Halliburton Announces Update on Russia Operations and Sanctions Compliance

Rhea-AI Summary

Halliburton Company (NYSE: HAL) announced the immediate suspension of business operations in Russia due to complying with sanctions against state-owned customers. The company halted shipments of specific sanctioned parts and has no active joint ventures in the region. CEO Jeff Miller emphasized the importance of employee safety and compliance with sanctions, while acknowledging the tragic impact of the Ukraine war on employees and their families.

Positive

• Immediate compliance with sanctions enhances corporate reputation.
• Focus on employee safety and well-being amid geopolitical tensions.

Negative

• Suspension of operations may lead to revenue loss in the short term.
• Halting shipments could impact relationships with existing customers in Russia.

 

HOUSTON--(BUSINESS WIRE)-- Halliburton Company (NYSE: HAL) today announced it immediately suspended future business in Russia as the Company complies with sanctions that prohibit transactions and work, including for certain state-owned Russian customers. Halliburton will prioritize safety and reliability as we wind down our remaining operations in Russia.

Several weeks ago, the Company halted all shipments of specific sanctioned parts and products to Russia. Halliburton has no active joint ventures there.

“The war in Ukraine deeply saddens us. We have employees in both Ukraine and Russia, and the conflict greatly impacts our people, their families, and loved ones throughout the region,” said Halliburton Chairman, President and CEO Jeff Miller. “Since the start of this conflict, we prioritized employee safety and compliance with all relevant sanctions.”

ABOUT HALLIBURTON

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220318005419/en/

Halliburton

For Investors:

David Coleman

Investor Relations

investors@halliburton.com

281-871-2688

For News Media:

Emily Mir

External Affairs

pr@halliburton.com

281-871-2601

Source: Halliburton Company

FAQ

Why did Halliburton suspend business in Russia?

Halliburton suspended operations in Russia to comply with sanctions that prohibit transactions with certain state-owned customers.

What is the impact of Halliburton's exit from Russia?

The exit could result in short-term revenue loss and affect existing customer relationships.

What sanctions is Halliburton complying with?

Halliburton is complying with sanctions that restrict transactions and work with specific state-owned Russian companies.

How has Halliburton addressed employee safety during the conflict?

Halliburton has prioritized employee safety and compliance with sanctions throughout the ongoing conflict.

What is Halliburton's stock symbol?

Halliburton's stock symbol is HAL, listed on the NYSE.