Halliburton 2011 Annual Report Download - page 61
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46
Customer receivables. In line with industry practice, 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 to pay our invoices due to,
among other reasons, a reduction in our customers’ cash flow from operations and their access to the credit
markets. For example, we continue to see delays in receiving payment on our receivables from one of our
primary customers in Venezuela. 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.