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100 YEARS 2019 Annual & Sustainability Report

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100 YEARS 2019 Annual & Sustainability Report 100 YEARS 2019 Annual & Sustainability Report 97292halD1R3.indd 1-3 4/16/20 10:07 AM 100 Years Celebrating a Century of Growth and Innovation 1919 1921 1924 1932 Erle P. Halliburton founded the New The U.S. Patent Office assigned The Company was incorporated in The first Halliburton RedBook® of Method Oil Well Cementing Company. patent to New Method for a “method Delaware as the Halliburton Oil Well cementing tables was published. and means of excluding water from Company (HOWCO) with 56 people This field reference guide still oil wells.” on its payroll. provides cementing calculations New Method invented a revolutionary needed for drilling, cementing and cement jet mixer to eliminate hand completing wells. mixing of cement. 1996 1993 1989 1980 Halliburton acquired Landmark Graphics Halliburton combined its 10 semi- Halliburton acquired logging and The first Halliburton Research Center in a stock-for-stock transaction. autonomous energy services units perforating specialist company opened in Duncan, Oklahoma. into one united, global organization, Gearhart Industries and combined Halliburton Energy Services. it with its subsidiary Welex to form Halliburton Logging Services. 1998 2003 2006 2007 Halliburton merged with Dresser Halliburton moved its headquarters Halliburton divested KBR. Halliburton opened an Eastern Industries, bringing Baroid and Sperry from Dallas to Houston. Hemisphere headquarters in into the Halliburton portfolio of products Dubai, United Arab Emirates. and services. This transaction also led to the merger of Brown & Root with M.W. Kellogg, creating a division known as KBR. 97292halD1R3.indd 4-6 4/16/20 10:08 AM 1938 1948 1949 1957 HOWCO cemented its first offshore HOWCO stock was listed for the first Halliburton performed its first Erle P. Halliburton died in Los Angeles. well, using a truck on a barge off the time on the New York Stock Exchange. commercial hydraulic fracturing job HOWCO purchased Welex, a pioneer Louisiana coast. on an oil well near Duncan, Oklahoma. in jet perforating. 1964 1962 1961 1959 Halliburton opened a 500,000- Halliburton acquired Brown & Root. HOWCO changed its company name HOWCO acquired Otis Engineering, square-foot manufacturing center to Halliburton Company. which specialized in manufacturing in Duncan, Oklahoma. pressure control equipment for producing wells. 2008 2011 2018 2019 Halliburton acquired Pinnacle Halliburton acquired Multi-Chem, Halliburton acquired Halliburton celebrates its Technologies, whose surface and a leading provider of oilfield production two companies: 100-year anniversary. downhole microseismic monitoring and completion chemicals and services. Summit ESP, which Halliburton President and CEO provides customers with critical The redesigned Q10™ pump released provides electric Jeff Miller appointed as chairman subsurface insights. with optional dual-power capability to submersible pump of the board. run on natural gas, in addition to diesel. (ESP) technology and services, and Athlon Solutions, a leading provider of specialty water and process treatment chemicals. 2019 Annual & Sustainability Report 97292halD1R3.indd 4-6 4/16/20 10:08 AM Environmental, Social and Governance Highlights Environmental Safety Recordable Health, Safety Energy Total Recordable Lost-Time Hours of Environmental and Environment Consumption Incident Rate Incident Rate HSE Training Incident Rate (HSE) Fines thousand per 200,000 per 200,000 Completed per 200,000 & Penalties gigajoule (GJ) hours worked hours worked hours worked thousand USD 0.11 0.04 0.05 0.03 0.13 0.12 0.20 0.37 0.41 0.29 0.68 $46.5 $38.5 $32.7 67,731 70,285 26,890* 1,496,576 1,919,961 2,800,049 17 18 19 17 18 19 17 18 19 17 18 19 17 18 19 17 18 19 * 2018 and 2019 energy ■ 2019 Q3 year-to-date ■ 2019 Q3 year-to-date data was collected (YTD) International (YTD) International using a revised Association of Drilling Association of Drilling collection and analysis methodology. 2017 Contractors (IADC) Contractors (IADC) data was not updated industry average industry average per this revised methodology. Social Governance Charitable Female Directors/ Spend with Patents Code of Business Advanced Giving Senior Managers Small and Granted Conduct Training Anti-Corruption USD percent of all Diverse Per Year Employees Training Directors/Senior Suppliers U.S. who completed Employees Management million USD training who completed training 813 896 17% 14% 20% $937 $790 $780 1,116 9,179 9,187 8,543 47,145 44,729 43,792 $2,115,731 $1,976,368 $1,950,442 17 18 19 17 18 19 17 18 19 17 18 19 17 18 19 17 18 19 % % %$B 27 35 5 1.95 USD Total Recordable Incidents decreased Non-productive time (NPT) rate Reduction in Scope 1 and 2 GHG USD spent on charitable giving by 27 percent from 2018 decreased 35 percent in the last emissions (TCO2e) from 2018 to 2019 five years 97292halD1R3.indd 1-3 4/16/20 10:07 AM Financial Highlights 1 Reported results during these periods include impairments and other charges Millions of U.S. dollars (USD) and shares, except per share data 20171 20181 20191 of USD 2.5 billion for the year ended December 31, 2019; USD 265 million for the year ended December 31, 2018; and Revenue $ 20,620 $ 23,995 $ 22,408 USD 647 million for the year ended December 31, 2017. Total Operating Expenses $ (19,246) $ (21,528) $ (22,856) 2 Working capital is defined as total current Operating Income (Loss) $ 1,374 $ 2,467 $ (448) assets less total current liabilities. 3 Total capitalization is defined as total debt Income (Loss) Before Taxes $ 682 $ 1,814 $ (1,122) plus total shareholders’ equity. 4 Debt to total capitalization is defined as Amounts Attributable to Company Shareholders: the total debt divided by the sum of total Net Income (Loss) from debt plus total shareholders’ equity. Continuing Operations $ (444) $ 1,656 $ (1,131) Diluted Income Per Share from Continuing Operations $ (0.51) $ 1.89 $ (1.29) Cash Dividends Per Share $ 0.72 $ 0.72 $ 0.72 Diluted Common Shares Outstanding 870 877 875 Net Working Capital 2 $ 5,915 $ 6,349 $ 6,334 Total Assets $ 25,085 $ 25,982 $ 25,377 Total Debt $ 10,942 $ 10,344 $ 10,327 Total Shareholders’ Equity $ 8,349 $ 9,544 $ 8,025 Cash Flows from Operating Activities $ 2,468 $ 3,157 $ 2,445 Capital Expenditures $ 1,373 $ 2,026 $ 1,530 Depreciation, Depletion and Amortization $ 1,556 $ 1,606 $ 1,625 Total Capitalization3 $ 19,291 $ 19,888 $ 18,352 Debt to Total Capitalization4 57% 52% 56% Total Revenue North America vs. Cash Flow Execution Shareholder billion USD International Revenue billion USD Returns billion USD billion USD $1.4 $1.5 $1.0 $9.1 $9.6 $2.5 $3.2 $2.0 $2.4 $0.6 $0.7 $11.6 $11.9 $10.5 $14.4 B $22.4USD 17 18 19 17 18 19 17 18 19 ■ North America 53% ■ North America ■ Operating Cash Flow ■ Share ■ Latin America 10% ■ International ■ Capital Expenditures Repurchases ■ Europe/Africa/CIS 15% ■ Dividends ■ Middle East/Asia 22% Halliburton generated USD 22.4 billion Market dynamics were challenging Halliburton generated over USD 900 Halliburton continuously focuses of total Company revenue in 2019, in North America in 2019, but our million of free cash flow* in 2019, on returning capital to shareholders. with 53 percent attributable to North international business continued demonstrating our ability to generate Over the past three years, we America and 47 percent attributable steady revenue growth, outpacing consistent free cash flow in different have returned approximately USD to our international operations. the international rig count for the business environments. 2.4 billion to shareholders through second year in a row. * Management believes that free cash flow – defined share repurchases and dividends. as “operating cash flows” less “capital expenditures” – is an important liquidity measure, and that it is useful to investors and management for assessing the Company’s ability to generate cash. 2019 Annual & Sustainability Report 1 97292halD2R3.indd 1 4/16/20 11:22 AM Halliburton // 100 Years Contents Inside Front Cover 10 56 Environmental, Social and Financial Performance Environmental, Social and Governance (ESG) Highlights North America 11 Governance Data International 12 Gatefold 61 100-Year Timeline United Nations Sustainable Development Goals Mapping 1 13 Financial Highlights Transparency 62 Materiality 14 GRI Content Index Governance 16 3 Ethics 19 Letter from Chairman, Human Rights 20 64 President and CEO Supply Chain 21 Sustainability Accounting Standards Board (SASB) Mapping 7 Company At A Glance 25 66 Technology & Innovation Our Business 7 Task Force on Climate-Related Technology Management 26 Financial Disclosures (TCFD) Mapping Our Mission, Values and 9 2019 Highlights 27 Guiding Principles for Sustainability 67 Awards & Recognitions 31 Inside Back Cover Collaboration About the Report Stakeholder Engagement 32 35 Health, Safety & Environment Journey to ZERO 36 Leadership Commitments 36 Halliburton Management System 36 Training and Competency 37 Communicating and Addressing Risk 38 HSE and SQ Process Improvement 39 Verifying Performance 41 Environmental Stewardship 42 Climate Change 44 Chemical Services, Management and Transparency 46 47 Global Citizenship Workforce Development 48 Community Engagement 51 2 97292halD2R3.indd 2 4/16/20 11:23 AM To Our Stakeholders As we turn the page on the 100th year of Halliburton, we enter our next century with a clear sense of purpose – to help our customers satisfy the world’s need for the affordable and reliable energy provided by oil and gas – in a more effective, efficient, safe, and ethical manner – while minimizing environmental impact. Our purpose aligns with our core values and is fundamental to our strategy, value proposition and financial objectives. We will continue to do what we do best – collaborate and engineer solutions to maximize our customers’ asset value – while generating industry-leading returns and strong cash flow for our shareholders. The year 2019 marks the end of the first full decade of the shale revolution that propelled the United States to become the world’s top hydrocarbon producer.
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