Halliburton Announces Fourth Quarter Earnings Of $1.00 Per Diluted Share From Continuing Operations, Excluding An Environmental-Related Charge

See Footnote Table 3 for adjusted operating income excluding an asset impairment charge.

HALLIBURTON COMPANY
Revenue and Operating Income Comparison
By Segment and Geographic Region
(Millions of dollars)
(Unaudited)
		Year EndedDecember 31
Revenue by geographic region:		2011				2010
Completion and Production:
North America		$	10,907			$	6,183
Latin America			1,117				839
Europe/Africa/CIS			1,746				1,797
Middle East/Asia			1,373				1,178
Total			15,143				9,997
Drilling and Evaluation:
North America			3,506				2,644
Latin America			1,865				1,390
Europe/Africa/CIS			2,210				2,117
Middle East/Asia			2,105				1,825
Total			9,686				7,976
Total revenue by region:
North America			14,413				8,827
Latin America			2,982				2,229
Europe/Africa/CIS			3,956				3,914
Middle East/Asia			3,478				3,003
Operating income by geographic region (excluding Corporate and other):
Completion and Production:
North America		$	3,341			$	1,423
Latin America			159				115
Europe/Africa/CIS			48				301
Middle East/Asia			185				193
Total			3,733				2,032
Drilling and Evaluation:
North America			641				453
Latin America			305				175
Europe/Africa/CIS			191				283
Middle East/Asia			266				302
Total			1,403				1,213
Total operating income by region:
North America			3,982				1,876
Latin America			464				290
Europe/Africa/CIS			239				584
Middle East/Asia			451				495

See Footnote Table 2 for a list of significant items included in operating income.

FOOTNOTE TABLE 1
HALLIBURTON COMPANY
Item Included in Operating Income
(Millions of dollars except per share data)
(Unaudited)
		Three Months Ended
		September 30, 2011
		Operating					After Tax
		Income					per Share
Completion and Production:
Europe/Africa/CIS
Asset impairment charge		$	(25	)			$	(0.02	)

FOOTNOTE TABLE 2

HALLIBURTON COMPANY

Items Included in Operating Income

(Millions of dollars except per share data)

(Unaudited)

Year Ended

Year Ended

December 31, 2011

December 31, 2010

Operating

After Tax

Operating

After Tax

Income

per Share

Income

per Share

Completion and Production:

Europe/Africa/CIS

Asset impairment charge

$

(25

)

$

(0.02

)

$

–

$

–

Employee separation costs

(5

)

(0.01

)

–

–

Libya reserve

(36

)

(0.03

)

–

–

Middle East/Asia

Employee separation costs

(1

)

–

–

–

Drilling and Evaluation:

Europe/Africa/CIS

Employee separation costs

(4

)

–

–

–

Libya reserve

(23

)

(0.02

)

–

–

Middle East/Asia

Employee separation costs

(1

)

–

–

–

Asset impairment charge

–

–

(50

)

(0.04

)

FOOTNOTE TABLE 3
HALLIBURTON COMPANY
Adjusted Operating Income Excluding Asset Impairment Charge
By Segment and Geographic Region
(Millions of dollars)
(Unaudited)
		Three Months Ended
		December 31							September 30
Adjusted operating income by geographic region: (a) (b)		2011				2010			2011
Completion and Production:
North America		$	940			$	518		$	960
Latin America			51				24			43
Europe/Africa/CIS			44				94			40
Middle East/Asia			52				52			50
Total			1,087				688			1,093
Drilling and Evaluation:
North America			178				114			175
Latin America			119				54			94
Europe/Africa/CIS			65				73			51
Middle East/Asia			118				113			49
Total			480				354			369
Adjusted operating income by region:
North America			1,118				632			1,135
Latin America			170				78			137
Europe/Africa/CIS			109				167			91
Middle East/Asia			170				165			99

(a)		Management believes that operating income adjusted for the third quarter of 2011 asset impairment charge is useful to investors to assess and understand operating performance, especially when comparing current results with previous periods or forecasting performance for future periods, primarily because management views the asset impairment charge to be outside of the company’s normal operating results. Management analyzes operating income without the impact of the asset impairment charge as an indicator of ongoing operating performance, to identify underlying trends in the business, and to establish segment and region operational goals. The adjustment removes the effect of this expense.
(b)		Adjusted operating income for each segment and region is calculated as: “Operating income” less “Item Included in Operating Income.”

FOOTNOTE TABLE 4
HALLIBURTON COMPANY
Reconciliation of As Reported Results to Adjusted Results
(Millions of dollars)
(Unaudited)
		Three Months Ended				Three Months Ended
		December 31, 2011				September 30, 2011
As reported income from continuing operations attributable to company		$	906			$	848
Environmental-related charge, net of tax (a)			15				–
Asset impairment charge, net of tax (a)			–				19
Adjusted income from continuing operations attributable to company (a)		$	921			$	867
As reported diluted weighted average common shares outstanding			923				925
As reported income from continuing operations per diluted share (b)		$	0.98			$	0.92
Adjusted income from continuing operations per diluted share (b)		$	1.00			$	0.94

(a)		Management believes that income from continuing operations attributable to company adjusted for an environmental-related charge and an asset impairment charge is useful to investors to assess and understand operating performance, especially when comparing current results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company’s normal operating results. Management analyzes income from continuing operations attributable to company without the impact of the environmental-related charge and asset impairment charge as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. The adjustments remove the effect of these expenses. Adjusted income from continuing operations attributable to company is calculated as: “As reported income from continuing operations attributable to company” plus “Environmental-related charge, net of tax” for the period ended December 31, 2011 and “As reported income from continuing operations attributable to company” plus “Asset impairment charge, net of tax” for the period ended September 30, 2011.
(b)		As reported income from continuing operations per diluted share is calculated as: “As reported income from continuing operations attributable to company” divided by “As reported diluted weighted average common shares outstanding.” Adjusted income from continuing operations per diluted share is calculated as: “Adjusted income from continuing operations attributable to company” divided by “As reported diluted weighted average common shares outstanding.”

Conference Call Details

Halliburton (NYSE:HAL) will host a conference call on Monday, January 23, 2012, to discuss the fourth quarter 2011 financial results. The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time).

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