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2017-01-24 21:45:00

HALLIBURTON NET LOSS $149 MLN

HALLIBURTON NET LOSS $149 MLN

HALLIBURTONHalliburton Company (NYSE:HAL) announced today a loss from continuing operations of $149 million, or $0.17 per diluted share, for the fourth quarter of 2016. Adjusted income from continuing operations for the fourth quarter of 2016, excluding impairments and other charges and a class action lawsuit settlement, was $35 million, or $0.04 per diluted share. This compares to income from continuing operations for the third quarter of 2016 of $6 million, or $0.01 per diluted share. Halliburton's total revenue in the fourth quarter of 2016 was $4.0 billion, which increased 5% from revenue of $3.8 billion in the third quarter of 2016. Reported operating income for the fourth quarter of 2016 was $53 million. Adjusted operating income for the fourth quarter of 2016 was $276 million, compared to operating income of $128 million for the third quarter of 2016, which did not include any impairments or other charges.

Total revenue for the full year of 2016 was $15.9 billion, a decrease of $7.7 billion, or 33%, from 2015. Reported operating loss for 2016 was $6.8 billion, compared to reported operating loss of $165 million for 2015. Excluding special items, adjusted operating income for 2016 was $690 million, compared to adjusted operating income of $2.3 billion for 2015. Both revenue and operating results declined due to the impact of lower commodity prices creating widespread pricing pressure and activity reductions on a global basis.

Commenting on 2016 results, Dave Lesar, Chairman and CEO said, "Despite the turbulent year for the energy industry, I am very pleased with our 2016 results. They show that we have executed in a challenging market.

"Guided by the lessons learned from past industry cycles, our strategy focused not only on managing costs but also on aligning our resources to strengthen our market position. We were able to reinforce the long-term health of our global business and position the company for growth as the market improves.

"For the fourth quarter, our total company revenue increased 5% sequentially, and our adjusted operating income doubled. We also generated over a billion dollars in cash flow from operations during the fourth quarter, demonstrating our attention to efficient working capital management.

"I am pleased to announce that we returned to operating profitability in North America this quarter, and achieved 65% incremental margins.

"We gained significant market share through the downturn, and as the market stabilized we leveraged this share to drive margin improvement. This market share improvement continued in the fourth quarter as we outgrew our primary competitor in North America, Latin America and the Eastern Hemisphere.

"Despite the positive sentiment surrounding the North American land market, it is important to remember that our world is still a tale of two cycles. The North America market appears to have rounded the corner, but the international downward cycle is still playing out.

"In the international markets, low commodity prices have stressed budgets and have impacted economics across deepwater and mature field markets, which led to decreased activity and pricing throughout 2016. Despite these headwinds, we maintained our margin in the Eastern Hemisphere for the fourth quarter. We do not expect to see an inflection in the international markets until the latter half of 2017.

"2016 was a year of transition, and as we move into 2017 our focus will be on driving industry leading returns. We will continue to maintain our financial flexibility, leverage our strong balance sheet to invest in our broad service portfolio and strengthen our long term market position," concluded Lesar.

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Earlier:

 HALLIBURTON NET LOSS $5.6 BLN
2016, October, 25, 18:35:00

HALLIBURTON NET LOSS $5.6 BLN

Total company revenue was flat at $3.8 billion, operating income was $128 million, and cash flow from operating activities for the third quarter was in excess of $1.0 billion. These results were driven primarily by increased utilization in North America, as well as effective global cost and working capital management.

 

 HALLIBURTON NET LOSS $3.21 BLN
2016, July, 26, 18:55:00

HALLIBURTON NET LOSS $3.21 BLN

“Our second quarter results showed resilience in the face of another challenging quarter marked by lower activity levels and continued pricing pressure around the globe,” said Dave Lesar, Chairman and CEO.

 

 HALLIBURTON VS U.S.: SENSELESSLY
2016, May, 5, 18:05:00

HALLIBURTON VS U.S.: SENSELESSLY

Halliburton’s chief executive has blamed an increasingly difficult US regulatory climate for the collapse of his company’s $28bn bid for rival Baker Hughes, which was abandoned on Sunday.

 

 HALLIBURTON NET LOSS $2.4 BLN
2016, May, 5, 18:00:00

HALLIBURTON NET LOSS $2.4 BLN

HOUSTON – May 3, 2016 - Halliburton Company (NYSE:HAL) announced that income from continuing operations for the first quarter of 2016 was $64 million, or $0.07 per diluted share, excluding special items. This compares to income from continuing operations for the fourth quarter of 2015 of $270 million, or $0.31 per diluted share, excluding special items. Adjusted operating income was $225 million in the first quarter of 2016, compared to adjusted operating income of $473 million in the fourth quarter of 2015. Halliburton's total revenue in the first quarter of 2016 was $4.2 billion, compared to $5.1 billion in the fourth quarter of 2015.

 

 HALLIBURTON & BAKER HUGHES TERMINATION
2016, May, 3, 15:10:00

HALLIBURTON & BAKER HUGHES TERMINATION

“While both companies expected the proposed merger to result in compelling benefits to shareholders, customers and other stakeholders, challenges in obtaining remaining regulatory approvals and general industry conditions that severely damaged deal economics led to the conclusion that termination is the best course of action,”

 

 HALLIBURTON CUTS 6,000 JOBS
2016, April, 24, 12:25:00

HALLIBURTON CUTS 6,000 JOBS

The company revenue in the first quarter fell to $4.2 billion, a 40 per cent decline from the first quarter of 2015. That’s in line with the average analyst estimate of $4.2 billion.

 

 HALLIBURTON & BAKER HUGHES CONTEST
2016, April, 8, 20:45:00

HALLIBURTON & BAKER HUGHES CONTEST

Halliburton Company (NYSE:HAL) and Baker Hughes Incorporated (NYSE:BHI) today announced that the companies intend to vigorously contest the U.S. Department of Justice's (DOJ) effort to block their pending merger. The companies believe that the DOJ has reached the wrong conclusion in its assessment of the transaction and that its action is counterproductive, especially in the context of the challenges the U.S. and global energy industry are currently experiencing.

 

 

Tags: HALLIBURTON

Chronicle:

HALLIBURTON NET LOSS $149 MLN
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

HALLIBURTON NET LOSS $149 MLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

HALLIBURTON NET LOSS $149 MLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

HALLIBURTON NET LOSS $149 MLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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