$HAL
HALLIBURTON CO

2024 Q2 Form 10-Q Financial Statement

#000004501224000015 Filed on April 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $5.833B $5.804B
YoY Change 0.6% 2.24%
Cost Of Revenue $4.710B $4.722B
YoY Change -0.21% 1.64%
Gross Profit $1.123B $1.082B
YoY Change 4.17% 4.95%
Gross Profit Margin 19.25% 18.64%
Selling, General & Admin $62.00M $61.00M
YoY Change 14.81% 12.96%
% of Gross Profit 5.52% 5.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $271.0M $263.0M
YoY Change 10.61% 9.13%
% of Gross Profit 24.13% 24.31%
Operating Expenses $4.801B $95.00M
YoY Change 7065.67% 75.93%
Operating Profit $1.032B $987.0M
YoY Change 2.08% 1.02%
Interest Expense -$92.00M -$92.00M
YoY Change 0.0% 16.46%
% of Operating Profit -8.91% -9.32%
Other Income/Expense, Net -$20.00M -$108.0M
YoY Change -37.5% 56.52%
Pretax Income $920.0M $787.0M
YoY Change 17.5% -5.07%
Income Tax $207.0M $178.0M
% Of Pretax Income 22.5% 22.62%
Net Earnings $709.0M $606.0M
YoY Change 16.23% -6.91%
Net Earnings / Revenue 12.15% 10.44%
Basic Earnings Per Share $800.0K $680.0K
Diluted Earnings Per Share $0.80 $0.68
COMMON SHARES
Basic Shares Outstanding 885.3M shares 890.1M shares
Diluted Shares Outstanding 886.0M shares 891.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.138B $1.891B
YoY Change 1.57% 0.64%
Cash & Equivalents $2.138B $1.891B
Short-Term Investments
Other Short-Term Assets $1.131B $1.171B
YoY Change -1.74% 12.81%
Inventory $3.282B $3.258B
Prepaid Expenses
Receivables $5.327B $5.103B
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.88B $11.42B
YoY Change 3.8% 1.58%
LONG-TERM ASSETS
Property, Plant & Equipment $6.099B $6.055B
YoY Change 10.15% 37.64%
Goodwill $2.858B $2.850B
YoY Change 0.63% 0.74%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.317B $4.326B
YoY Change 1.5% 165.07%
Total Long-Term Assets $13.27B $13.23B
YoY Change 5.1% 6.93%
TOTAL ASSETS
Total Short-Term Assets $11.88B $11.42B
Total Long-Term Assets $13.27B $13.23B
Total Assets $25.15B $24.65B
YoY Change 4.48% 4.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.295B $3.092B
YoY Change 3.36% -2.77%
Accrued Expenses $877.0M $1.120B
YoY Change -25.04% 59.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.576B $5.379B
YoY Change 4.3% 2.15%
LONG-TERM LIABILITIES
Long-Term Debt $7.638B $7.637B
YoY Change -3.69% -3.68%
Other Long-Term Liabilities $1.892B $1.956B
YoY Change -8.55% 147.59%
Total Long-Term Liabilities $9.530B $9.593B
YoY Change -4.7% 1114.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.576B $5.379B
Total Long-Term Liabilities $9.530B $9.593B
Total Liabilities $15.15B $15.02B
YoY Change -1.48% -1.03%
SHAREHOLDERS EQUITY
Retained Earnings $13.45B $12.99B
YoY Change 17.37% 17.27%
Common Stock $2.663B $2.662B
YoY Change 0.0% -0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.781B $5.682B
YoY Change 11.15% 11.52%
Treasury Stock Shares
Shareholders Equity $10.00B $9.636B
YoY Change
Total Liabilities & Shareholders Equity $25.15B $24.65B
YoY Change 4.48% 4.38%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $709.0M $606.0M
YoY Change 16.23% -6.91%
Depreciation, Depletion And Amortization $271.0M $263.0M
YoY Change 10.61% 9.13%
Cash From Operating Activities $1.081B $487.0M
YoY Change 2.76% 299.18%
INVESTING ACTIVITIES
Capital Expenditures $347.0M $330.0M
YoY Change 14.52% 23.13%
Acquisitions
YoY Change
Other Investing Activities -$46.00M -$51.00M
YoY Change -53.06% -175.0%
Cash From Investing Activities -$393.0M -$381.0M
YoY Change -2.0% 29.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -416.0M -422.0M
YoY Change 5.32% 69.48%
NET CHANGE
Cash From Operating Activities 1.081B 487.0M
Cash From Investing Activities -393.0M -381.0M
Cash From Financing Activities -416.0M -422.0M
Net Change In Cash 272.0M -316.0M
YoY Change 6.25% -32.33%
FREE CASH FLOW
Cash From Operating Activities $1.081B $487.0M
Capital Expenditures $347.0M $330.0M
Free Cash Flow $734.0M $157.0M
YoY Change -2.0% -207.53%

Facts In Submission

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Basis of Presentation<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements were prepared using United States generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by U.S. GAAP for annual financial statements and should be read together with our 2023 Annual Report on Form 10-K.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our accounting policies are in accordance with U.S. GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect:</span></div><div style="margin-bottom:3pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and</span></div><div style="padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the reported amounts of revenue and expenses during the reporting period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ultimate results could differ from our estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of March 31, 2024 and the results of our operations for the three months ended March 31, 2024 and 2023, and our cash flows for the three months ended March 31, 2024 and 2023. Such adjustments are of a normal recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of our operations for the three months ended March 31, 2024 may not be indicative of results for the full year.</span></div>
CY2024Q1 hal Number Of Business Segments
NumberOfBusinessSegments
2 division
CY2024Q1 hal Number Of Business Segments
NumberOfBusinessSegments
2 division
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5804000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5677000000 usd
CY2024Q1 hal Saps4 Upgrade Expense
SAPS4UpgradeExpense
34000000 usd
CY2023Q1 hal Saps4 Upgrade Expense
SAPS4UpgradeExpense
0 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
987000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
977000000 usd
CY2024Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-92000000 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-101000000 usd
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-108000000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-47000000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
787000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
829000000 usd
CY2024Q1 hal Argentina Investment Impairment And Egypt Devaluation
ArgentinaInvestmentImpairmentAndEgyptDevaluation
82000000 usd
CY2024Q1 hal Number Of Business Segments
NumberOfBusinessSegments
2 division
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5804000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5677000000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5804000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5677000000 usd
CY2024Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
one year
CY2024Q1 hal Number Of Customers Exceed Receivables Threshold
NumberOfCustomersExceedReceivablesThreshold
0 customers
CY2023Q4 hal Number Of Customers Exceed Receivables Threshold
NumberOfCustomersExceedReceivablesThreshold
0 customers
CY2024Q1 hal Maximum Percentage Gross Trade Receivables From One Customer
MaximumPercentageGrossTradeReceivablesFromOneCustomer
0.10
CY2023Q4 hal Maximum Percentage Gross Trade Receivables From One Customer
MaximumPercentageGrossTradeReceivablesFromOneCustomer
0.10
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2098000000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2069000000 usd
CY2024Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
1019000000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
1021000000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
141000000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
136000000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
3258000000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
3226000000 usd
CY2024Q1 hal Outstanding Supplier Finance Payment Obligation
OutstandingSupplierFinancePaymentObligation
325000000 usd
CY2023Q4 hal Outstanding Supplier Finance Payment Obligation
OutstandingSupplierFinancePaymentObligation
322000000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
178000000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
787000000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.226
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
174000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
829000000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.210
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9433000000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
609000000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.17
CY2024Q1 us-gaap Dividends Common Stock
DividendsCommonStock
151000000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
250000000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
41000000 usd
CY2024Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
0 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9682000000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7977000000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
655000000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.16
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
145000000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
100000000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
60000000 usd
CY2023Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
3000000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8445000000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
7000000 shares
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
3800000000 usd
CY2024Q1 hal Treasury Stock Shares Acquired From Inception
TreasuryStockSharesAcquiredFromInception
260000000 shares
CY2024Q1 hal Treasury Stock Value Acquired Cost Method From Inception
TreasuryStockValueAcquiredCostMethodFromInception
10300000000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2900000 shares
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-83000000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-84000000 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
210000000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
207000000 usd
CY2024Q1 hal Accumulated Other Comprehensive Income Loss Other Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherNetOfTax
-39000000 usd
CY2023Q4 hal Accumulated Other Comprehensive Income Loss Other Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherNetOfTax
-40000000 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-332000000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-331000000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
889000000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
904000000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
891000000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
907000000 shares
CY2024Q1 hal Numberofdaysfromperiodend
Numberofdaysfromperiodend
P2D
CY2024Q1 hal Numberofdaysfromperiodend
Numberofdaysfromperiodend
P2D
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
2/7/2024
CY2024Q1 ecd Trd Arr Termination Date
TrdArrTerminationDate
2/6/2025

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