Item 2.02. Results of Operations and Financial Condition
On
The text of the Press Release is as follows:
HALLIBURTON ANNOUNCES FOURTH QUARTER 2022 RESULTS AND INCREASES DIVIDEND
•Net income of
Total revenue for the full year of 2022 was
"Halliburton's execution in 2022 demonstrated the earnings power of our
strategy, and I expect this earnings power to strengthen in 2023 and beyond.
Both operating divisions delivered strong margins in the international and
"I am pleased to announce that our Board has adopted a capital returns framework
and an increase in our dividend to
"I am confident in Halliburton's strong outlook and ability to generate
increased returns for shareholders. Halliburton's exceptional financial
performance is a clear result of executing our strategic priorities - to
maximize value in
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Operating Segments
Completion and Production
Completion and Production revenue in the fourth quarter of 2022 was
Drilling and Evaluation
Drilling and Evaluation revenue in the fourth quarter of 2022 was
Geographic RegionsNorth America
International
International revenue in the fourth quarter of 2022 was
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Other Financial Items
Halliburton's board of directors has declared a 2023 first quarter dividend of
Selective Technology & Highlights
•Halliburton entered into drilling and wells alliance agreements with Aker BP,
Noble, and Odfjell Drilling to extend their alliance for another five-years. The
jack-up alliance comprises Noble Corporation, Halliburton and Aker BP.
•Halliburton announced a successful installation of the industry's first single
trip, electro-hydraulic wet connect in deepwater for Petrobras in
•Halliburton introduced the NeoCem™ E+ and EnviraCem™ cement barrier systems as
an expansion of their portfolio of high-performance, reduced
•Halliburton introduced the BrightStar® look-ahead resistivity service, a novel solution that reveals the path ahead of the drill bit to enable proactive drilling decisions. The BrightStar service incorporates data, calculations, and visualization technology to reduce operational risks in unknown environments and provide operators higher confidence to avoid unwanted formation exits. The BrightStar service provides reservoir insight of the trajectory ahead and detects changes in formation resistivity, reducing the uncertainty of formation boundary positions.
•Halliburton introduced the FloConnect® Surface Automation Platform, a fully automated and scalable solution for efficient and safe surface well testing operations. An industry first, the FloConnect platform controls, measures, and analyzes surface well testing through automated workflows. The innovative platform facilitates a collaborative work environment and provides operators with superior well controllability, process safety, flow assurance, and emissions quantification. It also allows data access in real time, process monitoring, and control from a command center or remote location.
•Petrobras recognized Halliburton as its best supplier in the "Drilling and Completion Services" category. The award recognizes suppliers who presented a differentiated performance in the supply of goods and services in the year 2021 - 2022, considering
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the requirements of quality, HSE, management, delivery deadlines, compliance and integrity in the business carried out with Petrobras.
•Halliburton was named to the 2022 Dow Jones Sustainability Indices (DJSI),
which recognizes the top 10% most sustainable companies per industry. The DJSI
uses environmental, social and governance (ESG) criteria to measure and rank the
performance of best-in-class companies selected for its list. When compared to
its peers, Halliburton ranked in the 98th percentile among its peers and
received high marks in the
•Halliburton Labs announced it selected three new companies to participate in
its collaborative environment to advance cleaner, affordable, and reliable
energy. As
•Halliburton and Aker BP collaborated to develop Field Development Planning, a DecisionSpace® 365 solution to optimize the development of entire oil and gas fields. By automating the entire process, Halliburton and Aker BP aim to save time, optimize engineering efficiency, and increase the quality of field development. At the heart of that collaboration is Digital Well Program®, a DecisionSpace® 365 solution, which enabled engineers to minimize well design time from several weeks to a day. Halliburton's solution can aggregate data from multiple sources and offer accurate proposals for the optimal development plan for a specific field based on, among other things, economics, technical capabilities, and CO2 emissions.
•Halliburton executed the first fully automated drilling run in
•Halliburton recently completed its 400th FlexRite® -multibranch inflow control
(MIC) system installation in the
•Halliburton announced its VersaFlex® Expandable Liner Hanger system was
selected and installed more than 1,000 times in
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About Halliburton
Halliburton is one of the world's leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us 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 and our intentions
with respect to our shareholder return framework, 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: changes in the demand for or price of oil and/or natural
gas, including as a result of development of alternative energy sources, general
economic conditions such as inflation and recession, the ability of the OPEC+
countries to agree on and comply with production quotas, or other causes;
changes in capital spending by our customers; the modification, continuation or
suspension of our shareholder return framework, including the payment of
dividends and purchases of our stock, which will be subject to the discretion of
our Board of Directors and may depend on a variety of factors, including our
results of operations and financial condition, growth plans, capital
requirements and other conditions existing when any payment or purchase decision
is made; potential catastrophic events related to our operations, and related
indemnification and insurance; protection of intellectual property rights;
cyber-attacks and data security; compliance with environmental laws; changes in
government regulations and regulatory requirements, particularly those related
to oil and natural gas exploration, the environment, radioactive sources,
explosives, chemicals, hydraulic fracturing services, and climate-related
initiatives; assumptions regarding the generation of future taxable income, and
compliance with laws related to and disputes with taxing authorities regarding
income taxes; risks of international operations, including risks relating to
unsettled political conditions, war, including the ongoing
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