Item 2.02. Results of Operations and Financial Condition
On
The text of the Press Release is as follows:
HALLIBURTON ANNOUNCES SECOND QUARTER 2021 RESULTS
•Net income of
"Our second quarter performance demonstrates that our strategy is working well
and Halliburton's strategic priorities are driving value in this transition
year. Total company revenue increased 7% sequentially, as both
"Halliburton's Completion and Production division margin reached three-year highs, while our Drilling and Evaluation division margin outperformed expectations, setting both divisions up for robust margin growth this year.
"Our solid free cash flow generation further demonstrates the effectiveness of our strategy to strengthen the cash flow profile of our business.
"The positive activity momentum we see in
"Halliburton's value proposition, unique exposure to both international and
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Operating Segments Completion and Production
Completion and Production revenue in the second quarter of 2021 was
Drilling and Evaluation
Drilling and Evaluation revenue in the second quarter of 2021 was
Geographic RegionsNorth America
International
International revenue in the second quarter of 2021 was
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Selective Technology & Highlights
•Halliburton announced StrataXaminer™, a new wireline logging service that helps operators acquire more accurate well data to better evaluate production potential. Obtaining high resolution images in oil or synthetic-based fluid systems has been an industry challenge for decades. StrataXaminer delivers high-resolution images of the reservoir structure to identify bedding, fracture patterns, fault zones, and potential flow barriers with increased accuracy.
•Halliburton and TGS-NOPEC Geophysical ASA announced a collaboration to bring advanced seismic imaging to fiber optic sensing. The alliance will provide operators with advanced insight to determine their reservoir potential for oil and gas production or carbon storage. The Halliburton FiberVSP™ and Odassea™ distributed acoustic sensing solutions will now incorporate TGS's seismic imaging workflows that process the entire seismic wavefield to generate high-resolution reservoir images.
•Halliburton was awarded a contract from
•Halliburton Labs announced four new companies that join four companies already participating in its collaborative environment to advance and scale cleaner, affordable energy. Alumina Energy, Ionada, Parasanti, and SurgePower Materials receive access to a broad range of industrial capabilities, technical expertise, and mentorship to scale their businesses.
•Halliburton announced it will redeem, with cash on hand, the remaining
•Halliburton was awarded a contract from
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365 cloud applications. The scope of work also includes key digital technologies
from
•Halliburton was awarded a contract from Ecopetrol to collaborate on their digital transformation strategy for drilling and completions, including the digitalization of the well delivery process. This enables Ecopetrol to optimize their planning, design, and well execution end-to-end and accelerate value creation across the asset lifecycle.
•Halliburton announced that it won a contract to provide Production Chemicals
and Associated Services for a large
•TechnipFMC and Halliburton announced they received an OTC Spotlight on New
Technology Award® (SONT) for their Odassea™ Subsea Fiber Optic Solution, an
advanced downhole fiber optic sensing system. ExxonMobil selected the solution
for its Payara development project in
•Halliburton announced an expansion of its digital collaboration with Aker BP, a Norwegian oil and gas exploration and production company, by deploying digital twins to automate work processes and accelerate decision-making. Aker BP is using Digital Well Program®, a DecisionSpace® 365 cloud application, that turns well planning and design into a live process where field development scenarios are continuously updated and compared to a digital twin to deliver safe, cost-effective, and productive wells.
•Halliburton signed a contract with Petrofac, an international service provider to the energy industry, to adopt Digital Well Program®, a DecisionSpace® 365 cloud application, to automate drilling, completions, and engineering processes. The three-year contract enables Petrofac to incorporate artificial intelligence, machine learning, and data science to optimize its well engineering service offering.
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.
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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 impact of COVID-19 and any
variants, the related economic repercussions and resulting negative impact on
demand for oil and gas, operational challenges relating to COVID-19 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 ability of the OPEC+
countries to agree on and comply with supply limitations; 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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