HALLIBURTON CO 10-K form for the fiscal year ended 2023-12-31, page 43: 

|    |                                                              |                                                           |                        |        |    |        |    |        |
|---:|:-------------------------------------------------------------|:----------------------------------------------------------|:-----------------------|:-------|:---|:-------|:---|:-------|
|  1 |                                                              | HALLIBURTON COMPANY Consolidated Statements of Operations |                        |        |    |        |    |        |
|  2 |                                                              |                                                           | Year Ended December 31 |        |    |        |    |        |
|  3 | Millions of dollars and shares except per share data         | 2023                                                      | 2022                   | 2021   |    |        |    |        |
|  4 | Revenue:                                                     |                                                           |                        |        |    |        |    |        |
|  5 | Services                                                     | $                                                         | 16,483                 |        | $  | 14,749 | $  | 10,989 |
|  6 | Product sales                                                | 6,535                                                     |                        | 5,548  |    | 4,306  |    |        |
|  7 | Total revenue                                                | 23,018                                                    |                        | 20,297 |    | 15,295 |    |        |
|  8 | Operating costs and expenses:                                |                                                           |                        |        |    |        |    |        |
|  9 | Cost of services                                             | 13,402                                                    |                        | 12,381 |    | 9,745  |    |        |
| 10 | Cost of sales                                                | 5,256                                                     |                        | 4,603  |    | 3,534  |    |        |
| 12 | General and administrative                                   | 226                                                       |                        | 240    |    | 204    |    |        |
| 13 | SAP S4 upgrade expense                                       | 51                                                        |                        | -      |    | -      |    |        |
| 14 | Impairments and other charges                                | -                                                         |                        | 366    |    | 12     |    |        |
| 16 | Total operating costs and expenses                           | 18,935                                                    |                        | 17,590 |    | 13,495 |    |        |
| 17 | Operating income                                             | 4,083                                                     |                        | 2,707  |    | 1,800  |    |        |
| 18 | Interest expense, net of interest income of $81, $29, and $9 | (395)                                                     |                        | (463)  |    | (520)  |    |        |
| 19 | Loss on Blue Chip Swap transactions                          | (110)                                                     |                        | -      |    | -      |    |        |
| 20 | Argentina currency impact                                    | (131)                                                     |                        | (30)   |    | 6      |    |        |
| 21 | Loss on early extinguishment of debt                         | -                                                         |                        | (42)   |    | -      |    |        |
| 22 | Other, net                                                   | (84)                                                      |                        | (62)   |    | (34)   |    |        |
| 23 | Income before income taxes                                   | 3,363                                                     |                        | 2,110  |    | 1,252  |    |        |
| 24 | Income tax benefit (provision)                               | (701)                                                     |                        | (515)  |    | 216    |    |        |
| 27 | Net income                                                   | $                                                         | 2,662                  |        | $  | 1,595  | $  | 1,468  |
| 28 | Net income attributable to noncontrolling interest           | (24)                                                      |                        | (23)   |    | (11)   |    |        |
| 29 | Net income attributable to company                           | $                                                         | 2,638                  |        | $  | 1,572  | $  | 1,457  |
| 40 | Basic net income per share                                   | $                                                         | 2.93                   |        | $  | 1.74   | $  | 1.63   |
| 41 | Diluted net income per share                                 | $                                                         | 2.92                   |        | $  | 1.73   | $  | 1.63   |
| 46 | Basic weighted average common shares outstanding             | 899                                                       |                        | 904    |    | 892    |    |        |
| 47 | Diluted weighted average common shares outstanding           | 902                                                       |                        | 908    |    | 892    |    |        |
| 48 |                                                              | See notes to consolidated financial statements.           |                        |        |    |        |    |        |

HAL 2023 FORM 10-K | 43





, HALLIBURTON CO 10-K form for the fiscal year ended 2023-12-31, page 46: 

|    |                                                                              |                                                           |                        |         |    |       |    |       |
|---:|:-----------------------------------------------------------------------------|:----------------------------------------------------------|:-----------------------|:--------|:---|:------|:---|:------|
|  1 |                                                                              | HALLIBURTON COMPANY Consolidated Statements of Cash Flows |                        |         |    |       |    |       |
|  2 |                                                                              |                                                           | Year Ended December 31 |         |    |       |    |       |
|  3 | Millions of dollars                                                          | 2023                                                      | 2022                   | 2021    |    |       |    |       |
|  4 | Cash flows from operating activities:                                        |                                                           |                        |         |    |       |    |       |
|  5 | Net income                                                                   | $                                                         | 2,662                  |         | $  | 1,595 | $  | 1,468 |
|  6 | Adjustments to reconcile net income to cash flows from operating activities: |                                                           |                        |         |    |       |    |       |
|  7 | Depreciation, depletion, and amortization                                    | 998                                                       |                        | 940     |    | 904   |    |       |
|  8 | Deferred income tax provision (benefit)                                      | 196                                                       |                        | 70      |    | (486) |    |       |
|  9 | Impairments and other charges                                                | -                                                         |                        | 366     |    | 12    |    |       |
| 11 | Changes in assets and liabilities:                                           |                                                           |                        |         |    |       |    |       |
| 12 | Inventories                                                                  | (303)                                                     |                        | (642)   |    | (10)  |    |       |
| 13 | Receivables                                                                  | (257)                                                     |                        | (1,151) |    | (500) |    |       |
| 14 | Accounts payable                                                             | 49                                                        |                        | 852     |    | 795   |    |       |
| 15 | Other operating activities                                                   | 113                                                       |                        | 212     |    | (272) |    |       |
| 16 | Total cash flows provided by operating activities                            | 3,458                                                     |                        | 2,242   |    | 1,911 |    |       |
| 17 | Cash flows from investing activities:                                        |                                                           |                        |         |    |       |    |       |
| 18 | Capital expenditures                                                         | (1,379)                                                   |                        | (1,011) |    | (799) |    |       |
| 19 | Purchases of investment securities                                           | (492)                                                     |                        | (75)    |    | (5)   |    |       |
| 20 | Proceeds from sales of property, plant, and equipment                        | 195                                                       |                        | 200     |    | 257   |    |       |
| 21 | Sales of investment securities                                               | 131                                                       |                        | -       |    | -     |    |       |
| 22 | Proceeds from a structured real estate transaction                           | -                                                         |                        | -       |    | 87    |    |       |
| 24 | Other investing activities                                                   | (114)                                                     |                        | (81)    |    | (74)  |    |       |
| 25 | Total cash flows used in investing activities                                | (1,659)                                                   |                        | (967)   |    | (534) |    |       |
| 26 | Cash flows from financing activities:                                        |                                                           |                        |         |    |       |    |       |
| 27 | Stock repurchase program                                                     | (800)                                                     |                        | (250)   |    | -     |    |       |
| 28 | Dividends to shareholders                                                    | (576)                                                     |                        | (435)   |    | (161) |    |       |
| 29 | Payments on long-term borrowings                                             | (305)                                                     |                        | (1,242) |    | (700) |    |       |
| 30 | Proceeds from issuance of common stock                                       | 136                                                       |                        | 229     |    | 79    |    |       |
| 32 | Other financing activities                                                   | (126)                                                     |                        | (100)   |    | (56)  |    |       |
| 33 | Total cash flows used in financing activities                                | (1,671)                                                   |                        | (1,798) |    | (838) |    |       |
| 34 | Effect of exchange rate changes on cash                                      | (210)                                                     |                        | (175)   |    | (58)  |    |       |
| 35 | Increase / (decrease) in cash and equivalents                                | (82)                                                      |                        | (698)   |    | 481   |    |       |
| 36 | Cash and equivalents at beginning of year                                    | 2,346                                                     |                        | 3,044   |    | 2,563 |    |       |
| 37 | Cash and equivalents at end of year                                          | $                                                         | 2,264                  |         | $  | 2,346 | $  | 3,044 |
| 38 | Supplemental disclosure of cash flow information:                            |                                                           |                        |         |    |       |    |       |
| 39 | Cash payments during the period for:                                         |                                                           |                        |         |    |       |    |       |
| 40 | Interest                                                                     | $                                                         | 460                    |         | $  | 487   | $  | 517   |
| 41 | Income taxes                                                                 | $                                                         | 616                    |         | $  | 354   | $  | 214   |
| 42 |                                                                              | See notes to consolidated financial statements.           |                        |         |    |       |    |       |

HAL 2023 FORM 10-K | 46







Question: What is the EBITDA Margin for Halliburton in 2023, and how does it compare to 2022?
Answer: EBITDA Margin is calculated as (EBITDA / Revenue) * 100. EBITDA is derived from Operating Income plus Depreciation, Depletion, and Amortization. For Halliburton in 2023, the operating income is $4,083 million, and the depreciation, depletion, and amortization is $998 million. Therefore, the EBITDA is $4,083 + $998 = $5,081 million. The total revenue is $23,018 million. The EBITDA Margin for 2023 is (5,081 / 23,018) * 100 = 22.07%. In 2022, the operating income was $2,707 million, and the depreciation, depletion, and amortization was $940 million. Therefore, the EBITDA was $2,707 + $940 = $3,647 million. The total revenue was $20,297 million. The EBITDA Margin for 2022 is (3,647 / 20,297) * 100 = 17.97%. Comparing the two years, Halliburton's EBITDA Margin increased from 17.97% in 2022 to 22.07% in 2023, indicating improved operational profitability before accounting for non-cash expenses.