Item 2.02. Results of Operations and Financial Condition
On
The text of the Press Release is as follows:
HALLIBURTON ANNOUNCES FIRST QUARTER 2021 RESULTS
•Net income of
"I am pleased with our first quarter performance, which demonstrates the
benefits of our strong operating leverage in a recovering global market. We
achieved total company revenue of
"The first quarter marked an activity inflection for the international markets,
while
"Our free cash flow performance in the first quarter was a great first step to delivering strong free cash flow for the full year. It demonstrates our margin progression and focus on managing all aspects of capital efficiency, including technological advancements, process improvements, and working capital efficiencies.
"I am optimistic about how this transition year is shaping up. Our focus on
technology innovation, digital investments, and capital efficiency positions us
for profitable growth internationally and maximizing value in
--------------------------------------------------------------------------------
Operating Segments Completion and Production
Completion and Production revenue in the first quarter of 2021 was
Drilling and Evaluation
Drilling and Evaluation revenue in the first quarter of 2021 was
Geographic RegionsNorth America
International
International revenue in the first quarter of 2021 was
--------------------------------------------------------------------------------
Selective Technology & Highlights
•Halliburton successfully delivered real-time control of fracture placement
while pumping on a multi-well pad using the SmartFleet™ intelligent fracturing
system in the
•Halliburton introduced the Ovidius™ isolation system, a new packer that transforms from an engineered metal alloy into a rock-like material when it reacts with downhole fluids, creating a long-lasting seal for improved well integrity. Operators can deploy Ovidius in wellbore isolation applications, where it will provide the traditional benefits of expanding elastomers with new capabilities to withstand differential pressures and extreme temperatures found in the most challenging high-pressure/high-temperature environments while providing unparalleled anchoring forces.
•Kuwait Oil Company (KOC) awarded Halliburton a contract to collaborate on their
digital transformation journey through the maintenance and expansion of digital
solutions for their
•Halliburton signed an eight-year contract with the
--------------------------------------------------------------------------------
•Halliburton and Optime Subsea formed a global strategic alliance to apply Optime's innovative Remotely Operated Controls System (ROCS) to Halliburton's completion landing string services. The companies will also collaborate and offer intervention and workover control system services leveraging Optime's Subsea Controls and Intervention Light System (SCILS) technology, a remote digital enabled system that complements Halliburton's subsea intervention expertise. The alliance will provide umbilical-less operations and subsea controls for deepwater completions and interventions delivering increased operational efficiencies while minimizing safety risk through a smaller offshore footprint. Halliburton will offer Optime's innovative technologies as a service across its global portfolio.
•Bhavesh V. (Bob) Patel joined Halliburton's board of directors effective
•Halliburton Labs announced the inaugural group of companies selected to
participate in its collaborative environment where entrepreneurs, academics, and
investors come together to advance cleaner, affordable energy. Enexor BioEnergy,
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 130 nationalities in more than 70 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.
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
© Edgar Online, source