Halliburton (NYSE:HAL) announced today that net income for the
second quarter of 2011 was $747 million, or $0.81 per diluted
share, excluding employee separation costs of $8 million,
after-tax, or $0.01 per diluted share. Reported net income for the
second quarter of 2011 was $739 million, or $0.80 per diluted
share. This compares to net income for the first quarter of 2011 of
$511 million, or $0.56 per diluted share. The first quarter of 2011
results were negatively impacted by $46 million, after-tax, or
$0.05 per diluted share, related primarily to reserving certain
assets as a result of political sanctions in Libya. Net income for
the second quarter of 2010 was $480 million, or $0.53 per diluted
share.
Halliburton’s consolidated revenue in the second quarter of 2011
was $5.9 billion, compared to $5.3 billion in the first quarter of
2011. Consolidated operating income was $1.2 billion in the second
quarter of 2011, compared to $814 million in the first quarter of
2011. These increases were primarily attributed to improved pricing
and equipment utilization in United States land, where nearly all
product service lines have benefited from the shift to
unconventional oil and liquids-rich basins. Consolidated revenue
and operating income were $4.4 billion and $762 million,
respectively, in the second quarter of 2010.
“I am extremely pleased with our second quarter results as total
revenue set yet another company record. North America continues to
deliver very strong growth in revenue and profitability, while
international profit recovered modestly. As a whole, our level of
operating margin was the highest it has been since 2008,” said Dave
Lesar, chairman, president, and chief executive officer.
“North America revenue grew by 16% sequentially compared to
United States rig activity growth of 6%, with incremental operating
margins of greater than 50% for both divisions. This was driven by
the execution of our North America growth strategy in liquids-rich
basins, and our customers’ continued adoption of our integrated
solutions.
“We have for some time expressed confidence in the strength of
the North America cycle, and our results this quarter validate our
positive view on the market. Strong crude prices, operators’
improved cash flows combined with their ability to access capital,
and the increasingly liquids-rich nature of the United States land
market, give us continued confidence in the strength of North
America through 2012.
“International revenue grew 8% from the prior quarter, with 18%
operating income growth, excluding the impact of Libya and employee
separation costs. Strong sequential operating income improvement
was driven by seasonal recovery in the North Sea and Russia as well
as improved activity in Latin America and Asia. However, the
shutdown in Libya, project delays in Iraq, mobilization costs in
Sub-Saharan Africa, and the sluggish market in the United Kingdom
and Algeria have impacted the pace of recovery for our
international results. In Europe, despite the employee separation
costs in the second quarter, increasing interest in shale
development gives us confidence in business prospects longer term.
We are now seeing some evidence that international pricing is
stabilizing and we believe that volume increases will result in
pricing improvements toward the end of the year.
“Robust growth in global energy demand supports the continuing
need to develop new hydrocarbon resources and provides us with
strong growth opportunities. We anticipate that the execution of
our strategy and our focus on the high growth segments of
deepwater, unconventional resources, and mature fields will result
in margin expansion in both our North America and international
business, and will support continued delivery of strong shareholder
returns,” concluded Lesar.
2011 Second Quarter Results
Completion and Production
Completion and Production (C&P) revenue in the second
quarter of 2011 was $3.6 billion, an increase of $446 million, or
14%, from the first quarter of 2011. Continued demand for
production enhancement services in the United States accounted for
the majority of this increase.
C&P operating income in the second quarter of 2011 was $918
million, an increase of $258 million, or 39%, over the first
quarter of 2011. Excluding the second quarter impact of employee
separation costs in the Eastern Hemisphere and the first quarter
impact of the charge for Libya, C&P operating income improved
$228 million, or 33%, from the first quarter of 2011. North America
C&P operating income increased $213 million compared to the
first quarter of 2011, primarily due to higher demand for
production enhancement services in the United States land market.
Latin America C&P operating income decreased $7 million, as
higher costs across South America offset higher activity levels in
Mexico and Brazil. Europe/Africa/CIS C&P operating income
improved due to seasonal recovery in the North Sea. Middle
East/Asia C&P operating income rose as higher activity across
all product service lines in Saudi Arabia and Australia offset
lower completion tools sales in Malaysia.
Drilling and Evaluation
Drilling and Evaluation (D&E) revenue in the second quarter
of 2011 was $2.3 billion, an increase of $207 million, or 10%, from
the first quarter of 2011, with all regions experiencing revenue
growth.
D&E operating income in the second quarter of 2011 was $324
million, an increase of $94 million, or 41%, from the first quarter
of 2011. Excluding the second quarter impact of employee separation
costs in the Eastern Hemisphere and the first quarter impact of the
charge for Libya, D&E operating income increased $76 million,
or 30%, from the first quarter of 2011. North America D&E
operating income increased $52 million compared to the first
quarter of 2011, with higher United States drilling activity both
onshore and in the Gulf of Mexico. Latin America D&E operating
income increased $12 million, primarily due to higher activity in
Brazil. Europe/Africa/CIS D&E operating income improved due to
higher seasonal demand for drilling services in the North Sea and
Russia which offset lower activity in Angola. Middle East/Asia
D&E operating income was flat, as higher direct sales in China
and Kuwait offset contract delays in Iraq.
Corporate and Other
During the second quarter of 2011, Halliburton invested an
additional $12 million in strategic projects aimed at improving
Halliburton’s operations and creating the opportunity for
competitive advantage for the company. These include a lower cost
service delivery model in North America and repositioning
technology, supply chain, and manufacturing infrastructure to
support projected international growth. Halliburton expects to
continue funding this effort throughout 2011.
Significant Recent Events and Achievements
- Halliburton was awarded a three-year
contract by Chevron to provide integrated services for shale
natural gas exploration in Poland. Under this contract, Halliburton
will provide directional drilling, mud logging, cementing, coiled
tubing, slickline, well testing, hydraulic fracturing, and
completion equipment and services. Halliburton’s Consulting and
Project Management team will support the project. Drilling is
scheduled to begin in the fourth quarter of 2011.
- Halliburton invests considerable time,
energy, and resources in engineering solutions that set new
standards for environmental safety – all while helping our
customers do more by using less. The CleanSuite™ services are the
latest in a long line of developments designed to reduce the
environmental footprint of hydraulic fracturing operations. Recent
achievements for CleanSuite™ technologies include the following:
- Halliburton and El Paso Corporation
announced that an El Paso-operated well in North Louisiana is the
first natural gas producing well to be completed using all three
Halliburton proprietary CleanSuite™ production enhancement
technologies for both hydraulic fracturing and water treatment.
More than four million gallons of CleanStim® hydraulic fracturing
fluid, comprised of ingredients sourced from the food industry,
were utilized to enhance the well and resulted in faster production
of natural gas. Nearly 4.8 million gallons of water were treated
through Halliburton’s CleanStream® process, which uses UV light
instead of additives to control bacteria in water. Another one
million gallons of produced water was recycled for use in the well
through the CleanWave™ system, significantly reducing the need for
freshwater.
- Halliburton's CleanWave™ water
treatment technology was recognized with the Spotlight on New
Technology Award at the 2011 Offshore Technology Conference. The
awards program is designed to showcase the latest and most advanced
technologies that are leading the industry into the future. Year to
date, we have treated over 47 million gallons of fracture flowback
water or produced water with this technology.
- Deepwater is the most challenging and
expensive environment in which our customers operate. Recent
technological developments by Halliburton that help improve our
customers’ economics by providing more effective reservoir
performance information include:
- DynaLink® – Halliburton’s proven,
two-way wireless acoustic telemetry system – now has the added
capability to control downhole test tools from the surface during
drillstem testing operations while transmitting real-time
bottomhole pressure and temperature data. This data, along with
acoustic actuation of test tools, provides operators the benefit of
changing the pre-defined well testing program based on reservoir
response while testing. This technology was recently deployed
successfully in deepwater wells in Mexico and Brazil.
- The 4 Phase Vertical Test Separator is
another step change improvement in deepwater well testing. First,
the system eliminates the need for traditionally bulky and costly
sand-handling equipment and the inherent operational difficulties
associated with it. Second, it streamlines rig operations by
eliminating costly rig time associated with the removal of produced
solids. The Halliburton 4 Phase Vertical Test Separator recently
demonstrated noteworthy time and cost savings for an operator in
Brazil.
- Realm Energy International Corporation
has contracted Halliburton’s Consulting and Project Management team
to work with Realm Energy to significantly expand the technical
evaluation and ranking of the highest-potential shale deposits
found in emerging prospective basins globally. Realm Energy and
Halliburton’s Consulting and Project Management team began their
collaboration in 2009 with an emphasis on European basins. During
this initial effort 10 discrete sedimentary basins in four European
countries were targeted for evaluation. The collaboration
identified key prospect trends, and Realm has now successfully
acquired 650,000 gross acres and has filed government applications
for 4.4 million acres of contiguous tracts over significant shale
resources.
Founded in 1919, Halliburton is one of the world’s largest
providers of products and services to the energy industry. With
over 60,000 employees in approximately 80 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: results of litigation and investigations; actions by
third parties, including governmental agencies; changes in the
demand for or price of oil and/or natural gas can be significantly
impacted by weakness in the worldwide economy; consequences of
audits and investigations by domestic and foreign government
agencies and legislative bodies and related publicity and potential
adverse proceedings by such agencies; indemnification and insurance
matters; protection of intellectual property rights; compliance
with environmental laws; changes in government regulations and
regulatory requirements, particularly those related to offshore oil
and gas exploration, radioactive sources, explosives, chemicals,
hydraulic fracturing services and climate-related initiatives;
compliance with laws related to income taxes and assumptions
regarding the generation of future taxable income; risks of
international operations, including risks relating to unsettled
political conditions, war, the effects of terrorism, and foreign
exchange rates and controls, and doing business with national oil
companies; weather-related issues, including the effects of
hurricanes and tropical storms; changes in capital spending by
customers; delays or failures by customers to make payments owed to
us; execution of long-term, fixed-price contracts; impairment of
oil and gas properties; structural changes in the oil and natural
gas industry; maintaining a highly skilled workforce; 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, 2010, Form 10-Q for the quarter ended March 31,
2011, 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.
HALLIBURTON COMPANY
Condensed Consolidated Statements of
Operations
(Millions of dollars and shares except per
share data)
(Unaudited)
Three Months Ended June 30 March 31
2011 2010 2011
Revenue: Completion and Production
$ 3,618 $
2,393 $ 3,172 Drilling and Evaluation
2,317 1,994
2,110
Total revenue $
5,935 $ 4,387 $
5,282
Operating income: Completion and Production
$ 918 $ 497 $ 660 Drilling and Evaluation
324
318 230 Corporate and other
(81
) (53 ) (76 )
Total operating income 1,161
762 814
Interest expense, net of interest income
of $2, $3, and $1
(63 ) (76 ) (69 ) Other, net
(5 ) (9 )
(4 ) Income from continuing operations before income taxes
1,093 677 741 Provision for income taxes
(352 ) (200 )
(229 ) Income from continuing operations
741
477 512 Income (loss) from discontinued operations, net
– 6
(1 ) Net income
$ 741 $ 483 $ 511
Noncontrolling interest in net income of subsidiaries
(2 ) (3 )
–
Net income attributable to company
$ 739 $ 480
$ 511
Amounts attributable to company
shareholders: Income from continuing operations
$
739 $ 474 $ 512 Income (loss) from discontinued operations,
net
– 6
(1 )
Net income attributable to
company $ 739
$ 480 $ 511
Basic income per share
attributable to company shareholders: Income from
continuing operations
$ 0.81 $ 0.52 $ 0.56 Income
(loss) from discontinued operations, net
– 0.01
–
Net income per share $
0.81 $ 0.53 $ 0.56
Diluted income per share attributable to company
shareholders: Income from continuing operations
$
0.80 $ 0.52 $ 0.56 Income (loss) from discontinued
operations, net
–
0.01 –
Net income per
share $ 0.80 $
0.53 $ 0.56 Basic weighted average
common shares outstanding
916 906 914 Diluted weighted
average common shares outstanding
921
909 919
See Footnote Table 1 for a list of significant items included in
operating income.
HALLIBURTON COMPANY
Condensed Consolidated Statements of
Operations
(Millions of dollars and shares except per
share data)
(Unaudited)
Six Months Ended June 30
2011
2010
Revenue: Completion and Production
$ 6,790 $ 4,357 Drilling and Evaluation
4,427 3,791
Total revenue $ 11,217
$ 8,148
Operating income: Completion
and Production
$ 1,578 $ 735 Drilling and Evaluation
554 588 Corporate and other
(157
) (112 )
Total operating income
1,975 1,211
Interest expense, net of interest income of $3 and $6
(132 ) (152 ) Other, net
(9 ) (49 )(a) Income from
continuing operations before income taxes
1,834 1,010
Provision for income taxes
(581
) (321 )(b) Income from continuing
operations
1,253 689 Income (loss) from discontinued
operations, net
(1 )
1 Net income
$ 1,252 $ 690
Noncontrolling interest in net income of subsidiaries
(2 ) (4 )
Net income
attributable to company $ 1,250
$ 686
Amounts attributable to
company shareholders: Income from continuing operations
$ 1,251 $ 685 Income (loss) from discontinued
operations, net
(1 )
1
Net income attributable to company
$ 1,250 $ 686
Basic income per share attributable to company
shareholders: Income from continuing operations
$
1.37 $ 0.76 Income (loss) from discontinued operations, net
– –
Net income per share $
1.37 $ 0.76
Diluted income
per share attributable to company shareholders: Income
from continuing operations
$ 1.36 $ 0.75 Income
(loss) from discontinued operations, net
– 0.01
Net income per
share $ 1.36 $
0.76 Basic weighted average common shares outstanding
915 906 Diluted weighted average common shares outstanding
920 908
(a) Includes, among other items, a $31 million
non-tax deductible, foreign currency loss associated with the
devaluation of the Venezuelan Bolívar Fuerte. (b) Includes $10
million of additional tax expense for local Venezuelan income tax
purposes as a result of a taxable gain created by the devaluation
of the Bolívar Fuerte on Halliburton’s net United States
dollar-denominated monetary assets and liabilities in Venezuela.
See Footnote Table 2 for a list of significant items included in
operating income.
HALLIBURTON COMPANY
Condensed Consolidated Balance Sheets
(Millions of dollars)
(Unaudited)
June 30 December 31
2011 2010
Assets
Current assets: Cash and equivalents
$ 1,438 $
1,398 Receivables, net
4,448 3,924 Inventories, net
2,235 1,940 Investments in marketable securities
451
653 Other current assets
968
971
Total current assets 9,540 8,886
Property, plant, and equipment, net
7,626 6,842
Goodwill
1,369 1,315 Other assets
1,421 1,254
Total assets
$ 19,956 $ 18,297
Liabilities and Shareholders’ Equity Current
liabilities: Accounts payable
$ 1,554 $ 1,139
Accrued employee compensation and benefits
706 716 Other
current liabilities
906
902
Total current liabilities 3,166 2,757
Long-term debt
3,824 3,824 Other liabilities
1,308 1,329
Total
liabilities 8,298 7,910 Company’s shareholders’
equity
11,642 10,373 Noncontrolling interest in consolidated
subsidiaries
16 14
Total shareholders’ equity
11,658 10,387
Total liabilities and
shareholders’ equity $ 19,956
$ 18,297
HALLIBURTON COMPANY
Condensed Consolidated Statements of Cash
Flows
(Millions of dollars)
(Unaudited)
Six Months Ended June 30
2011
2010
Cash flows from operating activities: Net income
$ 1,252 $ 690
Adjustments to reconcile net income to net
cash flows from operating activities:
Depreciation, depletion, and amortization
651 533 Payments
related to KBR TSKJ matters
(6 ) (94 ) Other,
primarily working capital
(509 )
(321 )
Total cash flows from operating activities
1,388 808
Cash flows from investing activities: Capital expenditures
(1,423 ) (855 ) Sales of marketable securities
701 550 Purchases of marketable securities
(501
) (1,182 ) Other
(20 )
(108 )
Total cash flows from investing activities
(1,243 ) (1,595 )
Cash flows from financing activities: Payments of dividends
to shareholders
(165 ) (163 ) Other
80 45
Total cash flows from
financing activities (85 )
(118 ) Effect of exchange rate changes on cash
(20 ) (17 ) Increase (decrease)
in cash and equivalents
40 (922 ) Cash and equivalents at
beginning of period
1,398
2,082
Cash and equivalents at end of period
$ 1,438 $ 1,160
HALLIBURTON COMPANY
Revenue and Operating Income
Comparison
By Segment and Geographic Region
(Millions of dollars)
(Unaudited)
Three Months Ended June 30 March 31
Revenue
by geographic region: 2011
2010 2011 Completion and Production: North America
$ 2,588 $ 1,434 $ 2,221 Latin America
268 212
240 Europe/Africa/CIS
415 459 401 Middle East/Asia
347 288
310 Total
3,618
2,393 3,172 Drilling and
Evaluation: North America
857 677 761 Latin America
419 355 372 Europe/Africa/CIS
554 522 510 Middle
East/Asia
487 440
467 Total
2,317 1,994 2,110
Total revenue by region: North America
3,445 2,111
2,982 Latin America
687 567 612 Europe/Africa/CIS
969
981 911 Middle East/Asia
834
728 777
Operating income (loss) by geographic region (excluding
Corporate and other):
Completion and Production: North America
$ 827 $ 310 $ 614 Latin America
29 34 36
Europe/Africa/CIS
15 95 (26 ) Middle East/Asia
47 58 36
Total
918
497 660 Drilling and Evaluation: North
America
170 131 118 Latin America
52 55 40
Europe/Africa/CIS
53 53 22 Middle East/Asia
49 79 50
Total
324
318 230 Total operating income (loss)
by region: North America
997 441 732 Latin America
81
89 76 Europe/Africa/CIS
68 148 (4 ) Middle East/Asia
96 137
86
See Footnote Table 1 for a list of significant items included in
operating income.
See Footnote Table 3 for adjusted operating income excluding
separation costs and Libya reserve.
HALLIBURTON COMPANY
Revenue and Operating Income
Comparison
By Segment and Geographic Region
(Millions of dollars)
(Unaudited)
Six Months Ended June 30
Revenue by geographic
region: 2011 2010 Completion
and Production: North America
$ 4,809 $ 2,559 Latin
America
508 414 Europe/Africa/CIS
816 844 Middle
East/Asia
657
540 Total
6,790
4,357 Drilling and Evaluation: North America
1,618 1,256 Latin America
791 648 Europe/Africa/CIS
1,064 1,057 Middle East/Asia
954
830 Total
4,427 3,791 Total by revenue by
region: North America
6,427 3,815 Latin America
1,299
1,062 Europe/Africa/CIS
1,880 1,901 Middle East/Asia
1,611 1,370
Operating income (loss) by geographic region
(excluding Corporate and other):
Completion and Production: North America
$
1,441 $ 447 Latin America
65 63 Europe/Africa/CIS
(11 ) 134 Middle East/Asia
83 91 Total
1,578 735 Drilling and
Evaluation: North America
288 224 Latin America
92 72
Europe/Africa/CIS
75 144 Middle East/Asia
99 148 Total
554 588 Total
operating income by region: North America
1,729 671 Latin
America
157 135 Europe/Africa/CIS
64 278 Middle
East/Asia
182
239
See Footnote Table 2 for a list of significant items included in
operating income.
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
June 30, 2011 June 30, 2010 March 31, 2011 Operating After
Tax Operating After Tax Operating After Tax
Income per Share Income
per Share Income per Share Completion and
Production: Europe/Africa/CIS Employee separation costs $ (5 ) $
(0.01 ) $ – $ – $ – $ – Libya reserve – – – – (36 ) (0.03 ) Middle
East/Asia Employee separation costs (1 )
– – –
– – Drilling and
Evaluation: Europe/Africa/CIS Employee separation costs (4 ) – – –
– – Libya reserve – – – – (23 ) (0.02 ) Middle East/Asia Employee
separation costs (1 ) –
– – –
–
FOOTNOTE TABLE 2
HALLIBURTON COMPANY
Items Included in Operating Income
(Millions of dollars except per
share data)
(Unaudited)
Six Months Ended Six Months Ended June 30, 2011 June 30,
2010 Operating After Tax Operating After Tax
Income per Share Income per Share
Completion and Production: Europe/Africa/CIS Employee separation
costs $ (5 ) $ (0.01 ) $ – $ – Libya reserve (36 ) (0.03 ) – –
Middle East/Asia Employee separation costs (1
) – – –
Drilling and Evaluation: Europe/Africa/CIS Employee separation
costs (4 ) – – – Libya reserve (23 ) (0.02 ) – – Middle East/Asia
Employee separation costs (1 ) –
– –
FOOTNOTE TABLE 3
HALLIBURTON COMPANY
Adjusted Operating Income Excluding
Separation Costs and Libya Reserve
By Segment and Geographic Region
(Millions of dollars)
(Unaudited)
Three Months Ended June 30 March 31
Adjusted operating income by geographic region: (a) (b)
2011 2010 2011
Completion and Production: North
America
$ 827 $ 310 $ 614 Latin America
29 34
36 Europe/Africa/CIS
20 95 10 Middle East/Asia
48 58 36
Total
924 497
696 Drilling and Evaluation: North America
170 131 118 Latin America
52 55 40 Europe/Africa/CIS
57 53 45 Middle East/Asia
50
79 50 Total
329 318 253
Adjusted operating income by region: North America
997 441
732 Latin America
81 89 76 Europe/Africa/CIS
77 148
55 Middle East/Asia
98
137 86 (a) Management believes
that operating income adjusted for employee separation costs in the
Eastern Hemisphere and a charge to recognize doubtful accounts
receivable with the Libyan national oil companies and inventory
that we believe has been compromised in the unrest is useful to
investors to assess and understand operating performance,
especially when comparing current results with previous periods or
forecasting performance for future periods, primarily because
management views the excluded items to be outside of the Company’s
normal operating results. Management analyzes operating income
without the impact of the employee separation costs in the Eastern
Hemisphere and Libya reserve as an indicator of ongoing operating
performance, to identify underlying trends in the business, and to
establish segment and region operational goals. The adjustment
removes the effect of these expenses. (b) Adjusted operating income
for each segment and region is calculated as: “Operating income”
less “Items Included in Operating Income.”
FOOTNOTE TABLE 4
HALLIBURTON COMPANY
Reconciliation of As Reported Results to
Adjusted Results
(Millions of dollars)
(Unaudited)
Three Months Ended June 30, 2011
As reported net income attributable to company $ 739 Employee
separation costs, net of tax (a) 8 Adjusted
net income attributable to company (a) $ 747
As reported diluted weighted average common shares outstanding 921
As reported net income per diluted share (b) $ 0.80 Adjusted
net income per diluted share (b) $ 0.81 (a)
Management believes that net income adjusted for employee
separation costs in the Eastern Hemisphere is useful to investors
to assess and understand operating performance, especially when
comparing current results with previous periods or forecasting
performance for future periods, primarily because management views
the excluded item to be outside of the Company’s normal operating
results. Management analyzes net income without the impact of the
employee separation costs in the Eastern Hemisphere as an indicator
of performance, to identify underlying trends in the business, and
to establish operational goals. The adjustment removes the effect
of the expense. Adjusted net income is calculated as: “As reported
net income attributable to company” plus “Employee separation
costs, net of tax.” (b) As reported net income per diluted share is
calculated as: “As reported net income attributable to company”
divided by “As reported diluted weighted average common shares
outstanding.” Adjusted net income per diluted share is calculated
as: “Adjusted net income attributable to company” divided by “As
reported diluted weighted average common shares outstanding.”
Conference Call Details
Halliburton (NYSE:HAL) will host a conference call on Monday,
October 17, 2011, to discuss the third quarter 2011 financial
results. The call will begin at 8:00 AM Central Time (9:00 AM
Eastern Time).
Halliburton’s second quarter press release will be posted on the
Halliburton Web site at www.halliburton.com. Please visit the Web
site to listen to the call live via webcast. In addition, you may
participate in the call by telephone at (703) 639-1306. A passcode
is not required. Attendees should log-in to the webcast or dial-in
approximately 15 minutes prior to the call’s start time.
A replay of the conference call will be available on
Halliburton’s Web site for seven days following the call. Also, a
replay may be accessed by telephone at (888) 266-2081, passcode
1526921.
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