Halliburton 2011 Annual Report Download - page 30

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15
If our customers delay paying or fail to pay a significant amount of our outstanding receivables,
it could have a material adverse effect on our liquidity, consolidated results of operations, and
consolidated financial condition.
We depend on a limited number of significant customers. While none of these customers
represented more than 10% of consolidated revenue in any period presented, the loss of one or more
significant customers could have a material adverse effect on our business and our consolidated results of
operations.
In most cases, we bill our customers for our services in arrears and are, therefore, subject to our
customers delaying or failing to pay our invoices. In weak economic environments, we may experience
increased delays and failures due to, among other reasons, a reduction in our customers’ cash flow from
operations and their access to the credit markets. If our customers delay paying or fail to pay us a
significant amount of our outstanding receivables, it could have a material adverse effect on our liquidity,
consolidated results of operations, and consolidated financial condition.
Our business in Venezuela subjects us to actions by the Venezuelan government and delays in
receiving payments, which could have a material adverse effect on our liquidity, consolidated results of
operations, and consolidated financial condition.
We believe there are risks associated with our operations in Venezuela, including the possibility
that the Venezuelan government could assume control over our operations and assets. We also continue to
see a delay in receiving payment on our receivables from our primary customer in Venezuela. If our
customer further delays paying or fails to pay us a significant amount of our outstanding receivables, it
could have a material adverse effect on our liquidity, consolidated results of operations, and consolidated
financial condition.
The future results of our Venezuelan operations will be affected by many factors, including our
ability to take actions to mitigate the effect of a devaluation of the Bolívar Fuerte, the foreign currency
exchange rate, actions of the Venezuelan government, and general economic conditions such as continued
inflation and future customer payments and spending.