Halliburton 2011 Annual Report Download - page 34
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19
Our acquisitions, dispositions, and investments may not result in the realization of savings, the
creation of efficiencies, the generation of cash or income, or the reduction of risk, which may have a
material adverse effect on our liquidity, consolidated results of operations, and consolidated financial
condition.
We continually seek opportunities to maximize efficiency and value through various transactions,
including purchases or sales of assets, businesses, investments, or joint ventures. These transactions are
intended to result in the realization of savings, the creation of efficiencies, the offering of new products or
services, the generation of cash or income, or the reduction of risk. Acquisition transactions may be
financed by additional borrowings or by the issuance of our common stock. These transactions may also
affect our liquidity, consolidated results of operations, and consolidated financial condition.
These transactions also involve risks, and we cannot ensure that:
- any acquisitions would result in an increase in income;
- any acquisitions would be successfully integrated into our operations and internal controls;
- the due diligence prior to an acquisition would uncover situations that could result in
financial or legal exposure, including under the FCPA, or that we will appropriately quantify
the exposure from known risks;
- any disposition would not result in decreased earnings, revenue, or cash flow;
- use of cash for acquisitions would not adversely affect our cash available for capital
expenditures and other uses;
- any dispositions, investments, acquisitions, or integrations would not divert management
resources; or
- any dispositions, investments, acquisitions, or integrations would not have a material adverse
effect on our liquidity, consolidated results of operations, or consolidated financial condition.
Actions of and disputes with our joint venture partners could have a material adverse effect on
the business and results of operations of our joint ventures and, in turn, our business and consolidated
results of operations.
We conduct some operations through joint ventures, where control may be shared with unaffiliated
third parties. As with any joint venture arrangement, differences in views among the joint venture
participants may result in delayed decisions or in failures to agree on major issues. We also cannot control
the actions of our joint venture partners, including any nonperformance, default, or bankruptcy of our joint
venture partners. These factors could have a material adverse effect on the business and results of
operations of our joint ventures and, in turn, our business and consolidated results of operations.