Yes
|
[X]
|
No
|
[ ]
|
Yes
|
[X]
|
No
|
[ ]
|
|
Large accelerated filer
|
[X]
|
Accelerated filer
|
[ ]
|
|
Non-accelerated filer
|
[ ]
|
Smaller reporting company
|
[ ]
|
Yes
|
[ ]
|
No
|
[X]
|
|
|
Page No.
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
Millions of dollars and shares except per share data
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
||||||||
Services
|
|
$
|
5,670
|
|
|
$
|
4,727
|
|
|
$
|
11,094
|
|
|
$
|
8,918
|
|
Product sales
|
|
1,564
|
|
|
1,208
|
|
|
3,008
|
|
|
2,299
|
|
||||
Total revenue
|
|
7,234
|
|
|
5,935
|
|
|
14,102
|
|
|
11,217
|
|
||||
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of services
|
|
4,638
|
|
|
3,659
|
|
|
9,171
|
|
|
7,087
|
|
||||
Cost of sales
|
|
1,328
|
|
|
1,050
|
|
|
2,572
|
|
|
2,020
|
|
||||
General and administrative
|
|
67
|
|
|
65
|
|
|
135
|
|
|
135
|
|
||||
Total operating costs and expenses
|
|
6,033
|
|
|
4,774
|
|
|
11,878
|
|
|
9,242
|
|
||||
Operating income
|
|
1,201
|
|
|
1,161
|
|
|
2,224
|
|
|
1,975
|
|
||||
Interest expense, net of interest income of $2, $2, $4, and $3
|
|
(80
|
)
|
|
(63
|
)
|
|
(154
|
)
|
|
(132
|
)
|
||||
Other, net
|
|
(17
|
)
|
|
(5
|
)
|
|
(24
|
)
|
|
(9
|
)
|
||||
Income from continuing operations before income taxes
|
|
1,104
|
|
|
1,093
|
|
|
2,046
|
|
|
1,834
|
|
||||
Provision for income taxes
|
|
(357
|
)
|
|
(352
|
)
|
|
(661
|
)
|
|
(581
|
)
|
||||
Income from continuing operations
|
|
747
|
|
|
741
|
|
|
1,385
|
|
|
1,253
|
|
||||
Income (loss) from discontinued operations, net of income tax (provision) benefit of $(3), $1, $2, and $1
|
|
(8
|
)
|
|
—
|
|
|
(16
|
)
|
|
(1
|
)
|
||||
Net income
|
|
$
|
739
|
|
|
$
|
741
|
|
|
$
|
1,369
|
|
|
$
|
1,252
|
|
Noncontrolling interest in net income of subsidiaries
|
|
(2
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(2
|
)
|
||||
Net income attributable to company
|
|
$
|
737
|
|
|
$
|
739
|
|
|
$
|
1,364
|
|
|
$
|
1,250
|
|
Amounts attributable to company shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
745
|
|
|
$
|
739
|
|
|
$
|
1,380
|
|
|
$
|
1,251
|
|
Loss from discontinued operations, net
|
|
(8
|
)
|
|
—
|
|
|
(16
|
)
|
|
(1
|
)
|
||||
Net income attributable to company
|
|
$
|
737
|
|
|
$
|
739
|
|
|
$
|
1,364
|
|
|
$
|
1,250
|
|
Basic income per share attributable to company shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
0.81
|
|
|
$
|
0.81
|
|
|
$
|
1.50
|
|
|
$
|
1.37
|
|
Loss from discontinued operations, net
|
|
(0.01
|
)
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
||||
Net income per share
|
|
$
|
0.80
|
|
|
$
|
0.81
|
|
|
$
|
1.48
|
|
|
$
|
1.37
|
|
Diluted income per share attributable to company shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from continuing operations
|
|
$
|
0.80
|
|
|
$
|
0.80
|
|
|
$
|
1.49
|
|
|
$
|
1.36
|
|
Loss from discontinued operations, net
|
|
(0.01
|
)
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
||||
Net income per share
|
|
$
|
0.79
|
|
|
$
|
0.80
|
|
|
$
|
1.47
|
|
|
$
|
1.36
|
|
Cash dividends per share
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
Basic weighted average common shares outstanding
|
|
924
|
|
|
916
|
|
|
923
|
|
|
915
|
|
||||
Diluted weighted average common shares outstanding
|
|
926
|
|
|
921
|
|
|
926
|
|
|
920
|
|
||||
See notes to condensed consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
Millions of dollars
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net income
|
|
$
|
739
|
|
|
$
|
741
|
|
|
$
|
1,369
|
|
|
$
|
1,252
|
|
Other comprehensive income, net of income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Defined benefit and other postretirement plans adjustments
|
|
$
|
6
|
|
|
$
|
(1
|
)
|
|
$
|
14
|
|
|
$
|
(1
|
)
|
Other
|
|
(1
|
)
|
|
2
|
|
|
(2
|
)
|
|
4
|
|
||||
Other comprehensive income, net of income taxes
|
|
5
|
|
|
1
|
|
|
12
|
|
|
3
|
|
||||
Comprehensive income
|
|
$
|
744
|
|
|
$
|
742
|
|
|
$
|
1,381
|
|
|
$
|
1,255
|
|
Comprehensive income attributable to noncontrolling interest
|
|
(2
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(2
|
)
|
||||
Comprehensive income attributable to company shareholders
|
|
$
|
742
|
|
|
$
|
740
|
|
|
$
|
1,376
|
|
|
$
|
1,253
|
|
See notes to condensed consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
June 30,
2012 |
|
December 31,
2011 |
||||
Millions of dollars and shares except per share data
|
|
(Unaudited)
|
|
|
||||
Assets
|
||||||||
Current assets:
|
|
|
|
|
||||
Cash and equivalents
|
|
$
|
2,172
|
|
|
$
|
2,698
|
|
Receivables (less allowance for bad debts of $117 and $137)
|
|
5,674
|
|
|
5,084
|
|
||
Inventories
|
|
3,297
|
|
|
2,570
|
|
||
Other current assets
|
|
1,391
|
|
|
1,225
|
|
||
Total current assets
|
|
12,534
|
|
|
11,577
|
|
||
Property, plant, and equipment, net of accumulated depreciation of $7,514 and $7,096
|
|
9,363
|
|
|
8,492
|
|
||
Goodwill
|
|
1,986
|
|
|
1,776
|
|
||
Other assets
|
|
1,688
|
|
|
1,832
|
|
||
Total assets
|
|
$
|
25,571
|
|
|
$
|
23,677
|
|
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
2,113
|
|
|
$
|
1,826
|
|
Accrued employee compensation and benefits
|
|
789
|
|
|
862
|
|
||
Other current liabilities
|
|
1,538
|
|
|
1,433
|
|
||
Total current liabilities
|
|
4,440
|
|
|
4,121
|
|
||
Long-term debt
|
|
4,820
|
|
|
4,820
|
|
||
Employee compensation and benefits
|
|
512
|
|
|
534
|
|
||
Other liabilities
|
|
1,238
|
|
|
986
|
|
||
Total liabilities
|
|
11,010
|
|
|
10,461
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
|
||
Common shares, par value $2.50 per share - authorized 2,000 shares, issued 1,073 shares
|
|
2,683
|
|
|
2,683
|
|
||
Paid-in capital in excess of par value
|
|
424
|
|
|
455
|
|
||
Accumulated other comprehensive loss
|
|
(261
|
)
|
|
(273
|
)
|
||
Retained earnings
|
|
16,077
|
|
|
14,880
|
|
||
Treasury stock, at cost - 147 and 152 shares
|
|
(4,383
|
)
|
|
(4,547
|
)
|
||
Company shareholders’ equity
|
|
14,540
|
|
|
13,198
|
|
||
Noncontrolling interest in consolidated subsidiaries
|
|
21
|
|
|
18
|
|
||
Total shareholders’ equity
|
|
14,561
|
|
|
13,216
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
25,571
|
|
|
$
|
23,677
|
|
See notes to condensed consolidated financial statements.
|
|
|
|
|
|
|
Six Months Ended
June 30 |
||||||
Millions of dollars
|
|
2012
|
|
2011
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
1,369
|
|
|
$
|
1,252
|
|
Adjustments to reconcile net income to net cash flows from operating activities:
|
|
|
|
|
|
|
||
Depreciation, depletion, and amortization
|
|
791
|
|
|
651
|
|
||
Loss contingency for Macondo well incident
|
|
300
|
|
|
—
|
|
||
Other changes:
|
|
|
|
|
|
|
||
Inventories
|
|
(724
|
)
|
|
(290
|
)
|
||
Receivables
|
|
(602
|
)
|
|
(583
|
)
|
||
Accounts payable
|
|
289
|
|
|
397
|
|
||
Other
|
|
(288
|
)
|
|
(39
|
)
|
||
Total cash flows from operating activities
|
|
1,135
|
|
|
1,388
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Capital expenditures
|
|
(1,651
|
)
|
|
(1,423
|
)
|
||
Sales of marketable securities
|
|
200
|
|
|
701
|
|
||
Purchases of marketable securities
|
|
(100
|
)
|
|
(501
|
)
|
||
Other investing activities
|
|
34
|
|
|
(20
|
)
|
||
Total cash flows from investing activities
|
|
(1,517
|
)
|
|
(1,243
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Dividends to shareholders
|
|
(167
|
)
|
|
(165
|
)
|
||
Other financing activities
|
|
25
|
|
|
80
|
|
||
Total cash flows from financing activities
|
|
(142
|
)
|
|
(85
|
)
|
||
Effect of exchange rate changes on cash
|
|
(2
|
)
|
|
(20
|
)
|
||
Increase (decrease) in cash and equivalents
|
|
(526
|
)
|
|
40
|
|
||
Cash and equivalents at beginning of period
|
|
2,698
|
|
|
1,398
|
|
||
Cash and equivalents at end of period
|
|
$
|
2,172
|
|
|
$
|
1,438
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||
Cash payments during the period for:
|
|
|
|
|
|
|
||
Interest
|
|
$
|
146
|
|
|
$
|
136
|
|
Income taxes
|
|
$
|
897
|
|
|
$
|
536
|
|
See notes to condensed consolidated financial statements.
|
|
|
|
|
|
-
|
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and
|
|
-
|
the reported amounts of revenue and expenses during the reporting period.
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
Millions of dollars
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
||||||||
Completion and Production
|
|
$
|
4,460
|
|
|
$
|
3,618
|
|
|
$
|
8,750
|
|
|
$
|
6,790
|
|
Drilling and Evaluation
|
|
2,774
|
|
|
2,317
|
|
|
5,352
|
|
|
4,427
|
|
||||
Total revenue
|
|
$
|
7,234
|
|
|
$
|
5,935
|
|
|
$
|
14,102
|
|
|
$
|
11,217
|
|
Operating income:
|
|
|
|
|
|
|
|
|
||||||||
Completion and Production
|
|
$
|
914
|
|
|
$
|
918
|
|
|
$
|
1,950
|
|
|
$
|
1,578
|
|
Drilling and Evaluation
|
|
393
|
|
|
324
|
|
|
761
|
|
|
554
|
|
||||
Total operations
|
|
1,307
|
|
|
1,242
|
|
|
2,711
|
|
|
2,132
|
|
||||
Corporate and other
|
|
(106
|
)
|
|
(81
|
)
|
|
(487
|
)
|
|
(157
|
)
|
||||
Total operating income
|
|
$
|
1,201
|
|
|
$
|
1,161
|
|
|
$
|
2,224
|
|
|
$
|
1,975
|
|
Interest expense, net of interest income
|
|
(80
|
)
|
|
(63
|
)
|
|
(154
|
)
|
|
(132
|
)
|
||||
Other, net
|
|
(17
|
)
|
|
(5
|
)
|
|
(24
|
)
|
|
(9
|
)
|
||||
Income from continuing operations before income taxes
|
|
$
|
1,104
|
|
|
$
|
1,093
|
|
|
$
|
2,046
|
|
|
$
|
1,834
|
|
Millions of dollars
|
|
June 30,
2012 |
|
December 31, 2011
|
||||
Finished products and parts
|
|
$
|
2,405
|
|
|
$
|
1,801
|
|
Raw materials and supplies
|
|
773
|
|
|
673
|
|
||
Work in process
|
|
119
|
|
|
96
|
|
||
Total
|
|
$
|
3,297
|
|
|
$
|
2,570
|
|
Millions of dollars
|
|
Total Shareholders' equity
|
|
Company shareholders' equity
|
|
Noncontrolling interest in consolidated subsidiaries
|
||||||
Balance at December 31, 2011
|
|
$
|
13,216
|
|
|
$
|
13,198
|
|
|
$
|
18
|
|
Transactions with shareholders
|
|
131
|
|
|
133
|
|
|
(2
|
)
|
|||
Comprehensive income
|
|
1,381
|
|
|
1,376
|
|
|
5
|
|
|||
Payments of dividends to shareholders
|
|
(167
|
)
|
|
(167
|
)
|
|
—
|
|
|||
Balance at June 30, 2012
|
|
$
|
14,561
|
|
|
$
|
14,540
|
|
|
$
|
21
|
|
Millions of dollars
|
|
Total Shareholders' equity
|
|
Company shareholders' equity
|
|
Noncontrolling interest in consolidated subsidiaries
|
||||||
Balance at December 31, 2010
|
|
$
|
10,387
|
|
|
$
|
10,373
|
|
|
$
|
14
|
|
Transactions with shareholders
|
|
181
|
|
|
181
|
|
|
—
|
|
|||
Comprehensive income
|
|
1,255
|
|
|
1,253
|
|
|
2
|
|
|||
Payments of dividends to shareholders
|
|
(165
|
)
|
|
(165
|
)
|
|
—
|
|
|||
Balance at June 30, 2011
|
|
$
|
11,658
|
|
|
$
|
11,642
|
|
|
$
|
16
|
|
Millions of dollars
|
|
June 30,
2012 |
|
December 31,
2011 |
||||
Defined benefit and other postretirement liability adjustments
|
|
$
|
(194
|
)
|
|
$
|
(208
|
)
|
Cumulative translation adjustments
|
|
(67
|
)
|
|
(66
|
)
|
||
Unrealized gains on investments
|
|
—
|
|
|
1
|
|
||
Total accumulated other comprehensive loss
|
|
$
|
(261
|
)
|
|
$
|
(273
|
)
|
|
-
|
the Comprehensive Environmental Response, Compensation, and Liability Act;
|
|
-
|
the Resource Conservation and Recovery Act;
|
|
-
|
the Clean Air Act;
|
|
-
|
the Federal Water Pollution Control Act;
|
|
-
|
the Toxic Substances Control Act; and
|
|
-
|
the Oil Pollution Act of 1990.
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||
Millions of shares
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
Basic weighted average common shares outstanding
|
|
924
|
|
|
916
|
|
|
923
|
|
|
915
|
|
Dilutive effect of employee stock plans
|
|
2
|
|
|
5
|
|
|
3
|
|
|
5
|
|
Diluted weighted average common shares outstanding
|
|
926
|
|
|
921
|
|
|
926
|
|
|
920
|
|
|
-
|
our Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift, and completion services. The segment consists of Halliburton Production Enhancement, Cementing, Completion Tools, Boots & Coots, and Multi-Chem; and
|
|
-
|
our Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation, and precise wellbore placement solutions that enable customers to model, measure, and optimize their well construction activities. The segment consists of Halliburton Drill Bits and Services, Wireline and Perforating, Testing and Subsea, Baroid, Sperry Drilling, Landmark Software and Services, and Consulting and Project Management.
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
|
June 30
|
|
December 31
|
||||||||
Average Oil Prices
(dollars per barrel)
|
|
2012
|
|
2011
|
|
2011
|
||||||
West Texas Intermediate
|
|
$
|
93.73
|
|
|
$
|
102.61
|
|
|
$
|
95.13
|
|
United Kingdom Brent
|
|
108.92
|
|
|
117.78
|
|
|
111.53
|
|
|||
|
|
|
|
|
|
|
||||||
Average United States Natural Gas Prices
(dollars per thousand cubic feet, or Mcf)
|
|
|
|
|
|
|
|
|
|
|||
Henry Hub
|
|
$
|
2.26
|
|
|
$
|
4.38
|
|
|
$
|
4.09
|
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||
Land vs. Offshore
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
United States:
|
|
|
|
|
|
|
|
|
||||
Land
|
|
1,924
|
|
|
1,798
|
|
|
1,936
|
|
|
1,744
|
|
Offshore (incl. Gulf of Mexico)
|
|
46
|
|
|
32
|
|
|
44
|
|
|
29
|
|
Total
|
|
1,970
|
|
|
1,830
|
|
|
1,980
|
|
|
1,773
|
|
Canada:
|
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
171
|
|
|
187
|
|
|
381
|
|
|
386
|
|
Offshore
|
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
Total
|
|
173
|
|
|
188
|
|
|
383
|
|
|
387
|
|
International (excluding Canada):
|
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
923
|
|
|
847
|
|
|
901
|
|
|
854
|
|
Offshore
|
|
306
|
|
|
299
|
|
|
308
|
|
|
302
|
|
Total
|
|
1,229
|
|
|
1,146
|
|
|
1,209
|
|
|
1,156
|
|
Worldwide total
|
|
3,372
|
|
|
3,164
|
|
|
3,572
|
|
|
3,316
|
|
Land total
|
|
3,018
|
|
|
2,832
|
|
|
3,218
|
|
|
2,984
|
|
Offshore total
|
|
354
|
|
|
332
|
|
|
354
|
|
|
332
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||
Oil vs. Natural Gas
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
United States (incl. Gulf of Mexico):
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
1,372
|
|
|
946
|
|
|
1,317
|
|
|
879
|
|
Natural gas
|
|
598
|
|
|
884
|
|
|
663
|
|
|
894
|
|
Total
|
|
1,970
|
|
|
1,830
|
|
|
1,980
|
|
|
1,773
|
|
Canada:
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
118
|
|
|
114
|
|
|
271
|
|
|
258
|
|
Natural gas
|
|
55
|
|
|
74
|
|
|
112
|
|
|
129
|
|
Total
|
|
173
|
|
|
188
|
|
|
383
|
|
|
387
|
|
International (excluding Canada):
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
|
|
980
|
|
|
894
|
|
|
961
|
|
|
902
|
|
Natural gas
|
|
249
|
|
|
252
|
|
|
248
|
|
|
254
|
|
Total
|
|
1,229
|
|
|
1,146
|
|
|
1,209
|
|
|
1,156
|
|
Worldwide total
|
|
3,372
|
|
|
3,164
|
|
|
3,572
|
|
|
3,316
|
|
Oil total
|
|
2,470
|
|
|
1,954
|
|
|
2,549
|
|
|
2,039
|
|
Natural gas total
|
|
902
|
|
|
1,210
|
|
|
1,023
|
|
|
1,277
|
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||
Drilling Type
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
United States (incl. Gulf of Mexico):
|
|
|
|
|
|
|
|
|
||||
Horizontal
|
|
1,169
|
|
|
1,039
|
|
|
1,170
|
|
|
1,009
|
|
Vertical
|
|
569
|
|
|
561
|
|
|
585
|
|
|
538
|
|
Directional
|
|
232
|
|
|
230
|
|
|
225
|
|
|
226
|
|
Total
|
|
1,970
|
|
|
1,830
|
|
|
1,980
|
|
|
1,773
|
|
-
|
increasing our market share in the more economic, unconventional plays, mature fields, and deepwater markets by leveraging our broad technology offerings to provide value to our customers through integrated solutions and the ability to more efficiently drill and complete their wells;
|
-
|
exploring opportunities for acquisitions that will enhance or augment our current portfolio of services and products, including those with unique technologies or distribution networks in areas where we do not already have large operations;
|
-
|
making key investments in technology and capital to accelerate growth opportunities. To that end, we are continuing to push our technology and manufacturing development, as well as our supply chain, closer to our customers in the Eastern Hemisphere;
|
-
|
improving working capital, and managing our balance sheet to maximize our financial flexibility. We are deploying a global project to improve service delivery that we expect to result in, among other things, additional investments in our systems and significant improvements to our current order-to-cash and purchase-to-pay processes;
|
-
|
continuing to seek ways to be one of the most cost efficient service providers in the industry by using our scale and breadth of operations; and
|
-
|
expanding our business with national oil companies.
|
REVENUE:
|
|
Three Months Ended
June 30 |
|
Favorable
|
|
Percentage
|
|||||||||
Millions of dollars
|
|
2012
|
|
2011
|
|
(Unfavorable)
|
|
Change
|
|||||||
Completion and Production
|
|
$
|
4,460
|
|
|
$
|
3,618
|
|
|
$
|
842
|
|
|
23
|
%
|
Drilling and Evaluation
|
|
2,774
|
|
|
2,317
|
|
|
457
|
|
|
20
|
|
|||
Total revenue
|
|
$
|
7,234
|
|
|
$
|
5,935
|
|
|
$
|
1,299
|
|
|
22
|
%
|
By geographic region:
|
|||||||||||||||
Completion and Production:
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
$
|
3,167
|
|
|
$
|
2,588
|
|
|
$
|
579
|
|
|
22
|
%
|
Latin America
|
|
340
|
|
|
268
|
|
|
72
|
|
|
27
|
|
|||
Europe/Africa/CIS
|
|
551
|
|
|
415
|
|
|
136
|
|
|
33
|
|
|||
Middle East/Asia
|
|
402
|
|
|
347
|
|
|
55
|
|
|
16
|
|
|||
Total
|
|
4,460
|
|
|
3,618
|
|
|
842
|
|
|
23
|
|
|||
Drilling and Evaluation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
973
|
|
|
857
|
|
|
116
|
|
|
14
|
|
|||
Latin America
|
|
539
|
|
|
419
|
|
|
120
|
|
|
29
|
|
|||
Europe/Africa/CIS
|
|
605
|
|
|
554
|
|
|
51
|
|
|
9
|
|
|||
Middle East/Asia
|
|
657
|
|
|
487
|
|
|
170
|
|
|
35
|
|
|||
Total
|
|
2,774
|
|
|
2,317
|
|
|
457
|
|
|
20
|
|
|||
Total revenue by region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
4,140
|
|
|
3,445
|
|
|
695
|
|
|
20
|
|
|||
Latin America
|
|
879
|
|
|
687
|
|
|
192
|
|
|
28
|
|
|||
Europe/Africa/CIS
|
|
1,156
|
|
|
969
|
|
|
187
|
|
|
19
|
|
|||
Middle East/Asia
|
|
1,059
|
|
|
834
|
|
|
225
|
|
|
27
|
|
OPERATING INCOME:
|
|
Three Months Ended
June 30 |
|
Favorable
|
|
Percentage
|
|||||||||
Millions of dollars
|
|
2012
|
|
2011
|
|
(Unfavorable)
|
|
Change
|
|||||||
Completion and Production
|
|
$
|
914
|
|
|
$
|
918
|
|
|
$
|
(4
|
)
|
|
—
|
%
|
Drilling and Evaluation
|
|
393
|
|
|
324
|
|
|
69
|
|
|
21
|
|
|||
Corporate and other
|
|
(106
|
)
|
|
(81
|
)
|
|
(25
|
)
|
|
31
|
|
|||
Total operating income
|
|
$
|
1,201
|
|
|
$
|
1,161
|
|
|
$
|
40
|
|
|
3
|
%
|
By geographic region:
|
|||||||||||||||
Completion and Production:
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
$
|
691
|
|
|
$
|
827
|
|
|
$
|
(136
|
)
|
|
(16
|
)%
|
Latin America
|
|
54
|
|
|
29
|
|
|
25
|
|
|
86
|
|
|||
Europe/Africa/CIS
|
|
95
|
|
|
15
|
|
|
80
|
|
|
533
|
|
|||
Middle East/Asia
|
|
74
|
|
|
47
|
|
|
27
|
|
|
57
|
|
|||
Total
|
|
914
|
|
|
918
|
|
|
(4
|
)
|
|
—
|
|
|||
Drilling and Evaluation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
166
|
|
|
170
|
|
|
(4
|
)
|
|
(2
|
)
|
|||
Latin America
|
|
84
|
|
|
52
|
|
|
32
|
|
|
62
|
|
|||
Europe/Africa/CIS
|
|
64
|
|
|
53
|
|
|
11
|
|
|
21
|
|
|||
Middle East/Asia
|
|
79
|
|
|
49
|
|
|
30
|
|
|
61
|
|
|||
Total
|
|
393
|
|
|
324
|
|
|
69
|
|
|
21
|
|
|||
Total operating income by region
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(excluding Corporate and other):
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
857
|
|
|
997
|
|
|
(140
|
)
|
|
(14
|
)
|
|||
Latin America
|
|
138
|
|
|
81
|
|
|
57
|
|
|
70
|
|
|||
Europe/Africa/CIS
|
|
159
|
|
|
68
|
|
|
91
|
|
|
134
|
|
|||
Middle East/Asia
|
|
153
|
|
|
96
|
|
|
57
|
|
|
59
|
|
REVENUE:
|
|
Six Months Ended
June 30 |
|
Favorable
|
|
Percentage
|
|||||||||
Millions of dollars
|
|
2012
|
|
2011
|
|
(Unfavorable)
|
|
Change
|
|||||||
Completion and Production
|
|
$
|
8,750
|
|
|
$
|
6,790
|
|
|
$
|
1,960
|
|
|
29
|
%
|
Drilling and Evaluation
|
|
5,352
|
|
|
4,427
|
|
|
925
|
|
|
21
|
|
|||
Total revenue
|
|
$
|
14,102
|
|
|
$
|
11,217
|
|
|
$
|
2,885
|
|
|
26
|
%
|
By geographic region:
|
|||||||||||||||
Completion and Production:
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
$
|
6,349
|
|
|
$
|
4,809
|
|
|
$
|
1,540
|
|
|
32
|
%
|
Latin America
|
|
646
|
|
|
508
|
|
|
138
|
|
|
27
|
|
|||
Europe/Africa/CIS
|
|
1,007
|
|
|
816
|
|
|
191
|
|
|
23
|
|
|||
Middle East/Asia
|
|
748
|
|
|
657
|
|
|
91
|
|
|
14
|
|
|||
Total
|
|
8,750
|
|
|
6,790
|
|
|
1,960
|
|
|
29
|
|
|||
Drilling and Evaluation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
1,959
|
|
|
1,618
|
|
|
341
|
|
|
21
|
|
|||
Latin America
|
|
1,013
|
|
|
791
|
|
|
222
|
|
|
28
|
|
|||
Europe/Africa/CIS
|
|
1,161
|
|
|
1,064
|
|
|
97
|
|
|
9
|
|
|||
Middle East/Asia
|
|
1,219
|
|
|
954
|
|
|
265
|
|
|
28
|
|
|||
Total
|
|
5,352
|
|
|
4,427
|
|
|
925
|
|
|
21
|
|
|||
Total revenue by region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
8,308
|
|
|
6,427
|
|
|
1,881
|
|
|
29
|
|
|||
Latin America
|
|
1,659
|
|
|
1,299
|
|
|
360
|
|
|
28
|
|
|||
Europe/Africa/CIS
|
|
2,168
|
|
|
1,880
|
|
|
288
|
|
|
15
|
|
|||
Middle East/Asia
|
|
1,967
|
|
|
1,611
|
|
|
356
|
|
|
22
|
|
OPERATING INCOME:
|
|
Six Months Ended
June 30 |
|
Favorable
|
|
Percentage
|
|||||||||
Millions of dollars
|
|
2012
|
|
2011
|
|
(Unfavorable)
|
|
Change
|
|||||||
Completion and Production
|
|
$
|
1,950
|
|
|
$
|
1,578
|
|
|
$
|
372
|
|
|
24
|
%
|
Drilling and Evaluation
|
|
761
|
|
|
554
|
|
|
207
|
|
|
37
|
|
|||
Corporate and other
|
|
(487
|
)
|
|
(157
|
)
|
|
(330
|
)
|
|
210
|
|
|||
Total operating income
|
|
$
|
2,224
|
|
|
$
|
1,975
|
|
|
$
|
249
|
|
|
13
|
%
|
By geographic region:
|
|||||||||||||||
Completion and Production:
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
$
|
1,562
|
|
|
$
|
1,441
|
|
|
$
|
121
|
|
|
8
|
%
|
Latin America
|
|
109
|
|
|
65
|
|
|
44
|
|
|
68
|
|
|||
Europe/Africa/CIS
|
|
152
|
|
|
(11
|
)
|
|
163
|
|
|
1,482
|
|
|||
Middle East/Asia
|
|
127
|
|
|
83
|
|
|
44
|
|
|
53
|
|
|||
Total
|
|
1,950
|
|
|
1,578
|
|
|
372
|
|
|
24
|
|
|||
Drilling and Evaluation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
North America
|
|
356
|
|
|
288
|
|
|
68
|
|
|
24
|
|
|||
Latin America
|
|
151
|
|
|
92
|
|
|
59
|
|
|
64
|
|
|||
Europe/Africa/CIS
|
|
104
|
|
|
75
|
|
|
29
|
|
|
39
|
|
|||
Middle East/Asia
|
|
150
|
|
|
99
|
|
|
51
|
|
|
52
|
|
|||
Total
|
|
761
|
|
|
554
|
|
|
207
|
|
|
37
|
|
|||
Total operating income by region
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(excluding Corporate and other):
|
|
|
|
|
|
|
|
|
|||||||
North America
|
|
1,918
|
|
|
1,729
|
|
|
189
|
|
|
11
|
|
|||
Latin America
|
|
260
|
|
|
157
|
|
|
103
|
|
|
66
|
|
|||
Europe/Africa/CIS
|
|
256
|
|
|
64
|
|
|
192
|
|
|
300
|
|
|||
Middle East/Asia
|
|
277
|
|
|
182
|
|
|
95
|
|
|
52
|
|
|
-
|
the Comprehensive Environmental Response, Compensation, and Liability Act;
|
|
-
|
the Resource Conservation and Recovery Act;
|
|
-
|
the Clean Air Act;
|
|
-
|
the Federal Water Pollution Control Act;
|
|
-
|
the Toxic Substances Control Act; and
|
|
-
|
the Oil Pollution Act of 1990.
|
|
-
|
political and economic instability, including:
|
|
|
|
•
|
civil unrest, acts of terrorism, force majeure, war, or other armed conflict;
|
|
|
•
|
inflation; and
|
|
|
•
|
currency fluctuations, devaluations, and conversion restrictions; and
|
|
-
|
governmental actions that may:
|
|
|
|
•
|
result in expropriation and nationalization of our assets in that country;
|
|
|
•
|
result in confiscatory taxation or other adverse tax policies;
|
|
|
•
|
limit or disrupt markets, restrict payments, or limit the movement of funds;
|
|
|
•
|
result in the deprivation of contract rights; and
|
|
|
•
|
result in the inability to obtain or retain licenses required for operation.
|
Period
|
|
Total Number
of Shares Purchased (a)
|
|
Average
Price Paid per Share
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced Plans or Programs
|
|
Maximum
Number (or
Approximate
Dollar Value) of
Shares that may yet
be Purchased Under the Program (b)
|
|||
April 1 - 30
|
|
100,907
|
|
|
$33.41
|
|
—
|
|
$
|
—
|
|
May 1 - 31
|
|
543,084
|
|
|
$30.78
|
|
—
|
|
$
|
—
|
|
June 1 - 30
|
|
8,622
|
|
|
$30.09
|
|
—
|
|
$
|
—
|
|
Total
|
|
652,613
|
|
|
$31.18
|
|
—
|
|
$
|
1,731,208,803
|
|
(a)
|
|
All of the 652,613 shares purchased during the three months ended June 30, 2012, were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common shares.
|
(b)
|
|
Our Board of Directors has authorized a plan to repurchase our common stock from time to time. During the second quarter of 2012, we did not repurchase shares of our common stock pursuant to that plan. We had authorization remaining to repurchase up to a total of approximately $1.7 billion of our common stock.
|
|
10.1
|
Halliburton Company Stock and Incentive Plan, as amended and restated effective February 16, 2012
|
|
|
(incorporated by reference to Appendix B of Halliburton's proxy statement filed April 3, 2012, File
|
|
|
No. 1-3492).
|
|
10.2
|
Form of Non-Employee Director Restricted Stock Unit Agreement (Director Plan) (incorporated by
|
|
|
reference to Exhibit 99.8 of Halliburton's Form S-8 filed June 22, 2012, Registration No. 333-182284).
|
|
10.3
|
Form of Non-Employee Director Restricted Stock Unit Agreement (Stock and Incentive Plan)
|
|
|
(incorporated by reference to Exhibit 99.9 of Halliburton's Form S-8 filed June 22, 2012, Registration
|
|
|
No. 333-182284).
|
*
|
10.4
|
Second Amendment to Restricted Stock Plan for Non-Employee Directors of Halliburton Company.
|
*
|
10.5
|
Halliburton Company Directors' Deferred Compensation Plan, as amended and restated effective as of
|
|
|
May 16, 2012.
|
*
|
12.1
|
Statement Regarding the Computation of Ratio of Earnings to Fixed Charges.
|
*
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
|
of 2002.
|
*
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
|
|
|
of 2002.
|
**
|
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
|
of 2002.
|
**
|
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
|
of 2002.
|
*
|
95
|
Mine Safety Disclosures
|
*
|
101.INS
|
XBRL Instance Document
|
*
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
*
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
*
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
*
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
*
|
Filed with this Form 10-Q
|
|
**
|
Furnished with this Form 10-Q
|
/s/ Mark A. McCollum
|
/s/ Evelyn M. Angelle
|
Mark A. McCollum
|
Evelyn M. Angelle
|
Executive Vice President and
|
Senior Vice President and
|
Chief Financial Officer
|
Chief Accounting Officer
|
ARTICLE I
|
PURPOSE OF PLAN
|
2
|
|
ARTICLE II
|
DEFINITIONS
|
3
|
|
ARTICLE III
|
ADMINISTRATION OF THE PLAN
|
5
|
|
ARTICLE IV
|
DEFERRED COMPENSATION
|
7
|
|
ARTICLE V
|
INTEREST
|
9
|
|
ARTICLE VI
|
STOCK EQUIVALENTS
|
10
|
|
ARTICLE VII
|
NATURE OF PLAN
|
12
|
|
ARTICLE VIII
|
TERMINATION OF THE PLAN
|
13
|
|
ARTICLE IX
|
AMENDMENT OF THE PLAN
|
14
|
|
ARTICLE X
|
GENERAL PROVISIONS
|
15
|
|
ARTICLE XI
|
EFFECTIVE DATE
|
16
|
|
|
Six
Months
Ended
June 30,
|
Year Ended December 31
|
||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||
Earnings available for fixed charges:
|
|
|
|
|
|
|
||||||||||||
Income from continuing operations before income taxes
|
$
|
2,046
|
|
$
|
4,449
|
|
$
|
2,655
|
|
$
|
1,682
|
|
$
|
3,849
|
|
$
|
3,447
|
|
Add:
|
|
|
|
|
|
|
||||||||||||
Distributed earnings from equity in unconsolidated affiliates
|
3
|
|
13
|
|
13
|
|
17
|
|
30
|
|
43
|
|
||||||
Fixed charges
|
216
|
|
384
|
|
402
|
|
361
|
|
232
|
|
222
|
|
||||||
Subtotal
|
2,265
|
|
4,846
|
|
3,070
|
|
2,060
|
|
4,111
|
|
3,712
|
|
||||||
Less:
|
|
|
|
|
|
|
||||||||||||
Equity in earnings of unconsolidated affiliates
|
7
|
|
20
|
|
20
|
|
16
|
|
50
|
|
57
|
|
||||||
Total earnings available for fixed charges
|
$
|
2,258
|
|
$
|
4,826
|
|
$
|
3,050
|
|
$
|
2,044
|
|
$
|
4,061
|
|
$
|
3,655
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed charges:
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
$
|
158
|
|
$
|
268
|
|
$
|
308
|
|
$
|
297
|
|
$
|
167
|
|
$
|
168
|
|
Rental expense representative of interest
|
58
|
|
116
|
|
94
|
|
64
|
|
65
|
|
54
|
|
||||||
Total fixed charges
|
$
|
216
|
|
$
|
384
|
|
$
|
402
|
|
$
|
361
|
|
$
|
232
|
|
$
|
222
|
|
|
|
|
|
|
|
|
||||||||||||
Ratio of earnings to fixed charges
|
10.5
|
|
12.6
|
|
7.6
|
|
5.7
|
|
17.5
|
|
16.5
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
▪
|
total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard under section 104 of the Mine Act for which we have received a citation from MSHA;
|
▪
|
total number of orders issued under section 104(b) of the Mine Act, which covers violations that had previously been cited under section 104(a) that, upon follow-up inspection by MSHA, are found not to have been totally abated within the prescribed time period, which results in the issuance of an order requiring the mine operator to immediately withdraw all persons (except certain authorized persons) from the mine;
|
▪
|
total number of citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under Section 104(d) of the Mine Act;
|
▪
|
total number of flagrant violations (i.e., reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury) under section 110(b)(2) of the Mine Act;
|
▪
|
total number of imminent danger orders (i.e., the existence of any condition or practice in a mine which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated) issued under section 107(a) of the Mine Act;
|
▪
|
total dollar value of proposed assessments from MSHA under the Mine Act;
|
▪
|
total number of mining-related fatalities; and
|
▪
|
total number of pending legal actions before the Federal Mine Safety and Health Review Commission involving such mine.
|
HALLIBURTON COMPANY
|
||||||||||||||||||||||||||
Mine Safety Disclosures
|
||||||||||||||||||||||||||
Three Months Ended June 30, 2012
|
||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||
(Whole dollars)
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Operation/ MSHA Identification Number
(1)
|
|
Section 104 Citations
|
|
Section 104(b)Orders
|
|
104(d)Citations and Orders
|
|
Section 110(b)(2)Violations
|
|
Section 107(a)Orders
|
|
Proposed MSHA Assessments
(2)
|
|
Fatalities
|
|
Pending Legal Actions
|
||||||||||
BPM Colony Mill/4800070
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
BPM Colony Mine/4800889
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
BPM Lovell Mill/4801405
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
BPM Lovell Mine/4801016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Corpus Christi Grinding Plant/4104010
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Dunphy Mill/2600412
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Lake Charles Plant/1601032
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Larose Grinding Plant/1601504
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Rossi Jig Plant/2602239
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,470
|
|
|
—
|
|
|
—
|
|
||
Total
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
1,470
|
|
|
—
|
|
|
—
|
|
(1)
|
The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine.
|
(2)
|
Amounts included are the total dollar value of proposed or outstanding assessments received from MSHA on or before July 16, 2012 regardless of whether the assessment has been challenged or appealed, for citations and orders occurring during the three months ended June 30, 2012.
|