Halliburton reports Q1 Completion and Production revenue $4.1B

theflyonthewall.com

Reports Q1 Drilling and Evaluation revenue $2.9B. On the quarter, the company commented "With respect to the ongoing Multi-District Litigation trial regarding the Macondo well incident, we have recently participated in court-facilitated settlement discussions with the goal of resolving a substantial portion of private claims. We are pursuing these settlement discussions because we believe that an early and reasonably-valued resolution is in the best interests of our shareholders. Our most recent offer includes both stock and cash, with the cash components payable over an extended period of time. Discussions are at an advanced stage but have not yet resulted in a settlement. As a result, during the first quarter we recorded an after-tax charge of $637M which, when added to the $191M after-tax charge recorded in the first quarter of 2012, is based on where we are in the negotiations at the present time. Our reserve estimate also does not include any potential insurance recovery."

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