HOUSTON--(BUSINESS WIRE)--Halliburton (NYSE: HAL) announced that its board of directors has approved a 39 percent increase in its quarterly dividend. The 2013 first quarter dividend of twelve and one-half cents ($0.125) a share on the company’s common stock is payable on March 27, 2013, to shareholders of record at the close of business on March 6, 2013.
“This dividend increase is a reflection of our confidence in our business outlook and the strength of our global franchise”
“This dividend increase is a reflection of our confidence in our business outlook and the strength of our global franchise,” said Dave Lesar, chairman, president and chief executive officer. “Going forward, our intention is to distribute total annual dividends representing at least 15-20 percent of our net income, subject to review and approval by our Board of Directors. In addition, we intend to commence systematic share repurchases under our existing buyback authorization. Together with the dividend increase, these repurchases demonstrate our ongoing commitment to maximize value to our shareholders.”
The company’s annual meeting of shareholders will take place on May 15, 2013 in Houston, Texas. The record date for determination of shareholders entitled to vote at such meeting is March 18, 2013.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 72,000 employees, representing 140 nationalities in approximately 80 countries, the company serves the upstream oil and 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. Visit the company’s website at www.halliburton.com.
NOTE: The statements in this press release that are not historical statements, including statements regarding future financial performance and strength, business outlook, and the amount and timing of dividends or share repurchases, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the trading prices of Halliburton’s common stock; availability and alternative uses of cash; results of litigation, settlements, and investigations; actions by third parties, including governmental agencies; changes in the demand for or price of oil and/or natural gas can be significantly impacted by weakness in the worldwide economy; consequences of audits and investigations by domestic and foreign government agencies and legislative bodies and related publicity and potential adverse proceedings by such agencies; indemnification and insurance matters; protection of intellectual property rights and against cyber attacks; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to offshore oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, and foreign exchange rates and controls, international trade and regulatory controls, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; changes in capital spending by customers; delays or failures by customers to make payments owed to us; execution of long-term, fixed-price contracts; impairment of oil and natural gas properties; structural changes in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; and integration of acquired businesses and operations of joint ventures. Halliburton’s Form 10-K for the year ended December 31, 2012, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton’s business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
There can be no assurance as to the amount, timing or prices of share repurchases. The specific timing and amount of repurchases will vary based on market conditions and other factors. The share repurchase program may be suspended at any time.