Halliburton (HAL) 10-Q 22 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 15, 2022
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-03492
Entity Registrant Name	HALLIBURTON COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2677995
Entity Address, Address Line One	3000 North Sam Houston Parkway East,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	281
Local Phone Number	871-2699
Title of 12(b) Security	Common Stock, par value $2.50 per share
Trading Symbol	HAL
Security Exchange Name	NYSE
Entity Central Index Key	0000045012
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		901,975,902
Entity Emerging Growth Company	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Revenue:
Revenue		$ 4,284	$ 3,451
Operating costs and expenses:
Impairments and other charges	[1]	22	0
General and administrative		52	48
Total operating costs and expenses		3,773	3,081
Operating income		511	370
Interest expense, net of interest income		(107)	(125)
Loss on early extinguishment of debt		(42)	0
Other, net		(30)	(22)
Income (loss) from continuing operations before income taxes		332	223
Income tax (provision) benefit		(68)	(52)
Net income (loss)		264	171
Net (income) loss attributable to noncontrolling interest		(1)	(1)
Net income (loss) attributable to company		$ 263	$ 170
Basic and diluted net income per share		$ 290,000	$ 190,000
Weighted Average Number of Shares Outstanding, Basic		899	889
Weighted Average Number of Shares Outstanding, Diluted		903	889
Interest income		$ 19	$ 10
Noncontrolling Interest in Consolidated Subsidiaries
Operating costs and expenses:
Net income (loss)		1	1
Services [Member]
Revenue:
Revenue		3,073	2,463
Operating costs and expenses:
Cost of services and sales		2,710	2,251
Product sales [Member]
Revenue:
Revenue		1,211	988
Operating costs and expenses:
Cost of services and sales		$ 989	$ 782
[1]	For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 264	$ 171
Other comprehensive income (loss), net of income taxes	5	0
Comprehensive income (loss)	269	171
Comprehensive (income) loss attributable to noncontrolling interest	(1)	(1)
Comprehensive income (loss) attributable to company shareholders	$ 268	$ 170

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and equivalents	$ 2,154	$ 3,044
Receivables net of allowances for bad debts	4,026	3,666
Allowance for bad debts	751	754
Inventories	2,578	2,361
Other current assets	959	872
Total current assets	9,717	9,943
Property, Plant and Equipment, Net	4,270	4,326
Accumulated depreciation	11,594	11,442
Goodwill	2,850	2,843
Deferred income taxes	2,743	2,695
Operating lease right-of-use assets	913	934
Other assets	1,580	1,580
Total assets	22,073	22,321
Current liabilities:
Accounts payable	2,561	2,353
Accrued employee compensation and benefits	434	493
Current portion of operating lease liabilities	237	240
Other current liabilities	678	667
Total current liabilities	4,444	4,306
Long-term debt	8,530	9,127
Operating lease liabilities	815	845
Employee compensation and benefits	460	492
Other liabilities	791	823
Total liabilities	15,040	15,593
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,665	$ 2,665
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	2,000	2,000
Common stock, shares issued (in shares)	1,066	1,066
Paid-in capital in excess of par value	$ 0	$ 32
Accumulated other comprehensive loss	(178)	(183)
Retained earnings	9,780	9,710
Treasury stock, at cost	$ (5,250)	$ (5,511)
Treasury shares (in shares)	165	170
Company shareholders' equity	$ 7,017	$ 6,713
Noncontrolling interest in consolidated subsidiaries	16	15
Total shareholders' equity	7,033	6,728
Total liabilities and shareholders' equity	22,073	22,321
Taxes Payable, Current	267	292
Accrued Income Taxes, Current	$ 267	$ 261
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	43.00%
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	35.00%	34.00%

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 264	$ 171
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Impairments and other charges	22	0
Depreciation, depletion and amortization	232	226
Changes in assets and liabilities:
Receivables	(368)	(145)
Accounts payable	207	205
Inventories	(225)	(1)
Other operating activities	(95)	(186)
Total cash flows provided by operating activities	(50)	203
Cash flows from investing activities:
Capital expenditures	(189)	(104)
Proceeds from sales of property, plant and equipment	56	58
Other investing activities	(22)	(16)
Total cash flows used in investing activities	(155)	(62)
Cash flows from financing activities:
Payments on long-term borrowings	(640)	(188)
Dividends to shareholders	(108)	(40)
Other financing activities	80	5
Total cash flows used in financing activities	(668)	(223)
Effect of exchange rate changes on cash	(17)	(35)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(890)	(117)
Cash and equivalents at beginning of period	3,044	2,563	$ 2,563
Cash and equivalents at end of period			3,044
Cash and equivalents at end of period	2,154	2,446	$ 3,044
Cash payments during the period for:
Interest	261	138
Income taxes	$ 78	54
Maximum Percentage Gross Trade Receivables From One Customer	10.00%		10.00%
Increase (Decrease) in Employee Related Liabilities	$ (87)	$ (67)
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage	35.00%		34.00%
MEXICO | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage	12.00%		11.00%

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our 2021 Annual Report on Form 10-K. Our accounting policies are in accordance with United States generally accepted accounting principles. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect: • the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and • the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of March 31, 2022 and the results of our operations for the three months ended March 31, 2022 and 2021, and our cash flows for the three months ended March 31, 2022 and 2021. Such adjustments are of a normal recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. The results of our operations for the three months ended March 31, 2022 may not be indicative of results for the full year.

Impairments and Other Charges

Impairments and Other Charges	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Impairments and Other Charges	Impairments and Other Charges During the first quarter of 2022, we recorded a pre-tax charge of $22 million primarily related to the write down of all our assets in Ukraine due to the ongoing conflict between Russia and Ukraine and our decision to cease our operations in Ukraine. Included in this charge is a $16 million allowance for credit loss as we do not expect to collect our receivables in Ukraine. This charge is included in "Impairments and other charges" on our condensed consolidated statements of operations for the three months ended March 31, 2022. There were no impairments or other charges recorded in the first quarter of 2021. As a result of the ongoing conflict, we determined these events constituted a triggering event for certain of our long-lived asset groups. We performed a step one recoverability analysis of our long-lived asset groups impacted, which indicated that the asset groups carrying value was recoverable as of March 31, 2022, and as a result no impairment was deemed necessary at this time.

Business Segment and Geographic

Business Segment and Geographic Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting Disclosure	Business Segment InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment. The following table presents information on our business segments. Three Months Ended Millions of dollars 2022 2021 Revenue: Completion and Production $ 2,353 $ 1,870 Drilling and Evaluation 1,931 1,581 Total revenue $ 4,284 $ 3,451 Operating income: Completion and Production $ 296 $ 252 Drilling and Evaluation 294 171 Total operations 590 423 Corporate and other (a) (57) (53) Impairments and other charges (b) (22) — Total operating income $ 511 $ 370 Interest expense, net of interest income (107) (125) Loss on early extinguishment of debt (c) (42) — Other, net (30) (22) Income before income taxes $ 332 $ 223 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other. (c) For the three months ended March 31, 2022, amount consists of a $42 million loss on the early redemption of senior notes.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue [Abstract]
Revenue	Revenue Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize. Disaggregation of revenue We disaggregate revenue from contracts with customers into types of services or products, consistent with our two reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 43% and 39% of our consolidated revenue was from the United States for the three months ended March 31, 2022 and 2021, respectively. No other country accounted for more than 10% of our revenue. The following table presents information on our disaggregated revenue. Millions of dollars Three Months Ended Revenue by segment: 2022 2021 Completion and Production $ 2,353 $ 1,870 Drilling and Evaluation 1,931 1,581 Total revenue $ 4,284 $ 3,451 Revenue by geographic region: North America $ 1,925 $ 1,404 Latin America 653 535 Europe/Africa/CIS 677 634 Middle East/Asia 1,029 878 Total revenue $ 4,284 $ 3,451 Contract balances We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customer’s payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our condensed consolidated financial statements. Transaction price allocated to remaining performance obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over time throughout the license period when the software is considered to be a right to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts is not material. Receivables As of March 31, 2022, 35% of our net trade receivables were from customers in the United States and 12% were from customers in Mexico. As of December 31, 2021, 34% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 11% and 10% of our total receivables as of March 31, 2022 and December 31, 2021, respectively. While we have experienced payment delays in Mexico, these amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability of receivables from this customer. No other country or single customer accounted for more than 10% of our receivables at those dates. Although the market environment has been improving, we continue to have risk of delayed customer payments and payment defaults associated with customer liquidity issues. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves a high degree of judgment utilizing significant assumptions, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 1,524 $ 1,380 Raw materials and supplies 941 890 Work in process 113 91 Total $ 2,578 $ 2,361

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	DebtIn February of 2022, we redeemed $600 million aggregate principal amount of our $1.0 billion 3.8% senior notes that mature in November 2025. The early redemption of the notes resulted in a loss of $42 million, consisting of premiums and unamortized expenses. The loss is included in "Loss on early extinguishment of debt" in our condensed consolidated statements of operations for the three months ended March 31, 2022. We used cash on hand to fund the aggregate redemption price of the notes, which included the principal amount, the make-whole premium, and accrued interest, in the amount of $641 million. The remaining $400 million aggregate principal amount of the notes remains outstanding.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2022 and March 31, 2021, respectively: Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2021 $ 2,665 $ 32 $ (5,511) $ 9,710 $ (183) $ 15 $ 6,728 Comprehensive income (loss): Net income — — — 263 — 1 264 Other comprehensive income — — — — 5 — 5 Cash dividends ($0.12 per share) — — — (108) — — (108) Stock plans (a) — (32) 261 (85) — — 144 Balance at March 31, 2022 $ 2,665 $ — $ (5,250) $ 9,780 $ (178) $ 16 $ 7,033 (a) In the first quarter of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $85 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2020 $ 2,666 $ — $ (6,021) $ 8,691 $ (362) $ 9 $ 4,983 Comprehensive income (loss): Net income — — — 170 — 1 171 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans (a) — 34 144 (112) — — 66 Other — — — — — (1) (1) Balance at March 31, 2021 $ 2,666 $ 34 $ (5,877) $ 8,709 $ (362) $ 9 $ 5,179 (a) In January of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Our Board of Directors has authorized a program to repurchase our common stock from time to time. There were no repurchases made under the program during the three months ended March 31, 2022. Approximately $5.1 billion remained authorized for repurchases as of March 31, 2022. From the inception of this program in February of 2006 through March 31, 2022, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion. Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Cumulative translation adjustments $ (84) $ (85) Defined benefit and other postretirement liability adjustments (48) (47) Other (46) (51) Total accumulated other comprehensive loss $ (178) $ (183)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings. Guarantee arrangements In the normal course of business, we have in place agreements with financial institutions under which approximately $1.9 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of March 31, 2022. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off-balance sheet arrangements either has, or is likely to have, a material effect on our condensed consolidated financial statements.

Income (Loss) per Share

Income (Loss) per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Income (Loss) per Share	Income per Share Basic income or loss per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive. A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Millions of shares 2022 2021 Basic weighted average common shares outstanding 899 889 Dilutive effect of awards granted under our stock incentive plans 4 — Diluted weighted average common shares outstanding 903 889 Antidilutive shares: Options with exercise price greater than the average market price 16 26 Total antidilutive shares 16 26

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities of these instruments. The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows: March 31, 2022 December 31, 2021 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 9,372 $ 126 $ 9,498 $ 8,534 $ 10,518 $ 527 $ 11,045 $ 9,138 In the first three months of 2022, the fair value of our debt decreased as a result of the early redemption of senior notes and higher debt yields. The carrying value of our debt decreased as a result of the early redemption of senior notes. See Note 6 for further information. Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

Revenue (Policies)

Revenue (Policies)	3 Months Ended
	Mar. 31, 2022
Revenue [Abstract]
Revenue Recognition, Policy	Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize.

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Millions of dollars 2022 2021 Revenue: Completion and Production $ 2,353 $ 1,870 Drilling and Evaluation 1,931 1,581 Total revenue $ 4,284 $ 3,451 Operating income: Completion and Production $ 296 $ 252 Drilling and Evaluation 294 171 Total operations 590 423 Corporate and other (a) (57) (53) Impairments and other charges (b) (22) — Total operating income $ 511 $ 370 Interest expense, net of interest income (107) (125) Loss on early extinguishment of debt (c) (42) — Other, net (30) (22) Income before income taxes $ 332 $ 223 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other. (c) For the three months ended March 31, 2022, amount consists of a $42 million loss on the early redemption of senior notes.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue [Abstract]
Disaggregation of Revenue	The following table presents information on our disaggregated revenue. Millions of dollars Three Months Ended Revenue by segment: 2022 2021 Completion and Production $ 2,353 $ 1,870 Drilling and Evaluation 1,931 1,581 Total revenue $ 4,284 $ 3,451 Revenue by geographic region: North America $ 1,925 $ 1,404 Latin America 653 535 Europe/Africa/CIS 677 634 Middle East/Asia 1,029 878 Total revenue $ 4,284 $ 3,451

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 1,524 $ 1,380 Raw materials and supplies 941 890 Work in process 113 91 Total $ 2,578 $ 2,361

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Summary of shareholders' equity activity	The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2022 and March 31, 2021, respectively: Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2021 $ 2,665 $ 32 $ (5,511) $ 9,710 $ (183) $ 15 $ 6,728 Comprehensive income (loss): Net income — — — 263 — 1 264 Other comprehensive income — — — — 5 — 5 Cash dividends ($0.12 per share) — — — (108) — — (108) Stock plans (a) — (32) 261 (85) — — 144 Balance at March 31, 2022 $ 2,665 $ — $ (5,250) $ 9,780 $ (178) $ 16 $ 7,033 (a) In the first quarter of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $85 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2020 $ 2,666 $ — $ (6,021) $ 8,691 $ (362) $ 9 $ 4,983 Comprehensive income (loss): Net income — — — 170 — 1 171 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans (a) — 34 144 (112) — — 66 Other — — — — — (1) (1) Balance at March 31, 2021 $ 2,666 $ 34 $ (5,877) $ 8,709 $ (362) $ 9 $ 5,179 (a) In January of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.
Schedule of comprehensive income (loss)	Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Cumulative translation adjustments $ (84) $ (85) Defined benefit and other postretirement liability adjustments (48) (47) Other (46) (51) Total accumulated other comprehensive loss $ (178) $ (183)

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted average shares outstanding and antidilutive shares	A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Millions of shares 2022 2021 Basic weighted average common shares outstanding 899 889 Dilutive effect of awards granted under our stock incentive plans 4 — Diluted weighted average common shares outstanding 903 889 Antidilutive shares: Options with exercise price greater than the average market price 16 26 Total antidilutive shares 16 26

Fair value by balance sheet gro

Fair value by balance sheet grouping table (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows: March 31, 2022 December 31, 2021 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 9,372 $ 126 $ 9,498 $ 8,534 $ 10,518 $ 527 $ 11,045 $ 9,138

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impairments and other charges	[1]	$ 22	$ 0
[1]	For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other.

Impairments and Other Charges (

Impairments and Other Charges (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Impairments and other charges	[1]	$ 22	$ 0
Operating lease right-of-use assets		913		$ 934
Current portion of operating lease liabilities		237		$ 240
UKRAINE
Restructuring Cost and Reserve [Line Items]
Write-down of A/R in Russia/Ukraine		16
Completion And Production [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges		6
Drilling And Evaluation [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges		17
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges		$ 1
[1]	For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other.

Business Segment and Geograph_3

Business Segment and Geographic Information (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022CustomersDivision	Dec. 31, 2021Customers
Concentration Risk [Line Items]
Number of business segments | Division	2
Maximum Percentage Gross Trade Receivables From One Customer	10.00%	10.00%
NumberOfCustomersExceedReceivablesThreshold | Customers	0	0
Geographic Concentration Risk [Member] | Accounts Receivable [Member] | UNITED STATES
Concentration Risk [Line Items]
Concentration Risk, Percentage	35.00%	34.00%

Business Segment and Geograph_4

Business Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Revenue:
Revenue		$ 4,284	$ 3,451
Operating income (loss):
Impairments and other charges	[1]	(22)	0
Operating income		511	370
Interest expense, net of interest income		(107)	(125)
Other, net		(30)	(22)
Income (loss) from continuing operations before income taxes		332	223
Loss on early extinguishment of debt		42	0
Total operations
Operating income (loss):
Operating income		590	423
Completion and Production
Revenue:
Revenue		2,353	1,870
Operating income (loss):
Impairments and other charges		(6)
Completion and Production | Total operations
Operating income (loss):
Operating income		296	252
Drilling and Evaluation
Revenue:
Revenue		1,931	1,581
Operating income (loss):
Impairments and other charges		(17)
Drilling and Evaluation | Total operations
Operating income (loss):
Operating income		294	171
Corporate and Other [Member]
Operating income (loss):
Impairments and other charges		(1)
Operating income	[2]	$ (57)	$ (53)
[1]	For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other.
[2]	Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.

Business Segment and Geograph_5

Business Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Impairments and other charges	[1]	$ 22	$ 0
[1]	For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other.

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)CustomersDivision	Mar. 31, 2021USD ($)	Dec. 31, 2021Customers
Disaggregation of Revenue [Line Items]
Number of business segments | Division	2
Revenue	$ 4,284	$ 3,451
Revenue, Performance Obligation, Description of Timing	one year
NumberOfCustomersExceedReceivablesThreshold | Customers	0		0
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,925	1,404
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	653	535
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	677	634
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,029	878
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,353	1,870
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,931	$ 1,581
Minimum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms	20
Maximum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms	60
Revenue Benchmark [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	43.00%	39.00%
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	35.00%		34.00%
Accounts Receivable [Member] | MEXICO | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	12.00%		11.00%
Accounts Receivable [Member] | MEXICO | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	11.00%		10.00%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished products and parts	$ 1,524	$ 1,380
Raw materials and supplies	941	890
Work in process	113	91
Inventory, net	$ 2,578	$ 2,361

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Loss on early extinguishment of debt	$ 42	$ 0
Senior Notes due November 2025
Debt Disclosure [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	3.80%
Early Repayment of Senior Debt	$ 600
Repayments of Senior Debt	641
Debt Instrument [Line Items]
Repayments of Senior Debt	641
Long-term Debt, Excluding Current Maturities	$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	3.80%
Early Repayment of Senior Debt	$ 600
Outstanding balance of Senior Notes due November 2025
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 400

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)		$ 68	$ 52
Income (loss) from continuing operations before income taxes		332	223
Impairments and other charges	[1]	22	0
Loss on early extinguishment of debt		$ (42)	$ 0
[1]	For the three months ended March 31, 2022, amount includes a $6 million charge attributable to Completions and Production, a $17 million charge attributable to Drilling and Evaluation, and a $1 million gain attributable to Corporate and other.

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022		Mar. 31, 2021
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 6,728		$ 4,983
Net income (loss)	264		171
Other comprehensive income (loss)	5		0
Cash dividends	(108)		(40)
Stock plans	144		66
Other			1
Ending Balance	$ 7,033		$ 5,179
Common Stock, Dividends, Per Share, Declared	$ 0.12		$ 0.045
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,665		$ 2,666
Net income (loss)	0		0
Other comprehensive income (loss)	0
Cash dividends	0		0
Stock plans	0		0
Other			0
Ending Balance	2,665		2,666
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	32		0
Net income (loss)	0		0
Other comprehensive income (loss)	0
Cash dividends	0		0
Stock plans	32		34
Other			0
Ending Balance	0		34
Treasury Stock
Shareholders' equity activity [Roll Forward]
Beginning Balance	(5,511)		(6,021)
Net income (loss)	0		0
Other comprehensive income (loss)	0
Cash dividends	0		0
Stock plans	261		144
Other			0
Ending Balance	(5,250)		(5,877)
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	9,710		8,691
Net income (loss)	263		170
Other comprehensive income (loss)	0
Cash dividends	(108)		(40)
Stock plans	85	[1]	112	[2]
Other			0
Ending Balance	9,780		8,709
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(183)		(362)
Net income (loss)	0		0
Other comprehensive income (loss)	5
Cash dividends	0		0
Stock plans	0		0
Other			0
Ending Balance	(178)		(362)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	15		9
Net income (loss)	1		1
Other comprehensive income (loss)	0
Cash dividends	0		0
Stock plans	0		0
Other			1
Ending Balance	$ 16		$ 9
[1]	In the first quarter of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $85 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.
[2]	In January of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (48)	$ (47)
Cumulative translation adjustments	(84)	(85)
Other	(46)	(51)
Total accumulated other comprehensive loss	$ (178)	$ (183)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) shares in Millions, $ in Billions	Mar. 31, 2022USD ($)shares
Repurchase Activity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	$ 5.1
Treasury Stock Shares Acquired From Inception | shares	224
Treasury Stock Value Acquired Cost Method From Inception	$ 9

Commitments and Contingencies (

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Mar. 31, 2022USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 1.9

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	899	889
Dilutive effect of awards granted under our stock incentive plans	4	0
Diluted weighted average common shares outstanding (in shares)	903	889
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	16	26
Total antidilutive shares	16	26

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 9,498	$ 11,045
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	8,534	9,138
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	9,372	10,518
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	126	527
Level 3 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0