Analysis of Geographic Areas
Halliburton Co. operates in 4 regions: North America; Latin America; Europe/Africa/CIS; and Middle East/Asia.
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Area Asset Turnover
Halliburton Co., asset turnover by geographic area
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
|---|---|---|---|---|---|
| North America | |||||
| Latin America | |||||
| Europe/Africa/CIS | |||||
| Middle East/Asia |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- North America
- The asset turnover ratio exhibited a declining trend from 2.92 in 2014 to a low of 1.53 in 2016, indicating reduced efficiency in asset utilization during this period. However, starting in 2017, a recovery trend is observed with the ratio increasing to 2.35 and then slightly rising to 2.54 in 2018, suggesting improved asset management or increased sales relative to assets.
- Latin America
- This region shows a decreasing asset turnover ratio from 2.76 in 2014 to 1.74 in 2016, similar to North America, reflecting diminished asset use effectiveness initially. After 2016, the ratio increases to 2.24 in 2017 but declines slightly to 2.12 in 2018, indicating some recovery followed by a minor drop in efficiency.
- Europe/Africa/CIS
- The data reveal a modest decline from 3.00 in 2014 to 2.39 in 2016, followed by a gradual improvement reaching 3.14 in 2018. This suggests a temporary dip in asset utilization that was overcome, ultimately surpassing the initial 2014 level, indicating strong asset efficiency in the later years.
- Middle East/Asia
- A consistent upward trend is notable, starting at 1.83 in 2014 and increasing steadily through the years to 3.31 in 2018. This continuous improvement points to increasingly efficient asset turnover in this geographic area.
- Overall Observations
- Across all regions, there is a common pattern of decreasing asset turnover ratios between 2014 and 2016, potentially reflecting a challenging operational environment or reduced asset productivity during this period. Starting from 2017, most regions exhibit a recovery or improvement in asset turnover ratios, with Middle East/Asia showing the most pronounced increase. Europe/Africa/CIS also demonstrates a strong rebound surpassing the initial values. North America and Latin America show improvement post-2016 but with some fluctuations. This indicates a regional variability in the pace and consistency of asset efficiency recovery over the analyzed period.
Area Asset Turnover: North America
Halliburton Co.; North America; area asset turnover calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 2018 Calculation
Area asset turnover = Revenue ÷ Net property, plant and equipment
= ÷ =
The data concerning the North America geographic area for the company reveals notable trends in revenue, net property, plant and equipment, as well as asset turnover ratios over the five-year period.
- Revenue
- Revenue experienced a substantial decline from 2014 to 2016, falling from 17,698 million US dollars in 2014 to 6,770 million US dollars in 2016. This represents a drop of approximately 61.7%. However, from 2016 onwards, revenue demonstrated a recovery, increasing to 11,564 million US dollars in 2017 and further rising to 14,431 million US dollars in 2018. Despite this recovery, the revenue level in 2018 remained below the 2014 peak.
- Net Property, Plant and Equipment
- The net property, plant and equipment showed a declining trend initially, decreasing from 6,057 million US dollars in 2014 to 4,431 million US dollars in 2016, indicating a reduction of roughly 26.8%. After 2016, the figure showed a gradual increase, reaching 5,672 million US dollars in 2018, suggesting reinvestment or asset improvement, although it had not yet returned to the 2014 level by 2018.
- Area Asset Turnover Ratio
- The asset turnover ratio, which measures the efficiency of asset use to generate revenue, also declined from 2.92 in 2014 to 1.53 in 2016, reflecting decreasing efficiency amid falling revenues and assets. Post-2016, the ratio improved noticeably to 2.35 in 2017 and 2.54 in 2018, indicating enhanced asset utilization parallel to revenue recovery. Nonetheless, the 2018 ratio was still below the 2014 figure.
Overall, the North America segment experienced a period of contraction in both revenues and asset base until 2016, followed by a recovery phase through to 2018. The improvements in asset turnover ratio during the recovery suggest a more effective use of assets in generating sales, although the metrics had not fully returned to the initial levels observed in 2014. This pattern may reflect the impact of broader economic or industry-specific conditions affecting the geographic area during the period under consideration.
Area Asset Turnover: Latin America
Halliburton Co.; Latin America; area asset turnover calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 2018 Calculation
Area asset turnover = Revenue ÷ Net property, plant and equipment
= ÷ =
- Revenue Trends
- Revenue in the Latin America geographic area displayed a downward trend from 2014 to 2016, decreasing significantly from 3,875 million US dollars in 2014 to 1,860 million US dollars in 2016. Following this decline, revenue showed a modest recovery in 2017, increasing to 2,116 million US dollars, but slightly decreased again in 2018 to 2,065 million US dollars, remaining well below the 2014 level.
- Net Property, Plant, and Equipment Trends
- The net property, plant, and equipment asset base declined notably from 1,406 million US dollars in 2014 to 945 million US dollars in 2017. There was a minor uptick in 2018, with the value reaching 974 million US dollars. Overall, the asset base contracted considerably over the period, reflecting a reduction in fixed assets or possible asset disposals.
- Area Asset Turnover Trends
- The area asset turnover ratio, which measures revenue generated per unit of asset investment, declined from 2.76 in 2014 to 1.74 in 2016, indicating reduced efficiency in utilizing the asset base to generate revenue. The ratio rebounded to 2.24 in 2017, then saw a slight decrease to 2.12 in 2018. Despite fluctuations, efficiency in asset use showed some recovery after reaching its lowest point in 2016.
- Overall Insights
- The data reflects a contraction followed by partial recovery in revenue within the Latin America region over the five-year span. The asset base contracted steadily, with a modest rebound at the end of the observed period. Asset turnover mirrored these trends, experiencing a sharp decline and then partial recovery, indicating attempts to improve asset utilization efficiency. The patterns suggest a challenging operating environment during the mid-period, with measures possibly taken to optimize asset productivity and stabilize revenue thereafter.
Area Asset Turnover: Europe/Africa/CIS
Halliburton Co.; Europe/Africa/CIS; area asset turnover calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 2018 Calculation
Area asset turnover = Revenue ÷ Net property, plant and equipment
= ÷ =
An analysis of the Europe/Africa/CIS geographic area over the five-year period reveals notable trends in revenue, net property, plant and equipment, and area asset turnover.
- Revenue
- Revenue shows a significant decline between 2014 and 2017, dropping from 5,490 million US dollars in 2014 to 2,781 million US dollars in 2017. In 2018, revenue exhibits a modest recovery, increasing to 2,945 million US dollars. Overall, the trend indicates a sharp contraction followed by slight improvement.
- Net property, plant and equipment
- Net property, plant and equipment consistently decrease each year, falling from 1,832 million US dollars in 2014 to 938 million US dollars in 2018. This steady decline suggests ongoing asset disposals, depreciation, or limited capital investment in fixed assets within the region.
- Area asset turnover
- Area asset turnover, a measure of efficiency in using assets to generate revenue, declines from 3.00 in 2014 to its lowest point of 2.39 in 2016. It then improves to 2.53 in 2017 and further rebounds strongly to 3.14 in 2018, surpassing the initial 2014 level. This recovery may indicate enhanced operational efficiency or better utilization of a smaller asset base.
In summary, the region experienced a period of revenue contraction alongside a reduction in asset base over these years. Despite the declining asset base, improvement in asset turnover in 2017 and 2018 suggests that the company managed to increase efficiency and generate more revenue per unit of net assets, possibly reflecting strategic adjustments or market conditions favoring productivity gains.
Area Asset Turnover: Middle East/Asia
Halliburton Co.; Middle East/Asia; area asset turnover calculation
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Net property, plant and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 2018 Calculation
Area asset turnover = Revenue ÷ Net property, plant and equipment
= ÷ =
- Revenue
- The revenue in the Middle East/Asia region shows a declining trend from 2014 through 2017, falling from 5807 million USD in 2014 to 4159 million USD in 2017. However, there is a slight recovery observed in 2018, with revenue increasing to 4554 million USD compared to the previous year.
- Net Property, Plant and Equipment (PP&E)
- Net PP&E exhibits a consistent decrease over the entire period analyzed. Starting at 3180 million USD in 2014, the net PP&E reduces significantly every year, reaching 1377 million USD in 2018. This decline suggests substantial asset disposals, depreciation, or reduced capital expenditure in the region.
- Area Asset Turnover
- The area asset turnover ratio displays an overall upward trend, indicating improved efficiency in utilizing the assets to generate revenue. From an initial value of 1.83 in 2014, this ratio increases steadily to 3.31 by 2018, with a minor dip in 2016. The higher ratio in later years suggests better revenue generation per unit of asset employed in the region.
Revenue
Halliburton Co., revenue by geographic area
US$ in millions
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
|---|---|---|---|---|---|
| North America | |||||
| Latin America | |||||
| Europe/Africa/CIS | |||||
| Middle East/Asia | |||||
| Total |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- North America Revenue
- The revenue from North America experienced a notable decline from 2014 to 2016, decreasing from $17,698 million to $6,770 million. Following this period, there was a recovery with revenues rising to $11,564 million in 2017 and further increasing to $14,431 million in 2018, indicating a gradual positive trend after the initial drop.
- Latin America Revenue
- In Latin America, the revenue showed a consistent downward trend from $3,875 million in 2014 to $1,860 million in 2016. This was followed by a slight increase to $2,116 million in 2017, with a slight decrease again to $2,065 million in 2018. Overall, the region experienced a substantial reduction in revenue over the five-year period with modest fluctuations towards the end.
- Europe/Africa/CIS Revenue
- The revenue in the Europe/Africa/CIS region declined steadily over the period from $5,490 million in 2014 to $2,781 million in 2017. A minor recovery was observed in 2018, where revenue increased slightly to $2,945 million, but the overall trend remains downward.
- Middle East/Asia Revenue
- Revenues in the Middle East/Asia region showed a gradual decrease from $5,807 million in 2014 to $4,159 million in 2017. In 2018, a modest recovery occurred with revenue increasing to $4,554 million, though it did not return to the 2014 levels.
- Total Revenue
- The total revenue exhibited a pronounced decline from $32,870 million in 2014 to $15,887 million in 2016, reaching its lowest point within the observed timeline. Subsequently, total revenue rebounded to $20,620 million in 2017 and further increased to $23,995 million in 2018, reflecting partial recovery but remaining below the 2014 peak.
- Overall Observations
- Across all geographic areas, the data reveals a common pattern of declining revenues from 2014 through 2016, indicative of a challenging period. Starting in 2017, most regions experienced some level of recovery, yet none returned to their 2014 revenue figures by 2018. North America showed the most significant rebound, while Latin America demonstrated the weakest recovery. The total revenue trend mirrors the regional patterns, with a marked decline followed by gradual improvement.
Net property, plant and equipment
Halliburton Co., net property, plant and equipment by geographic area
US$ in millions
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
|---|---|---|---|---|---|
| North America | |||||
| Latin America | |||||
| Europe/Africa/CIS | |||||
| Middle East/Asia | |||||
| Total |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- North America
- The net property, plant, and equipment values in North America showed a decreasing trend from 2014 to 2016, declining from 6,057 million USD to 4,431 million USD. This was followed by a recovery phase, with values increasing to 4,922 million USD in 2017 and further to 5,672 million USD in 2018.
- Latin America
- In Latin America, the data indicates relative stability from 2014 to 2015, with a slight increase from 1,406 million USD to 1,450 million USD. Thereafter, there was a steady decline to 945 million USD in 2017, before a marginal increase to 974 million USD in 2018.
- Europe/Africa/CIS
- Europe/Africa/CIS experienced a consistent downward trend over the entire period. Starting at 1,832 million USD in 2014, the value decreased year-over-year to 938 million USD in 2018, representing a nearly 50% reduction within five years.
- Middle East/Asia
- The Middle East/Asia region exhibited a significant reduction in net property, plant, and equipment from 3,180 million USD in 2014 to 1,377 million USD in 2018. The trend was steady and continuous, marking a decline of over 50% throughout the period.
- Total
- The total net property, plant, and equipment across all geographic areas decreased substantially from 12,475 million USD in 2014 to 8,532 million USD in 2016. Following 2016, the total remained relatively stable, with a small increase to 8,961 million USD in 2018. This pattern reflects the combined trends observed in the individual regions.