Item 2.02. Results of Operations and Financial Condition
On
The text of the Press Release is as follows:
HALLIBURTON ANNOUNCES THIRD QUARTER 2020 RESULTS •Reported net loss of$0.02 per diluted share •Adjusted net income of$0.11 per diluted share, excluding severance and other charges •Cash flow from operating activities of$420 million and free cash flow of$265 million
"The fundamentally different course we are charting is having a positive impact
on our performance. Halliburton's strong third quarter results demonstrate that
we are effectively executing on our strategic priorities," commented
"Total company revenue was about
"The pace of activity declines in the international markets is slowing, while
the
"We have a strong international business, a lean
"We believe executing on our strategic priorities will boost our earnings power reset and free cash flow generation today and 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 third quarter of 2020 was
Drilling and Evaluation
Drilling and Evaluation revenue in the third quarter of 2020 was
Geographic RegionsNorth America
International
International revenue in the third quarter of 2020 was
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drilling-related services in
Other Financial Items
Halliburton recognized
Selective Technology & Highlights
•Halliburton introduced SmartFleet™, the first intelligent automated fracturing system. SmartFleet, unlike any current fracturing fleet, gives operators real-time fracture control while pumping by integrating subsurface fracture measurements, live 3D visualization, and real-time fracture commands. With SmartFleet, operators can control fracture outcomes in ways not previously possible, through real-time fracture decision making and commands. This includes automated actions while pumping to improve near-wellbore and far-field fracture placement, as well as directly manage frac hits.
•Halliburton introduced Cerebro Force™ in-bit sensors, a first-of-its-kind technology that captures weight, torque and bending measurements directly from the bit to improve understanding of downhole environments, optimize bit design and increase drilling efficiency. Built on Halliburton's successful in-bit vibration sensing platform, Cerebro Force utilizes downhole data to reduce or eliminate surface measurement uncertainty and inefficiencies caused by bit design, bottomhole assembly and drilling parameter selection.
•PTTEP, a national petroleum exploration and production company in
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•Halliburton received a scope expansion from
•Halliburton and Honeywell announced a collaboration to maximize asset potential, reduce execution risk and lower the total cost of ownership for oil and gas operators. The collaboration will leverage Halliburton's DecisionSpace 365 cloud applications and Honeywell Forge, a powerful industrial analytics software solution, to deliver unparalleled insights about oil and gas assets.
•Neptune Energy announced that it will adopt Halliburton's DecisionSpace® 365 well construction suite of cloud applications powered by iEnergy® Hybrid Cloud to consolidate all global drilling and wells activities for its geographically diverse and gas-weighted portfolio, improve efficiency, and significantly reduce non-productive time. The three-year agreement will reduce the duration for planning wells from weeks to days, automate engineering calculations, and consolidate data currently held across multiple global locations into one. DecisionSpace 365 cloud applications will enable Neptune to incorporate artificial intelligence, machine learning, and data analytics to solve upstream challenges and support the company's overall digital transformation.
•Halliburton announced the creation of
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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