Halliburton Q4 Loss Widens on Tax Provision

The U.S. oilfield services major Halliburton has reported net loss in the fourth quarter 2017 of $825 million or 94 cents per share on charges related to U.S. tax reform and Venezuela receivables.

Halliburton recorded an aggregate $882 million of non-cash discrete tax charges in the fourth quarter of 2017, primarily as a result of preliminary tax provisions for the net impact of the Tax Cuts and Jobs Act of 2017 law.

In addition, Halliburton booked aggregate charge of $385 million during the fourth quarter due to delayed payments, combined with recent credit rating downgrades and deteriorating market conditions in Venezuela.

Adjusted income from continuing operations for the fourth quarter of 2017 was $462 million, or 53 cents per diluted share.

For the fourth quarter 2017, Halliburton reported operating income of $379 million (adjusted $764 million). Operating income for 2017 was $1.4 billion, compared to operating loss of $6.8 billion in 2016.

Fourth-quarter revenue increased 9 per cent to $5.9 billion from $5.4 billion same time last year. Full year revenue for 2017 was $20.6 billion, an increase of $4.7 billion from 2016.

Sequentially, revenue increased by close to $500 million. Revenue in the full year of 2017 was $20.6 billion up from $15.9 billion in 2016.

The company booked net loss of $463 million ($0.53 per share), compared with net loss of $5.76 billion, ($6.67 per share) in the year 2016.

Subsea World News Staff

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