The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Halliburton Announces Fourth Quarter Income From Continuing Operations of $0.63 Per Diluted Share

Friday, January 25, 2013

Halliburton Announces Fourth Quarter Income From Continuing Operations of $0.63 Per Diluted Share07:03 EST Friday, January 25, 2013 HOUSTON (Business Wire) -- Halliburton (NYSE:HAL) announced today that income from continuing operations for the fourth quarter of 2012 was $589 million, or $0.63 per diluted share. This compares to reported income from continuing operations for the third quarter of 2012 of $608 million, or $0.65 per diluted share. Adjusted income from continuing operations for the third quarter of 2012 was $625 million, or $0.67 per diluted share, excluding a $30 million after-tax ($0.03 per diluted share) acquisition-related charge and a $13 million after-tax ($0.01 per diluted share) gain from the settlement of a patent infringement case. Halliburton's total revenue in the fourth quarter of 2012 was $7.3 billion, compared to $7.1 billion in the third quarter of 2012. Total operating income was $981 million in the fourth quarter of 2012, compared to $954 million in the third quarter of 2012. Strong growth in our international regions, particularly in Middle East/Asia and Latin America, more than offset seasonally lower activity levels in North America. Halliburton's total revenue was $28.5 billion for the full year 2012, an increase of $3.7 billion, or 15%, from 2011. Total operating income decreased $578 million, or 12%, from 2011 mainly due to higher guar costs and pricing pressure for production enhancement services in North America and a $300 million charge for an estimated loss contingency related to the Macondo well incident. Income from continuing operations for the full year 2012 was $2.6 billion, or $2.78 per diluted share, compared to full year 2011 income from continuing operations of $3.0 billion, or $3.26 per diluted share. “I am very proud to say that our company delivered industry-leading revenue growth in 2012, resulting in a record year,” commented Dave Lesar, chairman, president and chief executive officer. “From a revenue perspective, we set new records this year in all of our regions and both of our divisions. From an operating income perspective, we achieved new records in our Latin America region and in five of our twelve product lines. “In the fourth quarter, revenue of $7.3 billion was up 3% sequentially and represents the highest quarterly revenue in company history. All three of our international regions and eight of our twelve product lines set new revenue records. “Fourth quarter operating income of $981 million was flat with adjusted results from the prior quarter. These results were driven by our international regions, where we also saw fourth quarter revenue and operating income growth of 20% and 39%, respectively, compared to the fourth quarter of 2011. I am also proud to say that both our Latin America and Middle East/Asia regions, as well as our completion tools product line, achieved record operating income. “Latin America revenue was up 14% sequentially, despite a 2% drop in the rig count, and adjusted operating income increased 25% sequentially. Increased drilling fluids service activity, along with higher software sales in Mexico and Colombia, led the growth for the region. “In the Eastern Hemisphere, revenue grew 11% sequentially, and operating income increased 35% sequentially, driven by year-end sales of completion tools, software, and other equipment. We believe activity levels will continue to grow in 2013, and anticipate full-year margins should average in the upper teens. “Sequentially, Middle East/Asia revenue and operating income increased 14% and 46%, respectively. The growth was driven by higher year-end software, equipment, and completion tools sales, as well as increased service activity in Saudi Arabia and Australia. “In Europe/Africa/CIS, we saw revenue and operating income increase 8% and 23%, respectively, compared to the prior quarter. The improvement was driven by the seasonally higher year-end completion tool sales in Angola and the North Sea, greater demand for drilling services in the North Sea and Russia, and increased service activity in East Africa. “North America revenue was down 5% compared to the previous quarter, in line with the sequential 5% drop in the United States land rig count. Operating income was down 22% compared to adjusted third quarter results, driven mainly by an unusually high post-Thanksgiving decline in activity levels with key customers, increased consumption of our high priced supply of guar, and continued pricing pressure around hydraulic fracturing contracts. “Our North America margins are also temporarily being negatively impacted by the upfront roll out costs of our Frac of the Future initiative, by our commitment to our customers to remain active in the North America natural gas basins at lower margins, and by our decision to stack equipment during the fourth quarter. “In 2013, we anticipate the North America rig count will improve from fourth quarter levels but will be down slightly compared to 2012. We are committed to our leadership position in North America, and are focused on rebuilding margins as we recover from last year's elevated guar costs, reap the benefits of our strategic initiatives, and look at all of our costs. Lastly, we remain laser-focused on capital discipline, especially in pressure pumping,” concluded Lesar. 2012 Fourth Quarter ResultsCompletion and Production Completion and Production (C&P) revenue in the fourth quarter of 2012 was $4.3 billion, an increase of $44 million, or 1%, from the third quarter of 2012. Higher completion activity in the Gulf of Mexico and increased direct sales internationally more than offset seasonally lower activity levels in the United States land market. C&P operating income in the fourth quarter of 2012 was $603 million, an increase of $12 million, or 2%, from the third quarter of 2012. Excluding the impact of the acquisition-related charge in the third quarter, C&P operating income decreased $36 million, or 6%. North America C&P operating income decreased $68 million, or 18%, compared to the third quarter of 2012. Excluding the third quarter acquisition-related charge, North America C&P operating income decreased $108 million, or 26%, from the third quarter of 2012, primarily due to seasonally affected activity levels, higher input costs, and pricing pressure associated with production enhancement services. Latin America C&P operating income improved $17 million, or 43%, compared to the third quarter of 2012. Excluding the third quarter acquisition-related charge, Latin America C&P operating income improved $9 million, or 19%, compared to the third quarter of 2012, as improved profitability in Argentina more than offset lower completions activity in Mexico. Europe/Africa/CIS C&P operating income increased $19 million, or 22%, from the third quarter of 2012, driven by increased completions activity in Angola and Norway. Middle East/Asia C&P operating income improved $44 million, or 55%, compared to the third quarter of 2012, as a result of higher activity in most product lines in Saudi Arabia and Australia, as well as increased direct sales in China and Saudi Arabia. Drilling and Evaluation Drilling and Evaluation (D&E) revenue in the fourth quarter of 2012 was $3.0 billion, an increase of $135 million, or 5%, from the third quarter of 2012, as higher drilling activity in Latin America and year-end software sales more than offset seasonally lower activity levels in the United States land market. D&E operating income in the fourth quarter of 2012 was $484 million, an increase of $54 million, or 13%, from the third quarter of 2012. North America D&E operating income decreased $24 million, or 14%, from the third quarter of 2012, primarily due to lower drilling and wireline activity in the United States land market, which was partially offset by increased demand for drilling services in Canada and the Gulf of Mexico and year-end software sales. Latin America D&E operating income increased $30 million, or 28%, from the third quarter of 2012, as increased software sales, fluids activity, and consulting services in Mexico and Colombia were partially offset by lower wireline activity and software sales in Brazil. Europe/Africa/CIS D&E operating income increased $16 million, or 25%, from the third quarter of 2012 as a result of increased demand for drilling services in the North Sea, year-end software sales in Russia, and higher wireline profitability in Angola, which were partially offset by lower profitability for fluid services in Norway. Middle East/Asia D&E operating income increased $32 million, or 37%, from the third quarter of 2012, due to seasonally higher year-end software and activity improvements across the region. Corporate and Other During the fourth quarter of 2012, Halliburton invested an additional $36 million, pre-tax, in strategic projects aimed at strengthening Halliburton's North America service delivery model and repositioning technology, supply chain, and manufacturing infrastructure to support projected international growth. Halliburton expects to continue funding this effort in 2013. Significant Recent Events and Achievements Halliburton was selected by TNK-BP to provide an integrated services solution to increase production from the complex and challenging tight oil reserves in the Em-Yoga license area of Russia's Krasnoleninskoe oil and natural gas field in Nyagan, Western Siberia. The two-year contract calls for Halliburton to provide subsurface consulting, project management, well construction, and completion services, including directional drilling, logging-while-drilling, fluids, bits, cementing, completion tools, coiled tubing, and multistage fracturing stimulation services, for multiple wells in Nyagan. Halliburton, Apache Corporation, and Caterpillar have developed innovative dual-fuel technology capable of safely and efficiently powering the pumping equipment used for fracturing treatments with a mixture of natural gas and diesel. Halliburton was recognized at the 11th Annual World Oil Awards with “Best” awards for its Frac of the Future equipment suite in the Best Health, Safety, Environment/Sustainable Development Onshore category and for its DecisionSpace® well planning software in the Best Visualization and Collaboration category. Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 72,000 employees, representing 140 nationalities in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company's website at www.halliburton.com. NOTE: The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: results of litigation, settlements, and investigations; actions by third parties, including governmental agencies; changes in the demand for or price of oil and/or natural gas can be significantly impacted by weakness in the worldwide economy; consequences of audits and investigations by domestic and foreign government agencies and legislative bodies and related publicity and potential adverse proceedings by such agencies; indemnification and insurance matters; protection of intellectual property rights and against cyber attacks; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to offshore oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; changes in capital spending by customers; delays or failures by customers to make payments owed to us; execution of long-term, fixed-price contracts; impairment of oil and natural gas properties; structural changes in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; and integration of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2011, Form 10-Q for the quarter ended September 30, 2012, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.   HALLIBURTON COMPANYCondensed Consolidated Statements of Operations(Millions of dollars and shares except per share data)(Unaudited)     Three Months Ended December 31   September 30     2012   2011   2012 Revenue:   Completion and Production $4,337 $ 4,328 $ 4,293 Drilling and Evaluation   2,953     2,736     2,818   Total revenue   $7,290     $ 7,064     $ 7,111   Operating income: Completion and Production $603 $ 1,087 $ 591 Drilling and Evaluation 484 480 430 Corporate and other   (106)   (137 )   (67 ) Total operating income   981     1,430     954   Interest expense, net (73) (69 ) (71 ) Other, net   (9)   (7 )   (6 ) Income from continuing operations before income taxes 899 1,354 877 Provision for income taxes   (307)   (447 )   (267 ) Income from continuing operations 592 907 610 Income (loss) from discontinued operations, net (a)   80     —     (6 ) Net income   $672     $ 907     $ 604   Noncontrolling interest in net income of subsidiaries   (3)   (1 )   (2 ) Net income attributable to company   $669     $ 906     $ 602   Amounts attributable to company shareholders: Income from continuing operations $589 $ 906 $ 608 Income (loss) from discontinued operations, net (a)   80     —     (6 ) Net income attributable to company   $669     $ 906     $ 602   Basic income per share attributable to company shareholders: Income from continuing operations $0.63 $ 0.98 $ 0.66 Income (loss) from discontinued operations, net (a)   0.09     —     (0.01 ) Net income per share   $0.72     $ 0.98     $ 0.65   Diluted income per share attributable to company shareholders: Income from continuing operations $0.63 $ 0.98 $ 0.65 Income (loss) from discontinued operations, net (a)   0.09     —     —   Net income per share   $0.72     $ 0.98     $ 0.65   Basic weighted average common shares outstanding 928 921 928 Diluted weighted average common shares outstanding   931     923     930   (a)   Includes an $80 million tax benefit in the three months ended December 31, 2012 related to a payment to Petrobras under a guarantee relating to work performed on the Barracuda-Caratinga project by KBR, Inc. See Footnote Table 1 for a list of significant items included in operating income. See Footnote Table 3 for adjusted total operating income excluding certain items.   HALLIBURTON COMPANYCondensed Consolidated Statements of Operations(Millions of dollars and shares except per share data)(Unaudited)       Year Ended December 31     2012   2011 Revenue:   Completion and Production $17,380 $ 15,143 Drilling and Evaluation   11,123     9,686   Total revenue   $28,503     $ 24,829   Operating income: Completion and Production $3,144 $ 3,733 Drilling and Evaluation 1,675 1,403 Corporate and other (a)   (660)   (399 ) Total operating income   4,159     4,737   Interest expense, net (298) (263 ) Other, net   (39)   (25 ) Income from continuing operations before income taxes 3,822 4,449 Provision for income taxes   (1,235)   (1,439 ) Income from continuing operations 2,587 3,010 Income (loss) from discontinued operations, net (b) (c)   58     (166 ) Net income   $2,645     $ 2,844   Noncontrolling interest in net income of subsidiaries   (10)   (5 ) Net income attributable to company   $2,635     $ 2,839   Amounts attributable to company shareholders: Income from continuing operations $2,577 $ 3,005 Income (loss) from discontinued operations, net (b) (c)   58     (166 ) Net income attributable to company   $2,635     $ 2,839   Basic income per share attributable to company shareholders: Income from continuing operations $2.78 $ 3.27 Income (loss) from discontinued operations, net (b) (c)   0.07     (0.18 ) Net income per share   $2.85     $ 3.09   Diluted income per share attributable to company shareholders: Income from continuing operations $2.78 $ 3.26 Income (loss) from discontinued operations, net (b) (c)   0.06     (0.18 ) Net income per share   $2.84     $ 3.08   Basic weighted average common shares outstanding 926 918 Diluted weighted average common shares outstanding   928     922   (a)   Includes, among other items, a $300 million, pre-tax, charge in 2012 related to the Macondo well incident. (b) Includes an $80 million tax benefit in 2012 related to a payment to Petrobras under a guarantee relating to work performed on the Barracuda-Caratinga project by KBR, Inc. (c) Includes, among other items, a $163 million loss in 2011 for an arbitration award against KBR, Inc. relating to the Barracuda-Caratinga project, a project for which Halliburton had provided a guarantee.   See Footnote Table 2 for a list of significant items included in operating income.   HALLIBURTON COMPANYCondensed Consolidated Balance Sheets(Millions of dollars)(Unaudited)     December 31     2012   2011 AssetsCurrent assets:   Cash and equivalents $2,484 $ 2,698 Receivables, net 5,787 5,084 Inventories 3,186 2,570 Other current assets (a)   1,629     1,225 Total current assets13,086 11,577   Property, plant, and equipment, net 10,257 8,492 Goodwill 2,135 1,776 Other assets (b)   1,932     1,832 Total assets   $27,410     $ 23,677   Liabilities and Shareholders' EquityCurrent liabilities: Accounts payable $2,041 $ 1,826 Accrued employee compensation and benefits 930 862 Other current liabilities   1,781     1,433 Total current liabilities4,752 4,121   Long-term debt 4,820 4,820 Other liabilities   2,048     1,520 Total liabilities11,620 10,461   Company shareholders' equity 15,765 13,198 Noncontrolling interest in consolidated subsidiaries   25     18 Total shareholders' equity   15,790     13,216 Total liabilities and shareholders' equity   $27,410     $ 23,677 (a)   Includes $270 million of investments in fixed income securities at December 31, 2012 and $150 million of fixed income securities at December 31, 2011. (b) Includes $128 million of investments in fixed income securities at December 31, 2012.   HALLIBURTON COMPANYCondensed Consolidated Statements of Cash Flows(Millions of dollars)(Unaudited)     Year Ended December 31     2012   2011 Cash flows from operating activities:   Net income $2,645 $ 2,844 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation, depletion, and amortization 1,628 1,359 Loss contingency for Macondo well incident 300 — (Income) loss from discontinued operations (58) 166 Other, primarily working capital   (861)   (685 ) Total cash flows from operating activities   3,654     3,684     Cash flows from investing activities: Capital expenditures (3,566) (2,953 ) Purchases of investment securities (506) (501 ) Sales of property, plant, and equipment 395 160 Sales of investment securities 258 1,001 Acquisitions, net of cash acquired (214) (880 ) Other   (55)   (17 ) Total cash flows from investing activities   (3,688)   (3,190 )   Cash flows from financing activities: Dividends to shareholders (333) (330 ) Proceeds from long-term borrowings, net of offering costs — 978 Other   161     185   Total cash flows from financing activities   (172)   833     Effect of exchange rate changes on cash   (8)   (27 ) Increase (decrease) in cash and equivalents (214) 1,300 Cash and equivalents at beginning of year   2,698     1,398   Cash and equivalents at end of year   $2,484     $ 2,698     HALLIBURTON COMPANYRevenue and Operating Income ComparisonBy Segment and Geographic Region(Millions of dollars)(Unaudited)     Three Months Ended December 31   September 30 Revenue by geographic region:   2012   2011   2012 Completion and Production:     North America $2,830 $ 3,148 $ 2,978 Latin America 396 312 373 Europe/Africa/CIS 569 497 523 Middle East/Asia   542     371     419   Total   4,337     4,328     4,293   Drilling and Evaluation: North America 923 962 965 Latin America 687 565 579 Europe/Africa/CIS 645 588 605 Middle East/Asia   698     621     669   Total   2,953     2,736     2,818   Total revenue by region: North America 3,753 4,110 3,943 Latin America 1,083 877 952 Europe/Africa/CIS 1,214 1,085 1,128 Middle East/Asia   1,240     992     1,088     Operating income by geographic region:             Completion and Production: North America $315 $ 940 $ 383 Latin America 57 51 40 Europe/Africa/CIS 107 44 88 Middle East/Asia   124     52     80   Total   603     1,087     591   Drilling and Evaluation: North America 150 178 174 Latin America 136 119 106 Europe/Africa/CIS 79 65 63 Middle East/Asia   119     118     87   Total   484     480     430   Total operating income by region: North America 465 1,118 557 Latin America 193 170 146 Europe/Africa/CIS 186 109 151 Middle East/Asia   243     170     167   Corporate and other   (106)   (137 )   (67 ) Total operating income   $981     $ 1,430     $ 954   See Footnote Table 1 for a list of significant items included in operating income. See Footnote Table 3 for adjusted total operating income excluding certain items.   HALLIBURTON COMPANYRevenue and Operating Income ComparisonBy Segment and Geographic Region(Millions of dollars)(Unaudited)     Year Ended December 31 Revenue by geographic region:   2012   2011 Completion and Production:   North America $12,157 $ 10,907 Latin America 1,415 1,117 Europe/Africa/CIS 2,099 1,746 Middle East/Asia   1,709     1,373   Total   17,380     15,143   Drilling and Evaluation: North America 3,847 3,506 Latin America 2,279 1,865 Europe/Africa/CIS 2,411 2,210 Middle East/Asia   2,586     2,105   Total   11,123     9,686   Total revenue by region: North America 16,004 14,413 Latin America 3,694 2,982 Europe/Africa/CIS 4,510 3,956 Middle East/Asia   4,295     3,478     Operating income by geographic region:         Completion and Production: North America $2,260 $ 3,341 Latin America 206 159 Europe/Africa/CIS 347 48 Middle East/Asia   331     185   Total   3,144     3,733   Drilling and Evaluation: North America 680 641 Latin America 393 305 Europe/Africa/CIS 246 191 Middle East/Asia   356     266   Total   1,675     1,403   Total operating income by region: North America 2,940 3,982 Latin America 599 464 Europe/Africa/CIS 593 239 Middle East/Asia   687     451   Corporate and other   (660)   (399 ) Total operating income   $4,159     $ 4,737   See Footnote Table 2 for a list of significant items included in operating income.   FOOTNOTE TABLE 1HALLIBURTON COMPANYItems Included in Operating Income(Millions of dollars except per share data)(Unaudited)     Three Months Ended   Three Months Ended December 31, 2011 September 30, 2012 Operating   After Tax Operating   After Tax     Income   per Share   Income   per Share Completion and Production: North America Acquisition-related charge $ — $ — $ (40 ) $ (0.02 ) Latin America Acquisition-related charge   —     —     (8 )   (0.01 ) Corporate and other: Environmental charge (24 ) (0.02 ) — — Patent infringement case settlement   —     —     20     0.01     FOOTNOTE TABLE 2HALLIBURTON COMPANYItems Included in Operating Income(Millions of dollars except per share data)(Unaudited)     Year Ended   Year Ended December 31, 2012 December 31, 2011 Operating   After Tax Operating   After Tax     Income   per Share   Income   per Share Completion and Production: North America Acquisition-related charge $ (40 ) $ (0.02 ) $ — $ — Latin America Acquisition-related charge (8 ) (0.01 ) — — 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 )   —   Corporate and other: Macondo-related charge (300 ) (0.20 ) — — Patent infringement case settlement 20 0.01 — — Environmental charge   —     —     (24 )   (0.02 )   FOOTNOTE TABLE 3HALLIBURTON COMPANYAdjusted Total Operating Income Excluding Certain ItemsBy Segment and Geographic Region(Millions of dollars)(Unaudited)     Three Months Ended December 31   September 30 Adjusted operating income by geographic region: (a) (b)   2012 2011   2012 Completion and Production:   North America $315 $ 940 $ 423 Latin America 57 51 48 Europe/Africa/CIS 107 44 88 Middle East/Asia   124   52     80   Total   603   1,087     639   Drilling and Evaluation: North America 150 178 174 Latin America 136 119 106 Europe/Africa/CIS 79 65 63 Middle East/Asia   119   118     87   Total   484   480     430   Adjusted total operating income by region: North America 465 1,118 597 Latin America 193 170 154 Europe/Africa/CIS 186 109 151 Middle East/Asia   243   170     167   Corporate and other   (106) (113 )   (87 ) Adjusted total operating income   $981   $ 1,454     $ 982   (a)   Management believes that operating income adjusted for the fourth quarter of 2011 environmental-related charge and the third quarter of 2012 acquisition-related charge and settlement of a patent infringement case is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views these items to be outside of the company's normal operating results. Management analyzes operating income without the impact of these items as an indicator of ongoing operating performance, to identify underlying trends in the business, and to establish operational goals, including segment and region operational goals. The adjustments remove the effects of these expenses. (b) Adjusted operating income for each segment and region is calculated as: “Operating income” less “Items Included in Operating Income.”   FOOTNOTE TABLE 4HALLIBURTON COMPANYReconciliation of As Reported Results to Adjusted Results(Millions of dollars)(Unaudited)     Three Months Ended     September 30, 2012   As reported income from continuing operations attributable to company   $ 608 Acquisition-related charge, net of tax (a) 30 Patent infringement case settlement, net of tax (a)   (13 ) Adjusted income from continuing operations attributable to company (a)   $ 625     As reported diluted weighted average common shares outstanding 930   As reported income from continuing operations per diluted share (b) $ 0.65 Adjusted income from continuing operations per diluted share (b)   $ 0.67   (a)   Management believes that income from continuing operations attributable to company adjusted for the acquisition-related charge and patent infringement case settlement is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent 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 these items as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. The adjustments remove the effects of these expenses. Adjusted income from continuing operations attributable to company is calculated as: “As reported income from continuing operations attributable to company” plus “Acquisition-related charge, net of tax” plus “Patent infringement case settlement, net of tax” for the quarter ended September 30, 2012. (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 Friday, January 25, 2013, to discuss the fourth quarter 2012 financial results. The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time). Halliburton's fourth quarter press release will be posted on the Halliburton Web site at www.halliburton.com. Please visit the Web site to listen to the call live via webcast. In addition, you may participate in the call by telephone at (703) 639-1306. A passcode is not required. Attendees should log-in to the webcast or dial-in approximately 15 minutes prior to the call's start time. A replay of the conference call will be available on Halliburton's Web site for seven days following the call. Also, a replay may be accessed by telephone at (888) 266-2081, passcode 1596817. HalliburtonKelly Youngblood, 281-871-2688Investor Relationsinvestors@halliburton.comorBeverly Blohm Stafford, 281-871-2601Corporate AffairsPR@halliburton.com