AI English summary of an SEC filing — figures as filed
Halliburton HALThe company said total revenue for 2023 was $23.0 billion, up 13% from $20.3 billion in 2022, and operating income was about $4.1 billion, compared with $2.7 billion in 2022.
Key points
AI summaryThe company said total revenue for 2023 was $23.0 billion, up 13% from $20.3 billion in 2022, and operating income was about $4.1 billion, compared with $2.7 billion in 2022.
The company said Completion and Production revenue for 2023 was $13.7 billion (up 18%), with operating income of $2.8 billion, and Drilling and Evaluation revenue was $9.3 billion (up 7%), with operating income of $1.5 billion.
The company said operating cash flow for 2023 was $3.5 billion, and working capital had a negative impact of $511 million. It said it repurchased 22.7 million shares for $800 million and returned $1.4 billion to shareholders through buybacks and dividends.
The company said it received a Notice of Proposed Adjustment (NOPA) from the IRS on September 28, 2023 proposing to reclassify about 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. It said it disagrees with the proposed adjustment and plans to contest it. The company estimated that if the IRS position prevails, cash taxes due would be about $650 million, plus interest.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $23.0B
- Operating income
- $4.1B
- Net income
- $2.6B
- Operating cash flow
- $3.5B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Annual revenue and operating income for 2023
The company said total revenue for 2023 was $23.0 billion, up 13% from $20.3 billion in 2022, and operating income was about $4.1 billion, compared with $2.7 billion in 2022.
Source · Based on the MD&A text of the filing
Revenue and operating income by segment
The company said Completion and Production revenue for 2023 was $13.7 billion (up 18%), with operating income of $2.8 billion, and Drilling and Evaluation revenue was $9.3 billion (up 7%), with operating income of $1.5 billion.
Source · Based on the MD&A text of the filing
Cash flow and shareholder returns for 2023
The company said operating cash flow for 2023 was $3.5 billion, and working capital had a negative impact of $511 million. It said it repurchased 22.7 million shares for $800 million and returned $1.4 billion to shareholders through buybacks and dividends.
Source · Based on the MD&A text of the filing
IRS Notice of Proposed Adjustment (NOPA)
The company said it received a Notice of Proposed Adjustment (NOPA) from the IRS on September 28, 2023 proposing to reclassify about 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. It said it disagrees with the proposed adjustment and plans to contest it. The company estimated that if the IRS position prevails, cash taxes due would be about $650 million, plus interest.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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