AI English summary of an SEC filing — figures as filed
Halliburton HALThe company said total revenue for Q1 2024 was $5.8 billion, up 2% from Q1 2023, and operating income was $987 million, flat with Q1 2023.
Key points
AI summaryThe company said total revenue for Q1 2024 was $5.8 billion, up 2% from Q1 2023, and operating income was $987 million, flat with Q1 2023.
Halliburton said North America revenue for Q1 2024 fell 8% from Q1 2023, while international revenue rose 12%. The company cited lower pressure pumping services in U.S. land and lower wireline activity as factors behind the North America decline.
Halliburton said cash flows from operating activities for 2024 first 3 months were $487 million. The company said working capital had a negative impact of $341 million, which it attributed mainly to higher receivables. Over the same period, it repurchased 7.0 million shares of common stock for $250 million.
The company said the IRS issued a NOPA proposing to reclassify approximately 95% of the termination fee of $3.5 billion paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. It estimated that if the IRS position is maintained, cash taxes due could be approximately $650 million (plus interest on amounts due for prior years). The company said it disagrees with the proposed adjustment and plans to contest it.
Key figures
Quarter ended March 31, 2024
- Revenue
- $5.8B
- Operating income
- $987M
- Net income
- $606M
- EPS
- $680000.00
- Operating cash flow
- $487M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Halliburton revenue $5.8 billion, operating income $987 million in Q1 2024
The company said total revenue for Q1 2024 was $5.8 billion, up 2% from Q1 2023, and operating income was $987 million, flat with Q1 2023.
Source · Based on the MD&A text of the filing
North America revenue down 8%, international revenue up 12%
Halliburton said North America revenue for Q1 2024 fell 8% from Q1 2023, while international revenue rose 12%. The company cited lower pressure pumping services in U.S. land and lower wireline activity as factors behind the North America decline.
Source · Based on the MD&A text of the filing
Halliburton operating cash flow $487 million, buys back 7.0 million shares in Q1
Halliburton said cash flows from operating activities for 2024 first 3 months were $487 million. The company said working capital had a negative impact of $341 million, which it attributed mainly to higher receivables. Over the same period, it repurchased 7.0 million shares of common stock for $250 million.
Source · Based on the MD&A text of the filing
IRS proposed adjustment notice and estimated cash tax of about $650 million
The company said the IRS issued a NOPA proposing to reclassify approximately 95% of the termination fee of $3.5 billion paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. It estimated that if the IRS position is maintained, cash taxes due could be approximately $650 million (plus interest on amounts due for prior years). The company said it disagrees with the proposed adjustment and plans to contest it.
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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