Debt to Equity
since 2005
Calculation
Halliburton Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Short-term notes payable and long-term debt1 | ÷ | Company shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2018 | 1.10 | = | 10,457) | ÷ | 9,522) |
| Dec 31, 2017 | 1.31 | = | 10,942) | ÷ | 8,322) |
| Dec 31, 2016 | 1.32 | = | 12,384) | ÷ | 9,409) |
| Dec 31, 2015 | 0.99 | = | 15,346) | ÷ | 15,462) |
| Dec 31, 2014 | 0.48 | = | 7,854) | ÷ | 16,267) |
| Dec 31, 2013 | 0.58 | = | 7,816) | ÷ | 13,581) |
| Dec 31, 2012 | 0.31 | = | 4,820) | ÷ | 15,765) |
| Dec 31, 2011 | 0.37 | = | 4,820) | ÷ | 13,198) |
| Dec 31, 2010 | 0.37 | = | 3,824) | ÷ | 10,373) |
| Dec 31, 2009 | 0.52 | = | 4,574) | ÷ | 8,728) |
| Dec 31, 2008 | 0.34 | = | 2,612) | ÷ | 7,725) |
| Dec 31, 2007 | 0.41 | = | 2,786) | ÷ | 6,866) |
| Dec 31, 2006 | 0.38 | = | 2,831) | ÷ | 7,376) |
| Dec 31, 2005 | 0.50 | = | 3,196) | ÷ | 6,372) |
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), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial leverage profile from 2005 to 2018 exhibits a distinct transition from a conservative capital structure to a more aggressively leveraged position, characterized by a significant increase in debt relative to equity in the latter half of the period.
- Conservative Leverage Phase (2005–2012)
- During this interval, the debt-to-equity ratio remained consistently low, fluctuating between a high of 0.52 in 2009 and a low of 0.31 in 2012. This stability was supported by a steady growth in shareholders' equity, which rose from $6.37 billion in 2005 to a peak of $15.76 billion in 2012, while total debt was maintained within a relatively constrained range of $2.6 billion to $4.8 billion.
- Capital Structure Transition (2013–2014)
- A shift in the leverage trend began in 2013, marked by a sharp increase in total debt to $7.81 billion, which pushed the debt-to-equity ratio up to 0.58. Although shareholders' equity reached its maximum recorded level of $16.26 billion in 2014, the underlying trend shifted toward increased reliance on borrowed capital.
- High Leverage and Equity Contraction (2015–2018)
- A period of significant financial volatility is observed starting in 2015, where total debt spiked to $15.34 billion. Simultaneously, shareholders' equity underwent a sharp contraction, falling to $8.32 billion by 2017. This combination resulted in the debt-to-equity ratio exceeding 1.0 for the first time in the analyzed period, peaking at 1.32 in 2016. By December 31, 2018, the ratio remained elevated at 1.10, indicating that total liabilities in the form of debt surpassed the total equity held by shareholders.
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Comparison to Competitors
Halliburton Co., debt to equity, long-term trends, comparison to competitors
| Halliburton Co. | SLB N.V. | |
|---|---|---|
| Dec 31, 2018 | 1.10 | 0.44 |
| Dec 31, 2017 | 1.31 | 0.49 |
| Dec 31, 2016 | 1.32 | 0.48 |
| Dec 31, 2015 | 0.99 | 0.53 |
| Dec 31, 2014 | 0.48 | 0.35 |
| Dec 31, 2013 | 0.58 | 0.33 |
| Dec 31, 2012 | 0.31 | 0.33 |
| Dec 31, 2011 | 0.37 | 0.32 |
| Dec 31, 2010 | 0.37 | 0.26 |
| Dec 31, 2009 | 0.52 | 0.29 |
| Dec 31, 2008 | 0.34 | 0.31 |
| Dec 31, 2007 | 0.41 | 0.37 |
| Dec 31, 2006 | 0.38 | 0.57 |
| Dec 31, 2005 | 0.50 | 0.58 |
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), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Halliburton Co., debt to equity, long-term trends, comparison to industry (energy)
| Halliburton Co. | Energy | |
|---|---|---|
| Dec 31, 2018 | 1.10 | 0.25 |
| Dec 31, 2017 | 1.31 | 0.30 |
| Dec 31, 2016 | 1.32 | 0.35 |
| Dec 31, 2015 | 0.99 | 0.30 |
| Dec 31, 2014 | 0.48 | 0.22 |
| Dec 31, 2013 | 0.58 | 0.19 |
| Dec 31, 2012 | 0.31 | 0.15 |
| Dec 31, 2011 | 0.37 | 0.16 |
| Dec 31, 2010 | 0.37 | 0.17 |
| Dec 31, 2009 | 0.52 | 0.19 |
| Dec 31, 2008 | 0.34 | 0.19 |
| Dec 31, 2007 | 0.41 | 0.15 |
| Dec 31, 2006 | 0.38 | 0.19 |
| Dec 31, 2005 | 0.50 | 0.16 |
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), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).