Halliburton Co. on Feb. 19 launched cash tender offers to repurchase bonds as the oilfield services company works to make good on promises of shareholder returns.

In a news release, the Houston-based company said it plans to purchase for cash up to $1.5 billion of its senior notes due 2021, 2023 and 2025. The tender offers will expire March 17.

Despite disclosing a $2.2 billion charge attributed to weakening North American shale activity, Halliburton last month topped estimates for quarterly profit in its fourth-quarter results. The company swung to a $1.7 billion loss in the fourth quarter, earning 32 cents per share, compared with the Street estimate of 28 cents.

Halliburton also revealed plans to slash capital spending in 2020 by 20% to $1.2 billion, with an expectation to still generate free cash flow for the year.

On the company earnings call held Jan. 21, Halliburton CFO Lance Loeffler said the near-term priority with any excess cash will be on reducing debt with the ultimate motivation of generating shareholder returns.

“Today, our business, we need to address the $3.8 billion of debt that we have coming due over the next six years,” Loeffler said adding “but also with an eye on ultimately returning cash to shareholders.”

Halliburton plans to fund the debt tender offers with proceeds from a $1 billion offering of 2030 notes priced on Feb. 19. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC are joint book-running managers for the 2030 notes offering.

Halliburton has retained BofA Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities and TD Securities (USA) LLC to act as lead dealer managers in connection with the tender offers. Citigroup Global Markets, HSBC Securities, Mizuho Securities and Wells Fargo Securities LLC will act as co-dealer managers.