The surge in **Cash and equivalents** to **$2,618 million** in Q4 2024 was primarily driven by robust operating cash flows that generated **$3,865 million** in cash from operations during the year.  **[0000045012-25-000010_hal-20241231.htm:63]**  In addition, the company received **$223 million** from the sale of property, plant, and equipment.  **[0000045012-25-000010_hal-20241231.htm:63]**  These positive cash sources helped offset significant uses of cash, including **$1,442 million** in capital expenditures, **$1,005 million** in stock repurchases, **$600 million** in dividends, and **$100 million** in debt repayments, along with a **$127 million** impact from exchange rate fluctuations.  **[0000045012-25-000010_hal-20241231.htm:63]** 

Why did Cash and equivalents surge to 2,618 in Q4 2024?

The reduction in **long-term debt** to **$7,160 million** in Q4 2024 was driven by several factors. First, **debt repurchases** of **$100 million** were executed using cash on hand, which included considerations for principal, premiums, discounts, and accrued interest.  **[0000045012-25-000010_hal-20241231.htm:77]** **[0000045012-25-000007_hal_12312024-erex99.htm:1]**  Second, **$381 million** of long-term debt was reclassified as current maturities because it was due in 2025, further lowering the long-term balance.  **[0000045012-25-000010_hal-20241231.htm:77]** **[0000045012-25-000007_hal_12312024-erex99.htm:9]**  Additionally, the absence of new borrowings during the period contributed to this overall decrease.  **[0000045012-25-000010_hal-20241231.htm:77]** **[0000045012-25-000007_hal_12312024-erex99.htm:9]** 

What factors contributed to Long-term debt falling to 7,160 in Q4 2024?

The **Other current assets** increased to **1,607** in **Q4 2024**, but the documents explicitly state that they do not provide specific details or reasons for this jump.  **[0000045012-25-000010_hal-20241231.htm:62]** **[0000045012-25-000007_hal_12312024-erex99.htm:9]** 

What drove Other current assets to jump to 1,607 in Q4 2024?

ca8f715ccb088346015aef296b63f88761acca041f49ece0e13d89bbeffb919e

The sharp increase in operating cash flow in Q1 2024 was primarily driven by **two factors**. First, there was a significant reduction in the negative impact of working capital changes—from **$728 million** in Q1 2023 to **$341 million** in Q1 2024—which greatly improved overall cash flow. Second, there was an increase in non-cash adjustments, specifically depreciation, depletion, and amortization expenses, which rose from **$241 million** to **$263 million**. These changes together more than offset the slight decline in net income, resulting in a robust improvement in operating cash flow.  **[0000045012-24-000015_hal-20240331.htm:3]** **[0000045012-24-000012_hal_03312024-erex99.htm:6]** **[0000045012-24-000015_hal-20240331.htm:17]** 

What factors contributed to the sharp increase in Operating Cash Flow in Q1 2024?

7cf7ec4e979c8fd1a9376c919600a921159073c84e4974a64db196a25ef4bef6

The operating income in Q3 2024 was significantly lower primarily due to substantial pre-tax charges and revenue declines. **Halliburton recorded $116 million in pre-tax charges**, which included **$63 million in severance costs, $49 million impairment of assets held for sale, $35 million in cybersecurity incident expenses, and $12 million in other items**, partially offset by a **$43 million gain on a fair value adjustment of an equity investment**.  **[0000045012-24-000061_hal_09302024-erex99.htm:10]** **[0000045012-24-000061_hal_09302024-erex99.htm:11]** **[0000045012-24-000063_hal-20240930.htm:28]**  Additionally, a **2% decline in total revenue**—driven by lower activity in key segments such as Completion and Production and geographic weaknesses in North America and other regions—further contributed to the lower operating income.  **[0000045012-24-000063_hal-20240930.htm:19]** **[0000045012-24-000063_hal-20240930.htm:25]** 

Why was Operating Income so low in Q3 2024?

The increased negative **Other, net** in Q1 2024 was primarily driven by the **impairment of an investment in Argentina** and **currency devaluation in Egypt**, which together contributed to a significant expense increase over Q1 2023.  **[HAL_3380245_4]** **[0000045012-24-000015_hal-20240331.htm:4]** **[0000045012-24-000012_hal_03312024-erex99.htm:5]** 

What drove the increased negative Other, net in Q1 2024?

**In Q4 2024, Other, net turned negative primarily due to unfavorable foreign exchange movements in multiple currencies.  **[HAL_3413009_6]** **

Why did Other, net turn negative in Q4 2024?

The drop in **Income before income taxes** in Q3 2024 was due to several factors. First, **impairments and other charges** totaling **$116 million** (including severance costs, impairment of assets held for sale, and cybersecurity-related expenses) directly reduced earnings.  **[0000045012-24-000061_hal_09302024-erex99.htm:0]** **[0000045012-24-000061_hal_09302024-erex99.htm:1]**  Additionally, a slight **decline in revenue**—from **$5.8 billion in Q3 2023 to $5.7 billion in Q3 2024**—contributed to lower pretax profit, while **higher operating costs** (including a **$28 million SAP S4 upgrade expense**) further impacted earnings.  **[0000045012-24-000063_hal-20240930.htm:2]** **[0000045012-24-000061_hal_09302024-erex99.htm:0]** **[0000045012-24-000061_hal_09302024-erex99.htm:4]** **[0000045012-24-000061_hal_09302024-erex99.htm:1]**  Finally, **foreign exchange losses** totaling **$52 million** also played a role in the overall reduction in income.  **[HAL_3406579_6]** 

What contributed to the drop in Income before income taxes in Q3 2024?

Basic EPS declined in Q3 2024 primarily because of **lower revenue**, impacted by decreased activity in various regions and product lines, and a **cybersecurity event accompanied by storms** in the Gulf of Mexico that resulted in lost or delayed revenue, reducing per share earnings by approximately **$0.02**.  **[0000045012-24-000061_hal_09302024-erex99.htm:0]** **[HAL_3406579_5]** **[HAL_3406579_1]**  In addition, **higher expenses**—including **$35 million** incurred due to the cybersecurity incident—and a **pre-tax charge of $116 million** encompassing severance costs, asset impairments, and related expenses further negatively affected profitability. This combination of factors led to the decline in Basic EPS.  **[0000045012-24-000061_hal_09302024-erex99.htm:0]** **[HAL_3406579_5]** **[HAL_3406579_1]** **[0000045012-24-000061_hal_09302024-erex99.htm:1]** 

Why did Basic EPS decline in Q3 2024?

ecfbc4bcf45184156ae058969e0304464e44f466cb6ea1ff780e56334db29903

Revenue (USD, millions)

Operating Income (USD, millions)

Interest expense, net of interest income (USD, millions)

Other, net (USD, millions)

Income before income taxes (USD, millions)

Income tax provision (USD, millions)

Net income (USD, millions)

Net income attributable to noncontrolling interest (USD, millions)

Net income attributable to company (USD, millions)

Basic net income per share (USD)

Diluted net income per share (USD)

e0ed4befc58e8de1370101846c96da7bb4b1c5d464ee18e2b961f9b9da1cbc04

Cash and equivalents (USD, millions)

Receivables (net of allowances for credit losses) (USD, millions)

Inventories (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Property, plant, and equipment (net of accumulated depreciation) (USD, millions)

Goodwill (USD, millions)

Deferred income taxes (USD, millions)

Operating lease right-of-use assets (USD, millions)

Other assets (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued employee compensation and benefits (USD, millions)

Current maturities of long-term debt (USD, millions)

Current portion of operating lease liabilities (USD, millions)

Other current liabilities (USD, millions)

Total current liabilities (USD, millions)

Long-term debt (USD, millions)

Operating lease liabilities (USD, millions)

Employee compensation and benefits (USD, millions)

Other liabilities (USD, millions)

Total liabilities (USD, millions)

Company shareholders’ equity (USD, millions)

Noncontrolling interest in consolidated subsidiaries (USD, millions)

Total shareholders’ equity (USD, millions)

Total liabilities and shareholders’ equity (USD, millions)

4552650a1acab5dfeffa1b0e173c686af6bf8aa50bf71a4027252527d1c4a5a6

Net Income (USD, millions)

Depreciation, Depletion, and Amortization (USD, millions)

Impairments and Other Charges (USD, millions)

Other Operating Activities, changes in (USD, millions)

Total Cash Flows Provided by Operating Activities (USD, millions)

Capital Expenditures (USD, millions)

Purchases of Investment Securities (USD, millions)

Proceeds from Sales of Property, Plant, and Equipment (USD, millions)

Sales of Investment Securities (USD, millions)

Other Investing Activities (USD, millions)

Total Cash Flows Used in Investing Activities (USD, millions)

Stock Repurchase Program (USD, millions)

Dividends to Shareholders (USD, millions)

Other Financing Activities (USD, millions)

Total Cash Flows Used in Financing Activities (USD, millions)

Effect of Exchange Rate Changes on Cash (USD, millions)

Increase / (decrease) in Cash and Equivalents (USD, millions)

Cash and Equivalents at Beginning of Year (USD, millions)

Cash and Equivalents at End of Year (USD, millions)

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04f0bfe608bce90665976180b0cd66d33001c0dd82f2d910e324c2a1db49fec1

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

1da41626d8ca7120e15e01ebcda40bf5fbe9cf9099e740c44de91e9936dd2f29

1e7c84cf9cb5d48ff459ca2d99bd191726530d790d8971f91615ee63d67689be

Number of participating companies and alumni in Halliburton Labs (companies)

Average rig count for U.S. Land (rigs)

Average rig count for U.S. Offshore (rigs)

Average rig count for Canada (rigs)

Average rig count for North America (rigs)

Average rig count for International (rigs)

Average rig count for Worldwide total (rigs)

a47e7eb171274fae8ae7be921cdc95c84f2872f19b2f258f46df907e11836e2b

Completion and Production

Drilling and Evaluation

- Services

- Product Sales

Total Revenue

5ec4562db7323831b6867342f6b9916c206351175ddde48ab35cd8f242c26e5f

North America

Latin America

Europe/Africa/CIS

Middle East/Asia

6fdbdb3bb24da0a30c5aa00a02f0064ded6092c735eb8fbe5dd7922b15e54de9

HALLIBURTON (HAL)

Financials