HALLIBURTON REPORTS $1.7 BILLION LOSS IN Q4 2019

Halliburton Company announced a net loss of $1.7 billion for the fourth quarter of 2019. This compares to net income for the third quarter of 2019 of $295 million. Adjusted net income for the fourth quarter of 2019, excluding impairments and other charges, was $285 million. Halliburton's total revenue in the fourth quarter of 2019 was $5.2 billion, a 6% decrease from revenue of $5.6 billion in the third quarter of 2019. Reported operating loss was $1.7 billion during the fourth quarter of 2019, compared to operating income of $536 million in the third quarter of 2019. Adjusted operating income for the fourth quarter of 2019, excluding impairments and other charges, was $546 million, a 2% increase sequentially.
Total revenue for the full year of 2019 was $22.4 billion, a decrease of $1.6 billion, or 7%, from 2018. Reported operating loss for 2019 was $448 million, compared to a reported operating income of $2.5 billion for 2018. Excluding impairments and other charges, adjusted operating income for 2019 was $2.1 billion, compared to adjusted operating income of $2.7 billion for 2018. “I am pleased with how Halliburton executed for the fourth quarter and the full year. We optimized our performance in North America as the market softened, and our international business grew for the second year in a row,” commented Jeff Miller, Chairman, President and CEO. “We delivered over $900 million of free cash flow for the full year 2019, demonstrating our ability to generate consistent free cash flow throughout different business environments. “International revenue increased 10% sequentially in the fourth quarter of 2019. It also grew 10% on a full year basis, outpacing the international rig count. For the full year, revenue increased in all international regions and in both our divisions. “In 2020, we expect our international growth to continue. Increased activity, disciplined capital allocation, pricing improvements, and our ability to compete for a larger share of high-margin services should lead to improvement in our international margins in 2020.
“Our North America revenue decreased 21% sequentially in the fourth quarter and 18% for the full year as a result of reduced customer activity and pricing, and our decision to focus on returns over growth. We took swift actions in the fourth quarter making structural changes to adjust to the current market environment.
“2020 opens a new decade and a new century for Halliburton. We will continue to focus on delivering margin expansion, industry-leading returns and strong free cash flow,”
concluded Miller.
(Source: Halliburton)

INDIA: BP AND RELIANCE TO DEVELOP BLOCK KGD6 GAS FIELDS

June 16, 2017

Reliance Industries Limited (RIL) and BP announced that they are moving forward to develop already-discovered deepwater gas fields, bringing new gas production...

Read More+
SOVCOMFLOT ICEBREAKING VESSEL NAMED STEPAN MAKAROV

June 16, 2017

On 15 June 2017, the naming ceremony took place for a new multifunctional icebreaking standby vessel (IBSBV) built to order for SCF Group. The vessel was...

Read More+
SemGroup TO ACQUIRE HOUSTON FUEL OIL TERMINAL

June 16, 2017

SemGroup Corporation has executed a definitive agreement to acquire Houston Fuel Oil Terminal Company (HFOTCO), one of the largest oil terminals in the...

Read More+
FIFTH WELL AT VLADIMIR FILANOVSKY

June 15, 2017

Russian Lukoil has completed the construction and commissioning of the fifth production well at Vladimir Filanovsky offshore field in the Caspian Sea and...

Read More+
SEITEL AND SCHLUMBERGER FORM STRATEGIC ALLIANCE IN MEXICO

June 15, 2017

Schlumberger and Seitel today announced a strategic multiclient alliance to reimage and acquire new geophysical data in key areas across onshore Mexico....

Read More+
PNG: SUCCESSFUL TEST OF MURUK-1

June 15, 2017

Exxon Mobil Corporation announced positive production well test results from the Muruk 1 sidetrack 3 well in the Papua New Guinea North Highlands located...

Read More+
WESTINGHOUSE UNVEILS EnCore NUCLEAR FUEL

June 15, 2017

Westinghouse Electric Company today formally launched its accident-tolerant fuel solution, EnCore Fuel. The announcement was made during the company’s...

Read More+
FIRST SHIP-TO-SHIP BUNKERING FOR ENGIE ZEEBRUGGE

June 14, 2017

The bunkering vessel ENGIE Zeebrugge performed in the port of Zeebrugge, Belgium, its first deliveries of LNG as a marine fuel to M/V AUTO ECO and M/V...

Read More+
SENEX STARTS PHASE 2 DRILLING ON WESTERN SURAT GAS PROJECT

June 14, 2017

Senex Energy has commenced its Phase 2 drilling campaign in the Surat Basin on its flagship Western Surat Gas Project. The campaign involves the drilling...

Read More+
ENI PROPOSES TO DRILL IN THE BEAUFORT SEA

June 14, 2017

The US Bureau of Ocean Energy Management (BOEM) announced that Eni US Operating Co. has met the regulatory requirements for its Beaufort Sea exploration...

Read More+
GAZPROM NEFT TO COOPERATE WITH HELMERICH & PAYNE

June 14, 2017

Gazprom Neft has concluded a long-term partnership memorandum on oil and gas projects in Russia with American oil services company Helmerich & Payne...

Read More+
NEL HYDROGEN INTO $53 MILLION AGREEMENT IN FRANCE

June 13, 2017

Oslo based NEL Hydrogen, a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy,...

Read More+