Halliburton (HAL) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 19, 2023
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		902,194,900
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, 2023	Mar. 31, 2022
Revenue:
Revenue		$ 5,677	$ 4,284
Operating costs and expenses:
Impairments and other charges	[1]	0	22
General and administrative		54	52
Total operating costs and expenses		4,700	3,773
Operating income		977	511
Interest income		39	19
Interest expense, net of interest income		(79)	(107)
Loss on early extinguishment of debt		0	(42)
Other, net		(69)	(30)
Income (loss) from continuing operations before income taxes		829	332
Income tax (provision) benefit		(174)	(68)
Net income (loss)		655	264
Net (income) loss attributable to noncontrolling interest		(4)	(1)
Net income (loss) attributable to company		$ 651	$ 263
Earnings Per Share, Basic		$ 720,000	$ 290,000
Earnings Per Share, Diluted		$ 720,000	$ 290,000
Weighted Average Number of Shares Outstanding, Basic		904	899
Weighted Average Number of Shares Outstanding, Diluted		907	903
Noncontrolling Interest in Consolidated Subsidiaries
Operating costs and expenses:
Net income (loss)		$ 4	$ 1
Services [Member]
Revenue:
Revenue		4,166	3,073
Operating costs and expenses:
Cost of services and sales		3,399	2,710
Product sales [Member]
Revenue:
Revenue		1,511	1,211
Operating costs and expenses:
Cost of services and sales		$ 1,247	$ 989
[1]For the three months ended March 31, 2022, the 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, 2023	Mar. 31, 2022
Net income (loss)	$ 655	$ 264
Other comprehensive income (loss), net of income taxes	1	5
Comprehensive income (loss)	656	269
Comprehensive (income) loss attributable to noncontrolling interest	(4)	(1)
Comprehensive income (loss) attributable to company shareholders	$ 652	$ 268

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and equivalents	$ 1,879	$ 2,346
Receivables net of allowances for bad debts	5,195	4,627
Allowance for bad debts	720	731
Inventories	3,133	2,923
Other current assets	1,038	1,056
Total current assets	11,245	10,952
Property, Plant and Equipment, Net	4,399	4,348
Accumulated depreciation	11,689	11,660
Goodwill	2,829	2,829
Deferred income taxes	2,574	2,636
Operating lease right-of-use assets	940	913
Other assets	1,632	1,577
Total assets	23,619	23,255
Current liabilities:
Accounts payable	3,180	3,121
Accrued employee compensation and benefits	474	634
Accrual for Taxes Other than Income Taxes, Current	299	349
Current portion of operating lease liabilities	227	224
Other current liabilities	793	723
Total current liabilities	5,266	5,345
Long-term debt	7,929	7,928
Operating lease liabilities	812	791
Employee compensation and benefits	377	408
Other liabilities	790	806
Total liabilities	15,174	15,278
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,664	$ 2,664
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)	1,065	1,066
Paid-in capital in excess of par value	$ 0	$ 50
Accumulated other comprehensive loss	(229)	(230)
Retained earnings	11,075	10,572
Treasury stock, at cost	$ (5,095)	$ (5,108)
Treasury shares (in shares)	163	164
Company shareholders' equity	$ 8,415	$ 7,948
Noncontrolling interest in consolidated subsidiaries	30	29
Total shareholders' equity	8,445	7,977
Total liabilities and shareholders' equity	23,619	23,255
Accrued Income Taxes, Current	$ 293	$ 294
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	47%
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	36%	38%

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 655	$ 264
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Impairments and other charges	0	22
Depreciation, depletion and amortization	241	232
Changes in assets and liabilities:
Receivables	(575)	(368)
Accounts payable	57	207
Inventories	(210)	(225)
Other operating activities	143	(95)
Total cash flows provided by operating activities	122	(50)
Cash flows from investing activities:
Capital expenditures	(268)	(189)
Proceeds from sales of property, plant and equipment	41	56
Other investing activities	(68)	(22)
Total cash flows used in investing activities	(295)	(155)
Cash flows from financing activities:
Payments on long-term borrowings	0	(640)
Dividends to shareholders	(145)	(108)
Payments for Repurchase of Common Stock	100	0
Other financing activities	(4)	80
Total cash flows used in financing activities	(249)	(668)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(45)	(17)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(467)	(890)
Cash and equivalents at beginning of period	2,346	3,044	$ 3,044
Cash and equivalents at end of period			2,346
Cash and equivalents at end of period	1,879	2,154	$ 2,346
Cash payments during the period for:
Interest	127	134
Income taxes	$ 148	78
Maximum Percentage Gross Trade Receivables From One Customer	10%		10%
Increase (Decrease) in Employee Related Liabilities	$ (189)	$ (87)
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage	36%		38%
MEXICO | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage	13%		11%

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 2022 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, 2023 and the results of our operations for the three months ended March 31, 2023 and 2022, and our cash flows for the three months ended March 31, 2023 and 2022. 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, 2023 may not be indicative of results for the full year.

Business Segment and Geographic

Business Segment and Geographic Information	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Revenue: Completion and Production $ 3,409 $ 2,353 Drilling and Evaluation 2,268 1,931 Total revenue $ 5,677 $ 4,284 Operating income: Completion and Production $ 666 $ 296 Drilling and Evaluation 369 294 Total operations 1,035 590 Corporate and other (a) (58) (57) Impairments and other charges (b) — (22) Total operating income $ 977 $ 511 Interest expense, net of interest income (79) (107) Loss on early extinguishment of debt — (42) Other, net (69) (30) Income before income taxes $ 829 $ 332 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the three months ended March 31, 2022, the 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

Revenue	3 Months Ended
	Mar. 31, 2023
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, 47% and 43% of our consolidated revenue was from the United States for the three months ended March 31, 2023 and 2022, respectively. No other country accounted for more than 10% of our revenue. The following table presents information on our disaggregated revenue. Three Months Ended Millions of dollars 2023 2022 Revenue by segment: Completion and Production $ 3,409 $ 2,353 Drilling and Evaluation 2,268 1,931 Total revenue $ 5,677 $ 4,284 Revenue by geographic region: North America $ 2,765 $ 1,925 Latin America 915 653 Europe/Africa/CIS 662 677 Middle East/Asia 1,335 1,029 Total revenue $ 5,677 $ 4,284 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, 2023, 36% of our net trade receivables were from customers in the United States and 13% were from customers in Mexico. As of December 31, 2022, 38% 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 9% of our total receivables as of March 31, 2023 and December 31, 2022, 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 net trade receivables at those dates. We 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, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 1,995 $ 1,859 Raw materials and supplies 1,011 953 Work in process 127 111 Total inventories $ 3,133 $ 2,923

Payables and Accruals

Payables and Accruals	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure	Accounts Payable Effective January 1, 2023, we adopted new supplier finance program disclosure requirements contained in guidance issued by the Financial Accounting Standards Board (ASU 2022-04, "Disclosure of Supplier Finance Program Obligations"), other than the roll-forward disclosure, which we will adopt at the beginning of 2024. We have agreements with third parties that allow our participating suppliers to finance payment obligations from us with designated third-party financial institutions who act as our paying agent. We have generally extended our payment terms with suppliers to 90 days. A participating supplier may request a participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institutions. Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligation to participating suppliers was $321 million as of March 31, 2023, and $273 million as of December 31, 2022, and is included in accounts payable on the condensed consolidated balance sheets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesDuring the three months ended March 31, 2023, we recorded a total income tax provision of $174 million on a pre-tax income of $829 million, resulting in an effective tax rate of 21.0% for the quarter. During the three months ended March 31, 2022, we recorded a total income tax provision of $68 million on a pre-tax income of $332 million, resulting in an effective tax rate of 20.5% for the quarter.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2023 and March 31, 2022, 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, 2022 $ 2,664 $ 50 $ (5,108) $ 10,572 $ (230) $ 29 $ 7,977 Comprehensive income (loss): Net income — — — 651 — 4 655 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (145) — — (145) Stock repurchase program — — (100) — — — (100) Stock plans (a) — (50) 113 (3) — — 60 Other — — — — — (3) (3) Balance at March 31, 2023 $ 2,664 $ — $ (5,095) $ 11,075 $ (229) $ 30 $ 8,445 (a) In the first quarter of 2023, 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 to zero, which resulted in a reduction of retained earnings by $3 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, 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 to 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. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We purchased 2.9 million shares of our common stock under the program during the three months ended March 31, 2023 for $100 million. Approximately $4.8 billion remained authorized for repurchases as of March 31, 2023. From the inception of this program in February of 2006 through March 31, 2023, we repurchased approximately 234 million shares of our common stock for a total cost of approximately $9.4 billion. Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Cumulative translation adjustments $ (83) $ (84) Defined benefit and other postretirement liability adjustments (102) (101) Other (44) (45) Total accumulated other comprehensive loss $ (229) $ (230)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 $2.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of March 31, 2023. 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, 2023
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 2023 2022 Basic weighted average common shares outstanding 904 899 Dilutive effect of awards granted under our stock incentive plans 3 4 Diluted weighted average common shares outstanding 907 903 Antidilutive shares: Options with exercise price greater than the average market price 14 16 Total antidilutive shares 14 16

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 6,837 $ 939 $ 7,776 $ 7,930 $ 6,539 $ 917 $ 7,456 $ 7,928 In the first three months of 2023, the fair value of our debt increased as a result of lower debt yields. 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Argentina Blue Chip Swap Transaction The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. Our functional currency in Argentina is the U.S. dollar and we remeasure our Argentine peso-denominated net assets into U.S. dollars at each balance sheet date using Argentina's official peso to U.S. dollar exchange rate then in effect. There is a foreign exchange mechanism known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate. This parallel rate, which cannot be used as the basis to remeasure our net monetary assets in U.S. dollars under U.S. GAAP, was approximately 94% higher than Argentina’s official exchange rate at March 31, 2023. During April of 2023, we began entering into Blue Chip Swap transactions in order to remit cash from our Argentine operations that could result in an estimated loss on investment of $60 million during the second quarter of 2023.

Revenue (Policies)

Revenue (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2023
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Millions of dollars 2023 2022 Revenue: Completion and Production $ 3,409 $ 2,353 Drilling and Evaluation 2,268 1,931 Total revenue $ 5,677 $ 4,284 Operating income: Completion and Production $ 666 $ 296 Drilling and Evaluation 369 294 Total operations 1,035 590 Corporate and other (a) (58) (57) Impairments and other charges (b) — (22) Total operating income $ 977 $ 511 Interest expense, net of interest income (79) (107) Loss on early extinguishment of debt — (42) Other, net (69) (30) Income before income taxes $ 829 $ 332 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the three months ended March 31, 2022, the 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 (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue [Abstract]
Disaggregation of Revenue	The following table presents information on our disaggregated revenue. Three Months Ended Millions of dollars 2023 2022 Revenue by segment: Completion and Production $ 3,409 $ 2,353 Drilling and Evaluation 2,268 1,931 Total revenue $ 5,677 $ 4,284 Revenue by geographic region: North America $ 2,765 $ 1,925 Latin America 915 653 Europe/Africa/CIS 662 677 Middle East/Asia 1,335 1,029 Total revenue $ 5,677 $ 4,284

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 1,995 $ 1,859 Raw materials and supplies 1,011 953 Work in process 127 111 Total inventories $ 3,133 $ 2,923

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023	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, 2023 and March 31, 2022, 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, 2022 $ 2,664 $ 50 $ (5,108) $ 10,572 $ (230) $ 29 $ 7,977 Comprehensive income (loss): Net income — — — 651 — 4 655 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (145) — — (145) Stock repurchase program — — (100) — — — (100) Stock plans (a) — (50) 113 (3) — — 60 Other — — — — — (3) (3) Balance at March 31, 2023 $ 2,664 $ — $ (5,095) $ 11,075 $ (229) $ 30 $ 8,445 (a) In the first quarter of 2023, 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 to zero, which resulted in a reduction of retained earnings by $3 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, 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 to 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.
Schedule of comprehensive income (loss)	Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Cumulative translation adjustments $ (83) $ (84) Defined benefit and other postretirement liability adjustments (102) (101) Other (44) (45) Total accumulated other comprehensive loss $ (229) $ (230)

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Basic weighted average common shares outstanding 904 899 Dilutive effect of awards granted under our stock incentive plans 3 4 Diluted weighted average common shares outstanding 907 903 Antidilutive shares: Options with exercise price greater than the average market price 14 16 Total antidilutive shares 14 16

Fair value by balance sheet gro

Fair value by balance sheet grouping table (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 6,837 $ 939 $ 7,776 $ 7,930 $ 6,539 $ 917 $ 7,456 $ 7,928

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impairments and other charges	[1]	$ 0	$ 22
[1]For the three months ended March 31, 2022, the 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, 2023	Mar. 31, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Impairments and other charges	[1]	$ 0	$ 22
Operating lease right-of-use assets		940		$ 913
Current portion of operating lease liabilities		$ 227		$ 224
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, the 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, 2023 Division Customers	Dec. 31, 2022 Customers
Concentration Risk [Line Items]
Number of business segments | Division	2
Maximum Percentage Gross Trade Receivables From One Customer	10%	10%
NumberOfCustomersExceedReceivablesThreshold | Customers	0	0
Geographic Concentration Risk [Member] | Accounts Receivable [Member] | UNITED STATES
Concentration Risk [Line Items]
Concentration Risk, Percentage	36%	38%

Business Segment and Geograph_4

Business Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue		$ 5,677	$ 4,284
Operating income (loss):
Impairments and other charges	[1]	0	(22)
Operating income		977	511
Interest expense, net of interest income		(79)	(107)
Other, net		(69)	(30)
Income (loss) from continuing operations before income taxes		829	332
Loss on early extinguishment of debt		0	42
Total operations
Operating income (loss):
Operating income		1,035	590
Completion and Production
Revenue:
Revenue		3,409	2,353
Operating income (loss):
Impairments and other charges			(6)
Completion and Production | Total operations
Operating income (loss):
Operating income		666	296
Drilling and Evaluation
Revenue:
Revenue		2,268	1,931
Operating income (loss):
Impairments and other charges			(17)
Drilling and Evaluation | Total operations
Operating income (loss):
Operating income		369	294
Corporate and Other [Member]
Operating income (loss):
Impairments and other charges			1
Operating income	[2]	$ (58)	$ (57)
[1]For the three months ended March 31, 2022, the 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, corporate executives, and operating lease assets, 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, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Impairments and other charges	[1]	$ 0	$ 22
[1]For the three months ended March 31, 2022, the 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, 2023 USD ($) Division Customers	Mar. 31, 2022 USD ($)	Dec. 31, 2022 Customers
Disaggregation of Revenue [Line Items]
Number of business segments | Division	2
Revenue	$ 5,677	$ 4,284
Revenue, Performance Obligation, Description of Timing	one year
NumberOfCustomersExceedReceivablesThreshold | Customers	0		0
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,765	1,925
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	915	653
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	662	677
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,335	1,029
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,409	2,353
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,268	$ 1,931
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	47%	43%
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	36%		38%
Accounts Receivable [Member] | MEXICO | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	13%		11%
Accounts Receivable [Member] | MEXICO | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	11%		9%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Finished products and parts	$ 1,995	$ 1,859
Raw materials and supplies	1,011	953
Work in process	127	111
Inventory, net	$ 3,133	$ 2,923

Payables and Accruals (Details)

Payables and Accruals (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Outstanding Supplier Finance Payment Obligation	$ 321	$ 273

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)		$ 174	$ 68
Income (loss) from continuing operations before income taxes		829	332
Impairments and other charges	[1]	0	22
Loss on early extinguishment of debt		$ 0	$ (42)
Effective tax rate		21%	20.50%
[1]For the three months ended March 31, 2022, the 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, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 7,977		$ 6,728
Net income (loss)	655		264
Other comprehensive income (loss)	1		5
Cash dividends	(145)		(108)
Stock Repurchased During Period, Value	(100)
Stock plans	60		144
Other	3
Ending Balance	$ 8,445		$ 7,033
Common Stock, Dividends, Per Share, Declared			$ 0.12
Stock Repurchased During Period, Shares	2.9
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,664		$ 2,665
Net income (loss)	0		0
Other comprehensive income (loss)	0		0
Cash dividends	0		0
Stock Repurchased During Period, Value	0
Stock plans	0		0
Other	0
Ending Balance	2,664		2,665
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	50		32
Net income (loss)	0		0
Other comprehensive income (loss)	0		0
Cash dividends	0		0
Stock Repurchased During Period, Value	0
Stock plans	50		(32)
Other	0
Ending Balance	0		0
Treasury Stock
Shareholders' equity activity [Roll Forward]
Beginning Balance	(5,108)		(5,511)
Net income (loss)	0		0
Other comprehensive income (loss)	0		0
Cash dividends	0		0
Stock Repurchased During Period, Value	100
Stock plans	113		261
Other	0
Ending Balance	(5,095)		(5,250)
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	10,572		9,710
Net income (loss)	651		263
Other comprehensive income (loss)	0		0
Cash dividends	(145)		(108)
Stock Repurchased During Period, Value	0
Stock plans	3	[1]	85
Other	0
Ending Balance	11,075		9,780
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(230)		(183)
Net income (loss)	0		0
Other comprehensive income (loss)	1		5
Cash dividends	0		0
Stock Repurchased During Period, Value	0
Stock plans	0		0
Other	0
Ending Balance	(229)		(178)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	29		15
Net income (loss)	4		1
Other comprehensive income (loss)	0		0
Cash dividends	0		0
Stock Repurchased During Period, Value	0
Stock plans	0		0
Other	3
Ending Balance	$ 30		$ 16
[1]In the first quarter of 2023, 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 to zero, which resulted in a reduction of retained earnings by $3 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, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (102)	$ (101)
Cumulative translation adjustments	(83)	(84)
Other	(44)	(45)
Total accumulated other comprehensive loss	$ (229)	$ (230)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) shares in Millions, $ in Billions	Mar. 31, 2023 USD ($) shares
Repurchase Activity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	$ 4.8
Treasury Stock Shares Acquired From Inception | shares	234
Treasury Stock Value Acquired Cost Method From Inception	$ 9.4

Commitments and Contingencies (

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Mar. 31, 2023 USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2.1

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	904	899
Dilutive effect of awards granted under our stock incentive plans	3	4
Diluted weighted average common shares outstanding (in shares)	907	903
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	14	16
Total antidilutive shares	14	16

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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	$ 7,776	$ 7,456
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	7,930	7,928
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	6,837	6,539
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	939	917
Level 3 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Gap Between Official Exchange Rate and Implicit Exchange Rate		94%
Subsequent Event
Subsequent Event [Line Items]
Gain (Loss) on Blue Chip Swap Transaction	$ 60