Halliburton 2011 Annual Report Download - page 4

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TO OUR SHAREHOLDERS:
We are very proud to report that 2011 was a highly successful year for our Company. Increased demand for
our services and solid execution drove record revenues of $24.8 billion and operating income of $4.7 billion.
We achieved return on average capital employed of 19 percent, revenue growth of 38 percent and operating
income growth of 57 percent. Our growth, margins and returns in 2011 were superior to the financial results
of our primary competitors.
The foundation of our successful strategy, based on leveraging three key market segments to drive superior
growth, remains unchanged. We will continue to diligently pursue opportunities in unconventional plays,
deepwater projects and mature fields.
LEADING IN UNCONVENTIONAL PLAYS Our technology leadership played a significant role in unconventional
fields in 2011. We introduced our new RapidSuite™ sliding sleeve system, which provides our customers with a
dramatic increase in efficiency in the completion of horizontal unconventional reservoirs.
We continued to deploy our CleanSuite™ technologies in 2011, a group of products and services designed to
reduce the use of chemicals and water in hydraulic fracturing operations. The CleanSuite system represents
our commitment to responsible energy development.
In the North America unconventional market, we have made great progress in deploying elements of our
“Frac of the Future” strategic initiative to improve our capital and operational efficiency, such as our ADP™
advanced dry polymer blenders and SandCastle® proppant storage systems. Additionally, we are rolling out our
first series of Q10™ pumps, which have demonstrated significant reliability and maintenance advantages in field
testing over our current fleet, which is already generally considered to be the best in the industry. These new
technologies are also delivering improvements in our environmental performance.
As the industry leader in unconventional shale plays, we performed the first shale fracture treatments in numerous
countries around the globe, including Argentina, Mexico, Saudi Arabia, Australia, and Poland. Furthermore,
customer consulting agreements have given us an opportunity to screen some 150 unconventional worldwide
basins and perform over 60 detailed studies allowing us to enhance our understanding of global shale resources.
MAKING DEEPWATER ADVANCEMENTS In 2011, we broke ground at the construction site of our new technology
center at the Federal University of Rio de Janeiro Technology Park. This groundbreaking event represents a
milestone in the Technology Collaboration Agreement signed in 2009 between Halliburton and Petrobras for the
purpose of providing deepwater research and technology development in Brazil and around the world.
We continued to invest in our deepwater business in 2011. Our wireline team advanced technology in deepwater,
setting a new world record for hostile pressure testing and sampling operations. In addition, our Sperry Drilling
product service line further solidified its leadership position in high-temperature drilling applications with its
unique high-temperature motors and SOLAR™ Geo-Pilot® high-temperature rotary steerable system, which are
unmatched in the industry today.
HALLIBURTON
02
DELIVERING RESULTS
ADVANCING TECHNOLOGY