# Halliburton Co: Form 10-Q for the period ended Sep 30, 2015

- Company: [Halliburton Co](/companies/hal.md) (CIK 45012)
- Form: 10-Q
- Filed: 2015-10-23
- Accepted by EDGAR: Oct 23, 2015, 15:03 ET
- Period: 2015-09-30
- Accession: 0000045012-15-000156
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/45012/000004501215000156/hal_9302015-10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/45012/000004501215000156/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2015-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2015-07-01 to 2015-09-30 | $5.58bn | us-gaap:SalesRevenueNet |
| Revenue | 9 months, 2015-01-01 to 2015-09-30 | $18.55bn | us-gaap:SalesRevenueNet |
| Cost of revenue | 3 months, 2015-07-01 to 2015-09-30 | $1.25bn | us-gaap:CostOfGoodsSold |
| Cost of revenue | 9 months, 2015-01-01 to 2015-09-30 | $3.85bn | us-gaap:CostOfGoodsSold |
| Operating income | 3 months, 2015-07-01 to 2015-09-30 | $43.0m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2015-01-01 to 2015-09-30 | −$251.0m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2015-07-01 to 2015-09-30 | −$37.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2015-01-01 to 2015-09-30 | −$207.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2015-07-01 to 2015-09-30 | −$54.0m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2015-01-01 to 2015-09-30 | −$643.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2015-07-01 to 2015-09-30 | −$0.06 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2015-01-01 to 2015-09-30 | −$0.76 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2015-07-01 to 2015-09-30 | −$0.06 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2015-01-01 to 2015-09-30 | −$0.76 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2015-07-01 to 2015-09-30 | 855,000,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2015-01-01 to 2015-09-30 | 852,000,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2015-01-01 to 2015-09-30 | $2.02bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2015-01-01 to 2015-09-30 | $1.75bn | us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 9 months, 2015-01-01 to 2015-09-30 | $460.0m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months, 2015-01-01 to 2015-09-30 | $0 | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2015-09-30 | $2.25bn | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2015-09-30 | $14.92bn | us-gaap:AssetsCurrent |
| Total assets | at 2015-09-30 | $30.25bn | us-gaap:Assets |
| Current liabilities | at 2015-09-30 | $5.70bn | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2015-09-30 | $14.77bn | us-gaap:Liabilities |
| Long-term debt | at 2015-09-30 | $7.24bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2015-09-30 | $648.0m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2015-09-30 | $15.45bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 53,052 characters.

### EXECUTIVE OVERVIEW

### Organization

We are a leading provider of services and products to the energy industry. We serve the upstream oil and natural gas industry 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 through the life of the field. Activity levels within our operations are significantly impacted by spending on upstream exploration, development, and production programs by major, national, and independent oil and natural gas companies. We report our results under two segments, the Completion and Production segment and the Drilling and Evaluation segment:

- our Completion and Production segment delivers cementing, stimulation, well intervention, pressure control services, well control and prevention services, pipeline and process services, specialty chemicals, artificial lift, and completion products and services. The segment consists of Production Enhancement, Cementing, Completion Tools, Production Solutions (formerly Boots & Coots), Multi-Chem, and Artificial Lift.
- our Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation, and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities. The segment consists of Baroid, Sperry Drilling, Wireline and Perforating, Drill Bits and Services, Landmark Software and Services, Testing and Subsea, and Consulting and Project Management.

The business operations of our segments are organized around four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. We have significant manufacturing operations in various locations, including the United States, Canada, China, Malaysia, Singapore, and the United Kingdom.

With approximately 65,000 employees, we operate in approximately 80 countries around the world, and our corporate headquarters are in Houston, Texas and Dubai, United Arab Emirates.

### Pending acquisition of Baker Hughes

On November 16, 2014, we and Baker Hughes entered into a merger agreement under which, subject to the conditions set forth in the merger agreement, we will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The acquisition is expected to create a leading global oilfield services company and combine the companies’ product and service capabilities to deliver exceptional depth and breadth of solutions to our customers. We continue to target a 2015 close, but the transaction could move into 2016, which is allowed under the merger agreement. See Note 2 to the condensed consolidated financial statements for further information about the pending acquisition.

### Financial results

We experienced a decline in revenue and margins in the third quarter of 2015, as compared to the third quarter of 2014, as a result of the depressed crude oil pricing environment and its corresponding negative impact on both pricing and activity. The industry experienced an unprecedented decline in North America stimulation activity during 2015, which significantly impacted our financial results. Since November 2014, the United States experienced an approximately 58% decrease in rig count, which in turn has resulted in pricing pressure across the services industry. Our consolidated revenue for the third quarter of 2015 was $5.6 billion, a decrease of $3.1 billion, or 36%, from the third quarter of 2014, attributable to reduced activity levels and pricing concessions in all regions, primarily in North America.

During the first nine months of 2015, we had an operating loss of $251 million, as compared to operating income of $3.8 billion in the first nine months of 2014. The decrease was primarily due to approximately $1.9 billion of impairments and other charges recorded during the first nine months of 2015. These charges were recorded primarily as a result of the downturn in the energy market, and consisted of fixed asset impairments and write-offs, impairments of intangible assets, inventory write-downs, severance costs, country and facility closures, and other items. We took actions during the first nine months of 2015 by reducing our cost structure, including a global headcount reduction of approximately 21% since the beginning of the year, to help mitigate the current market conditions that we are experiencing. See Note 3 to the condensed consolidated financial statements for further information about these charges. Additionally, our operating results were negatively impacted by reduced activity and pricing pressure in most of our product services lines, particularly stimulation activity, in the United States land market.

### Business outlook

The first nine months of 2015 have been challenging for us, as the impact of reduced commodity prices created widespread pricing pressure and activity reductions on a global basis. We have taken actions during the first nine months of 2015 to help mitigate the downturn in the energy market on our business, and we will continue to evaluate our cost structure and make further adjustments as required.

In North America, we continue to experience pricing pressures, which have impacted our margins. Lower commodity prices have translated into unprecedented reductions in rig count throughout the first nine months of the year, which translated into substantial pricing pressure across all of our product service lines. The U.S. land rig count has dropped approximately 58% from the peak in late November 2014. This rig count decline compares to an 18% decline in our completions-related activity, which demonstrates the customer flight to quality that has emerged during the downturn and it positions us well for when the market recovers. Activity in North America could drop substantially towards the end of 2015 as operators exhaust their 2015 budgets and possibly take extended holiday breaks which may impact our revenues and margins in the fourth quarter of 2015. In 2016, we believe that activity may start at a slow pace as E&P budgets are reloaded with activity perhaps ramping up in the second half of the year.

Internationally, the markets have been more resilient than North America, however they are not immune to the impacts of the lower commodity price environment. We experienced pricing concessions in our international operations and activity reductions during the third quarter of 2015, the impact of which was partially mitigated by our cost management initiatives. Despite some pricing concessions, we have continued to work with customers during this downturn to improve project economics through technology and improved operating efficiency. We believe the typical seasonal uptick in year-end sales will be minimal this year as customer budgets are exhausted and may not fully offset continued pricing pressures, impacting our revenue and margins in the fourth quarter of 2015. Going into 2016, we expect to see a continuation of trends from 2015, with land-based activity, including Mature Fields, being more resilient, and our offshore business experiencing additional project delays.

While the intensity and duration of the current market downturn is uncertain, we intend to remain focused and look beyond the down cycle by continuing to invest in capital and strategic programs, and we will make further adjustments as required to adjust to market conditions. Manufacturing our own equipment provides us with flexibility to adjust our capital spend based on our visibility of the market. Given the continued decline in activity levels, we are reducing our capital expenditures for 2015 to $2.4 billion, representing a 27% decline compared to 2014. We continue to believe in the strength of the long-term fundamentals of our business. Despite the worldwide activity declines in 2015 and challenges we expect to face going into 2016, energy demand is still anticipated to increase over the long term.

We are continuing to execute the following strategies in 2015:

\- directing capital and resources into strategic growth markets, including unconventional plays, mature fields, and deepwater;

- leveraging our broad technology offerings to provide value to our customers and enabling them to more efficiently drill and complete their wells;
- exploring additional opportunities for acquisitions that will enhance or augment our current portfolio of services and products, including those with unique technologies or distribution networks in areas where we do not already have significant operations;
- investing in technology that will help our customers reduce reservoir uncertainty and increase operational efficiency;
- improving working capital, and managing our balance sheet to maximize our financial flexibility; and
- continuing to seek ways to be one of the most cost efficient service providers in the industry by maintaining capital discipline and leveraging our scale and breadth of operations.

Our operating performance and business outlook are described in more detail in “Business Environment and Results of Operations.”

### Financial markets, liquidity, and capital resources

We believe we have invested our cash balances conservatively and secured sufficient financing to help mitigate any near-term negative impact on our operations from adverse market conditions. In addition, we have committed financing available to finance the cash portion of the consideration for the pending Baker Hughes acquisition. For additional information, see “Liquidity and Capital Resources” and “Business Environment and Results of Operations.”

### LIQUIDITY AND CAPITAL RESOURCES

We had $2.2 billion of cash and equivalents at September 30, 2015 and $2.3 billion at December 31, 2014. Additionally, at September 30, 2015, we held $89 million of investments in fixed income securities compared to $103 million at December 31, 2014. These securities are reflected in "Other current assets" and "Other assets" in our condensed consolidated balance sheets. As of September 30, 2015, approximately $1.4 billion of the $2.2 billion of cash and equivalents was held by our foreign subsidiaries, of which $848 million would be subject to United States tax if repatriated. However, our intent is to permanently reinvest these funds outside of the United States and our current plans do not suggest a need to repatriate them to fund our United States operations.

### Significant sources and uses of cash

Cash flows from operating activities were $2.0 billion in the first nine months of 2015.

Capital expenditures were $1.7 billion in the first nine months of 2015, and were predominantly made in our Production Enhancement, Cementing, Sperry Drilling, Production Solutions, and Wireline and Perforating product service lines.

During the first nine months of 2015, our primary components of working capital (receivables, inventories, and accounts payable) decreased by a net $904 million, primarily due to decreased business activity driven by current market conditions.

We paid $460 million in dividends to our shareholders during the first nine months of 2015.

During the third quarter of 2015, we made the second installment payment of $333 million related to the settlement we reached during 2014 for the Macondo well incident. See Note 7 to the condensed consolidated financial statements for further information.

### Future sources and uses of cash

We intend to finance the cash portion of the Baker Hughes acquisition through a combination of cash on hand and debt financing. We have obtained a commitment letter for an $8.6 billion senior unsecured bridge facility, which is greater than the expected cash consideration required upon closing of the Baker Hughes acquisition. We have not drawn any amounts under this commitment as of September 30, 2015. We may issue debt securities, obtain bank loans or pursue other debt financings, or use cash on hand in lieu of utilizing all or a portion of the bridge facility. Additionally, we expect to receive cash proceeds from the sale of the businesses we are currently marketing for sale as part of the regulatory review of the pending Baker Hughes acquisition. See Note 2 to the condensed consolidated financial statements for further information about the pending acquisition and related divestitures.

We manufacture our own equipment, which allows us flexibility to increase or decrease our capital expenditures based on market conditions. Capital spending for 2015 is currently expected to be approximately $2.4 billion, a reduction from the $3.3 billion of capital expenditures in 2014, primarily due to the current market environment. We intend to remain focused and look beyond this downturn in the energy market by continuing to invest in capital and strategic programs. The capital expenditures plan for the remainder of the year is primarily directed toward our Production Enhancement, Cementing, Sperry Drilling, Production Solutions, and Wireline and Perforating product service lines.

During 2014, we reached an agreement, subject to court approval, to settle a substantial portion of the plaintiffs' claims asserted against us relating to the Macondo well incident. Our total Macondo-related loss contingency liability as of September 30, 2015 was $472 million, of which $400 million is expected to be paid in 2016. See Note 7 to the condensed consolidated financial statements for further information.

Subject to Board of Directors approval, our intention is to pay dividends representing at least 15% to 20% of our net income on an annual basis. Currently, our dividend rate is $0.18 per common share, or approximately $155 million per quarter.

Our Board of Directors has authorized a program to repurchase our common stock from time to time. Approximately $5.7 billion remains authorized for repurchases as of September 30, 2015 and may be used for open market and other share purchases. There were no repurchases made under the program during the nine months ended September 30, 2015.

### Other factors affecting liquidity

*Financial position in current market.* As of September 30, 2015, we had $2.2 billion of cash and equivalents, $89 million in fixed income investments, and a total of $3.0 billion of available committed bank credit under our revolving credit facility. In July 2015, we executed a new five-year revolving credit agreement with an initial capacity of $3.0 billion, increasing to $4.5 billion upon closing of the pending Baker Hughes acquisition. See Note 11 to the condensed consolidated financial statements for further information. Furthermore, we have no financial covenants or material adverse change provisions in our bank agreements, and our debt maturities extend over a long period of time. Although a portion of earnings from our foreign subsidiaries is reinvested outside the United States indefinitely, we do not consider this to have a significant impact on our liquidity. We currently believe that our capital expenditures, working capital investments, and dividends, if any, during the remainder of 2015 can be fully funded through cash from operations.

As a result, we believe we have a reasonable amount of liquidity and, if necessary, additional financing flexibility given the current market environment to fund our potential contingent liabilities, if any.

*Guarantee agreements.* In the normal course of business, we have agreements with financial institutions under which approximately $2.0 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of September 30, 2015. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization.

*Credit ratings.* Credit ratings for our long-term debt remain A2 with Moody’s Investors Service and A with Standard & Poor’s. The credit ratings on our short-term debt remain P-1 with Moody’s Investors Service and A-1 with Standard & Poor’s. After the announcement of the pending Baker Hughes acquisition, Standard & Poor’s placed all of our ratings on negative watch.

*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 as well as unsettled political conditions. 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. See “Business Environment and Results of Operations – International operations – Venezuela” for further discussion related to receivables from our primary customer in Venezuela.

### BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS

We operate in approximately 80 countries throughout the world to provide a comprehensive range of discrete and integrated services and products to the energy industry related to the exploration, development, and production of oil and natural gas. A significant amount of our consolidated revenue is derived from the sale of services and products to major, national, and independent oil and natural gas companies worldwide. The industry we serve is highly competitive with many substantial competitors in each segment of our business. During the first nine months of 2015, based upon the location of the services provided and products sold, 45% of our consolidated revenue was from the United States, compared to 51% of consolidated revenue from the United States in the first nine months of 2014. This decline reflects the impact our North America operations are experiencing from the downturn in the energy market. No other country accounted for more than 10% of our revenue during these periods.

Operations in some countries may be adversely affected by unsettled political conditions, acts of terrorism, civil unrest, force majeure, war or other armed conflict, sanctions, expropriation or other governmental actions, inflation, foreign currency exchange restrictions, and highly inflationary currencies, as well as other geopolitical factors. We believe the geographic diversification of our business activities reduces the risk that loss of operations in any one country, other than the United States, would be materially adverse to our consolidated results of operations.

Activity within our business segments is significantly impacted by spending on upstream exploration, development, and production programs by our customers. Also impacting our activity is the status of the global economy, which impacts oil and natural gas consumption.

Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, global oil supply, the world economy, the availability of credit, government regulation, and global stability, which together drive worldwide drilling activity. Due to improved drilling and completion efficiencies as more of our customers move to multi-well pad drilling, our financial performance is impacted by well count in the North America market. Additionally, our financial performance is significantly affected by oil and natural gas prices and worldwide rig activity, which are summarized in the tables below.

The following table shows the average oil and natural gas prices for West Texas Intermediate (WTI), United Kingdom Brent crude oil, and Henry Hub natural gas:

|  | Three Months Ended September 30 2015 | 2014 | Year Ended December 31 2014 |
| --- | ---: | ---: | ---: |
| Oil price - WTI (1) | $46.42 | $97.78 | $93.37 |
| Oil price - Brent (1) | 50.25 | 101.82 | 99.04 |
| Natural gas price - Henry Hub (2) | 2.76 | 3.96 | 4.39 |
| (1) Oil price measured in dollars per barrel (2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu |  |  |  |

20

The historical average rig counts based on the weekly Baker Hughes Incorporated rig count information were as follows:

| Land vs. Offshore United States: | Three Months Ended September 30 2015 2014 | Nine Months Ended September 30 2015 2014 |
| --- | ---: | ---: |
| Land | 833 1,842 | 1,021 1,788 |
| Offshore (incl. Gulf of Mexico) | 33 61 | 38 57 |
| Total | 866 1,903 | 1,059 1,845 |
| Canada: |  |  |
| Land | 187 382 | 197 369 |
| Offshore | 3 3 | 3 2 |
| Total | 190 385 | 200 371 |
| International (excluding Canada): |  |  |
| Land | 865 1,020 | 896 1,021 |
| Offshore | 267 328 | 291 324 |
| Total | 1,132 1,348 | 1,187 1,345 |
| Worldwide total | 2,188 3,636 | 2,446 3,561 |
| Land total | 1,885 3,244 | 2,114 3,178 |
| Offshore total | 303 392 | 332 383 |
|  | Three Months Ended September 30 | Nine Months Ended September 30 |
| **Oil vs. Natural Gas** | 2015 2014 | 2015 2014 |
| United States (incl. Gulf of Mexico): |  |  |
| Oil | 658 1,578 | 817 1,514 |
| Natural gas | 208 325 | 242 331 |
| Total | 866 1,903 | 1,059 1,845 |
| Canada: |  |  |
| Oil | 88 220 | 90 220 |
| Natural gas | 102 165 | 110 151 |
| Total | 190 385 | 200 371 |
| International (excluding Canada): |  |  |
| Oil | 885 1,074 | 935 1,074 |
| Natural gas | 247 274 | 252 271 |
| Total | 1,132 1,348 | 1,187 1,345 |
| Worldwide total | 2,188 3,636 | 2,446 3,561 |
| Oil total | 1,631 2,872 | 1,842 2,808 |
| Natural gas total | 557 764 | 604 753 |

| Drilling Type United States (incl. Gulf of Mexico): | Three Months Ended September 30 2015 | 2014 | Nine Months Ended September 30 2015 | 2014 |
| --- | ---: | ---: | ---: | ---: |
| Horizontal | 659 | 1,314 | 805 | 1,247 |
| Vertical | 123 | 372 | 152 | 384 |
| Directional | 84 | 217 | 102 | 214 |
| Total | 866 | 1,903 | 1,059 | 1,845 |

21

Our customers’ cash flows, in most instances, depend upon the revenue they generate from the sale of oil and natural gas. Lower oil and natural gas prices usually translate into lower exploration and production budgets.

During the third quarter of 2015, WTI and Brent crude oil spot prices averaged approximately $46 and $50 per barrel, respectively, as compared to $98 and $102 per barrel, respectively, during the third quarter of 2014. Crude oil prices continue to be negatively affected as the combination of robust world crude oil supply growth and weak global demand contribute to an increase in the rate of global inventory builds. Additionally, stronger economic performance in the United States has led to a strengthening in the U.S. dollar relative to most other currencies, contributing further to the fall in the U.S. dollar value of crude oil.

WTI crude oil spot prices decreased throughout the third quarter of 2015, from a monthly average of approximately $60 per barrel in June to $46 per barrel in September, a decline of approximately 23%. Brent crude oil spot prices averaged $61 per barrel in June compared to approximately $48 per barrel in September. The decline in crude oil pricing during the third quarter of 2015 is primarily due to the expectations of weakening global economic activity, persistent uncertainty surrounding the potential lower economic and oil demand growth in emerging market countries, and continued growth in global petroleum inventories.

According to the United States Energy Information Administration (EIA) October 2015 "Short Term Energy Outlook," Brent prices are projected to average $50 per barrel in the fourth quarter of 2015 and $59 per barrel full year 2016, with WTI prices expected to average $5 per barrel below Brent prices. The EIA also noted that global oil inventory builds are expected to slow through the end of 2015 but remain high compared with previous years. Although there are no signs that point to an immediate rebalancing of the market, the International Energy Agency's (IEA) October 2015 "Oil Market Report" forecasts the fourth quarter of 2015 and full year 2016 global demand to average approximately 95.4 million barrels per day and 95.7 million barrels per day, respectively, which are both up 3% from 2014, driven by an increase in all regions except for the Commonwealth of Independent States.

For the third quarter of 2015, the average Henry Hub natural gas price in the United States decreased by 30%, compared to the third quarter of 2014, due to higher natural gas storage levels this year as a result of a mild winter. The Henry Hub natural gas spot price averaged $2.66 per MMBtu in September, a decline of $0.12 per MMBtu from June. The EIA's July 2015 "Short Term Energy Outlook" projects that monthly average spot prices will remain at less than $3 per MMBtu through January, and less than $3.50 per MMBtu through 2016. Over the long term, the EIA expects that increases in drilling efficiency and growth in oil production will continue to support growing natural gas production.

### North America operations

Volatility in oil and natural gas prices can impact our customers’ drilling and production activities, particularly in North America. For the third quarter of 2015, the average oil directed rig count decreased 59%, while the average natural gas directed rig count decreased 37%, compared to the third quarter of 2014.

The United States rig count has dropped approximately 58% from the peak in late November 2014. Price erosion continued in the third quarter of 2015, specifically in North America, and we believe pricing will remain fluid until activity stabilizes. Current market conditions aside, in the long run, we believe the shift to unconventional oil and liquids-rich basins in the United States land market will continue to drive increased service intensity and will require higher demand in fluid chemistry and other technologies required for these complex reservoirs which will have positive implications for our operations when the energy market recovers.

In the Gulf of Mexico, the average offshore rig count for third quarter 2015 was down 46% compared to the third quarter of 2014. Activity in the Gulf of Mexico is dependent on, among other things, governmental approvals for permits, our customers' actions, and new deepwater rigs entering the market.

### International operations

The average international rig count for the third quarter of 2015 decreased by 16% compared to the third quarter of 2014. Declining crude oil prices have caused several of our customers to reduce their budgets and defer several new projects; however, we have continued to work with our customers to improve project economics through technology and improved operating efficiency. Although the international markets have been more resilient than North America, they are not immune to the impacts of the lower commodity price environment and, therefore, our international operations could be further impacted in the near term.

Despite the current market environment, we believe that international land-based activity, including mature fields, will remain resilient and continue to boost activity improvements over the long term, and we plan to leverage our extensive experience in North America to optimize these opportunities. Consistent with our long-term strategy to grow our operations outside of North America, we also expect to continue to invest in capital equipment for our international operations.

*Venezuela.* In February 2015, the Venezuelan government created a new foreign exchange rate mechanism, called the Marginal Currency System, or SIMADI. The new mechanism, which is the third system in a three-tier exchange control mechanism, is a floating market rate for the conversion of Bolívares to United States dollars based on supply and demand. The three-tier exchange rate mechanisms are as follows: (i) the National Center of Foreign Commerce official rate of 6.3 Bolívares per United States dollar, which remains unchanged; (ii) the SICAD I, which will continue to hold periodic auctions for specific sectors of the economy with a rate of 13.5 Bolívares per United States dollar at September 30, 2015; and (iii) the SIMADI, which replaces the SICAD II system with a market rate of 199 Bolívares per United States dollar at September 30, 2015.

During the first quarter of 2015, we began utilizing the SIMADI mechanism to remeasure our net monetary assets denominated in Bolívares, which resulted in us recording a foreign currency loss of $199 million during the first quarter of 2015. As of September 30, 2015, our total net investment in Venezuela was approximately $568 million, with a minimal amount of net monetary assets denominated in Bolívares. Also, at September 30, 2015 we had $23 million of surety bond guarantees outstanding relating to our Venezuelan operations. The United States dollar value of our net monetary assets and surety bond guarantees have significantly declined from December 31, 2014 primarily as a result of the currency devaluation in Venezuela.

We have experienced delays in collecting payment on our receivables from our primary customer in Venezuela, which partially offset the decline in receivables related to the currency devaluation during the period. These receivables are not disputed, and we have not historically had material write-offs relating to this customer. Additionally, we routinely monitor the financial stability of our customers. Our total outstanding trade receivables in Venezuela were $639 million, or approximately 11% of our gross trade receivables, as of September 30, 2015, compared to $670 million, or approximately 9% of our gross trade receivables, as of December 31, 2014. Of the $639 million receivables in Venezuela as of September 30, 2015, $176 million has been classified as long-term and included within “Other assets” on our condensed consolidated balance sheets.

For additional information, see Part I, Item 1(a), “Risk Factors” in our 2014 Annual Report on Form 10-K.

### RESULTS OF OPERATIONS IN 2015 COMPARED TO 2014

### Three Months Ended September 30, 2015 Compared with Three Months Ended September 30, 2014

| REVENUE: Millions of dollars | Three Months Ended September 30 2015 | 2014 | Favorable (Unfavorable) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Completion and Production | $3,200 | $5,420 | $(2,220) | (41)% |
| Drilling and Evaluation | 2,382 | 3,281 | (899) | (27) |
| Total revenue | $5,582 | $8,701 | $(3,119) | (36)% |
| By geographic region: |  |  |  |  |
| Completion and Production: |  |  |  |  |
| North America | $1,898 | $3,705 | $(1,807) | (49)% |
| Latin America | 336 | 435 | (99) | (23) |
| Europe/Africa/CIS | 518 | 699 | (181) | (26) |
| Middle East/Asia | 448 | 581 | (133) | (23) |
| Total | 3,200 | 5,420 | (2,220) | (41) |
| Drilling and Evaluation: |  |  |  |  |
| North America | 590 | 1,019 | (429) | (42) |
| Latin America | 403 | 610 | (207) | (34) |
| Europe/Africa/CIS | 503 | 765 | (262) | (34) |
| Middle East/Asia | 886 | 887 | (1) | — |
| Total | 2,382 | 3,281 | (899) | (27) |
| Total revenue by region: |  |  |  |  |
| North America | 2,488 | 4,724 | (2,236) | (47) |
| Latin America | 739 | 1,045 | (306) | (29) |
| Europe/Africa/CIS | 1,021 | 1,464 | (443) | (30) |
| Middle East/Asia | 1,334 | 1,468 | (134) | (9) |

24

| OPERATING INCOME: Millions of dollars | Three Months Ended September 30 2015 | 2014 | Favorable (Unfavorable) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Completion and Production | $163 | $1,071 | $(908) | (85)% |
| Drilling and Evaluation | 401 | 451 | (50) | (11) |
| Corporate and other | (140) | 112 | (252) | (225) |
| Impairments and other charges | (381) | — | (381) | 100 |
| Total operating income | $43 | $1,634 | $(1,591) | (97)% |
| By geographic region: |  |  |  |  |
| Completion and Production: |  |  |  |  |
| North America | $(49) | $765 | $(814) | (106)% |
| Latin America | 53 | 65 | (12) | (18) |
| Europe/Africa/CIS | 77 | 126 | (49) | (39) |
| Middle East/Asia | 82 | 115 | (33) | (29) |
| Total | 163 | 1,071 | (908) | (85) |
| Drilling and Evaluation: |  |  |  |  |
| North America | 57 | 141 | (84) | (60) |
| Latin America | 55 | 73 | (18) | (25) |
| Europe/Africa/CIS | 73 | 90 | (17) | (19) |
| Middle East/Asia | 216 | 147 | 69 | 47 |
| Total | 401 | 451 | (50) | (11) |
| Total operating income by region |  |  |  |  |
| (excluding Corporate and other): |  |  |  |  |
| North America | 8 | 906 | (898) | (99) |
| Latin America | 108 | 138 | (30) | (22) |
| Europe/Africa/CIS | 150 | 216 | (66) | (31) |
| Middle East/Asia | 298 | 262 | 36 | 14 |

Consolidated revenue decreased $3.1 billion, or 36%, in the third quarter of 2015, as compared to the third quarter of 2014, associated with widespread pricing pressure and activity reductions on a global basis, primarily attributable to pressure pumping in North America. Revenue outside of North America was 55% of consolidated revenue in the third quarter of 2015, compared to 46% of consolidated revenue in the third quarter of 2014, which reflects the greater impact our North America operations are experiencing as it relates to the downturn in the energy market.

Consolidated operating income decreased $1.6 billion, or 97%, during the third quarter of 2015, as compared to the third quarter of 2014, driven by a significant decline in pressure pumping activity and pricing declines in North America, coupled with $381 million of impairments and other charges recorded in the third quarter of 2015, which were primarily associated with the downturn in the energy market. See Note 3 to the condensed consolidated financial statements for further information about impairments and other charges for the third quarter of 2015.

#### Completion and Production

Revenue decreased $2.2 billion, or 41%, in the third quarter of 2015, compared to the third quarter of 2014.

- North America revenue dropped 49%, as a result of steep rig count declines, pricing concessions, and reduced activity across all product service lines, specifically stimulation activity in the United States land market.
- Latin America revenue decreased 23%, mainly due to reduced activity and pricing in Mexico, primarily associated with pressure pumping services, lower stimulation and production solutions activity in Venezuela, and a reduction in cementing services in Colombia and Ecuador.
- Europe/Africa/CIS revenue decreased 26%, as a result of reduced cementing services in Norway, lower production solutions services in the United Kingdom, and lower overall activity and currency weakness in Russia.
- Middle East/Asia revenue fell 23%, mainly due to decreased pressure pumping services and production solutions activity in Saudi Arabia and a reduction in most product service lines in Australia, Malaysia, and Indonesia.
- Revenue outside of North America was 41% of total segment revenue in the third quarter of 2015, compared to 32% of total segment revenue in the third quarter of 2014.

Operating income was $163 million, a decrease of $908 million, or 85%, compared to the third quarter of 2014.

- North America operating income declined 106%, primarily due to the fall in rig counts and pricing pressure impacting stimulation activity and profitability.
- Latin America operating income decreased by 18%, primarily as a result of reduced activity and profitability across all product service lines in Mexico, which was partially offset by growing production solutions activity in both Brazil and Venezuela.
- Europe/Africa/CIS operating income decreased by 39%, mainly due to a drop across all product service lines in Egypt and the United Kingdom, along with a reduction in pressure pumping services and completion tools sales in Angola.
- Middle East/Asia operating income fell by 29%, mainly due to reduced stimulation activity in Saudi Arabia and lower pressure pumping services in Australia.

#### Drilling and Evaluation

Revenue decreased $899 million, or 27%, in the third quarter of 2015, compared to the third quarter of 2014.

- North America revenue dropped 42% due to a drop in activity across all product service lines, primarily as a result of pricing concessions and reduced activity levels for fluid and drilling services.
- Latin America revenue decreased 34%, primarily due to lower software sales and consulting services in Mexico, reduced activity and pricing of testing services in Brazil, and the currency impact of the new exchange rate in Venezuela.
- Europe/Africa/CIS revenue decreased 34% as a result of decreased pricing for most product service lines in Russia, lower drilling and fluid activity in Norway and Angola, and reduced drilling services and software sales in the United Kingdom.
- Middle East/Asia revenue remained flat, as strong activity growth across most product service lines in Iraq and Saudi Arabia were offset by reduced drilling activity in Malaysia and lower logging services in China.
- Revenue outside of North America was 75% of total segment revenue in the third quarter of 2015, compared to 69% of total segment revenue in the third quarter of 2014.

Operating income was $401 million, a decrease of $50 million, or 11%, compared to the third quarter of 2014. All regions benefited from the cessation of recognizing depreciation expense on assets held for sale. See Note 2 to the condensed consolidated financial statements for further information.

- North America operating income decreased 60%, primarily due to decreased fluid activity and logging services in the United States land market.
- Latin America operating income fell 25%, primarily due to declining software sales and consulting services in Mexico, which were partially offset by increased drilling activity in Brazil and Venezuela.
- Europe/Africa/CIS operating income declined 19%, mainly due to a reduction in activity throughout most product service lines in the United Kingdom and Russia.
- Middle East/Asia operating income improved by 47%, driven by strong activity growth across most product service lines in Saudi Arabia, Iraq, and United Arab Emirates, primarily drilling services.

*Corporate and other* was $140 million of expenses in the third quarter of 2015, compared to $112 million of income in the third quarter of 2014, primarily due to $82 million of costs in the third quarter of 2015 related to the pending Baker Hughes acquisition. The third quarter of 2014 included a $195 million positive impact from a reduction of our loss contingency liability and insurance recovery related to the Macondo well incident.

*Impairments and other charges.* Primarily as a result of the downturn in the energy market and its corresponding impact on the company’s business outlook, we recorded a total of approximately $381 million in company-wide charges during the third quarter of 2015 related to fixed asset impairments and write-offs and severance costs. See Note 3 to the condensed consolidated financial statements for further information.

### NONOPERATING ITEMS

*Effective tax rate*. Our effective tax rate on continuing operations for the quarter ended September 30, 2015 and September 30, 2014 was 40.8% and 26.5%, respectively. The effective tax rates in both periods were positively impacted by lower tax rates in certain foreign jurisdictions. However, the effective tax rate for the quarter ended September 30, 2015 was impacted by the tax effects of the $381 million of impairments and other charges during the period, exacerbated by our lower level of pre-tax earnings during the period. The effective tax rate for the quarter ended September 30, 2014 was positively impacted by a $201 million net operating loss valuation allowance released as a result of a reorganization of our legal entity structure in Brazil. Partially offsetting this item were tax expenses related to Macondo activity recorded during the third quarter of 2014, which was tax-effected at the United States statutory rate, as well as approximately $100 million for a write-off of certain prepaid tax assets recorded in Iraq and additional tax expenses related to the settlement of a research and development credit with the United States tax authorities.

### Nine Months Ended September 30, 2015 Compared with Nine Months Ended September 30, 2014

| REVENUE: Millions of dollars | Nine Months Ended September 30 2015 | 2014 | Favorable (Unfavorable) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Completion and Production | $10,890 | $14,782 | $(3,892) | (26)% |
| Drilling and Evaluation | 7,661 | 9,318 | (1,657) | (18) |
| Total revenue | $18,551 | $24,100 | $(5,549) | (23)% |
| By geographic region: |  |  |  |  |
| Completion and Production: |  |  |  |  |
| North America | $6,737 | $9,957 | $(3,220) | (32)% |
| Latin America | 1,067 | 1,185 | (118) | (10) |
| Europe/Africa/CIS | 1,600 | 1,940 | (340) | (18) |
| Middle East/Asia | 1,486 | 1,700 | (214) | (13) |
| Total | 10,890 | 14,782 | (3,892) | (26) |
| Drilling and Evaluation: |  |  |  |  |
| North America | 1,964 | 3,012 | (1,048) | (35) |
| Latin America | 1,388 | 1,616 | (228) | (14) |
| Europe/Africa/CIS | 1,613 | 2,204 | (591) | (27) |
| Middle East/Asia | 2,696 | 2,486 | 210 | 8 |
| Total | 7,661 | 9,318 | (1,657) | (18) |
| Total revenue by region: |  |  |  |  |
| North America | 8,701 | 12,969 | (4,268) | (33) |
| Latin America | 2,455 | 2,801 | (346) | (12) |
| Europe/Africa/CIS | 3,213 | 4,144 | (931) | (22) |
| Middle East/Asia | 4,182 | 4,186 | (4) | — |

28

| OPERATING INCOME: Millions of dollars | Nine Months Ended September 30 2015 | 2014 | Favorable (Unfavorable) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Completion and Production | $938 | $2,619 | $(1,681) | (64)% |
| Drilling and Evaluation | 1,107 | 1,263 | (156) | (12) |
| Corporate and other | (401) | (84) | (317) | 377 |
| Impairments and other charges | (1,895) | — | (1,895) | 100 |
| Total operating income (loss) | $(251) | $3,798 | $(4,049) | (107)% |
| By geographic region: |  |  |  |  |
| Completion and Production: |  |  |  |  |
| North America | $258 | $1,841 | $(1,583) | (86)% |
| Latin America | 173 | 161 | 12 | 7 |
| Europe/Africa/CIS | 222 | 300 | (78) | (26) |
| Middle East/Asia | 285 | 317 | (32) | (10) |
| Total | 938 | 2,619 | (1,681) | (64) |
| Drilling and Evaluation: |  |  |  |  |
| North America | 159 | 457 | (298) | (65) |
| Latin America | 169 | 138 | 31 | 22 |
| Europe/Africa/CIS | 178 | 248 | (70) | (28) |
| Middle East/Asia | 601 | 420 | 181 | 43 |
| Total | 1,107 | 1,263 | (156) | (12) |
| Total operating income by region |  |  |  |  |
| (excluding Corporate and other): |  |  |  |  |
| North America | 417 | 2,298 | (1,881) | (82) |
| Latin America | 342 | 299 | 43 | 14 |
| Europe/Africa/CIS | 400 | 548 | (148) | (27) |
| Middle East/Asia | 886 | 737 | 149 | 20 |

Consolidated revenue decreased $5.5 billion, or 23%, in the first nine months of 2015, as compared to the first nine months of 2014, associated with pricing declines and reduced activity levels, primarily attributable to stimulation services in the United States land market, as well as lower pricing and activity in all of our product service lines in the Europe/Africa/CIS, which were partially offset by higher consulting services and drilling and fluid services in Middle East/Asia. Revenue outside of North America was 53% of consolidated revenue in the first nine months of 2015, compared to 46% of consolidated revenue in the first nine months of 2014.

Consolidated operating income decreased $4.0 billion, or 107%, in the first nine months of 2015, as compared to the first nine months of 2014, primarily as a result of $1.9 billion of impairments and other charges recorded in the first nine months of 2015, which were primarily associated with the downturn in the energy market. See Note 3 to the condensed consolidated financial statements for further information. Additionally, our consolidated operating income decline was attributable to reduced stimulation activity in the United States land market, partially offset by higher activity and operating income experienced in Middle East/Asia and Latin America.

#### Completion and Production

Revenue decreased $3.9 billion, or 26%, in the first nine months of 2015, compared to the first nine months of 2014.

- North America revenue fell by 32% as a result of decreased stimulation activity in the United States land market related to a significant drop in rig count coupled with pricing declines.
- Latin America revenue decreased by 10%, mainly due to a decrease in pressure pumping activity in Mexico, which was partially offset by increased production solutions activity levels in Brazil.
- Europe/Africa/CIS revenue declined by 18%, driven by reduced well completion activity in Norway, Russia and Angola.
- Middle East/Asia revenue dropped 13%, primarily due to decreased pressure pumping activity and pricing in Australia and lower completion tools sales in Indonesia and Malaysia, which more than offset improved completion tool sales in Saudi Arabia.
- Revenue outside of North America was 38% of total segment revenue in the first nine months of 2015, compared to 33% of total segment revenue in the first nine months of 2014.

Operating income declined by $1.7 billion, or 64%, in the first nine months of 2015, compared to the first nine months of 2014.

- North America operating income decreased 86% as a result of reduced pressure pumping services and price degradation in the United States land market.
- Latin America operating income grew 7%, primarily due to higher activity and profitability across most of our product service lines in Venezuela, partially offset by a decrease in stimulation activity in Argentina.
- Europe/Africa/CIS operating income decreased 26% as a result of lower cementing services and completion tools sales in both Norway and Angola, as well as a decline across most product service lines in Egypt.
- Middle East/Asia operating income decreased 10%, mainly due to reduced pressure pumping services in Australia, which was partially offset by increased completion tools sales in Saudi Arabia.

#### Drilling and Evaluation

Revenue decreased $1.7 billion, or 18%, in the first nine months of 2015, compared to the first nine months of 2014.

- North America revenue fell by 35%, due to decreases across the majority of our product service lines in the United States land market.
- Latin America revenue decreased 14%, primarily due to a drop in drilling and logging activity in Ecuador and Colombia coupled with a decline in offshore activity in Brazil. These decreases were partially offset by higher activity levels in most of our product service lines in Argentina, along with increased drilling and fluid activity in Venezuela.
- Europe/Africa/CIS revenue declined by 27% as a result of reduced fluid activity in Norway, as well as lower drilling and fluid activity in Russia and Angola.
- Middle East/Asia revenue increased 8% as a result of increased activity in most of our product services lines in Saudi Arabia and improved project management services in Indonesia, Iraq, and India, which were partially offset by lower drilling and fluid activity in Malaysia.
- Revenue outside of North America was 74% of total segment revenue in the first nine months of 2015, compared to 68% of total segment revenue in the first nine months of 2014.

Operating income fell $156 million, or 12%, in the first nine months of 2015, compared to the first nine months of 2014. All regions benefited from the cessation of recognizing depreciation expense on assets held for sale. See Note 2 to the condensed consolidated financial statements for further information.

- North America operating income decreased 65% due to a decline in activity for all of our product service lines in the United States land market and continued pricing pressure.
- Latin America operating income improved by 22%, mainly due to improved drilling and logging services in Brazil, along with higher drilling and fluid activity in Venezuela.
- Europe/Africa/CIS operating income fell by 28%, as a result of reduced drilling and fluid activity in Russia and Angola, as well as lower fluid activity in Norway.
- Middle East/Asia operating income increased 43%, primarily due to an increase across most of our product service lines in Saudi Arabia and our drilling and consulting services in Indonesia.

*Corporate and other* expenses were $401 million in the first nine months of 2015 compared to $84 million in the first nine months of 2014. The increase was primarily due to $203 million of costs in the first nine months of 2015 related to the pending Baker Hughes acquisition. The first nine months of 2014 included a $195 million positive impact from a reduction of our loss contingency liability and insurance recovery related to the Macondo well incident.

*Impairments and other charges.* Primarily as a result of the downturn in the energy market and its corresponding impact on the company’s business outlook, we recorded a total of approximately $1.9 billion in company-wide charges during the first nine months of 2015, which consisted of fixed asset impairments and write-offs, inventory write-downs, impairments of intangible assets, severance costs, facility closures, and other charges. See Note 3 to the condensed consolidated financial statements for further information.

### NONOPERATING ITEMS

*Interest expense, net of interest income* increased $28 million in the first nine months of 2015, as compared to the first nine months of 2014, primarily due to fees associated with the $8.6 billion senior unsecured bridge facility commitment related to the pending acquisition of Baker Hughes.

*Other, net* was a $281 million loss in the first nine months of 2015, as compared to a $43 million loss in the first nine months of 2014, primarily due to a $199 million foreign exchange loss we incurred in Venezuela in the first quarter of 2015 as a result of utilizing the new SIMADI currency exchange mechanism. See Note 3 to the condensed consolidated financial statements and "Business Environment and Results of Operations" for further information.

*Effective tax rate*. Our effective tax rate was 24.6% for the nine months ended September 30, 2015 and 27.0% for the nine months ended September 30, 2014. The effective tax rates in both periods were positively affected by lower tax rates in certain foreign jurisdictions. The effective tax rate for the nine months ended September 30, 2015 includes positive tax effects of the $1.9 billion of impairments and other charges recorded during the first nine months of 2015. The effective tax rate for the nine months ended September 30, 2014 was positively impacted by a $201 million net operating loss valuation allowance released as a result of a reorganization of our legal entity structure in Brazil. Partially offsetting this item were tax expenses related to Macondo activity recorded during the third quarter of 2014, which was tax-effected at the United States statutory rate, as well as approximately $100 million for a write-off of certain prepaid tax assets recorded in Iraq and additional tax expenses related to the settlement of a research and development credit with the United States tax authorities.

### ENVIRONMENTAL MATTERS

We are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. For information related to environmental matters, see Note 7 to the condensed consolidated financial statements.

### FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Forward-looking information is based on projections and estimates, not historical information. Some statements in this Form 10-Q are forward-looking and use words like “may,” “may not,” “believe,” “do not believe,” “plan,” “estimate,” “intend,” “expect,” “do not expect,” “anticipate,” “do not anticipate,” “should,” “likely,” and other expressions. We may also provide oral or written forward-looking information in other materials we release to the public. Forward-looking information involves risk and uncertainties and reflects our best judgment based on current information. Our results of operations can be affected by inaccurate assumptions we make or by known or unknown risks and uncertainties. In addition, other factors may affect the accuracy of our forward-looking information. As a result, no forward-looking information can be guaranteed. Actual events and the results of our operations may vary materially.

We do not assume any responsibility to publicly update any of our forward-looking statements regardless of whether factors change as a result of new information, future events, or for any other reason. You should review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the SEC. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.

## Market risk

As filed, 269 characters.

For quantitative and qualitative disclosures about market risk, see Part II, Item 7(a), “Quantitative and Qualitative Disclosures About Market Risk,” in our 2014 Annual Report on Form 10-K. Our exposure to market risk has not changed materially since December 31, 2014.

## Controls and procedures

As filed, 1,452 characters.

In accordance with the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2015 to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Our disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in our internal control over financial reporting that occurred during the three and nine months ended September 30, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Filed Oct 23, 2015.
Source: SEC EDGAR, the filing index for accession 0000045012-15-000156. Last ingested by Listed: Nov 2, 2026, 13:24 ET. No prices; not investment advice.