- Reported net loss of $1.91 per diluted share
- Adjusted net income of $0.05 per diluted share, excluding
impairments and other charges
- Cash flow from operating activities of $598 million and free
cash flow of $456 million
Halliburton Company (NYSE: HAL) announced today a net loss of
$1.7 billion, or $1.91 per diluted share, for the second quarter of
2020. This compares to a net loss for the first quarter of 2020 of
$1.0 billion, or $1.16 per diluted share. Adjusted net income for
the second quarter of 2020, excluding impairments and other
charges, was $46 million, or $0.05 per diluted share. This compares
to adjusted net income for the first quarter of 2020, excluding
impairments and other charges and a loss on the early
extinguishment of debt, of $270 million, or $0.31 per diluted
share. Halliburton's total revenue in the second quarter of 2020
was $3.2 billion, a 37% decrease from revenue of $5.0 billion in
the first quarter of 2020. Reported operating loss was $1.9 billion
in the second quarter of 2020 compared to reported operating loss
of $571 million in the first quarter of 2020. Excluding impairments
and other charges, adjusted operating income was $236 million in
the second quarter of 2020, a 53% decrease from adjusted operating
income of $502 million in the first quarter of 2020.
“Halliburton’s second quarter performance in a tough market
shows we can execute quickly and aggressively to deliver solid
financial results and free cash flow despite a severe drop in
global activity. Our results demonstrate a significant and
sustainable reset to the power of our business to generate positive
earnings and free cash flow,” commented Jeff Miller, Chairman,
President and CEO.
“Total company revenue was $3.2 billion and adjusted operating
income was $236 million. Despite the market headwinds, the margin
performance of our Completion and Production and Drilling and
Evaluation divisions and the $456 million of positive free cash
flow generated this quarter show the speed and effectiveness of our
aggressive cost actions.
“We have an excellent
international business, an efficient North America service delivery
improvement strategy, a disciplined capital allocation approach,
and a committed and competitive team. Our continued deployment of
leading digital technologies will drive efficiency and cost
reductions for our customers and Halliburton.
“Halliburton is charting a
fundamentally different course. The strategic actions we are taking
will further boost our earnings power and ability to generate free
cash flow as we power into and win the eventual recovery,”
concluded Miller.
Operating Segments
Completion and Production
Completion and Production revenue in the second quarter of 2020
was $1.7 billion, a decrease of $1.3 billion, or 44%, when compared
to the first quarter of 2020, while operating income was $159
million, a decrease of $186 million, or 54%. These declines were
driven by a decrease in pressure pumping activity globally,
primarily in U.S. land and Latin America, coupled with lower
artificial lift activity in U.S. land. This was partially offset by
improved completion tool sales internationally.
Drilling and Evaluation
Drilling and Evaluation revenue in the second quarter of 2020
was $1.5 billion, a decrease of $551 million, or 27%, when compared
to the first quarter of 2020, while operating income was $127
million, a decrease of $90 million, or 41%. This decline was
primarily due to a global reduction in drilling-related services
and lower software sales internationally.
Geographic Regions
North America
North America revenue in the second quarter of 2020 was $1.0
billion, a 57% decrease when compared to the first quarter of 2020.
This decline was driven by reduced activity in U.S. land, primarily
associated with pressure pumping, well construction, artificial
lift, and wireline activity, coupled with reduced activity across
multiple product service lines in the Gulf of Mexico.
International
International revenue in the second quarter of 2020 was $2.1
billion, a 17% decrease when compared to the first quarter of 2020,
primarily driven by reduced pressure pumping and drilling-related
activity across all regions, partially offset by improved
completion tool sales.
Latin America revenue in the second quarter of 2020 was $346
million, a 33% decrease sequentially, resulting primarily from
decreased activity across multiple product service lines in
Argentina, Colombia and Brazil, and lower software sales in
Mexico.
Europe/Africa/CIS revenue in the second quarter of 2020 was $691
million, a 17% decrease sequentially, resulting primarily from
reduced well construction and pressure pumping activity, and lower
software sales across the region. These reductions were partially
offset by increased fluids activity and completion tool sales in
Norway and improved cementing activity and completion tool sales in
Russia.
Middle East/Asia revenue in the second quarter of 2020 was $1.1
billion, a 10% decrease sequentially, largely resulting from
reduced activity across the majority of product service lines in
the Middle East, Malaysia and India, partially offset by improved
drilling activity and completion tool sales in China and
Kuwait.
Other Financial Items
Halliburton recognized $2.1 billion of pre-tax impairments and
other charges to further adjust its cost structure to current
market conditions. These charges consisted primarily of non-cash
asset impairments, mainly associated with pressure pumping
equipment and real estate, as well as inventory write-offs,
severance, and other costs.
Selective Technology &
Highlights
- Halliburton and TechnipFMC introduced Odassea™, the world’s
first distributed acoustic sensing solution for subsea wells. The
technology platform enables operators to execute intervention-less
seismic imaging and reservoir diagnostics to reduce total cost of
ownership while improving reservoir knowledge. Halliburton provides
the fiber optic sensing technology, completions and analysis for
reservoir diagnostics. TechnipFMC provides the optical connectivity
from the topside to the completions. The Odassea platform
strengthens digital capabilities in subsea reservoir monitoring and
production optimization.
- Halliburton, Microsoft and Accenture announced a five-year
strategic agreement to advance Halliburton’s digital capabilities
in Microsoft Azure. Under the agreement, Halliburton will complete
the move to cloud-based digital platforms and strengthen our
customer offerings by enhancing real-time platforms for expanded
remote operations; improving analytics capability utilizing machine
learning and artificial intelligence; and accelerating the
deployment of new technology and applications for overall system
reliability and security.
- Halliburton launched DynaTrac™ Real-Time Wireless Depth
Correlation System, a new technology that reduces uncertainty and
saves rig time by enabling operators to accurately position
packers, perforating guns and the bottom-hole assembly without
running wireline or moving the work string.
- Halliburton introduced SPECTRUM® e-IP, the industry’s first
electrically operated inflatable packer. It provides precision and
reliability for the placement of selective treatments, such as
acidizing, water shut off, sand consolidation, and remedial
integrity. This is especially relevant in the current market
conditions, to increase the well performance in existing assets.
The platform is digitally enabled to provide data acquisition,
interpretation, and real-time control.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest
providers of products and services to the energy industry. With
more than 40,000 employees, representing 140 nationalities in more
than 80 countries, the company helps its customers maximize value
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 throughout the life of the asset. Visit the
company’s website at www.halliburton.com. Connect with Halliburton
on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-looking
Statements
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: the
severity and duration of the COVID-19 pandemic, related economic
repercussions and the resulting negative impact on demand for oil
and gas; the current significant surplus in the supply of oil and
the ability of the OPEC+ countries to agree on and comply with
supply limitations; the duration and magnitude of the unprecedented
disruption in the oil and gas industry currently resulting from the
impact of the foregoing factors, which is negatively impacting our
business; operational challenges relating to the COVID-19 pandemic
and efforts to mitigate the spread of the virus, including
logistical challenges, protecting the health and well-being of our
employees, remote work arrangements, performance of contracts and
supply chain disruptions; the continuation or suspension of our
stock repurchase program, the amount, the timing and the trading
prices of Halliburton common stock, and the availability and
alternative uses of cash; changes in the demand for or price of oil
and/or natural gas; potential catastrophic events related to our
operations, and related indemnification and insurance matters;
protection of intellectual property rights and against
cyber-attacks; compliance with environmental laws; changes in
government regulations and regulatory requirements, particularly
those related to oil and natural 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,
foreign exchange rates and controls, international trade and
regulatory controls and sanctions, 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 and the resulting impact on our liquidity; execution of
long-term, fixed-price contracts; structural changes and
infrastructure issues in the oil and natural gas industry;
maintaining a highly skilled workforce; availability and cost of
raw materials; agreement with respect to and completion of
potential dispositions, acquisitions and integration and success of
acquired businesses and operations of joint ventures. Halliburton's
Form 10-K for the year ended December 31, 2019, Form 10-Q for the
quarter ended March 31, 2020, 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
2020
2019
2020
Revenue:
Completion and Production
$
1,672
$
3,805
$
2,962
Drilling and Evaluation
1,524
2,125
2,075
Total revenue
$
3,196
$
5,930
$
5,037
Operating income (loss):
Completion and Production
$
159
$
470
$
345
Drilling and Evaluation
127
145
217
Corporate and other
(50
)
(65
)
(60
)
Impairments and other charges (a)
(2,147
)
(247
)
(1,073
)
Total operating income (loss)
(1,911
)
303
(571
)
Interest expense, net
(124
)
(144
)
(134
)
Loss on early extinguishment of debt
(b)
—
—
(168
)
Other, net
(48
)
(8
)
(23
)
Income (loss) before income
taxes
(2,083
)
151
(896
)
Income tax benefit (provision) (c)
402
(74
)
(119
)
Net income (loss)
$
(1,681
)
$
77
$
(1,015
)
Net (income) loss attributable to
noncontrolling interest
5
(2
)
(2
)
Net income (loss) attributable to
company
$
(1,676
)
$
75
$
(1,017
)
Basic and diluted net income (loss) per
share
$
(1.91
)
$
0.09
$
(1.16
)
Basic weighted average common shares
outstanding
877
874
878
Diluted weighted average commons shares
outstanding
877
875
878
(a) See Footnote Table 1 for details of
the 2020 impairments and other charges. During the three months
ended June 30, 2019, Halliburton recognized a pre-tax charge of
$247 million primarily related to asset impairments and severance
costs.
(b) During the three months ended March
31, 2020, Halliburton recognized a $168 million loss on
extinguishment of debt related to the early redemption of $1.5
billion aggregate principal amount of senior notes.
(c) The tax benefit (provision) includes
the tax effect on impairments and other charges recorded during the
respective periods. Additionally, during the three months ended
March 31, 2020, based on current market conditions and the expected
impact on the Company's business, Halliburton recognized a $310
million tax expense associated with a valuation allowance on its
deferred tax assets.
See Footnote Table 1 for Reconciliation of
As Reported Operating Loss to Adjusted Operating Income.
See Footnote Table 2 for Reconciliation of
As Reported Net Loss to Adjusted Net Income.
HALLIBURTON COMPANY
Condensed Consolidated Statements
of Operations
(Millions of dollars and shares
except per share data)
(Unaudited)
Six Months Ended
June 30
2020
2019
Revenue:
Completion and Production
$
4,634
$
7,467
Drilling and Evaluation
3,599
4,200
Total revenue
$
8,233
$
11,667
Operating income (loss):
Completion and Production
$
504
$
838
Drilling and Evaluation
344
268
Corporate and other
(110
)
(130
)
Impairments and other charges (a)
(3,220
)
(308
)
Total operating income (loss)
(2,482
)
668
Interest expense, net
(258
)
(287
)
Loss on early extinguishment of debt
(b)
(168
)
—
Other, net
(71
)
(38
)
Income (loss) before income
taxes
(2,979
)
343
Income tax benefit (provision) (c)
283
(114
)
Net income (loss)
$
(2,696
)
$
229
Net (income) loss attributable to
noncontrolling interest
3
(2
)
Net income (loss) attributable to
company
$
(2,693
)
$
227
Basic and diluted net income (loss) per
share
$
(3.07
)
$
0.26
Basic and diluted weighted average commons
shares outstanding
877
874
(a) See Footnote Table 1 for details of
the 2020 impairments and other charges. During the six months ended
June 30, 2019, Halliburton recognized a pre-tax charge of $308
million primarily related to asset impairments and severance
costs.
(b) During the six months ended June 30,
2020, Halliburton recognized a $168 million loss on extinguishment
of debt related to the early redemption of $1.5 billion aggregate
principal amount of senior notes.
(c) The tax benefit (provision) includes
the tax effect on impairments and other charges recorded during the
respective periods. Additionally, during the six months ended June
30, 2020, based on current market conditions and the expected
impact on the Company's business, Halliburton recognized a $310
million tax expense associated with a valuation allowance on its
deferred tax assets.
See Footnote Table 1 for Reconciliation of
As Reported Operating Loss to Adjusted Operating Income.
See Footnote Table 2 for Reconciliation of
As Reported Net Loss to Adjusted Net Income.
HALLIBURTON COMPANY
Condensed Consolidated Balance
Sheets
(Millions of dollars)
(Unaudited)
June 30
December 31
2020
2019
Assets
Current assets:
Cash and equivalents
$
1,811
$
2,268
Receivables, net
3,345
4,577
Inventories
2,745
3,139
Other current assets
1,198
1,228
Total current assets
9,099
11,212
Property, plant and equipment, net
5,156
7,310
Goodwill
2,801
2,812
Deferred income taxes
2,034
1,683
Operating lease right-of-use assets
750
931
Other assets
1,264
1,429
Total assets
$
21,104
$
25,377
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
1,708
$
2,432
Accrued employee compensation and
benefits
486
604
Current portion of operating lease
liabilities
212
208
Current maturities of long-term debt
188
11
Other current liabilities
1,500
1,623
Total current liabilities
4,094
4,878
Long-term debt
9,638
10,316
Operating lease liabilities
779
825
Employee compensation and benefits
511
525
Other liabilities
886
808
Total liabilities
15,908
17,352
Company shareholders’ equity
5,189
8,012
Noncontrolling interest in consolidated
subsidiaries
7
13
Total shareholders’ equity
5,196
8,025
Total liabilities and shareholders’
equity
$
21,104
$
25,377
HALLIBURTON COMPANY
Condensed Consolidated Statements
of Cash Flows
(Millions of dollars)
(Unaudited)
Six Months Ended
Three Months Ended
June 30
June 30
2020
2019
2020
Cash flows from operating
activities:
Net income (loss)
$
(2,696
)
$
229
$
(1,681
)
Adjustments to reconcile net income (loss)
to cash flows from operating activities:
Impairments and other charges
3,220
308
2,147
Depreciation, depletion and
amortization
599
836
251
Deferred income tax benefit, continuing
operations
(353
)
(47
)
(429
)
Working capital (a)
296
(755
)
496
Other operating activities
(243
)
(164
)
(186
)
Total cash flows provided by (used in)
operating activities
823
407
598
Cash flows from investing
activities:
Capital expenditures
(355
)
(845
)
(142
)
Proceeds from sales of property, plant and
equipment
122
87
53
Other investing activities
(48
)
(53
)
(27
)
Total cash flows provided by (used in)
investing activities
(281
)
(811
)
(116
)
Cash flows from financing
activities:
Payments on long-term borrowings
(1,653
)
(12
)
(2
)
Proceeds from issuance of long-term debt,
net
994
—
—
Dividends to shareholders
(198
)
(314
)
(40
)
Stock repurchase program
(100
)
(100
)
—
Other financing activities
20
18
8
Total cash flows provided by (used in)
financing activities
(937
)
(408
)
(34
)
Effect of exchange rate changes on
cash
(62
)
(20
)
(22
)
Increase (decrease) in cash and
equivalents
(457
)
(832
)
426
Cash and equivalents at beginning of
period
2,268
2,008
1,385
Cash and equivalents at end of
period
$
1,811
$
1,176
$
1,811
(a) Working capital includes receivables,
inventories and accounts payable.
See Footnote Table 3 for Reconciliation of
Cash Flows from Operating Activities to Free Cash Flow.
HALLIBURTON COMPANY
Revenue and Operating Income
(Loss) Comparison
By Operating Segment and
Geographic Region
(Millions of dollars)
(Unaudited)
Three Months Ended
June 30
March 31
Revenue
2020
2019
2020
By operating segment:
Completion and Production
$
1,672
$
3,805
$
2,962
Drilling and Evaluation
1,524
2,125
2,075
Total revenue
$
3,196
$
5,930
$
5,037
By geographic region:
North America
$
1,049
$
3,327
$
2,460
Latin America
346
571
516
Europe/Africa/CIS
691
823
831
Middle East/Asia
1,110
1,209
1,230
Total revenue
$
3,196
$
5,930
$
5,037
Operating Income
(Loss)
By operating segment:
Completion and Production
$
159
$
470
$
345
Drilling and Evaluation
127
145
217
Total
286
615
562
Corporate and other
(50
)
(65
)
(60
)
Impairments and other charges
(2,147
)
(247
)
(1,073
)
Total operating income (loss)
$
(1,911
)
$
303
$
(571
)
See Footnote Table 1 for Reconciliation of
As Reported Operating Loss to Adjusted Operating Income.
HALLIBURTON COMPANY
Revenue and Operating Income
(Loss) Comparison
By Operating Segment and
Geographic Region
(Millions of dollars)
(Unaudited)
Six Months Ended
June 30
Revenue
2020
2019
By operating segment:
Completion and Production
$
4,634
$
7,467
Drilling and Evaluation
3,599
4,200
Total revenue
$
8,233
$
11,667
By geographic region:
North America
$
3,509
$
6,602
Latin America
862
1,158
Europe/Africa/CIS
1,522
1,571
Middle East/Asia
2,340
2,336
Total revenue
$
8,233
$
11,667
Operating Income
(Loss)
By operating segment:
Completion and Production
$
504
$
838
Drilling and Evaluation
344
268
Total
848
1,106
Corporate and other
(110
)
(130
)
Impairments and other charges
(3,220
)
(308
)
Total operating income (loss)
$
(2,482
)
$
668
FOOTNOTE TABLE 1
HALLIBURTON COMPANY
Reconciliation of As Reported
Operating Loss to Adjusted Operating Income
(Millions of dollars)
(Unaudited)
Three Months Ended
June 30, 2020
March 31, 2020
As reported operating loss
$
(1,911
)
$
(571
)
Impairments and other charges:
Long-lived asset impairments
1,252
1,016
Inventory costs and write-downs
494
—
Severance
241
32
Other
160
25
Total impairments and other charges
(a)
2,147
1,073
Adjusted operating income (b)
$
236
$
502
(a)
During the three months ended June 30,
2020, Halliburton recognized a pre-tax charge of $2.1 billion
primarily related to non-cash impairments of long-lived assets
associated with pressure pumping equipment and real estate, as well
as inventory write-offs, severance costs, and other charges. During
the three months ended March 31, 2020, Halliburton recognized a
pre-tax charge of $1.1 billion, primarily related to non-cash
impairments of long-lived assets, mainly associated with pressure
pumping equipment, as well as severance costs and other
charges.
(b)
Management believes that operating loss
adjusted for impairments and other charges for the three months
ended June 30, 2020 and March 31, 2020 is useful to investors to
assess and understand operating performance, especially when
comparing those results with previous and subsequent 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 these items as an indicator of performance,
to identify underlying trends in the business, and to establish
operational goals. The adjustments remove the effect of these
items. Adjusted operating income is calculated as: “As reported
operating loss” plus "Total impairments and other charges" for the
respective periods.
FOOTNOTE TABLE 2
HALLIBURTON COMPANY
Reconciliation of As Reported Net
Loss to Adjusted Net Income
(Millions of dollars and shares
except per share data)
(Unaudited)
Three Months Ended
June 30, 2020
March 31, 2020
As reported net loss attributable to
company
$
(1,676
)
$
(1,017
)
Adjustments:
Impairments and other charges
2,147
1,073
Noncontrolling interest equipment
impairments
(7
)
—
Loss on early extinguishment of debt
—
168
Total adjustments, before taxes
2,140
1,241
Tax provision (benefit) (a)
(418
)
46
Total adjustments, net of taxes (b)
1,722
1,287
Adjusted net income attributable to
company (b)
$
46
$
270
As reported diluted weighted average
common shares outstanding (c)
877
878
Adjusted diluted weighted average common
shares outstanding (c)
878
881
As reported net loss per diluted share
(d)
$
(1.91
)
$
(1.16
)
Adjusted net income per diluted share
(d)
$
0.05
$
0.31
(a)
During the three months ended March 31,
2020, Halliburton recognized a $310 million tax expense associated
with a valuation allowance on its deferred tax assets based on
current market conditions and the expected impact on the Company's
business. Additionally, the tax provision (benefit) in the table
above includes the tax effect of the loss on early extinguishment
of debt during the three months ended March 31, 2020 and the tax
effect on impairments and other charges during the respective
periods.
(b)
Management believes that net loss adjusted
for impairments and other charges, along with the associated
noncontrolling interest, and the loss on early extinguishment of
debt is useful to investors to assess and understand operating
performance, especially when comparing those results with previous
and subsequent 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 net income without the impact of these items as an
indicator of performance to identify underlying trends in the
business and to establish operational goals. Total adjustments
remove the effect of these items. Adjusted net income attributable
to company is calculated as: “As reported net loss attributable to
company” plus "Total adjustments, net of taxes" for the three
months ended June 30, 2020 and March 31, 2020.
(c)
For the three months ended June 30, 2020
and March 31, 2020, as reported diluted weighted average common
shares outstanding excludes one million and three million shares,
respectively, associated with stock-based compensation plans as the
impact is antidilutive since Halliburton's reported income
attributable to company was in a loss position during each period.
When adjusting income attributable to company in the periods for
the adjustments discussed above, these shares become dilutive.
(d)
As reported net loss per diluted share is
calculated as: "As reported net loss 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
"Adjusted diluted weighted average common shares outstanding."
FOOTNOTE TABLE 3
HALLIBURTON COMPANY
Reconciliation of Cash Flows from
Operating Activities to Free Cash Flow
(Millions of dollars)
(Unaudited)
Six Months Ended
Three Months Ended
June 30, 2020
June 30, 2019
June 30, 2020
Total cash flows provided by (used in)
operating activities
$
823
$
407
$
598
Capital expenditures
(355
)
(845
)
(142
)
Free cash flow (a)
$
468
$
(438
)
$
456
(a)
Management believes that free cash flow,
which is defined as “Total cash flows provided by (used in)
operating activities” less “Capital expenditures,” is useful to
investors to assess and understand liquidity, especially when
comparing results with previous and subsequent periods. Management
views free cash flow as a key measure of liquidity in the company's
business.
Conference Call Details
Halliburton Company (NYSE: HAL) will host a conference call on
Monday, July 20, 2020, to discuss its second quarter 2020 financial
results. The call will begin at 8:00 AM Central Time (9:00 AM
Eastern Time).
Please visit the website to listen to the call via live webcast.
You may also participate in the call by dialing (844) 358-9181
within North America or +1 (478) 219-0188 outside of North America.
A passcode is not required. Attendees should log in to the webcast
or dial in approximately 15 minutes prior to the start of the
call.
A replay of the conference call will be available on
Halliburton’s website until July 27, 2020. Also, a replay may be
accessed by telephone at (855) 859-2056 within North America or +1
(404) 537-3406 outside of North America, using the passcode
4673833.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200720005097/en/
For Investors: Abu Zeya Halliburton, Investor Relations
Investors@Halliburton.com 281-871-2688
For Media: Emily Mir Halliburton, Public Relations
PR@Halliburton.com 281-871-2601
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