America
North America revenue in the fourth quarter of 2022 was $2.6
billion, a 1% decrease when compared to the third quarter of 2022.
This decrease was primarily driven by weather related lower
stimulation activity and artificial lift activity in North America
land. These decreases were partially offset by improved activity
across multiple product service lines in the Gulf of Mexico.
International
International revenue in the fourth quarter of 2022 was $3.0
billion, a 9% increase when compared to the third quarter of
2022.
Latin America revenue in the fourth quarter of 2022 was $945
million, an increase of 12% sequentially, due to higher activity
across multiple product service lines in Mexico, higher completion
tool sales in the region, increased pressure pumping services in
Argentina, and improved well construction services in Colombia.
Partially offsetting these increases was lower fluids activity in
Guyana.
Europe/Africa revenue in the fourth quarter of 2022 was $657
million, an increase of 3% sequentially, primarily driven by higher
completion tool sales, testing services, and well intervention
services across the region, along with increased drilling-related
services in West Africa. These increases were partially offset by
lower activity in Norway and decreased pipeline services across the
region.
Middle East/Asia revenue in the fourth quarter of 2022 was $1.4
billion, a 10% increase sequentially, primarily resulting from
higher drilling and evaluation services across the region,
increased cementing activity in the Middle East, and higher
completion tool sales in Saudi Arabia and United Arab Emirates.
Partially offsetting these increases was lower completion tool
sales in Qatar.
Other Financial Items
Halliburton’s board of directors has declared a 2023 first
quarter dividend of sixteen cents ($0.16) per share on the
Company’s common stock payable on March 29, 2023, to shareholders
of record at the close of business on March 1, 2023.
Selective Technology &
Highlights
- Halliburton entered into drilling and wells alliance agreements
with Aker BP, Noble, and Odfjell Drilling to extend their alliance
for another five-years. The jack-up alliance comprises Noble
Corporation, Halliburton and Aker BP. The Semi Alliance comprises
Odfjell Drilling, Halliburton and Aker BP. Through the last five
years the Jack-up Rig Alliance and the Semi Rig Alliance have
delivered over 100 wells on the Norwegian shelf.
- Halliburton announced a successful installation of the
industry's first single trip, electro-hydraulic wet connect in
deepwater for Petrobras in Brazil - a significant achievement in
downhole electric completion technology. The Halliburton Fuzion® EH
electro-hydraulic downhole wet-mate connector helps increase well
recovery factors by maintaining integrity of Halliburton's
SmartWell® completion systems throughout the well's lifecycle.
- Halliburton introduced the NeoCem™ E+ and EnviraCem™ cement
barrier systems as an expansion of their portfolio of
high-performance, reduced Portland cement systems. NeoCem E+ cement
contains a 50 percent or greater reduction of mass cement while
EnviraCem cement contains a 70 percent or greater reduction of mass
cement. Portland cement reduction in barrier systems helps
customers lower carbon emission baselines and provides engineered
systems with enhanced sheath performance.
- Halliburton introduced the BrightStar® look-ahead resistivity
service, a novel solution that reveals the path ahead of the drill
bit to enable proactive drilling decisions. The BrightStar service
incorporates data, calculations, and visualization technology to
reduce operational risks in unknown environments and provide
operators higher confidence to avoid unwanted formation exits. The
BrightStar service provides reservoir insight of the trajectory
ahead and detects changes in formation resistivity, reducing the
uncertainty of formation boundary positions.
- Halliburton introduced the FloConnect® Surface Automation
Platform, a fully automated and scalable solution for efficient and
safe surface well testing operations. An industry first, the
FloConnect platform controls, measures, and analyzes surface well
testing through automated workflows. The innovative platform
facilitates a collaborative work environment and provides operators
with superior well controllability, process safety, flow assurance,
and emissions quantification. It also allows data access in real
time, process monitoring, and control from a command center or
remote location.
- Petrobras recognized Halliburton as its best supplier in the
“Drilling and Completion Services” category. The award recognizes
suppliers who presented a differentiated performance in the supply
of goods and services in the year 2021 - 2022, considering the
requirements of quality, HSE, management, delivery deadlines,
compliance and integrity in the business carried out with
Petrobras.
- Halliburton was named to the 2022 Dow Jones Sustainability
Indices (DJSI), which recognizes the top 10% most sustainable
companies per industry. The DJSI uses environmental, social and
governance (ESG) criteria to measure and rank the performance of
best-in-class companies selected for its list. When compared to its
peers, Halliburton ranked in the 98th percentile among its peers
and received high marks in the Human Capital Development, Risk
& Crisis Management, and Business Ethics categories.
- Halliburton Labs announced it selected three new companies to
participate in its collaborative environment to advance cleaner,
affordable, and reliable energy. As Halliburton Labs participants,
Matrix Sensors, Renew Power Systems (RPSi), and SunGreenH2 will
receive access to a broad range of industrial capabilities,
technical expertise, and mentorships to scale their respective
businesses.
- Halliburton and Aker BP collaborated to develop Field
Development Planning, a DecisionSpace® 365 solution to optimize the
development of entire oil and gas fields. By automating the entire
process, Halliburton and Aker BP aim to save time, optimize
engineering efficiency, and increase the quality of field
development. At the heart of that collaboration is Digital Well
Program®, a DecisionSpace® 365 solution, which enabled engineers to
minimize well design time from several weeks to a day.
Halliburton’s solution can aggregate data from multiple sources and
offer accurate proposals for the optimal development plan for a
specific field based on, among other things, economics, technical
capabilities, and CO2 emissions.
- Halliburton executed the first fully automated drilling run in
Kuwait delivering the landing section in record time. The remotely
controlled LOGIX® Autonomous Drilling Platform, in combination with
other carefully selected tools, delivered multiple record-breaking
results for the field, in addition to lower overall well
construction costs for the customer.
- Halliburton recently completed its 400th FlexRite® -multibranch
inflow control (MIC) system installation in the North Sea. This
system allows a multilateral well to be completed with sand
screens, swellable packers, inflow control devices (ICDs), and
interval control valves (ICVs) to help increase reservoir exposure
and maximize production from each multilateral leg. Production or
injection can be managed and controlled at each individual lateral,
independent of all other lateral legs.
- Halliburton announced its VersaFlex® Expandable Liner Hanger
system was selected and installed more than 1,000 times in Norway
over the past 17 years. VersaFlex technology helps operators in
Norway reach new levels of operating efficiency by delivering
purposed technology with distinctive service quality. Unlike
typical liner hanger systems, VersaFlex has no packer element or
slips, which increases reliability of running liners and other
deployed solutions to depth.
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, 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 and our intentions with respect to our shareholder
return framework, 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, or 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; and 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, Form 10-Q for the
quarter ended September 30, 2022, 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
December 31
September 30
2022
2021
2022
Revenue:
Completion and Production
$
3,182
$
2,356
$
3,136
Drilling and Evaluation
2,400
1,921
2,221
Total revenue
$
5,582
$
4,277
$
5,357
Operating income:
Completion and Production
$
659
$
347
$
583
Drilling and Evaluation
387
269
325
Corporate and other
(70
)
(66
)
(62
)
Total operating income
976
550
846
Interest expense, net
(74
)
(108
)
(93
)
Other, net
(60
)
(24
)
(48
)
Income before income taxes
842
418
705
Income tax benefit (provision)
(177
)
409
(156
)
Net income
$
665
$
827
$
549
Net income attributable to noncontrolling
interest
(9
)
(3
)
(5
)
Net income attributable to
company
$
656
$
824
$
544
Basic and diluted net income per share
$
0.72
$
0.92
$
0.60
Basic weighted average common shares
outstanding
906
896
908
Diluted weighted average common shares
outstanding
910
896
910
See Footnote Table 2 for Reconciliation of
As Reported Net Income to Adjusted Net Income.
HALLIBURTON COMPANY
Condensed Consolidated Statements
of Operations
(Millions of dollars and shares
except per share data)
(Unaudited)
Year Ended
December 31
2022
2021
Revenue:
Completion and Production
$
11,582
$
8,410
Drilling and Evaluation
8,715
6,885
Total revenue
$
20,297
$
15,295
Operating income:
Completion and Production
$
2,037
$
1,238
Drilling and Evaluation
1,292
801
Corporate and other
(256
)
(227
)
Impairments and other charges (a)
(366
)
(12
)
Total operating income
2,707
1,800
Interest expense, net
(375
)
(469
)
Loss on early extinguishment of debt
(b)
(42
)
—
Other, net
(180
)
(79
)
Income before income taxes
2,110
1,252
Income tax benefit (provision) (c)
(515
)
216
Net Income
$
1,595
$
1,468
Net Income attributable to noncontrolling
interest
(23
)
(11
)
Net Income attributable to
company
$
1,572
$
1,457
Basic net income per share
$
1.74
$
1.63
Diluted net income per share
$
1.73
$
1.63
Basic weighted average common shares
outstanding
904
892
Diluted weighted average common shares
outstanding
908
892
(a)
See Footnote Table 1 for details of the
impairments and other charges recorded during the year ended
December 31, 2022 and 2021.
(b)
During the year ended December 31, 2022,
Halliburton recognized a $42 million loss on extinguishment of debt
related to the early redemption of $600 million aggregate principal
amount of senior notes in February 2022.
(c)
The tax benefit (provision) includes the
tax effect related to impairments and other charges and the loss on
early extinguishment of debt during the year ended December 31,
2022. Based on changing market conditions during 2021, Halliburton
recognized a $504 million tax benefit associated with a valuation
allowance on its deferred tax assets.
See Footnote Table 1 for Reconciliation of
As Reported Operating Income to Adjusted Operating Income.
See Footnote Table 3 for Reconciliation of
As Reported Net Income to Adjusted Net Income.
HALLIBURTON COMPANY
Condensed Consolidated Balance
Sheets
(Millions of dollars)
(Unaudited)
December 31
December 31
2022
2021
Assets
Current assets:
Cash and equivalents
$
2,346
$
3,044
Receivables, net
4,627
3,666
Inventories
2,923
2,361
Other current assets
1,056
872
Total current assets
10,952
9,943
Property, plant, and equipment, net
4,348
4,326
Goodwill
2,829
2,843
Deferred income taxes
2,636
2,695
Operating lease right-of-use assets
913
934
Other assets
1,577
1,580
Total assets
$
23,255
$
22,321
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
3,121
$
2,353
Accrued employee compensation and
benefits
634
493
Current portion of operating lease
liabilities
224
240
Other current liabilities
1,366
1,220
Total current liabilities
5,345
4,306
Long-term debt
7,928
9,127
Operating lease liabilities
791
845
Employee compensation and benefits
408
492
Other liabilities
806
823
Total liabilities
15,278
15,593
Company shareholders’ equity
7,948
6,713
Noncontrolling interest in consolidated
subsidiaries
29
15
Total shareholders’ equity
7,977
6,728
Total liabilities and shareholders’
equity
$
23,255
$
22,321
HALLIBURTON COMPANY
Condensed Consolidated Statements
of Cash Flows
(Millions of dollars)
(Unaudited)
Year Ended
Three Months Ended
December 31
December 31
2022
2021
2022
Cash flows from operating
activities:
Net income
$
1,595
$
1,468
$
665
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation, depletion, and
amortization
940
904
236
Impairments and other charges
366
12
—
Deferred income tax provision
(benefit)
70
(486
)
31
Working capital (a)
(941
)
285
(34
)
Other operating activities
212
(272
)
265
Total cash flows provided by operating
activities
2,242
1,911
1,163
Cash flows from investing
activities:
Capital expenditures
(1,011
)
(799
)
(350
)
Proceeds from sales of property, plant,
and equipment
200
257
43
Proceeds from a structured real estate
transaction
—
87
—
Other investing activities
(156
)
(79
)
(82
)
Total cash flows used in investing
activities
(967
)
(534
)
(389
)
Cash flows from financing
activities:
Payments on long-term borrowings
(1,242
)
(700
)
—
Dividends to shareholders
(435
)
(161
)
(108
)
Stock repurchase program
(250
)
—
(250
)
Other financing activities
129
23
15
Total cash flows used in financing
activities
(1,798
)
(838
)
(343
)
Effect of exchange rate changes on
cash
(175
)
(58
)
(62
)
Increase (decrease) in cash and
equivalents
(698
)
481
369
Cash and equivalents at beginning of
period
3,044
2,563
1,977
Cash and equivalents at end of
period
$
2,346
$
3,044
$
2,346
(a)
Working capital includes receivables,
inventories, and accounts payable.
See Footnote Table 4 for Reconciliation of
Cash Flows from Operating Activities to Free Cash Flow.
HALLIBURTON COMPANY
Revenue and Operating Income
Comparison
By Operating Segment and
Geographic Region
(Millions of dollars)
(Unaudited)
Three Months Ended
December 31
September 30
Revenue
2022
2021
2022
By operating segment:
Completion and Production
$
3,182
$
2,356
$
3,136
Drilling and Evaluation
2,400
1,921
2,221
Total revenue
$
5,582
$
4,277
$
5,357
By geographic region:
North America
$
2,611
$
1,783
$
2,635
Latin America
945
669
841
Europe/Africa/CIS
657
730
639
Middle East/Asia
1,369
1,095
1,242
Total revenue
$
5,582
$
4,277
$
5,357
Operating Income
By operating segment:
Completion and Production
$
659
$
347
$
583
Drilling and Evaluation
387
269
325
Total Operations
1,046
616
908
Corporate and other
(70
)
(66
)
(62
)
Total operating income
$
976
$
550
$
846
HALLIBURTON COMPANY
Revenue and Operating Income
Comparison
By Operating Segment and
Geographic Region
(Millions of dollars)
(Unaudited)
Year Ended
December 31
Revenue
2022
2021
By operating segment:
Completion and Production
$
11,582
$
8,410
Drilling and Evaluation
8,715
6,885
Total revenue
$
20,297
$
15,295
By geographic region:
North America
$
9,597
$
6,371
Latin America
3,197
2,362
Europe/Africa/CIS
2,691
2,719
Middle East/Asia
4,812
3,843
Total revenue
$
20,297
$
15,295
Operating Income
By operating segment:
Completion and Production
$
2,037
$
1,238
Drilling and Evaluation
1,292
801
Total Operations
3,329
2,039
Corporate and other
(256
)
(227
)
Impairments and other charges
(366
)
(12
)
Total operating income
$
2,707
$
1,800
See Footnote Table 1 for Reconciliation of
As Reported Operating Income to Adjusted Operating Income.
FOOTNOTE TABLE 1
HALLIBURTON COMPANY
Reconciliation of As Reported
Operating Income to Adjusted Operating Income
(Millions of dollars)
(Unaudited)
Year Ended
December 31
2022
2021
As reported operating income
$
2,707
$
1,800
Impairments and other charges:
Receivables
202
—
Property, plant, and equipment, net
100
—
Inventory
70
—
Catch-up depreciation
—
36
Severance
—
15
Gain on real estate transaction
—
(74
)
Other
(6
)
35
Total impairments and other charges
(a)
366
12
Adjusted operating income (b) (c)
$
3,073
$
1,812
(a)
During the year ended December 31, 2022,
Halliburton recorded $366 million of impairments and other charges,
primarily due to management's decision to market for sale the net
assets of Russia operations, which was sold in August of 2022, and
impairment of the assets in Ukraine. During the year ended December
31, 2021, Halliburton closed the structured transaction for the
North America real estate assets, which resulted in a $74 million
gain. Halliburton also discontinued the proposed sale of the
Pipeline and Process Services business leading to a depreciation
catch-up related to these assets previously classified as held for
sale. As a result, among these and other items, a $12 million
pre-tax charge was recognized.
(b)
Management believes that operating income
adjusted for impairments and other charges for the year ended
December 31, 2022 and 2021, is useful to investors to assess and
understand operating performance, especially when comparing those
results with previous and subsequent periods or forecasting
performance for future periods, primarily because management views
the excluded items to be outside of the company's normal operating
results. Management analyzes operating income without the impact of
these items as an indicator of performance, to identify underlying
trends in the business, and to establish operational goals. The
adjustments remove the effect of these items. Adjusted operating
income is calculated as: “As reported operating income” plus "Total
impairments and other charges" for the respective periods.
(c)
We calculate operating margin by dividing
reported operating income by reported revenue. We calculate
adjusted operating margin by dividing adjusted operating income by
reported revenue.
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
December 31
September 30
2022
2021
2022
As reported net income attributable to
company
$
656
$
824
$
544
Tax benefit (a)
—
(504
)
—
Total adjustments, net of taxes (b)
—
(504
)
—
Adjusted net income attributable to
company (b)
$
656
$
320
$
544
Diluted weighted average common shares
outstanding
910
896
910
As reported net income per diluted share
(c)
$
0.72
$
0.92
$
0.60
Adjusted net income per diluted share
(c)
$
0.72
$
0.36
$
0.60
(a)
During the three months ended December 31,
2021, based on improved market conditions, Halliburton recognized a
$504 million tax benefit, primarily associated with a partial
release of a valuation allowance on its deferred tax assets.
(b)
Management believes net income adjusted
for the tax benefit during the three months ended December 31,
2021, is useful to investors to assess and understand operating
performance, especially when comparing those results with previous
and subsequent periods or forecasting performance for future
periods, primarily because management views the excluded item to be
outside of the company's normal operating results. Management
analyzes net income without the impact of this item as an indicator
of performance to identify underlying trends in the business and to
establish operational goals. Total adjustments remove the effect of
this item. Adjusted net income attributable to company is
calculated as: “As reported net income attributable to company”
plus "Total adjustments, net of taxes" for the respective
periods.
(c)
As reported net income per diluted share
is calculated as: "As reported net income attributable to company"
divided by "Diluted weighted average common shares outstanding."
Adjusted net income per diluted share is calculated as: "Adjusted
net income attributable to company" divided by "Diluted weighted
average common shares outstanding."
FOOTNOTE TABLE 3
HALLIBURTON COMPANY
Reconciliation of As Reported Net
Income to Adjusted Net Income
(Millions of dollars and shares
except per share data)
(Unaudited)
Year Ended
December 31
2022
2021
As reported net income attributable to
company
$
1,572
$
1,457
Adjustments:
Impairments and other charges
366
12
Loss on early extinguishment of debt
42
—
Total adjustments, before taxes
408
12
Tax benefit (a)
(24
)
(504
)
Total adjustments, net of taxes (b)
384
(492
)
Adjusted net income attributable to
company (b)
$
1,956
$
965
Diluted weighted average common shares
outstanding
908
892
As reported net income per diluted share
(c)
$
1.73
$
1.63
Adjusted net income per diluted share
(c)
$
2.15
$
1.08
(a)
The tax benefit in the table above
includes the tax effect related to impairments and other charges
and the loss on early extinguishment of debt during the year ended
December 31, 2022. During the year ended December 31, 2021, based
on improved market conditions, Halliburton recognized a $504
million tax benefit, primarily associated with a partial release of
a valuation allowance on its deferred tax assets.
(b)
Management believes net income adjusted
for impairments and other charges and the loss on early
extinguishment of debt, along with the tax benefit, is useful to
investors to assess and understand operating performance,
especially when comparing those results with previous and
subsequent periods or forecasting performance for future periods,
primarily because management views the excluded items to be outside
of the company's normal operating results. Management analyzes net
income without the impact of these items as an indicator of
performance to identify underlying trends in the business and to
establish operational goals. Total adjustments remove the effect of
these items. Adjusted net income attributable to company is
calculated as: “As reported net income attributable to company”
plus "Total adjustments, net of taxes" for the respective
periods.
(c)
As reported net income per diluted share
is calculated as: "As reported net income attributable to company"
divided by "Diluted weighted average common shares outstanding."
Adjusted net income per diluted share is calculated as: "Adjusted
net income attributable to company" divided by "Diluted weighted
average common shares outstanding."
FOOTNOTE TABLE 4
HALLIBURTON COMPANY
Reconciliation of Cash Flows from
Operating Activities to Free Cash Flow
(Millions of dollars)
(Unaudited)
Year Ended
Three Months Ended
December 31
December 31
2022
2021
2022
Total cash flows provided by operating
activities
$
2,242
$
1,911
$
1,163
Capital expenditures
(1,011
)
(799
)
(350
)
Proceeds from sales of property, plant,
and equipment
200
257
43
Free cash flow (a)
$
1,431
$
1,369
$
856
(a)
Free Cash Flow is a non-GAAP financial
measure which is calculated as “Total cash flows provided by
operating activities” less “Capital expenditures” plus “Proceeds
from sales of property, plant, and equipment.” Management believes
that Free Cash Flow is a key measure to assess liquidity of the
business and is consistent with the disclosures of Halliburton's
direct, large-cap competitors.
Conference Call Details
Halliburton Company (NYSE: HAL) will host a conference call on
Tuesday, January 24, 2023, to discuss its fourth quarter 2022
financial results. The call will begin at 8:00 AM Central Time
(9:00 AM Eastern Time).
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/20230123005460/en/
For Investors: David Coleman Investor Relations
Investors@Halliburton.com 281-871-2688
For News Media: Emily Mir External Affairs
PR@Halliburton.com 281-871-2601
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