Stock Analysis on Net
Stock Analysis on Net

Halliburton Co. (NYSE:HAL)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 13, 2019.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Halliburton Co., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Services
Product sales
Revenue
Cost of services
Cost of sales
Cost of services and product sales
Gross profit
Merger-related costs and termination fee
Impairments and other charges
General and administrative
Activity related to the Macondo well incident
Operating income (loss)
Interest expense
Interest income
Interest expense, net of interest income
Other, net
Income (loss) from continuing operations before income taxes
Income tax (provision) benefit
Income (loss) from continuing operations
Income (loss) from discontinued operations, net
Net income (loss)
Net (income) loss attributable to noncontrolling interest
Net income (loss) attributable to company

Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).

The financial data over the five-year period exhibits several noteworthy trends and shifts in key metrics.

Revenue and Segment Performance
Overall revenue declined significantly from US$32,870 million in 2014 to US$15,887 million in 2016, before recovering gradually to US$23,995 million in 2018. This fluctuation is largely driven by the services segment, which fell sharply from US$25,039 million in 2014 to US$11,140 million in 2016, then rose to US$18,444 million in 2018. Product sales showed a similar declining and then stabilizing trend, decreasing from US$7,831 million to US$4,747 million and improving slightly to US$5,551 million by 2018.
Cost of Services and Sales
Costs associated with services decreased in line with the revenue trend, dropping from about US$20,959 million in 2014 to US$11,253 million in 2016, then increasing again to US$16,591 million in 2018. The cost of product sales also fell from US$6,571 million to US$3,770 million during the same 2014-2016 period before rising moderately. Combined costs followed this pattern, indicating alignment of expenses with the scale of operations.
Profitability
Gross profit experienced a steep decline from US$5,340 million in 2014 to a low of US$864 million in 2016, showing a recovery trend to US$2,986 million in 2018. Operating income exhibited more volatility, with a positive figure in 2014 (US$5,097 million) turning into losses in 2015 and 2016 (reaching a low of -US$6,778 million in 2016), before rebounding to positive territory in 2017 and 2018, reaching US$2,467 million.
Special Charges and Expenses
Merger-related costs and termination fees peaked dramatically in 2016 at US$4,057 million and were absent in subsequent years. Impairments and other charges were also substantial in 2015 and 2016, with amounts of US$2,177 million and US$3,357 million respectively, diminishing substantially in following years. General and administrative expenses remained relatively stable, fluctuating slightly between US$200 million and US$292 million annually.
Interest and Other Income/Expenses
Net interest expense increased slightly from US$383 million in 2014 to a peak of US$639 million in 2016, then gradually decreased to US$554 million in 2018. Interest income tended to rise through the period, peaking in 2017. Other net items showed a pronounced negative impact in 2015 but were less severe thereafter.
Income Taxes and Net Income
Income tax provisions showed considerable variability, with a large benefit recorded in 2016 (US$1,858 million) contrasting with provisions in other years, including substantial charges in 2017 and 2018. Net income was positive in 2014 (US$3,501 million), turned negative in 2015 and 2016 (-US$667 million and -US$5,769 million, respectively), reflecting underlying operational challenges, and then returned to profitability by 2018 with US$1,657 million. The net income attributable to the company mirrored this pattern closely.

Overall, the financial data reflect a period of significant operational and financial challenges, particularly in 2015 and 2016, characterized by sharp declines in revenues and profits and elevated special charges. The subsequent recovery through 2017 and 2018 suggests improved operational performance and cost management. Nevertheless, profitability levels in 2018 had not returned to the heights seen in 2014, indicating ongoing transitional dynamics within the company's business segments and cost structure.