Halliburton Announces Second Quarter 2024 Results

  • Net income of $0.80 per diluted share.
  • Revenue of $5.8 billion and operating margin of 18%.
  • Cash flow from operations of $1.1 billion and free cash flow1 of approximately $800 million.
  • Repurchases of approximately $250 million of common stock.

HOUSTON–(BUSINESS WIRE)–Halliburton Company (NYSE: HAL) announced today net income of $709 million, or $0.80 per diluted share, for the second quarter of 2024. This compares to net income for the first quarter of 2024 of $606 million, or $0.68 per diluted share and first quarter of 2024 adjusted net income2 of $679 million, or $0.76 per diluted share. Halliburton’s total revenue for the second quarter of 2024 was $5.8 billion, sequentially flat. Operating income was $1.0 billion in the second quarter of 2024, an increase of 5% sequentially.


Halliburton’s returns and cash flow are strong and I am pleased with our performance this quarter. The quality of our people, the clarity of our strategy, our leading technologies, the depth of our pipeline of opportunities, and the competitiveness of our business segments all give me confidence in Halliburton’s future,” commented Jeff Miller, Chairman, President and CEO.

In our international markets we see strong demand for Halliburton’s services, high activity levels, and equipment tightness across all major basins.

In North America, our strategy to maximize value in North America delivers shareholder value, and I expect that we will continue to deliver strong returns through this cycle,” concluded Miller.

Operating Segments

Completion and Production

Completion and Production revenue in the second quarter of 2024 was $3.4 billion, sequentially flat, while operating income was $723 million, an increase of $35 million, or 5%, compared to the first quarter of 2024. Revenue improvements driven by increased completion tool sales in the Eastern Hemisphere, higher stimulation activity in Latin America, increased cementing activity in the Western Hemisphere, and improved well intervention services internationally were offset by decreased stimulation activity in U.S. land, lower completion tool sales in the Western Hemisphere, and decreased artificial lift services in North America. Operating income increased due to activity mix improvements from completion tool sales in the Eastern Hemisphere, stimulation activity and well intervention services internationally, and cementing services in North America.

Drilling and Evaluation

Drilling and Evaluation revenue in the second quarter of 2024 was $2.4 billion, while operating income was $403 million, both flat sequentially. These results were driven by higher drilling-related services in Europe, North America and Asia, improved wireline activity in the Western Hemisphere and Europe, and increased testing services internationally. Offsetting these improvements were lower software sales globally, decreased drilling-related services in Latin America and Africa, and lower wireline activity in Middle East/Asia and Africa.

Geographic Regions

North America

North America revenue in the second quarter of 2024 was $2.5 billion, a 3% decrease sequentially. This decline was primarily driven by decreased pressure pumping services in U.S. land and lower activity across multiple product service lines in the Gulf of Mexico. Partially offsetting these declines were increased drilling-related services in Canada and U.S. land, higher wireline activity in U.S. land and the Gulf of Mexico, improved pressure pumping services in Canada, and increased cementing activity in the Gulf of Mexico.

International

International revenue in the second quarter of 2024 was $3.4 billion, an increase of 3% sequentially.

Latin America revenue in the second quarter of 2024 was $1.1 billion, sequentially flat. Improved activity across multiple product service lines in Argentina and the Caribbean, higher pressure pumping services in Mexico, and increased drilling-related services in Brazil were offset by lower drilling-related services, decreased project management activity, and decreased software sales in Mexico and lower completion tool sales in the Caribbean.

Europe/Africa revenue in the second quarter of 2024 was $757 million, an increase of 4% sequentially. This increase was primarily driven by higher well construction activity and improved wireline activity in Norway along with increased completion tool sales and higher stimulation activity in Angola. Partially offsetting these improvements were lower software sales in the region along with decreased fluid services and lower wireline activity in Africa.

Middle East/Asia revenue in the second quarter of 2024 was $1.5 billion, an increase of 5% sequentially. This increase was primarily due to higher well construction activity in United Arab Emirates, improved completion tool sales in Saudi Arabia, increased stimulation activity and improved project management activity in Kuwait, and increased fluid services in Asia. Partially offsetting these improvements were lower well construction activity in Oman, lower wireline activity in the region, and decreased fluid services in Saudi Arabia.

Other Financial Items

During the second quarter of 2024, Halliburton:

  • Repurchased approximately $250 million of its common stock.
  • Paid dividends of $0.17 per share.
  • Spent $29 million on SAP S4 migration.

Selective Technology & Highlights

  • Halliburton announced it was awarded a deep water integrated multi-well construction contract in Namibia by Rhino Resources Ltd., a private company engaged in both onshore and offshore energy exploration in Africa.
  • Halliburton introduced GeoESP® lifting pumps, an advanced submersible borehole and surface pump technology designed specifically for geothermal energy applications. Developed by Summit ESP®, a Halliburton service, GeoESP lifting pumps address critical challenges related to the transport of fluids to the surface through electric submersible pumps (ESP).
  • Halliburton added the SentinelCem™ Pro cement system to its lost circulation solutions portfolio. The single-sack packaging enables proactive storage in offshore and remote locations. SentinelCem Pro cement, built upon its predecessor, simplifies mixing operations as it eliminates the need for pre-hydration of the slurry design and access to high-purity water sources. This feature facilitates more efficient rig operations with the option to direct mix the system on-the-fly or in a batch mixer.
  • Halliburton and Wintershall Dea have announced a license agreement under which Wintershall Dea will use Halliburton Landmark’s new Unified Ensemble Modeling (UEM) solution. UEM is an innovative approach that for the first time simultaneously integrates static and dynamic data in real time to represent subsurface conditions across multiple scales. This method improves the accuracy of reservoir models by consistently incorporating geologic uncertainties, making UEM vital to optimize reservoir recovery under uncertainty.
  • Halliburton Landmark and AIQ, the Abu Dhabi-based AI champion with innovative solutions for the energy sector announced a partner agreement under which AIQ’s RoboWell autonomous well control (AWC) solution will be made available through Halliburton Landmark’s iEnergy hybrid cloud. This agreement marks a step in AIQ’s goal to expand the adoption of AI-enabled AWC tools to help optimize and increase production in the global upstream sector.
  • Halliburton Labs participant, Nanotech Materials, opened a new 43,000-square-foot facility in Katy, Texas, to expand its production of a roof coating that features its novel heat-control technology. The larger facility will support growth after successful scale-up at Halliburton Labs.

 

 

 

(1)

Free cash flow is a non-GAAP financial measure; please see reconciliation of Cash Flows from Operating Activities to Free Cash Flow in Footnote Table 3.

 

 

 

(2)

Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income to Adjusted Net Income in Footnote Table 1.

 

 

 

About Halliburton

Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us on LinkedIn, YouTube, Instagram, and Facebook.

Forward-looking Statements

The statements in this press release that are not historical statements 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: changes in the demand for or price of oil and/or natural gas, including as a result of development of alternative energy sources, general economic conditions such as inflation and recession, the ability of the OPEC+ countries to agree on and comply with production quotas, and other causes; changes in capital spending by our customers; the modification, continuation or suspension of our shareholder return framework, including the payment of dividends and purchases of our stock, which will be subject to the discretion of our Board of Directors and may depend on a variety of factors, including our results of operations and financial condition, growth plans, capital requirements and other conditions existing when any payment or purchase decision is made; potential catastrophic events related to our operations, and related indemnification and insurance; protection of intellectual property rights; cyber-attacks and data security; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, the environment, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; assumptions regarding the generation of future taxable income, and compliance with laws related to and disputes with taxing authorities regarding income taxes; risks of international operations, including risks relating to unsettled political conditions, war, including the ongoing Russia and Ukraine conflict and any expansion of that conflict, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; delays or failures by customers to make payments owed to us; infrastructure issues in the oil and natural gas industry; availability and cost of highly skilled labor and raw materials; completion of potential dispositions, and acquisitions, and integration and success of acquired businesses and joint ventures. Halliburton’s Form 10-K for the year ended December 31, 2023, Form 10-Q for the quarter ended March 31, 2024, 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.

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Millions of dollars and shares except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

June 30,

 

March 31,

 

2024

 

2023

 

2024

Revenue:

 

 

 

 

 

Completion and Production

$

3,401

 

 

$

3,476

 

 

$

3,373

 

Drilling and Evaluation

 

2,432

 

 

 

2,322

 

 

 

2,431

 

Total revenue

$

5,833

 

 

$

5,798

 

 

$

5,804

 

Operating income:

 

 

 

 

 

Completion and Production

$

723

 

 

$

707

 

 

$

688

 

Drilling and Evaluation

 

403

 

 

 

376

 

 

 

398

 

Corporate and other

 

(65

)

 

 

(59

)

 

 

(65

)

SAP S4 upgrade expense

 

(29

)

 

 

(13

)

 

 

(34

)

Total operating income

 

1,032

 

 

 

1,011

 

 

 

987

 

Interest expense, net

 

(92

)

 

 

(102

)

 

 

(92

)

Loss on Blue Chip Swap transactions (a)

 

 

 

 

(104

)

 

 

 

Other, net (b)

 

(20

)

 

 

(22

)

 

 

(108

)

Income before income taxes

 

920

 

 

 

783

 

 

 

787

 

Income tax provision (c)

 

(207

)

 

 

(167

)

 

 

(178

)

Net income

$

713

 

 

$

616

 

 

$

609

 

Net income attributable to noncontrolling interest

 

(4

)

 

 

(6

)

 

 

(3

)

Net income attributable to company

$

709

 

 

$

610

 

 

$

606

 

 

 

 

 

 

 

Basic and diluted net income per share

$

0.80

 

 

$

0.68

 

 

$

0.68

 

Basic weighted average common shares outstanding

 

884

 

 

 

901

 

 

 

889

 

Diluted weighted average common shares outstanding

 

886

 

 

 

903

 

 

 

891

(a)

The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. The execution of certain trades known as Blue Chip Swaps, effectively results in a parallel U.S. dollar exchange rate. During the three months ended June 30, 2023, Halliburton entered into Blue Chip Swap transactions which resulted in a $104 million pre-tax loss.

 

(b)

During the three months ended March 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

 

(c)

The tax provision during the three months ended March 31, 2024 includes the tax effect on the impairment of an investment in Argentina and Egypt currency impact. During the three months ended June 30, 2023, the tax provision includes the tax effect of the loss on Blue Chip Swap transactions.

 

See Footnote Table 1 for Reconciliation of Net Income to Adjusted Net Income.

 

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Millions of dollars and shares except per share data)

(Unaudited)

 

 

Six Months Ended

 

June 30,

 

2024

2023

Revenue:

 

 

Completion and Production

$

6,774

 

$

6,885

 

Drilling and Evaluation

 

4,863

 

 

4,590

 

Total revenue

$

11,637

 

$

11,475

 

Operating income:

 

 

Completion and Production

$

1,411

 

$

1,373

 

Drilling and Evaluation

 

801

 

 

745

 

Corporate and other

 

(130

)

 

(117

)

SAP S4 upgrade expense

 

(63

)

 

(13

)

Total operating income

 

2,019

 

 

1,988

 

Interest expense, net

 

(184

)

 

(203

)

Loss on Blue Chip Swap transactions (a)

 

 

 

(104

)

Other, net (b)

 

(128

)

 

(69

)

Income before income taxes

 

1,707

 

 

1,612

 

Income tax provision (c)

 

(385

)

 

(341

)

Net Income

$

1,322

 

$

1,271

 

Net Income attributable to noncontrolling interest

 

(7

)

 

(10

)

Net Income attributable to company

$

1,315

 

$

1,261

 

 

 

 

Basic net income per share

$

1.48

 

$

1.40

 

Diluted net income per share

$

1.48

 

$

1.39

 

Basic weighted average common shares outstanding

 

886

 

 

902

 

Diluted weighted average common shares outstanding

 

888

 

 

905

 

(a)

The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. The execution of certain trades known as Blue Chip Swaps, effectively results in a parallel U.S. dollar exchange rate. During the six months ended June 30, 2023, Halliburton entered into Blue Chip Swap transactions which resulted in a $104 million pre-tax loss.

 
(b)

During the six months ended June 30, 2024, Halliburton incurred a charge of $82 million in March 2024, primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

 
(c)

The tax provision during the six months ended June 30, 2024 includes the tax effect on the impairment of an investment in Argentina and Egypt currency impact. During the six months ended June 30, 2023, the tax provision includes the tax effect on the loss on Blue Chip Swap transactions.

 

 

See Footnote Table 2 for Reconciliation of Net Income to Adjusted Net Income.

 

 

HALLIBURTON COMPANY

Condensed Consolidated Balance Sheets

(Millions of dollars)

(Unaudited)

 

 

 

 

 

June 30,

 

December 31,

 

2024

 

2023

Assets

Current assets:

 

 

 

Cash and equivalents

$

2,138

 

$

2,264

Receivables, net

 

5,327

 

 

4,860

Inventories

 

3,282

 

 

3,226

Other current assets

 

1,131

 

 

1,193

Total current assets

 

11,878

 

 

11,543

Property, plant, and equipment, net

 

5,073

 

 

4,900

Goodwill

 

2,858

 

 

2,850

Deferred income taxes

 

2,420

 

 

2,505

Operating lease right-of-use assets

 

1,026

 

 

1,088

Other assets

 

1,897

 

 

1,797

Total assets

$

25,152

 

$

24,683

 

 

 

 

Liabilities and Shareholders’ Equity

Current liabilities:

 

 

 

Accounts payable

$

3,295

 

$

3,147

Accrued employee compensation and benefits

 

619

 

 

689

Current portion of operating lease liabilities

 

258

 

 

262

Other current liabilities

 

1,404

 

 

1,510

Total current liabilities

 

5,576

 

 

5,608

Long-term debt

 

7,638

 

 

7,636

Operating lease liabilities

 

832

 

 

911

Employee compensation and benefits

 

375

 

 

408

Other liabilities

 

685

 

 

687

Total liabilities

 

15,106

 

 

15,250

Company shareholders’ equity

 

10,000

 

 

9,391

Noncontrolling interest in consolidated subsidiaries

 

46

 

 

42

Total shareholders’ equity

 

10,046

 

 

9,433

Total liabilities and shareholders’ equity

$

25,152

 

$

24,683

 

HALLIBURTON COMPANY

Condensed Consolidated Statements of Cash Flows

(Millions of dollars)

(Unaudited)

 

 

 

 

 

Six Months Ended

 

Three Months Ended

 

June 30,

 

June 30,

 

2024

 

2023

 

2024

Cash flows from operating activities:

 

 

 

 

 

Net income

$

1,322

 

 

$

1,271

 

 

$

713

 

Adjustments to reconcile net income to cash flows from operating activities:

 

 

 

 

 

Depreciation, depletion, and amortization

 

534

 

 

 

486

 

 

 

271

 

Working capital (a)

 

(365

)

 

 

(589

)

 

 

(24

)

Other operating activities

 

77

 

 

 

6

 

 

 

121

 

Total cash flows provided by operating activities

 

1,568

 

 

 

1,174

 

 

 

1,081

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures

 

(677

)

 

 

(571

)

 

 

(347

)

Proceeds from sales of property, plant, and equipment

 

108

 

 

 

90

 

 

 

59

 

Other investing activities

 

(205

)

 

 

(215

)

 

 

(105

)

Total cash flows used in investing activities

 

(774

)

 

 

(696

)

 

 

(393

)

Cash flows from financing activities:

 

 

 

 

 

Stock repurchase program

 

(500

)

 

 

(348

)

 

 

(250

)

Dividends to shareholders

 

(302

)

 

 

(289

)

 

 

(151

)

Other financing activities

 

(36

)

 

 

(7

)

 

 

(15

)

Total cash flows used in financing activities

 

(838

)

 

 

(644

)

 

 

(416

)

Effect of exchange rate changes on cash

 

(82

)

 

 

(75

)

 

 

(25

)

Increase (decrease) in cash and equivalents

 

(126

)

 

 

(241

)

 

 

247

 

Cash and equivalents at beginning of period

 

2,264

 

 

 

2,346

 

 

 

1,891

 

Cash and equivalents at end of period

$

2,138

 

 

$

2,105

 

 

$

2,138

 

(a)

Working capital includes receivables, inventories, and accounts payable.

 

 

See Footnote Table 3 for Reconciliation of Cash Flows from Operating Activities to Free Cash Flow.

 

HALLIBURTON COMPANY

Revenue and Operating Income Comparison

By Operating Segment and Geographic Region

(Millions of dollars)

(Unaudited)

 

 

 

Three Months Ended

 

June 30,

 

March 31,

Revenue

2024

 

2023

 

2024

By operating segment:

 

 

 

 

 

Completion and Production

$

3,401

 

 

$

3,476

 

 

$

3,373

 

Drilling and Evaluation

 

2,432

 

 

 

2,322

 

 

 

2,431

 

Total revenue

$

5,833

 

 

$

5,798

 

 

$

5,804

 

 

 

 

 

 

 

By geographic region:

 

 

 

 

 

North America

$

2,481

 

 

$

2,696

 

 

$

2,546

 

Latin America

 

1,097

 

 

 

994

 

 

 

1,108

 

Europe/Africa/CIS

 

757

 

 

 

698

 

 

 

729

 

Middle East/Asia

 

1,498

 

 

 

1,410

 

 

 

1,421

 

Total revenue

$

5,833

 

 

$

5,798

 

 

$

5,804

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

By operating segment:

 

 

 

 

 

Completion and Production

$

723

 

 

$

707

 

 

$

688

 

Drilling and Evaluation

 

403

 

 

 

376

 

 

 

398

 

Total operations

 

1,126

 

 

 

1,083

 

 

 

1,086

 

Corporate and other

 

(65

)

 

 

(59

)

 

 

(65

)

SAP S4 upgrade expense

 

(29

)

 

 

(13

)

 

 

(34

)

Total operating income

$

1,032

 

 

$

1,011

 

 

$

987

 

 

HALLIBURTON COMPANY

Revenue and Operating Income Comparison

By Operating Segment and Geographic Region

(Millions of dollars)

(Unaudited)

 

 

 

Six Months Ended

 

June 30,

Revenue

2024

 

2023

By operating segment:

 

 

 

Completion and Production

$

6,774

 

 

$

6,885

 

Drilling and Evaluation

 

4,863

 

 

 

4,590

 

Total revenue

$

11,637

 

 

$

11,475

 

 

 

 

 

By geographic region:

 

 

 

North America

$

5,027

 

 

$

5,461

 

Latin America

 

2,205

 

 

 

1,909

 

Europe/Africa/CIS

 

1,486

 

 

 

1,360

 

Middle East/Asia

 

2,919

 

 

 

2,745

 

Total revenue

$

11,637

 

 

$

11,475

 

 

 

 

 

Operating income

 

 

 

By operating segment:

 

 

 

Completion and Production

$

1,411

 

 

$

1,373

 

Drilling and Evaluation

 

801

 

 

 

745

 

Total operations

 

2,212

 

 

 

2,118

 

Corporate and other

 

(130

)

 

 

(117

)

SAP S4 upgrade expense

 

(63

)

 

 

(13

)

Total operating income

$

2,019

 

 

$

1,988

 

 

 

 

 

FOOTNOTE TABLE 1

 

HALLIBURTON COMPANY

Reconciliation of Net Income to Adjusted Net Income

(Millions of dollars and shares except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

June 30,

 

March 31,

 

2024

 

2023

 

2024

Net income attributable to company

$

709

 

$

610

 

 

$

606

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

Loss on Blue Chip Swap transactions

 

 

 

104

 

 

 

 

Other, net (a)

 

 

 

 

 

 

82

 

Total adjustments, before taxes

 

 

 

104

 

 

 

82

 

Tax adjustment (b)

 

 

 

(23

)

 

 

(9

)

Total adjustments, net of taxes (c)

 

 

 

81

 

 

 

73

 

Adjusted net income attributable to company (c)

$

709

 

$

691

 

 

$

679

 

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 

886

 

 

903

 

 

 

891

 

Net income per diluted share (d)

$

0.80

 

$

0.68

 

 

$

0.68

 

Adjusted net income per diluted share (d)

$

0.80

 

$

0.77

 

 

$

0.76

 

(a)

During the three months ended March 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

 

(b)

The tax adjustment in the table above includes the tax effect on the impairment of an investment in Argentina and Egypt currency impact during the three months ended March 31, 2024. During the three months ended June 30, 2023, the tax adjustment includes the tax effect on the loss on Blue Chip Swap transactions.

 

(c)

Adjusted net income attributable to company is a non-GAAP financial measure which is calculated as: “Net income attributable to company” plus “Total adjustments, net of taxes” for the respective periods. Management believes net income adjusted for the Egypt currency impact, Argentina investment impairment, and the loss on the Blue Chip Swap transactions, along with the tax adjustment, is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company’s normal operating results. Management analyzes net income without the impact of these items as an indicator of performance to identify underlying trends in the business and to establish operational goals. Total adjustments remove the effect of these items.

 

(d)

Net income per diluted share is calculated as: “Net income attributable to company” divided by “Diluted weighted average common shares outstanding.” Adjusted net income per diluted share is a non-GAAP financial measure which is calculated as: “Adjusted net income attributable to company” divided by “Diluted weighted average common shares outstanding.” Management believes adjusted net income per diluted share is useful to investors to assess and understand operating performance.

 

FOOTNOTE TABLE 2

 

HALLIBURTON COMPANY

Reconciliation of Net Income to Adjusted Net Income

(Millions of dollars and shares except per share data)

(Unaudited)

 

 

 

Six Months Ended

 

June 30,

 

2024

 

2023

Net income attributable to company

$

1,315

 

 

$

1,261

 

 

 

 

 

Adjustments:

 

 

 

Loss on Blue Chip Swap transactions

 

 

 

 

104

 

Other, net (a)

 

82

 

 

 

 

Total adjustments, before taxes

 

82

 

 

 

104

 

Tax adjustment (b)

 

(9

)

 

 

(23

)

Total adjustments, net of taxes (c)

 

73

 

 

 

81

 

Adjusted net income attributable to company (c)

$

1,388

 

 

$

1,342

 

 

 

 

 

Diluted weighted average common shares outstanding

 

888

 

 

 

905

 

Net income per diluted share (d)

$

1.48

 

 

$

1.39

 

Adjusted net income per diluted share (d)

$

1.56

 

 

$

1.48

 

Contacts

Investor Relations Contact
David Coleman

Investors@Halliburton.com
281-871-2688

Media Relations
Victoria Ingalls

PR@Halliburton.com
281-871-2601

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