UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (date of earliest event reported): January 26,
2009
HALLIBURTON
COMPANY
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State or Other
Jurisdiction of Incorporation)
|
001-03492
|
No.
75-2677995
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
1401
McKinney, Suite 2400, Houston, Texas
|
77010
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(713)
759-2600
(Registrant’s
Telephone Number, Including Area Code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
INFORMATION
TO BE INCLUDED IN REPORT
Item
2.02. Results of Operations and
Financial Condition
On January 26,
2009 registrant issued two press releases entitled “Halliburton Announces Fourth
Quarter Charge Related to Prospective Settlement of Foreign Corrupt Practices
Act (FCPA) Investigations” and “Halliburton
Announces Fourth Quarter and Full Year Earnings.”
The text
of the Press Releases follows:
HALLIBURTON ANNOUNCES FOURTH
QUARTER CHARGE RELATED TO PROSPECTIVE SETTLEMENT OF FOREIGN CORRUPT PRACTICES
ACT (FCPA) INVESTIGATIONS
|
|
$0.34
fourth quarter 2008 earnings per diluted share impact from $303 million
charge to discontinued operations
|
HOUSTON, Texas - As previously
disclosed in its public filings, Halliburton (NYSE:HAL) has engaged in
settlement discussions with the Department of Justice (DOJ) and the Securities
and Exchange Commission (SEC) with regard to the ongoing FCPA investigations
involving Halliburton and KBR, Inc. (KBR). These discussions have resulted in
prospective settlements with both agencies. The settlement with the
DOJ has been fully negotiated and Halliburton has been advised that it is being
reviewed for final approval. The settlement with the SEC has been
approved contingent upon the completion of the settlement with the
DOJ. There can be no assurance, however, that the settlement with the
DOJ will be approved or that, consequently, the condition to the settlement with
the SEC will be satisfied.
To
enhance KBR’s financial stability and solvency, making possible the separation
of KBR, Halliburton indemnified KBR from fines or other monetary penalties or
direct monetary damages, including disgorgement, as a result of a claim made or
assessed by a governmental authority in the United States and certain other
countries related to alleged or actual violations occurring prior to November
20, 2006 of the FCPA or particular, analogous applicable foreign statutes, laws,
rules, and regulations in connection with investigations pending as of that
date.
As a
result of the indemnity and the terms of the prospective settlement with the
DOJ, Halliburton would agree to pay $382 million on behalf of KBR in eight
installments over the next two years. Pursuant to the terms of the prospective
settlement with the SEC, Halliburton would agree to be jointly and severally
liable with KBR for and, as a result of the indemnity, to pay to the SEC $177
million in disgorgement. KBR would separately agree that
Halliburton’s indemnification obligations with respect to the DOJ and SEC
investigations would be fully satisfied.
The
prospective settlement with the DOJ would not require Halliburton to engage a
monitor. The prospective settlement with the SEC would require
Halliburton to retain an independent consultant to perform a 60-day initial and,
approximately one year later, a 30-day follow-up review and evaluation of
Halliburton’s anti-bribery and foreign agent internal controls and
record-keeping policies and to adopt any necessary improvements.
During
the second quarter of 2007, in connection with the separation of KBR from
Halliburton, Halliburton recorded a gain on the disposition of KBR of
approximately $933 million, net of tax and the estimated fair value of the FCPA
and other indemnities and guarantees provided to KBR, which was
included in “Income (loss) from discontinued operations, net of income tax” on
the consolidated statement of operations. During the second quarter
of 2008, Halliburton recorded additional adjustments to the estimated liability
for the indemnities and guarantees provided to KBR. These indemnities and
guarantees are primarily included in “Other liabilities” on the consolidated
balance sheets and totaled $342 million at September 30, 2008.
As a
result of these prospective settlements, Halliburton recorded in the fourth
quarter of 2008 an additional charge to discontinued operations of $303 million or $0.34
per diluted share.
Commenting
on these matters, a Company spokesperson stated, “The Company will
not further comment or take questions regarding the prospective
settlements, given that there can be no assurance that they will become
effective in accordance with their respective terms.”
### ### ### ###
HALLIBURTON ANNOUNCES FOURTH
QUARTER AND FULL YEAR EARNINGS
$0.87
fourth quarter 2008 earnings per diluted share from continuing
operations
HOUSTON, Texas – Halliburton
(NYSE:HAL) announced today that revenue in the fourth quarter of 2008 was $4.9
billion, up 17% from the fourth quarter of 2007. Consolidated
operating income was $1.2 billion in the fourth quarter of 2008 compared to $907
million in the fourth quarter of 2007.
Income
from continuing operations in the fourth quarter of 2008 was $776 million, or
$0.87 per diluted share, compared to $674 million, or $0.74 per diluted share,
in the fourth quarter of 2007. The fourth quarter of 2008 was
positively impacted by a $22 million gain net of tax, or $0.02 per diluted
share, related to a patent settlement and a $28 million gain net of tax, or
$0.03 per diluted share, reflected in minority interest, related to a change in
effective ownership of a joint venture, and negatively impacted by a $17 million
loss net of tax, or $0.02 per diluted share, on foreign exchange.
Fourth
quarter of 2008 operating income was impacted by a $35 million gain related to a
patent settlement. Operating income in the fourth quarter of 2007
included a $34 million impairment charge for a Bangladesh oil and gas
property.
Net
income for the fourth quarter of 2008 was $468 million, or $0.53 per diluted
share. This compares to net income for the fourth quarter of 2007 of
$690 million, or $0.75 per diluted share. Net income for the fourth quarter of
2008 was negatively impacted by a $308 million charge to discontinued
operations, or $0.34 per diluted share, primarily related to the prospective
settlements of the Department of Justice (DOJ) and Securities and Exchange
Commission (SEC) Foreign Corrupt Practices Act (FCPA) investigations announced
earlier today.
Halliburton’s
revenue was $18.3 billion for the full year 2008, an increase of 20% from the
full year 2007, and operating income was $4.0 billion, an increase of 15% from
the full year 2007. Income from continuing operations for the full
year 2008 was $2.0 billion, or $2.17 per diluted share, compared to 2007 income
from continuing operations of $2.5 billion, or $2.66 per diluted
share. 2008 earnings per share from continuing operations was
negatively impacted by a non-tax deductible loss of $693 million related to the
portion of the 3.125% convertible senior notes premium settled in cash in the
third quarter of 2008. Net income in 2008 was $1.5 billion, or $1.70
per diluted share, compared to net income in 2007 of $3.5 billion, or $3.68 per
diluted share.
Halliburton/Page
2
Loss from
discontinued operations in 2008 was $423 million, net of tax, or $0.47 per
diluted share, primarily related to adjustments of the indemnities and
guarantees provided to KBR, Inc. (KBR) upon separation. Income from
discontinued operations in 2007 was $975 million, which included a gain of $933
million on the separation of KBR from Halliburton, net of tax and the estimated
fair value of the indemnities and guarantees provided to KBR.
Commenting
on 2008 results, Dave Lesar, chairman, president, and chief executive officer
said, “While current market conditions are difficult, this should not overshadow
our excellent performance in the fourth quarter. I believe our
business strategy of protecting our strong North America market position while
investing in and growing our international operations worked particularly well
in the fourth quarter as well as for all of 2008.
“We
completed 2008 with the highest level of annual oilfield revenue and operating
income achieved during the 90 year history of our company. Our
international business was a major contributor to our performance in 2008 as we
expanded into underserved locations. Outside North America, revenue grew
22% year-over-year with Latin America experiencing exceptional revenue growth of
35% year-over-year. At the same time, we continued to strengthen our
franchise in our core product lines and geographic areas that have led to the
company’s expanded market position.
“In the
fourth quarter, our North America operations experienced flat sequential revenue
despite a 14% decline in the U.S. rig count from the beginning of the fourth
quarter. However, our operating margins were impacted by lower volume
and pricing pressure toward the end of the quarter. We expect these
pressures to continue into 2009.
“Our
Eastern Hemisphere growth rate slowed in the fourth quarter particularly due to
weakness in the North Sea and flat activity in the Middle East while countries
in North Africa, Eurasia, and Asia Pacific posted good performance.
“Halliburton
has successfully weathered multiple industry downcycles, and it is clear 2009
will be a challenging year for both the company and the industry. We
are confident we have the right people, technology, and financial strength to
address the task of successfully operating in a contracting market and position
us to benefit from the market’s eventual recovery.”
-more-
Halliburton/Page
3
2008
Fourth Quarter Results
Completion
and Production (C&P) operating income in the fourth quarter of 2008 was $659
million, an increase of $88 million or 15% from the fourth quarter of
2007. Europe/Africa/CIS C&P operating income increased 38% with
the most significant impact coming from higher demand and more favorable product
mix for completion tools. Middle East/Asia C&P operating income
was flat with higher demand for completion tools balancing out declines in
cementing and production enhancement services. North America C&P
operating income increased 13%, primarily due to increased utilization in
pressure pumping services and higher demand for both production enhancement
services and completion tools in the United States. Latin America
C&P operating income increased 25% from increased activity throughout the
region and higher vessel utilization in Mexico.
Drilling
and Evaluation (D&E) operating income in the fourth quarter of 2008 was $529
million, an increase of $126 million or 31% over the fourth quarter of
2007. Europe/Africa/CIS D&E operating income increased 16%,
benefiting from increased direct sales in Eurasia and Africa. Middle
East/Asia D&E operating income increased 88% over the fourth quarter of
2007, as a result of improvement in all product service lines, especially
drilling services. The fourth quarter of 2007 included a $34 million
impairment charge for a Bangladesh oil and gas property. North
America D&E operating income remained flat with higher demand for drill bits
in the United States and increased drilling activity in the United States land
and Canada markets balancing out declines in wireline services. Latin
America D&E operating income increased 84%, with higher demand for new
technology and drilling services throughout the region. In addition,
improvements in software sales and services and higher demand for fluid services
contributed to the increase.
Approximately
$1.8 billion remains available under the company’s share repurchase program, as
Halliburton did not purchase any shares of common stock in the fourth quarter of
2008.
-more-
Halliburton/Page
4
Technology
and Significant Achievements
Halliburton
made a number of advances in technology and growth.
|
·
|
Landmark
released SeisSpace™ R5000 software. The release addresses the needs of
both operators and contractors by delivering the time and depth domain
processing tools required to process and quality check large volumes of
seismic data and provide superior seismic images to interpretation teams.
The release also provides an open processing platform to support
proprietary technology and specialty processing
services.
|
|
·
|
Halliburton
entered into an agreement with Derrick Equipment Company to expand Baroid
Fluid Services’ offering of solids control equipment and services.
Derrick Equipment will serve as the exclusive supplier of a full range of
solids control products, including shale shakers, centrifuges, and screens
to Baroid.
|
|
·
|
Halliburton
announced a new, three-year contract with TOTAL E&P Indonesie to
provide specialized cased-hole services in support of the company's work
in Indonesia's Mahakam Delta. Halliburton is providing TOTAL with a full
suite of cased-hole technologies and services for use in the delta's
laminated reservoirs.
|
-more-
Halliburton/Page
5
Founded
in 1919, Halliburton is one of the world’s largest providers of products and
services to the energy industry. With more than 55,000 employees in
approximately 70 countries, the company serves the upstream oil and gas industry
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 through the life of the
field. Visit the company’s Web site 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 to differ materially from
the results expressed or implied by the statements. These risks and
uncertainties include, but are not limited to: consequences of audits and
investigations by domestic and foreign government agencies and legislative
bodies and related publicity, and of the prospective settlements of the DOJ and
SEC FCPA investigations; whether the prospective settlements of the DOJ and SEC
FCPA investigations will become effective; potential adverse proceedings by such
agencies; protection of intellectual property rights; compliance with
environmental laws; changes in government regulations and regulatory
requirements, particularly those related to radioactive sources, explosives, and
chemicals; compliance with laws related to income taxes and assumptions
regarding the generation of future taxable income; unsettled political
conditions, war, and the effects of terrorism, foreign operations, and foreign
exchange rates and controls; weather-related issues including the effects of
hurricanes and tropical storms; changes in capital spending by customers;
execution of long-term, fixed-price contracts; changes in the demand for or
price of oil and/or natural gas; impairment of oil and gas properties;
structural changes in the oil and natural gas industry; increased competition
for employees; availability of raw materials; and integration of acquired
businesses and operations of joint ventures. Halliburton's Form 10-K for the
year ended December 31, 2007, Form 10-Q for the period ended September 30, 2008,
recent Current Reports on Form 8-K, and other Securities and Exchange Commission
filings discuss some of the important risk factors identified that may affect
Halliburton’s business, results of operations, and financial
condition. Halliburton undertakes no obligation to revise or update
publicly any forward-looking statements for any reason.
-more-
Halliburton/Page
6
HALLIBURTON COMPANY
Condensed
Consolidated Statements of Operations
(Millions
of dollars and shares except per share data)
(Unaudited)
|
Three
Months Ended
|
||||||||||||
|
December
31
|
September
30
|
|||||||||||
|
2008
|
2007
|
2008
|
||||||||||
|
Revenue:
|
||||||||||||
|
Completion
and Production
|
$ | 2,643 | $ | 2,289 | $ | 2,664 | ||||||
|
Drilling
and Evaluation
|
2,267 | 1,890 | 2,189 | |||||||||
|
Total
revenue
|
$ | 4,910 | $ | 4,179 | $ | 4,853 | ||||||
|
Operating
income:
|
||||||||||||
|
Completion
and Production
|
$ | 659 | $ | 571 | $ | 660 | ||||||
|
Drilling
and Evaluation
|
529 | 403 | 472 | |||||||||
|
Corporate
and other
|
(25 | ) | (67 | ) | (81 | ) | ||||||
|
Total
operating income
|
1,163 | 907 | 1,051 | |||||||||
|
Interest
expense
|
(48 | ) | (36 | ) | (35 | ) | ||||||
|
Interest
income
|
4 | 24 | 6 | |||||||||
|
Other,
net (d)
|
(26 | ) | (2 | ) | (697 | )(c) | ||||||
|
Income
from continuing operations before income taxes
|
||||||||||||
|
and minority
interest
|
1,093 | 893 | 325 | |||||||||
|
Provision
for income taxes
|
(342 | ) | (212 | )(b) | (343 | ) | ||||||
|
Minority
interest in net income of subsidiaries
|
25 | (7 | ) | (3 | ) | |||||||
|
Income
(loss) from continuing operations
|
776 | 674 | (21 | ) | ||||||||
|
Income
(loss) from discontinued operations, net
|
(308 | )(a) | 16 | – | ||||||||
|
Net
income (loss)
|
$ | 468 | $ | 690 | $ | (21 | ) | |||||
|
Basic
income (loss) per share:
|
||||||||||||
|
Income
(loss) from continuing operations
|
$ | 0.87 | $ | 0.77 | $ | (0.02 | ) | |||||
|
Income
(loss) from discontinued operations, net
|
(0.34 | ) | 0.02 | – | ||||||||
|
Net
income (loss)
|
$ | 0.53 | $ | 0.79 | $ | (0.02 | ) | |||||
|
Diluted
income (loss) per share:
|
||||||||||||
|
Income
(loss) from continuing operations
|
$ | 0.87 | $ | 0.74 | $ | (0.02 | ) | |||||
|
Income
(loss) from discontinued operations, net
|
(0.34 | ) (a) | 0.01 | – | ||||||||
|
Net
income (loss)
|
$ | 0.53 | $ | 0.75 | $ | (0.02 | ) | |||||
|
Basic
weighted average common shares outstanding
|
888 | 875 | 876 | |||||||||
|
Diluted
weighted average common shares outstanding
|
890 | 916 | 876 | |||||||||
|
(a)
|
Loss
from discontinued operations, net in the fourth quarter of 2008 included a
$303 million, or $0.34 per diluted share, charge related to the
prospective settlements of the DOJ and SEC FCPA
investigations.
|
|
(b)
|
Provision
for income taxes included a $55 million, or $0.06 per diluted share,
favorable income tax impact in the fourth quarter of 2007 from the ability
to recognize the benefit of foreign tax credits previously thought not to
be fully utilizable.
|
|
(c)
|
Other,
net in the third quarter of 2008 included a $693 million, or $0.79 per
diluted share, non-tax deductible loss on the portion of the premium on
convertible debt settled in cash.
|
|
(d)
|
Includes,
among other things, foreign currency gains and
losses.
|
See
Footnote Table 1 for a list of significant items included in operating
income.
-more-
Halliburton/Page
7
HALLIBURTON
COMPANY
Condensed
Consolidated Statements of Operations
(Millions
of dollars and shares except per share data)
(Unaudited)
|
Year
Ended December 31
|
||||||||
|
2008
|
2007
|
|||||||
|
Revenue:
|
||||||||
|
Completion
and Production
|
$ | 9,935 | $ | 8,386 | ||||
|
Drilling
and Evaluation
|
8,344 | 6,878 | ||||||
|
Total
revenue
|
$ | 18,279 | $ | 15,264 | ||||
|
Operating
income:
|
||||||||
|
Completion
and Production
|
$ | 2,409 | $ | 2,199 | ||||
|
Drilling
and Evaluation
|
1,865 | 1,485 | ||||||
|
Corporate
and other
|
(264 | ) | (186 | ) | ||||
|
Total
operating income
|
4,010 | 3,498 | ||||||
|
Interest
expense
|
(160 | ) | (154 | ) | ||||
|
Interest
income
|
39 | 124 | ||||||
|
Other,
net (e)
|
(726 | )(a) | (8 | ) | ||||
|
Income
from continuing operations before income taxes
|
||||||||
|
and minority
interest
|
3,163 | 3,460 | ||||||
|
Provision
for income taxes
|
(1,211 | ) | (907 | )(c) | ||||
|
Minority
interest in net income of subsidiaries
|
9 | (29 | ) | |||||
|
Income
from continuing operations
|
1,961 | 2,524 | ||||||
|
Income
(loss) from discontinued operations, net
|
(423 | )(b) | 975 | (d) | ||||
|
Net
income
|
$ | 1,538 | $ | 3,499 | ||||
|
Basic
income (loss) per share:
|
||||||||
|
Income
from continuing operations
|
$ | 2.24 | $ | 2.76 | ||||
|
Income
(loss) from discontinued operations, net
|
(0.49 | ) | 1.07 | |||||
|
Net
income
|
$ | 1.75 | $ | 3.83 | ||||
|
Diluted
income (loss) per share:
|
||||||||
|
Income
from continuing operations
|
$ | 2.17 | $ | 2.66 | ||||
|
Income
(loss) from discontinued operations, net
|
(0.47 | )(b) | 1.02 | (d) | ||||
|
Net
income
|
$ | 1.70 | $ | 3.68 | ||||
|
Basic
weighted average common shares outstanding
|
877 | 913 | ||||||
|
Diluted
weighted average common shares outstanding
|
904 | 950 | ||||||
|
(a)
|
Other,
net in 2008 included a $693 million, or $0.77 per diluted share, non-tax
deductible loss on the portion of the premium on convertible debt settled
in cash.
|
|
(b)
|
Loss
from discontinued operations, net, in 2008, included $420 million in
charges, net of tax, or $0.46 per diluted share, related to adjustments of
the indemnities and guarantees provided to KBR, Inc. upon
separation.
|
|
(c)
|
Provision
for income taxes in 2007 included a $188 million, or $0.20 per diluted
share, favorable income tax impact from the ability to recognize the
benefit of foreign tax credits previously thought not to be fully
utilizable.
|
|
(d)
|
Income
from discontinued operations, net, in 2007 included a $933 million, or
$0.98 per diluted share, net gain on the separation of KBR,
Inc.
|
|
(e)
|
Includes,
among other things, foreign currency gains and
losses.
|
|
|
See
Footnote Table 1 for a list of significant items included in operating
income.
|
-more-
Halliburton/Page
8
HALLIBURTON
COMPANY
Condensed
Consolidated Balance Sheets
(Millions
of dollars)
(Unaudited)
|
December
31
|
||||||||
|
2008
|
2007
|
|||||||
|
Assets
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and investments in marketable securities
|
$ | 1,124 | $ | 2,235 | ||||
|
Receivables,
net
|
3,795 | 3,093 | ||||||
|
Inventories,
net
|
1,828 | 1,459 | ||||||
|
Other
current assets
|
664 | 786 | ||||||
|
Total
current assets
|
7,411 | 7,573 | ||||||
|
Property,
plant, and equipment, net
|
4,782 | 3,630 | ||||||
|
Goodwill
|
1,072 | 790 | ||||||
|
Other
assets
|
1,120 | 1,142 | ||||||
|
Total
assets
|
$ | 14,385 | $ | 13,135 | ||||
|
Liabilities
and Shareholders’ Equity
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$ | 898 | $ | 768 | ||||
|
Accrued
employee compensation and benefits
|
643 | 575 | ||||||
|
Other
current liabilities
|
1,240 | 1,068 | ||||||
|
Total
current liabilities
|
2,781 | 2,411 | ||||||
|
Long-term
debt
|
2,586 | 2,627 | ||||||
|
Other
liabilities
|
1,274 | 1,137 | ||||||
|
Total
liabilities
|
6,641 | 6,175 | ||||||
|
Minority
interest in consolidated subsidiaries
|
19 | 94 | ||||||
|
Shareholders’
equity
|
7,725 | 6,866 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 14,385 | $ | 13,135 | ||||
HALLIBURTON
COMPANY
Selected
Cash Flow Information
(Millions
of dollars)
|
|
(Unaudited)
|
|
Three
Months Ended
|
Year
Ended
|
|||||||||||||||
|
December
31
|
December
31
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
Capital
expenditures
|
$ | 519 | $ | 519 | $ | 1,824 | $ | 1,583 | ||||||||
|
Depreciation,
depletion, and amortization
|
$ | 203 | $ | 166 | $ | 738 | $ | 583 | ||||||||
-more-
Halliburton/Page
9
HALLIBURTON
COMPANY
Revenue
and Operating Income Comparison
By
Segment and Geographic Region
(Millions
of dollars)
(Unaudited)
|
Three
Months Ended
|
||||||||||||
|
December
31
|
September
30
|
|||||||||||
|
Revenue
by geographic region:
|
2008
|
2007
|
2008
|
|||||||||
|
Completion
and Production:
|
||||||||||||
|
North America
|
$ | 1,447 | $ | 1,206 | $ | 1,462 | ||||||
|
Latin America
|
283 | 205 | 300 | |||||||||
|
Europe/Africa/CIS
|
533 | 508 | 554 | |||||||||
|
Middle
East/Asia
|
380 | 370 | 348 | |||||||||
|
Total
|
2,643 | 2,289 | 2,664 | |||||||||
|
Drilling
and Evaluation:
|
||||||||||||
|
North America
|
795 | 662 | 784 | |||||||||
|
Latin America
|
389 | 285 | 347 | |||||||||
|
Europe/Africa/CIS
|
607 | 551 | 578 | |||||||||
|
Middle
East/Asia
|
476 | 392 | 480 | |||||||||
|
Total
|
2,267 | 1,890 | 2,189 | |||||||||
|
Total
revenue by region:
|
||||||||||||
|
North America
|
2,242 | 1,868 | 2,246 | |||||||||
|
Latin America
|
672 | 490 | 647 | |||||||||
|
Europe/Africa/CIS
|
1,140 | 1,059 | 1,132 | |||||||||
|
Middle
East/Asia
|
856 | 762 | 828 | |||||||||
|
Operating
income by geographic region (excluding Corporate and
other):
|
||||||||||||
|
Completion
and Production:
|
||||||||||||
|
North America
|
$ | 377 | $ | 335 | $ | 398 | ||||||
|
Latin America
|
60 | 48 | 73 | |||||||||
|
Europe/Africa/CIS
|
124 | 90 | 106 | |||||||||
|
Middle
East/Asia
|
98 | 98 | 83 | |||||||||
|
Total
|
659 | 571 | 660 | |||||||||
|
Drilling
and Evaluation:
|
||||||||||||
|
North America
|
162 | 162 | 171 | |||||||||
|
Latin America
|
92 | 50 | 61 | |||||||||
|
Europe/Africa/CIS
|
136 | 117 | 99 | |||||||||
|
Middle
East/Asia
|
139 | 74 | 141 | |||||||||
|
Total
|
529 | 403 | 472 | |||||||||
|
Total
operating income by region:
|
||||||||||||
|
North America
|
539 | 497 | 569 | |||||||||
|
Latin America
|
152 | 98 | 134 | |||||||||
|
Europe/Africa/CIS
|
260 | 207 | 205 | |||||||||
|
Middle
East/Asia
|
237 | 172 | 224 | |||||||||
See
Footnote Table 1 and Footnote Table 2 for a list of significant items included
in operating income.
-more-
Halliburton/Page
10
HALLIBURTON
COMPANY
Revenue
and Operating Income Comparison
By
Segment and Geographic Region
(Millions
of dollars)
(Unaudited)
|
Year
Ended December 31
|
||
|
Revenue
by geographic region:
|
2008
|
2007
|
|
Completion
and Production:
|
||
|
North America
|
$
5,348
|
$ 4,655
|
|
Latin America
|
1,084
|
756
|
|
Europe/Africa/CIS
|
2,065
|
1,767
|
|
Middle
East/Asia
|
1,438
|
1,208
|
|
Total
|
9,935
|
8,386
|
|
Drilling
and Evaluation:
|
||
|
North America
|
2,992
|
2,478
|
|
Latin America
|
1,341
|
1,042
|
|
Europe/Africa/CIS
|
2,281
|
1,933
|
|
Middle
East/Asia
|
1,730
|
1,425
|
|
Total
|
8,344
|
6,878
|
|
Total
revenue by region:
|
||
|
North America
|
8,340
|
7,133
|
|
Latin America
|
2,425
|
1,798
|
|
Europe/Africa/CIS
|
4,346
|
3,700
|
|
Middle
East/Asia
|
3,168
|
2,633
|
|
Operating
income by geographic region (excluding Corporate and
other):
|
||
|
Completion
and Production:
|
||
|
North America
|
$ 1,404
|
$ 1,404
|
|
Latin America
|
260
|
170
|
|
Europe/Africa/CIS
|
409
|
330
|
|
Middle
East/Asia
|
336
|
295
|
|
Total
|
2,409
|
2,199
|
|
Drilling
and Evaluation:
|
||
|
North America
|
701
|
552
|
|
Latin America
|
261
|
179
|
|
Europe/Africa/CIS
|
448
|
414
|
|
Middle
East/Asia
|
455
|
340
|
|
Total
|
1,865
|
1,485
|
|
Total
operating income by region:
|
||
|
North America
|
2,105
|
1,956
|
|
Latin America
|
521
|
349
|
|
Europe/Africa/CIS
|
857
|
744
|
|
Middle
East/Asia
|
791
|
635
|
See Footnote Table 1 and Footnote Table 2 for a list of significant items
included in operating income.
-more-
Halliburton/Page
11
FOOTNOTE
TABLE 1
HALLIBURTON
COMPANY
Items
Included in Operating Income
(Millions
of dollars except per share data)
(Unaudited)
|
Three
Months Ended
|
Three
Months Ended
|
Three
Months Ended
|
||||||||||||||||||||||
|
December
31, 2008
|
December
31, 2007
|
September
30, 2008
|
||||||||||||||||||||||
|
Operating
|
After
Tax
|
Operating
|
After
Tax
|
Operating
|
After
Tax
|
|||||||||||||||||||
|
Income
|
per
Share
|
Income
|
per
Share
|
Income
|
per
Share
|
|||||||||||||||||||
|
Drilling
and Evaluation:
|
||||||||||||||||||||||||
|
Impairment of oil and gas
property
|
$ | – | $ | – | $ | (34 | ) | $ | (0.02 | ) | $ | – | $ | – | ||||||||||
|
Corporate
and other:
|
||||||||||||||||||||||||
|
Acquisition-related
adjustment
|
– | – | – | – | (22 | ) | (0.02 | ) | ||||||||||||||||
|
Patent
settlement
|
35 | 0.02 | – | – | – | – | ||||||||||||||||||
|
Year
Ended
|
Year
Ended
|
|||||||||||||||
|
December
31, 2008
|
December
31, 2007
|
|||||||||||||||
|
Operating
|
After
Tax
|
Operating
|
After
Tax
|
|||||||||||||
|
Income
|
per
Share
|
Income
|
per
Share
|
|||||||||||||
|
Completion
and Production:
|
||||||||||||||||
|
Gain on sale of
investment
|
$ | 35 | $ | 0.02 | $ | – | $ | – | ||||||||
|
Drilling
and Evaluation:
|
||||||||||||||||
|
Charges for environmental
matters
|
– | – | (24 | ) | (0.02 | ) | ||||||||||
|
Impairment of oil and gas
property
|
(23 | ) | (0.02 | ) | (34 | ) | (0.02 | ) | ||||||||
|
Gain on sale of
investments
|
25 | 0.02 | – | – | ||||||||||||
|
Corporate
and other:
|
||||||||||||||||
|
Charges for environmental
matters
|
– | – | (8 | ) | – | |||||||||||
|
Gain on sale of
investment
|
– | – | 49 | 0.03 | ||||||||||||
|
Patent
settlements
|
5 | (a) | – | – | – | |||||||||||
|
Acquisition-related
adjustment
|
(22 | ) | (0.02 | ) | – | – | ||||||||||
|
|
(a)
|
Patent
settlements in 2008 included a $35 million gain in the fourth quarter of
2008 partially offset by a $30 million charge in the second quarter of
2008.
|
-more-
Halliburton/Page
12
FOOTNOTE
TABLE 2
HALLIBURTON
COMPANY
Items
Included in Operating Income by Geographic Region
(Millions
of dollars except per share data)
(Unaudited)
|
Three
Months Ended
|
Three
Months Ended
|
Three
Months Ended
|
||||||||||||||||||||||
|
December
31, 2008
|
December
31, 2007
|
September
30, 2008
|
||||||||||||||||||||||
|
Operating
|
After
Tax
|
Operating
|
After
Tax
|
Operating
|
After
Tax
|
|||||||||||||||||||
|
Income
|
per
Share
|
Income
|
per
Share
|
Income
|
per
Share
|
|||||||||||||||||||
|
Middle
East/Asia:
|
||||||||||||||||||||||||
|
Impairment of oil and gas
property
|
$ | – | $ | – | $ | (34 | ) | $ | (0.02 | ) | $ | – | $ | – | ||||||||||
|
Corporate
and other:
|
||||||||||||||||||||||||
|
Acquisition-related
adjustment
|
– | – | – | – | (22 | ) | (0.02 | ) | ||||||||||||||||
|
Patent
settlement
|
35 | 0.02 | – | – | – | – | ||||||||||||||||||
|
Year
Ended
|
Year
Ended
|
|||||||||||||||
|
December
31, 2008
|
December
31, 2007
|
|||||||||||||||
|
Operating
|
After
Tax
|
Operating
|
After
Tax
|
|||||||||||||
|
Income
|
per
Share
|
Income
|
per
Share
|
|||||||||||||
|
North
America:
|
||||||||||||||||
|
Charges for environmental
matters
|
$ | – | $ | – | $ | (24 | ) | $ | (0.02 | ) | ||||||
|
Gain on sale of
investments
|
60 | 0.04 | – | – | ||||||||||||
|
Middle
East/Asia:
|
||||||||||||||||
|
Impairment of oil and gas
property
|
(23 | ) | (0.02 | ) | (34 | ) | (0.02 | ) | ||||||||
|
Corporate
and other:
|
||||||||||||||||
|
Charges for environmental
matters
|
– | – | (8 | ) | – | |||||||||||
|
Gain on sale of
investment
|
– | – | 49 | 0.03 | ||||||||||||
|
Patent
settlements
|
5 | (a) | – | – | – | |||||||||||
|
Acquisition-related
adjustment
|
(22 | ) | (0.02 | ) | – | – | ||||||||||
|
|
(a)
|
Patent
settlements in 2008 included a $35 million gain in the fourth quarter of
2008 partially offset by a $30 million charge in the second quarter of
2008.
|
###
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
HALLIBURTON
COMPANY
|
||
|
Date: January
27, 2009
|
By:
|
/s/ Bruce A. Metzinger |
|
Bruce
A. Metzinger
|
||
|
Assistant
Secretary
|