Item 2.02. Results of Operations and Financial Condition
On
The text of the Press Release is as follows:
HALLIBURTON ANNOUNCES SECOND QUARTER 2020 RESULTS •Reported net loss of$1.91 per diluted share •Adjusted net income of$0.05 per diluted share, excluding impairments and other charges •Cash flow from operating activities of$598 million and free cash flow of$456 million
"Halliburton's second quarter performance in a tough market shows we can execute
quickly and aggressively to deliver solid financial results and free cash flow
despite a severe drop in global activity. Our results demonstrate a significant
and sustainable reset to the power of our business to generate positive earnings
and free cash flow," commented
"Total company revenue was
"We have an excellent international business, an efficient
"Halliburton is charting a fundamentally different course. The strategic actions we are taking will further boost our earnings power and ability to generate free cash flow as we power into and win the eventual recovery," concluded Miller.
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Operating Segments
Completion and Production
Completion and Production revenue in the second quarter of 2020 was
Drilling and Evaluation
Drilling and Evaluation revenue in the second quarter of 2020 was
Geographic Regions
International
International revenue in the second quarter of 2020 was
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Other Financial Items
Halliburton recognized
Selective Technology & Highlights
•Halliburton and TechnipFMC introduced Odassea™, the world's first distributed acoustic sensing solution for subsea wells. The technology platform enables operators to execute intervention-less seismic imaging and reservoir diagnostics to reduce total cost of ownership while improving reservoir knowledge. Halliburton provides the fiber optic sensing technology, completions and analysis for reservoir diagnostics. TechnipFMC provides the optical connectivity from the topside to the completions.The Odassea platform strengthens digital capabilities in subsea reservoir monitoring and production optimization.
•Halliburton, Microsoft and Accenture announced a five-year strategic agreement to advance Halliburton's digital capabilities in Microsoft Azure. Under the agreement, Halliburton will complete the move to cloud-based digital platforms and strengthen our customer offerings by enhancing real-time platforms for expanded remote operations; improving analytics capability utilizing machine learning and artificial intelligence; and accelerating the deployment of new technology and applications for overall system reliability and security.
•Halliburton launched DynaTrac™ Real-Time Wireless Depth Correlation System, a new technology that reduces uncertainty and saves rig time by enabling operators to accurately position packers, perforating guns and the bottom-hole assembly without running wireline or moving the work string.
•Halliburton introduced SPECTRUM® e-IP, the industry's first electrically operated inflatable packer. It provides precision and reliability for the placement of selective treatments, such as acidizing, water shut off, sand consolidation, and remedial integrity. This is especially relevant in the current market conditions, to increase the well performance in existing assets. The platform is digitally enabled to provide data acquisition, interpretation, and real-time control.
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 80 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.
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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,
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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