EX-99.3 7 h09927exv99w3.txt ADJUSTED ITEM 6. SELECTED FINANCIAL DATA EXHIBIT 99.3 Item 6. Selected Financial Data. HALLIBURTON COMPANY SELECTED FINANCIAL DATA (Unaudited)
Millions of dollars and shares Years ended December 31 ------------------------------------------------------------- except per share and employee data 2002 2001 2000 1999 1998 --------- --------- --------- --------- --------- TOTAL REVENUES $ 12,572 $ 13,046 $ 11,944 $ 12,313 $ 14,504 ========= ========= ========= ========= ========= TOTAL OPERATING INCOME (LOSS) (1) (112) 1,084 462 401 170 Nonoperating income (expense), net (2) (116) (130) (127) (94) (115) --------- --------- --------- --------- --------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST (228) 954 335 307 55 Provision for income taxes (3) (80) (384) (129) (116) (155) Minority interest in net income of consolidated subsidiaries (38) (19) (18) (17) (20) --------- --------- --------- --------- --------- Income (loss) from continuing operations $ (346) $ 551 $ 188 $ 174 $ (120) ========= ========= ========= ========= ========= Income (loss) from discontinued operations $ (652) $ 257 $ 313 $ 283 $ 105 ========= ========= ========= ========= ========= Net income (loss) $ (998) $ 809 $ 501 $ 438 $ (15) ========= ========= ========= ========= ========= BASIC INCOME (LOSS) PER COMMON SHARE Continuing operations $ (0.80) $ 1.29 $ 0.42 $ 0.40 $ (0.27) Net income (loss) (2.31) 1.89 1.13 1.00 (0.03) DILUTED INCOME (LOSS) PER COMMON SHARE Continuing operations (0.80) 1.28 0.42 0.39 (0.27) Net income (loss) (2.31) 1.88 1.12 0.99 (0.03) Cash dividends per share 0.50 0.50 0.50 0.50 0.50 Return on average shareholders' equity (24.02)% 18.64% 12.20% 10.49% (0.35)% --------- --------- --------- --------- --------- FINANCIAL POSITION Net working capital $ 2,288 $ 2,665 $ 1,742 $ 2,329 $ 2,129 Total assets 12,844 10,966 10,192 9,639 10,072 Property, plant and equipment, net 2,629 2,669 2,410 2,390 2,442 Long-term debt (including current maturities) 1,476 1,484 1,057 1,364 1,426 Shareholders' equity 3,558 4,752 3,928 4,287 4,061 Total capitalization 5,083 6,280 6,555 6,590 5,990 Shareholders' equity per share 8.16 10.95 9.20 9.69 9.23 Average common shares outstanding (basic) 432 428 442 440 439 Average common shares outstanding (diluted) 432 430 446 443 439 --------- --------- --------- --------- --------- OTHER FINANCIAL DATA Capital expenditures $ (764) $ (797) $ (578) $ (520) $ (841) Long-term borrowings (repayments), net (15) 412 (308) (59) 122 Depreciation, depletion and amortization expense 505 531 503 511 500 Goodwill amortization included in depreciation, depletion and amortization expense: Energy Services Group - 24 19 12 22 Engineering and Construction Group - 18 25 21 14 Payroll and employee benefits (4) (4,875) (4,818) (5,260) (5,647) (5,880) Number of employees (4), (5) 83,000 85,000 93,000 103,000 107,800 ========= ========= ========= ========= =========
(continued on next page) 1 HALLIBURTON COMPANY SELECTED FINANCIAL DATA (Unaudited) (continued)
Millions of dollars and shares Years ended December 31 ------------------------------------------------------------- except per share and employee data 1997 1996 1995 1994 1993 --------- --------- --------- --------- --------- TOTAL REVENUES $ 13,498 $ 11,236 $ 9,045 $ 8,540 $ 9,145 ========= ========= ========= ========= ========= TOTAL OPERATING INCOME (LOSS) (1) 1,178 674 562 402 8 Nonoperating income (expense), net (2) (82) (70) (34) 333 (61) --------- --------- --------- --------- --------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST 1,096 604 528 735 (53) Provision for income taxes (3) (406) (158) (167) (275) (18) Minority interest in net income of consolidated subsidiaries (30) - (1) (14) (24) --------- --------- --------- --------- --------- Income (loss) from continuing operations $ 660 $ 446 $ 360 $ 446 $ (95) ========= ========= ========= ========= ========= Income from discontinued operations $ 112 $ 112 $ 36 $ 97 $ 81 ========= ========= ========= ========= ========= Net income (loss) $ 772 $ 558 $ 381 $ 543 $ (14) ========= ========= ========= ========= ========= BASIC INCOME (LOSS) PER COMMON SHARE Continuing operations $ 1.53 $ 1.04 $ 0.83 $ 1.04 $ (0.23) Net income (loss) 1.79 1.30 0.88 1.26 (0.04) DILUTED INCOME (LOSS) PER COMMON SHARE Continuing operations 1.51 1.03 0.83 1.03 (0.23) Net income (loss) 1.77 1.29 0.88 1.26 (0.04) Cash dividends per share 0.50 0.50 0.50 0.50 0.50 Return on average shareholders' equity 19.16% 15.25% 10.44% 15.47% (0.43)% --------- --------- --------- --------- --------- FINANCIAL POSITION Net working capital $ 1,985 $ 1,501 $ 1,477 $ 2,197 $ 1,563 Total assets 9,657 8,689 7,723 7,774 8,087 Property, plant and equipment, net 2,282 2,047 1,865 1,631 1,747 Long-term debt (including current maturities) 1,303 957 667 1,119 1,129 Shareholders' equity 4,317 3,741 3,577 3,723 3,296 Total capitalization 5,647 4,828 4,378 4,905 4,746 Shareholders' equity per share 9.86 8.78 8.29 8.63 7.70 Average common shares outstanding (basic) 431 429 431 431 422 Average common shares outstanding (diluted) 436 432 432 432 422 --------- --------- --------- --------- --------- OTHER FINANCIAL DATA Capital expenditures $ (804) $ (612) $ (474) $ (358) $ (373) Long-term borrowings (repayments), net 285 286 (481) (120) 192 Depreciation, depletion and amortization expense 465 405 380 387 574 Goodwill amortization included in depreciation, depletion and amortization expense: Energy Services Group 20 19 17 14 11 Engineering and Construction Group 12 7 7 7 7 Payroll and employee benefits (4) (5,479) (4,674) (4,188) (4,222) (4,429) Number of employees (4), (5) 102,000 93,000 89,800 86,500 90,500 ========= ========= ========= ========= =========
(continued on next page) 2 HALLIBURTON COMPANY SELECTED FINANCIAL DATA (Unaudited) (continued) (1) Operating income includes the following special charges and credits: 1999 - $47 million: reversal of a portion of the 1998 special charges. 1998 - $959 million: asset related charges ($491 million), personnel reductions ($234 million), facility consolidations ($124 million), merger transaction costs ($64 million), and other related costs ($46 million). 1997 - $11 million: merger costs ($9 million), write-downs on impaired assets and early retirement incentives ($10 million), losses from the sale of assets ($12 million), and gain on extension of joint venture ($42 million). 1996 - $86 million: merger costs ($13 million), restructuring, merger and severance costs ($62 million), and write-off of acquired in-process research and development costs ($11 million). 1995 - $8 million: restructuring costs ($5 million) and write-off of acquired in-process research and development costs ($3 million). 1994 - $19 million: merger costs ($27 million), litigation ($10 million), and litigation and insurance recoveries ($18 million). 1993 - $419 million: loss on sale of business ($322 million), merger costs ($31 million), restructuring ($5 million), litigation ($65 million), and gain on curtailment of medical plan ($4 million). (2) Nonoperating income in 1994 includes a gain of $276 million from the sale of an interest in Western Atlas International, Inc. and a gain of $102 million from the sale of our natural gas compression business. (3) Provision for income taxes in 1996 includes tax benefits of $44 million due to the recognition of net operating loss carryforwards and the settlement of various issues with the Internal Revenue Service. (4) Includes employees of Dresser Equipment Group which is accounted for as discontinued operations for the years 1993 through 2000. (5) Does not include employees of less than 50%-owned affiliated companies. 3