Halliburton Announces Second Quarter Results
$0.09 Per Diluted Share Income From Continuing Operations, Including $0.24 Charge on Barracuda-Caratinga Project and $0.03 Gain on Sale Of Halliburton Measurement Systems
HOUSTON, July 31 /PRNewswire-FirstCall/ -- Halliburton (NYSE: HAL) announced today that second quarter 2003 income from continuing operations was $42 million or $0.09 per diluted share. Two items impacting continuing operations for the quarter on an after-tax basis were: a previously announced $104 million charge, or $0.24 per diluted share, on the Barracuda-Caratinga project and a $14 million gain, or $0.03 per diluted share, on the sale of Halliburton Measurement Systems ("HMS").
Net income for the second quarter 2003 was $26 million or $0.06 per diluted share, which includes a net loss from discontinued operations of $0.03 per diluted share.
Revenues were $3.6 billion in the second quarter 2003, up 11 percent from the second quarter 2002. This increase is largely attributable to increased activity in certain Engineering and Construction Group ("ECG") projects, including government services work in the Middle East.
Operating income was $71 million, including the $24 million pretax gain on the sale of HMS and the $173 million pretax loss on the Barracuda-Caratinga project, compared to a $405 million loss in the second quarter of 2002. The second quarter of 2002 included a $330 million asbestos charge, a $119 million loss on the Barracuda-Caratinga project, a $61 million charge related to the sale of Bredero-Shaw, a $56 million restructuring charge and a loss of $32 million on integrated solutions projects.
Results for the second quarter 2003 included a foreign exchange gain of $19 million ($11 million after-tax or $0.3 per diluted share) due to a significant strengthening of the British pound to the US dollar during the period.
"I am pleased the Energy Services Group's 2003 second quarter revenue and operating income compared favorably to the prior year quarter as well as this year's first quarter. However, company performance was adversely impacted by the charge on the Barracuda-Caratinga project," said David Lesar, chairman, president and chief executive officer of Halliburton. "Looking ahead, I expect improved activity levels to provide revenue and earnings growth for the balance of the year in all segments. Accordingly, we expect earnings per share from continuing operations for the third quarter to be at least $0.32 per share, excluding any impact of the proposed asbestos settlement."
Halliburton's objective is to provide transparency in its financial disclosures and therefore Halliburton is expanding its financial information into five segments and expanding geographic market disclosures. The tables at the end of this press release include:
-- Quarterly and year to date revenues and operating income by operating
segment for 2001, 2002 and 2003;
-- Quarterly and year to date revenues and operating income by Energy
Services Group ("ESG") geographic regions (North America, Latin
America, Europe/Africa and Middle East/Asia) for 2001, 2002 and 2003;
-- Quarterly and year to date list of significant transactions by
operating segment included in operating income for 2001, 2002 and 2003;
and
-- Quarterly and year to date list of significant transactions by ESG
geographic regions included in operating income for 2001, 2002 and
2003.
In addition, for the first time, condensed consolidated balance sheets as of June 30, 2003 and December 31, 2002 are included in the press release.
2003 Second Quarter Segment Results
Energy Services Group
During the second quarter 2003, Halliburton changed the way the ESG is managed by establishing four operating segments as follows:
-- Drilling and Formation Evaluation -- consisting of drilling services
(includes directional drilling and MWD/LWD), logging services and drill
bits;
-- Fluids -- consisting of cementing, drilling fluids and solid expandable
tubulars;
-- Production Optimization -- consisting of production enhancement
services (includes fracturing, acidizing, coiled tubing, hydraulic
workover, sand control, and pipeline and process services), completion
products and services (includes well completion equipment, slickline
and safety systems), tools and testing services (includes underbalanced
applications, tubular conveyed perforating and testing services), and
Subsea 7; and
-- Landmark and Other ESG -- consisting of software and consulting
services, integrated solutions projects, real-time operations, smart
wells and non-core businesses (includes subsea operations not
contributed to Subsea 7).
The following provides an analysis of material changes in revenues and operating income of the four ESG operating segments, ECG and Corporate for the second quarter 2003 compared to the second quarter 2002.
Combined ESG posted second quarter revenues of $1.8 billion, a $24 million increase, and operating income of $235 million, up $165 million.
Drilling and Formation Evaluation revenues were flat due to increased directional drilling services and drill bit sales being offset by the impact of the sale of Mono Pumps and lower Gulf of Mexico and Canadian drilling activity. Operating income, led by logging services, increased $7 million due to higher activity and margins internationally in Mexico, Venezuela, Nigeria and Indonesia.
Fluids revenue increased 15 percent due to increases in both cementing and drilling fluids reflecting higher land rig counts in the United States and improved results internationally. Operating income was up 39 percent and reflects increases in cementing primarily in Norway and Mexico, and drilling fluids primarily in Mexico, Algeria and Angola.
Production Optimization posted a $59 million increase in revenue with approximately two-thirds of the increase in production enhancement, where United States revenue was up as a result of higher land rig counts. Subsea 7, primarily in the North Sea, contributed most of the remaining increase. Operating income was up seven percent due to the $24 million gain on the sale of HMS. This gain was partially offset by pricing pressure in North America coupled with inventory adjustments and higher mobilization costs.
Landmark and Other ESG revenues decreased $104 million due to the contribution of subsea assets to Subsea 7 in May 2002. Operating income was up from a $127 million loss, reflecting last year's impairment of Bredero- Shaw, losses on integrated solutions projects and restructuring charges. Landmark revenues and operating income remained flat.
Engineering and Construction Group
ECG's second quarter revenues increased 23 percent. Government services more than doubled, and onshore operations increased 21 percent, partially offset by decreases in both operations and maintenance of 12 percent and offshore operations of 22 percent. The increase in government services revenues was mainly attributable to activity in Iraq. Onshore revenues were up due to increased activity on several large projects, including the In Amenas and In Salah projects in Algeria and LNG projects in Nigeria and Egypt. The decrease in offshore operations was related to lower activity due to the decision to no longer pursue fixed price offshore EPIC contracts.
The operating loss for ECG was $148 million, as compared to a $450 million loss in the second quarter of 2002. The change was attributable to the $330 million asbestos charge in the prior year as well as improved results in government services due primarily to activity in Iraq during the current quarter. This was partially offset by higher losses on the Barracuda-Caratinga project. The Barracuda-Caratinga project charge was due to higher cost estimates, schedule extensions, increased project contingencies and other factors identified during the quarterly project review.
General corporate costs decreased $9 million due to a restructuring charge in the second quarter of 2002.
Backlog
ECG backlog as of June 30, 2003 was $9.9 billion, up $400 million from March 31, 2003. The increase was primarily due to new work in government services. Approximately 37 percent of the backlog is for fixed fee contracts, compared to 41 percent at March 31, 2003. Of the fixed fee contract backlog, 38 percent of the total relates to onshore contracts, 25 percent relates to government services and 24 percent relates to offshore.
Firm orders were $8.2 billion at the end of the quarter. The remainder of the backlog primarily relates to government awards not yet funded, with the Balkans support contract representing the majority of the balance.
Discontinued Operations
The second quarter net loss from discontinued operations was $16 million after tax, or $0.03 per diluted share. This loss reflects a $30 million charge for debtor-in-possession financing to Harbison-Walker in connection with their Chapter 11 bankruptcy proceeding that is expected to be forgiven by the Company as part of the asbestos settlement process and resolution of the Harbison-Walker bankruptcy. In addition, discontinued operations included professional fees associated with due diligence and other aspects of the proposed settlement for asbestos liabilities offset by a release of environmental and legal accruals related to indemnities associated with our 2001 disposition of Dresser Equipment Group which are no longer required. In the second quarter of 2002, the net loss from discontinued operations was $140 million after tax, which reflects asbestos-related expenses of previously disposed businesses.
Liquidity and Capital Resources
Halliburton ended the second quarter with cash and equivalents of $1.9 billion, an increase from $1.1 billion at the end of 2002. The cash increase is due to $1.2 billion in proceeds from convertible senior notes that were issued during the quarter. The notes bear interest at 3.125 percent and are due July 15, 2023. A significant use of cash was the scheduled repayment of $139 million in senior notes. Although the Company had large increases in revenue during the first half of the year related to activity in Iraq, a significant portion of that revenue is currently invested in working capital, mainly accounts receivable and unbilled work. During the first six months of 2003, Halliburton's capital expenditures were $229 million, primarily in ESG.
Technology and Significant Achievements
Halliburton had a number of advances in technology and new contract awards including:
-- The KBR and Mowlem PLC joint venture, Aspire Defense, has been named by
the UK Ministry of Defense as the preferred bidder for the $6.7 billion
PFI contract to upgrade and provide a range of services to the British
Army's garrisons around Salisbury Plain and at Aldershot. The contract
includes a $1.7 billion construction program which will improve
soldiers' single living accommodation, leisure and recreational
facilities, technical and administrative accommodation, in addition to
servicing and maintaining the facilities for a 30-year period.
-- Halliburton provided the technology for the first known monobore
completion in the Gulf of Mexico when several Halliburton product
service lines were integrated to develop a well system that minimizes
the client's initial capital investment and allows stacked pay zones to
be accessed without the use of a rig;
-- Halliburton and Statoil completed a successful test of a new game-
changing formation evaluation technology. An LWD formation tester, the
GeoTap(TM) sensor, was used to quantify formation pressure during
drilling operations. The GeoTap(TM) tool, part of Sperry-Sun's
Stellar(TM) MWD/LWD suite, was run in combination with a complete
logging-while-drilling sensor package and the Geo-Pilot rotary
steerable drilling system. This is the first time that this type of
technology has been successfully applied in the Norwegian shelf;
-- Halliburton deployed the largest-ever coiled tubing intervention system
for deepwater Gulf of Mexico operations. The system, which includes
the largest, most powerful, and strongest components ever deployed,
consists of Halliburton's V135HP coiled tubing injector, a reel capable
of handling 36,000 feet of 2-3/8-inch coiled tubing, and a 750-ton
capacity tension lift frame;
-- Halliburton expanded its relationship with Shell Exploration &
Production Company for deepwater operations in the Gulf of Mexico.
Halliburton was awarded a contract for the construction and
implementation of a real-time operations center to help manage and
optimize all Shell's well construction activities in the Gulf of
Mexico; and
-- Landmark released the Drill-to-the-Earth Model(TM) system. The system
combines a broad range of applications to enable asset team members to
rapidly design wells and visualize real-time earth models and wellbore
updates from drilling operations in a 3-D environment.
Halliburton, founded in 1919, is one of the world's largest providers of products and services to the petroleum and energy industries. The Company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction Group. The Company's World Wide Web site can be accessed at www.halliburton.com .
NOTE: 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 of
operations to differ materially from the results expressed or implied by the
statements. These risks and uncertainties include, but are not limited to:
legal risks, including the risks of judgments against the Company's
subsidiaries and predecessors in asbestos litigation pending and currently on
appeal, the inability of insurers for asbestos exposures to pay claims; future
asbestos claims, defense and settlement costs, other litigation and
proceedings, including shareholder lawsuits, securities laws inquiries,
contract disputes, patent infringements and environmental matters, changes in
government regulations and adverse reaction to scrutiny involving the Company;
political risks, including the risks of unsettled political conditions,
ongoing conflicts in the Middle East and the effects of terrorism, foreign
operations and foreign exchange rates and controls; liquidity risks, including
the risks of potential reductions in debt ratings, access to credit,
availability and costs of financing and ability to raise capital; weather-
related risks; customer risks, including the risks of changes in capital
spending and claims negotiations; industry risks, including the risks of
changes that affect the demand for or price of oil and/or gas, structural
changes in the industries in which the Company operates, risks of fixed-fee
projects and risks of complex business arrangements; systems risks, including
the risks of successful development and installation of financial systems; and
personnel and merger/reorganization/disposition risks, including the risks of
increased competition for employees, successful integration of acquired
businesses, effective restructuring efforts and successful completion of
planned dispositions. Please see Halliburton's Form 10-K for the year ended
December 31, 2002.
HALLIBURTON COMPANY
Consolidated Statements of Operations
(Millions of dollars and shares except per share data)
(Unaudited)
Three Months Three Months
Ended Ended
June 30 March 31
2003 2002 2003
Revenues
Energy Services Group $ 1,780 $ 1,756 $ 1,611
Engineering and Construction Group 1,819 1,479 1,449
Total revenues $ 3,599 $ 3,235 $ 3,060
Operating income (loss)
Energy Services Group $ 235 $ 70 $ 180
Engineering and Construction Group (148) (450) (19)
General corporate (16) (25) (19)
Total operating income (loss) 71 (405) 142
Interest expense (25) (30) (27)
Interest income 7 12 8
Foreign currency, net 19 (5) (6)
Other nonoperating, net 2 (2) ---
Income (loss) from continuing
operations before income taxes,
minority interest, and change in
accounting principle 74 (430) 117
Benefit (provision) for income
taxes (29) 77 (50)
Minority interest in net income
of subsidiaries (3) (5) (8)
Income (loss) from continuing
operations before change in
accounting principle 42 (358) 59
Loss from discontinued
operations, net (16) (140) (8)
Cumulative effect of change in
accounting principle, net --- --- (8)
Net income (loss) $ 26 $ (498) $ 43
Basic income (loss) per share:
Continuing operations before
change in accounting principle $ 0.09 $ (0.83) $ 0.14
Loss from discontinued operations (0.03) (0.32) (0.02)
0.06 (1.15) 0.12
Change in accounting principle --- --- (0.02)
Net income (loss) $ 0.06 $ (1.15) $ 0.10
Diluted income (loss) per share:
Continuing operations before
change in accounting principle $ 0.09 $ (0.83) $ 0.14
Loss from discontinued operations (0.03) (0.32) (0.02)
0.06 (1.15) 0.12
Change in accounting principle --- --- (0.02)
Net income (loss) $ 0.06 $ (1.15) $ 0.10
Basic weighted average common
shares outstanding 434 432 434
Diluted weighted average common
shares outstanding 436 432 436
See Footnote Table 1 for a list of significant items included in operating
income.
HALLIBURTON COMPANY
Consolidated Statements of Operations
(Millions of dollars and shares except per share data)
(Unaudited)
Six Months Ended
June 30
2003 2002
Revenues
Energy Services Group $ 3,391 $ 3,445
Engineering and Construction Group 3,268 2,797
Total revenues $ 6,659 $ 6,242
Operating income (loss)
Energy Services Group $ 415 $ 239
Engineering and Construction Group (167) (508)
General corporate (35) (13)
Total operating income (loss) $ 213 $ (282)
Interest expense (52) (62)
Interest income 15 16
Foreign currency, net 13 (13)
Other nonoperating, net 2 2
Income (loss) from continuing
operations before income taxes,
minority interest, and change in
accounting principle 191 (339)
Benefit (provision) for income taxes (79) 41
Minority interest in net income of
subsidiaries (11) (10)
Income (loss) from continuing
operations before change in accounting
principle 101 (308)
Loss from discontinued operations, net (24) (168)
Cumulative effect of change in
accounting principle, net (8) ---
Net income (loss) $ 69 $ (476)
Basic income (loss) per share:
Continuing operations before change
in accounting principle $ 0.23 $ (0.71)
Loss from discontinued operations (0.05) (0.39)
0.18 (1.10)
Change in accounting principle (0.02) ---
Net income (loss) $ 0.16 $ (1.10)
Diluted income (loss) per share:
Continuing operations before change in
accounting principle $ 0.23 $ (0.71)
Loss from discontinued operations (0.05) (0.39)
0.18 (1.10)
Change in accounting principle (0.02) ---
Net income (loss) $ 0.16 $ (1.10)
Basic weighted average common shares
outstanding 434 432
Diluted weighted average common shares
outstanding 436 432
See Footnote Table 1 for a list of significant items included in operating
income.
HALLIBURTON COMPANY
Condensed Consolidated Balance Sheets
(Millions of dollars)
(Unaudited)
June 30 December 31
2003 2002
Assets
Current assets:
Cash and equivalents $ 1,859 $ 1,107
Total receivables, net 3,666 3,257
Inventories 747 734
Other current assets 503 462
Total current assets 6,775 5,560
Property, plant and equipment, net 2,498 2,629
Insurance for asbestos and silica related
liabilities 2,059 2,059
Other assets 2,690 2,596
Total assets $14,022 $12,844
Liabilities and Shareholders' Equity
Current liabilities:
Short-term notes payable $ 16 $ 49
Current maturities of long-term debt 166 295
Accounts payable 1,056 1,077
Other current liabilities 2,079 1,851
Total current liabilities 3,317 3,272
Long-term debt 2,374 1,181
Asbestos and silica related liabilities 3,396 3,425
Other liabilities 1,293 1,337
Minority interest in consolidated
subsidiaries 83 71
Total liabilities 10,463 9,286
Total shareholders' equity 3,559 3,558
Total liabilities and shareholders' equity $14,022 $12,844
TABLE 1
HALLIBURTON COMPANY
Revenue and Operating Income Comparison By Operating Segments
(Millions of dollars)
(Unaudited)
Six Months
Quarter Ended Ended
2003 March 31 June 30 June 30
Revenues
Drilling and Formation Evaluation $ 379 $ 414 $ 793
Fluids 480 518 998
Production Optimization 629 693 1,322
Landmark and Other ESG 123 155 278
Total Energy Services Group 1,611 1,780 3,391
Engineering and Construction Group 1,449 1,819 3,268
Total revenues $ 3,060 $ 3,599 $ 6,659
Operating Income
Drilling and Formation
Evaluation $ 66 $ 49 $ 115
Fluids 55 68 123
Production Optimization 70 113 183
Landmark and Other ESG (11) 5 (6)
Total Energy Services Group 180 235 415
Engineering and Construction
Group (19) (148) (167)
General Corporate (19) (16) (35)
Total operating income $ 142 $ 71 $ 213
Twelve
Months
Quarter Ended Ended
2002 March 31 June 30 Sept. 30 Dec. 31 Dec. 31
Revenues
Drilling and Formation
Evaluation $ 399 $ 413 $ 408 $ 413 $ 1,633
Fluids 453 450 449 463 1,815
Production Optimization 612 634 655 653 2,554
Landmark and Other ESG 225 259 165 185 834
Total Energy
Services Group 1,689 1,756 1,677 1,714 6,836
Engineering and
Construction Group 1,318 1,479 1,305 1,634 5,736
Total revenues $ 3,007 $ 3,235 $ 2,982 $ 3,348 $12,572
Operating Income
Drilling and Formation
Evaluation $ 38 $ 42 $ 35 $ 45 $ 160
Fluids 51 49 54 48 202
Production Optimization 83 106 103 92 384
Landmark and Other ESG (3) (127) 8 14 (108)
Total Energy
Services Group 169 70 200 199 638
Engineering and
Construction Group (58) (450) 12 (189) (685)
General Corporate 12 (25) (21) (31) (65)
Total operating
income (loss) $ 123 $ (405) $ 191 $ (21) $ (112)
See Footnote Table 1 for a list of significant items included in
operating income.
TABLE 1
HALLIBURTON COMPANY
Revenue and Operating Income Comparison By Operating Segments
(Millions of dollars)
(Unaudited)
(continued)
Twelve
Months
Quarter Ended Ended
2001 March 31 June 30 Sept. 30 Dec. 31 Dec. 31
Revenues
Drilling and Formation
Evaluation $ 383 $ 425 $ 425 $ 410 $ 1,643
Fluids 487 520 556 502 2,065
Production Optimization 634 741 759 669 2,803
Landmark and Other ESG 288 322 358 332 1,300
Total Energy
Services Group 1,792 2,008 2,098 1,913 7,811
Engineering and
Construction Group 1,352 1,331 1,293 1,259 5,235
Total revenues $ 3,144 $ 3,339 $ 3,391 $ 3,172 $13,046
Operating Income
Drilling and Formation
Evaluation $ 25 $ 42 $ 48 $ 56 $ 171
Fluids 63 74 94 77 308
Production Optimization 97 153 161 117 528
Landmark and Other ESG 4 (1) 18 8 29
Total Energy
Services Group 189 268 321 258 1,036
Engineering and
Construction Group 27 21 36 27 111
General Corporate (18) (17) (15) (13) (63)
Total operating
income $ 198 $ 272 $ 342 $ 272 $ 1,084
See Footnote Table 1 for a list of significant items included in operating
income.
TABLE 2
HALLIBURTON COMPANY
Revenue and Operating Income Comparison
By Geographic Region - - Energy Services Group
(Millions of dollars)
(Unaudited)
Six Months
Quarter Ended Ended
2003 March 31 June 30 June 30
Revenues
North America $ 745 $ 762 $ 1,507
Latin America 182 226 408
Europe / Africa 342 394 736
Middle East / Asia 342 398 740
Total revenues $ 1,611 $ 1,780 $ 3,391
Operating Income
North America $ 84 $ 91 $ 175
Latin America 23 43 66
Europe / Africa 32 51 83
Middle East / Asia 41 50 91
Total operating income $ 180 $ 235 $ 415
Twelve
Months
Quarter Ended Ended
2002 March 31 June 30 Sept. 30 Dec. 31 Dec. 31
Revenues
North America $ 764 $ 764 $ 771 $ 732 $ 3,031
Latin America 197 222 209 218 846
Europe / Africa 424 423 350 381 1,578
Middle East / Asia 304 347 347 383 1,381
Total revenues $ 1,689 $ 1,756 $ 1,677 $ 1,714 $ 6,836
Operating Income
North America $ (18) $ 9 $ 133 $ 75 $ 199
Latin America 18 38 28 24 108
Europe / Africa 133 (3) 9 39 178
Middle East / Asia 36 26 30 61 153
Total operating
income $ 169 $ 70 $ 200 $ 199 $ 638
Twelve
Months
Quarter Ended Ended
2001 March 31 June 30 Sept. 30 Dec. 31 Dec. 31
Revenues
North America $ 953 $ 1,063 $ 1,085 $ 891 $ 3,992
Latin America 204 221 248 245 918
Europe / Africa 374 421 457 466 1,718
Middle East / Asia 261 303 308 311 1,183
Total revenues $ 1,792 $ 2,008 $ 2,098 $ 1,913 $ 7,811
Operating Income
North America $ 168 $ 213 $ 239 $ 170 $ 790
Latin America 33 38 42 40 153
Europe / Africa (22) 1 (5) 7 (19)
Middle East / Asia 10 16 45 41 112
Total operating
income $ 189 $ 268 $ 321 $ 258 $ 1,036
See Footnote Table 2 for a list of significant items included in operating
income.
Footnote Table 1
Items Included in Operating Income by Segment
(Millions of dollars)
(Unaudited)
Twelve
Months
Quarter Ended Ended
March 31 June 30 Sept. 30 Dec. 31 Dec. 31
2003
Drilling Formation
and Evaluation:
Mono Pumps gain on sale $ 36 $ --- $ --- $ --- $ 36
Production Optimization:
HMS gain on sale --- 24 --- --- 24
Landmark and Other ESG:
Wellstream loss on sale (15) --- --- --- (15)
Engineering & Construction:
Asbestos and silica
liability (2) --- --- --- (2)
Barracuda-Caratinga
project loss (55) (173) --- --- (228)
Total $(36) $(149) $ --- $ --- $(185)
2002
Production Optimization:
Patent infringement
lawsuit accrual $(98) $ --- $ --- $ --- $ (98)
Landmark and Other ESG:
EMC gain on sale 108 --- --- --- 108
Restructuring charge (5) (37) (5) (17) (64)
Bredero impairment --- (61) --- --- (61)
Bredero loss on sale --- --- (18) --- (18)
Engineering & Construction:
Highlands receivable
write-off (80) --- --- --- (80)
Restructuring charge (4) (10) (2) (2) (18)
Barracuda-Caratinga
project loss --- (119) --- 2 (117)
Asbestos and silica
liability --- (330) --- (234) (564)
Corporate:
Insurance company
demutualization 28 --- --- 1 29
Restructuring charge (2) (9) (4) (10) (25)
Total $(53) $(566) $(29) $(260) $(908)
2001
Engineering & Construction:
Asbestos and silica
liability $ (5) $ --- $ (3) $ (3) $ (11)
Total $ (5) $ --- $ (3) $ (3) $ (11)
Footnote Table 2
Items Included in Operating Income by Geographic Region - - ESG Only
(Millions of dollars)
(Unaudited)
Twelve
Months
Quarter Ended Ended
March 31 June 30 Sept. 30 Dec. 31 Dec. 31
2003
North America:
Mono Pumps gain on sale $ 24 $ --- $ --- $ --- $ 24
Wellstream loss on sale (11) --- --- --- (11)
HMS gain on sale --- 24 --- --- 24
Europe / Africa:
Mono Pumps gain on sale 12 --- --- --- 12
Wellstream loss on sale (4) --- --- --- (4)
Total $ 21 $ 24 $ --- $ --- $ 45
2002
North America:
Patent infringement
lawsuit accrual $ (98) $ --- $ --- $ --- $ (98)
Restructuring charge (5) (29) (4) (13) (51)
Bredero-Shaw impairment --- (61) --- --- (61)
Bredero-Shaw loss on sale --- --- (18) --- (18)
Latin America:
Restructuring charge --- (3) --- --- (3)
Europe / Africa:
EMC gain on sale 108 --- --- --- 108
Restructuring charge --- (2) (1) (4) (7)
Middle East / Asia:
Restructuring charge --- (3) --- --- (3)
Total $ 5 $ (98) $ (23) $ (17) $(133)
SOURCE Halliburton