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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024
or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to_______
Commission File Number 001-03492

HALLIBURTON COMPANY
(Exact name of registrant as specified in its charter)

Delaware | 75-2677995
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

3000 North Sam Houston Parkway East, | Houston, | Texas | 77032
(Address of principal executive offices) | (Zip Code)

(281) 871-2699
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered
Common Stock, par value $2.50 per share | HAL | New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☒ Yes ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
☐ Yes ☒ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| Large Accelerated Filer | ☒ | Accelerated Filer | ☐
| Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐
|  |  | Emerging Growth Company | ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
The aggregate market value of Halliburton Company Common Stock held by non-affiliates on June 30, 2024, determined using the per share closing price on the New York Stock Exchange Composite tape of $33.78 on that date, was approximately $22.2 billion.
As of February 5, 2025, there were 868,091,623 shares of Halliburton Company Common Stock, $2.50 par value per share, outstanding.
Portions of the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) are incorporated by reference into Part III of this report.

HALLIBURTON COMPANY
Index to Form 10-K
For the Year Ended December 31, 2024

PART I |  | PAGE
Item 1. | Business | 1
Item 1(a). | Risk Factors | 9
Item 1(b). | Unresolved Staff Comments | 19
Item 1(c). | Cybersecurity | 19
Item 2. | Properties | 20
Item 3. | Legal Proceedings | 20
Item 4. | Mine Safety Disclosures | 20
PART II |  |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 21
Item 6. | (Reserved) | 22
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23
| Executive Overview | 23
| Liquidity and Capital Resources | 25
| Business Environment and Results of Operations | 27
| Results of Operations in 2024 Compared to 2023 | 29
| Results of Operations in 202 3 Compared to 202 2 | 33
| Critical Accounting Estimates | 34
| Financial Instrument Market Risk | 36
| Environmental Matters | 37
| Forward-Looking Information | 37
Item 7(a). | Quantitative and Qualitative Disclosures About Market Risk | 38
Item 8. | Financial Statements and Supplementary Data | 39
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 74
Item 9(a). | Controls and Procedures | 74
Item 9(b). | Other Information | 74
Item 9(c). | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 74
PART III |  |
Item 10. | Directors, Executive Officers, and Corporate Governance | 75
Item 11. | Executive Compensation | 75
Item 12(a). | Security Ownership of Certain Beneficial Owners | 75
Item 12(b). | Security Ownership of Management | 75
Item 12(c). | Changes in Control | 75
Item 12(d). | Securities Authorized for Issuance Under Equity Compensation Plans | 75
Item 13. | Certain Relationships and Related Transactions, and Director Independence | 75
Item 14. | Principal Accounting Fees and Services | 75
PART IV |  |
Item 15. | Exhibits | 76
Item 16. | Form 10-K Summary | 82
SIGNATURES |  | 83

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PART I
Item 1. Business.
Description of business and strategy
Halliburton Company is one of the world’s largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. Inspired by the past and leading into the future, what started with a single product from a single location is now a global enterprise. Our value proposition is to collaborate and engineer solutions to maximize asset value for our customers. We strive to achieve strong cash flows and returns for our shareholders by delivering technology and services that improve efficiency, increase recovery, and maximize production for our customers. Halliburton has fostered a culture of unparalleled service to the world’s major, national, and independent oil and natural gas producers. With over 48,000 employees, representing 145 nationalities in more than 70 countries, we help our customers maximize asset value 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 throughout the life of the asset.
2024 Highlights
- Financial: Our total revenue was flat in 2024 as compared to 2023. Our International revenue increased 6% and our North America revenue decreased 8% in 2024 compared to 2023. Overall, our Completion and Production and Drilling and Evaluation operating segments finished the year with 20% and 16% operating margins, respectively. We generated strong cash flows from operations and repurchased $100 million of debt.
- Digital: We incorporated next-generation digital and automation technologies in certain of our processes to maximize value and improve efficiency.
- Capital efficiency: We advanced technologies and made strategic choices that kept our capital expenditures at 6% of revenue, which matched our target of 5% - 6%.
- Shareholder returns: We returned $1.6 billion of capital to shareholders through buybacks and dividends, which is consistent with our capital returns framework.
- Sustainability and energy mix transition: We expanded Halliburton Labs, our early-stage company accelerator, to a total of 38 participant and alumni organizations as we work to reach the future of energy, faster.
2025 Focus
- International: Increase international growth in directional drilling, unconventionals, well intervention, and artificial lift businesses.
- North America: Maximize value by, among other things, utilizing our Zeus electric fracturing platform and our iCruise rotary steerable systems.
- Digital: Continue to drive differentiation and efficiencies through the deployment of digital and automation technologies, both internally and for our customers.
- Capital efficiency: Maintain our capital expenditures at approximately 6% of revenue while utilizing technology and targeted process improvements to enhance utilization of existing capital.
- Shareholder returns: Return over 50% of annual free cash flow to shareholders through dividends and share repurchases.
- Advance a Sustainable Energy Future: Continue to develop technologies and solutions to help lower our customers’ and our emissions intensity, participate in carbon capture, utilization, and storage, and geothermal projects globally, and support Halliburton Labs early–stage company participants.
For further discussion on our business strategies, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Business Environment and Results of Operations–Business Outlook.”
Operating segments
We operate under two divisions, which form the basis for the two operating segments we report, the Completion and Production segment and the Drilling and Evaluation segment.
Completion and Production delivers cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift, and completion products and services. The segment consists of the following product service lines:
- Artificial Lift: provides services to maximize reservoir and wellbore recovery by applying lifting technology, intelligent field management solutions, and related services throughout the life of the well, including electrical submersible pumps.
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- Cementing: involves bonding the well and well casing while isolating fluid zones and maximizing wellbore stability. Our cementing product service line also provides casing equipment.
- Completion Tools: provides downhole solutions and services to our customers to complete their wells, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, multilateral systems, and service tools.
- Multi-Chem: provides customized specialty chemicals and services for completion, production, midstream, and downstream to optimize flow assurance and integrity. During the third quarter of 2024, we made a strategic decision to market for sale a portion of our chemical business.
- Pipeline & Process Services: provides a complete range of pre-commissioning, commissioning, maintenance, and decommissioning services to the onshore and offshore pipeline and process plant construction commissioning and maintenance industries.
- Production Enhancement: includes stimulation services and sand control services. Stimulation services optimize reservoir production through a variety of pressure pumping services and chemical processes, commonly known as hydraulic fracturing and acidizing. Sand control services include fluids and chemicals for the prevention of sand production of unconsolidated reservoirs.
- Production Solutions: provides customized well intervention solutions to increase well performance, which includes coiled tubing, hydraulic workover units, downhole tools, pumping services, and nitrogen services.
Drilling and Evaluation provides field and reservoir modeling, drilling, fluids, evaluation and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities. The segment consists of the following product service lines:
- Baroid: provides drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services for drilling wells, completion, and workover operations.
- Drill Bits and Services: provides roller cone bits, fixed cutter bits, hole enlargement and related downhole tools and services used in drilling wells. In addition, coring equipment and services are provided to extract formation cores for rock properties evaluation.
- Halliburton Project Management: provides integrated solutions by leveraging the full line of our well construction, well completion, and well intervention services to solve customer challenges throughout the entire well lifecycle, including project management and integrated asset management.
- Landmark Software and Services: provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management.
- Sperry Drilling: provides drilling systems and services that offer directional control for precise wellbore placement while providing important measurements about the characteristics of the drill string and geological formations while drilling wells. These services include directional and horizontal drilling, measurement-while-drilling, logging-while-drilling, surface data logging, and rig site information systems.
- Testing and Subsea: provides acquisition and analysis of dynamic reservoir information and reservoir optimization solutions through a broad portfolio of well testing tools, data acquisition services, fluid sampling, surface well testing, subsea safety systems, and underbalanced applications.
- Wireline and Perforating: provides open-hole logging services that supply information on formation evaluation and reservoir fluid analysis, including formation lithology, rock properties, and reservoir fluid properties. Also offered are cased-hole and slickline services, including perforating, pipe recovery services, through-casing formation evaluation and reservoir monitoring, casing and cement integrity measurements, and well intervention services.
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The following charts depict our revenue split between our two operating segments for the years ended December 31, 2024 and 2023.
See Notes to Consolidated Financial Statements, Note 3 for further financial information related to each of our business segments.
Markets and competition
We are one of the world’s largest diversified energy services companies. Our services and products are sold in highly competitive markets throughout the world. Competitive factors impacting sales of our services and products include: price; service delivery; health, safety, and environmental standards and practices; service quality; global talent retention; understanding the geological characteristics of the reservoir; product quality; and technical proficiency.
We conduct business worldwide in more than 70 countries. The business operations of our divisions are organized around four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. In 2024, 2023, and 2022, based on the location of services provided and products sold, 40%, 44%, and 45%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our consolidated revenue during these periods. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information about our geographic operations. Because the markets for our services and products are vast and cross numerous geographic lines, it is not practicable to provide a meaningful estimate of the total number of our competitors. The industries we serve are highly competitive, and we have many substantial competitors. Most of our services and products are marketed through our service and sales organizations.
The following charts depict our revenue split between our four primary geographic regions for the years ended December 31, 2024 and 2023.
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Our operations in some countries and regions may be adversely affected by unsettled political conditions, acts of terrorism, civil unrest, force majeure, war or other armed conflict, health or similar issues, sanctions, trade barriers and tariffs, expropriation or other governmental actions, inflation, changes in foreign currency exchange rates, 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 an interruption of operations in any single country, other than the United States, would be materially adverse to our business, consolidated results of operations, or consolidated financial condition.
Information regarding our exposure to foreign currency fluctuations, risk concentration, and financial instruments used to minimize risk is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Instrument Market Risk” and Notes to Consolidated Financial Statements, Note 16.
Customers
Our revenue during the past three years was derived from the sale of services and products to the energy industry. No single customer represented more than 10% of our consolidated revenue in any period presented.
Raw materials
Raw materials essential to our business are normally readily available. However, market conditions can trigger constraints in the supply of certain raw materials, such as proppants (primarily sand), chemicals, metals, gels, and electronic components (circuit boards). We are always striving to ensure the availability of resources and manage raw material costs. Our procurement department uses our relationships and buying power to enhance our access to key materials at competitive prices.
Patents
We own a large number of patents and have pending a substantial number of patent applications covering various products and processes. We are also licensed to utilize technology covered by patents owned by others, and we license others to utilize technology covered by our patents. We do not consider any particular patent to be material to our business operations.
Seasonality
Weather and natural phenomena can temporarily affect the performance of our services, but the widespread geographical locations of our operations mitigate those effects. Examples of how weather can impact our business include:
- the severity and duration of the winter in North America can have a significant impact on drilling activity and on natural gas storage levels;
- the timing and duration of the spring thaw in Canada directly affects activity levels due to road restrictions;
- typhoons and hurricanes can disrupt coastal and offshore operations; and
- severe weather during the winter normally results in reduced activity levels in the North Sea.
Additionally, customer spending patterns for completion tools typically result in higher activity in the fourth quarter of the year. We recognize revenue on customer software contract sales predominantly in the first and fourth quarters of the year.
Our workforce
Our workforce is our top asset in enabling us to accomplish innovative, high-quality work for our customers and to address the world’s energy challenges. To attract and retain talent, we promote a safe and inclusive work environment along with competitive benefits. As of December 31, 2024, we employed over 48,000 people worldwide representing 145 nationalities and operated in more than 70 countries, with approximately 19% of our employees subject to collective bargaining agreements. Based upon the geographic diversification of our employees, we do not believe any risk of loss from employee strikes or other collective actions are material to the continuation of our operations as a whole.
With our large employee base and global breadth, our workforce is diverse. Halliburton invests in local workforce development with the aim of a positive impact on communities where we work. In 2024, 91% of our workforce and 84% of management, who were full-time employees, and not classified as expatriates or commuters, were local to the countries where they work.
Recruiting and Turnover
Given the size and geographic scope of our workforce, we have a robust global recruiting organization, which includes personnel focused on recruiting and retention, online job postings, and recruiting programs at academic institutions for internships and entry-level roles. In 2024, we hired about 6,800 new employees and experienced relatively low voluntary turnover of 8% despite a tight labor market.
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Leadership
The ongoing identification and development of leadership talent ensures business continuity and strengthens our competitive advantage, both of which are critical for our short-term and long-term success. One of our most significant investments in developing future leaders is our executive education programs.
As part of our commitment to employee engagement, we invite employees to share anonymous feedback about different topics including their performance, development, and work-life balance. Notably, according to a survey we conducted in February 2024, 95% of responding employees feel the work they do everyday matters. This is especially meaningful since 86% of our employees responded to the survey.
Benefits and well-being
Halliburton is committed to providing competitive benefit programs. Our benefit packages include comprehensive medical coverage, retirement plans, paid time off, emergency childcare, and third-party discounts. Our Global Employee Assistance Program (EAP) provides mental health and wellness related training and education for employees. In 2024, our monthly Lessons for Life Web series covered topics such as parenting in the digital age and combating burnout. We also conducted mental health awareness campaigns tailored to address employee needs in different geographies.
Safety
Safety is a Halliburton core value. Our long-term safety programs and processes, including our Journey to ZERO initiative, are tried, tested, and well-established to maintain our strong performance and improve proactive identification and management of safety risks. In 2024, the operational discipline of our Halliburton Management System (HMS) and our focus on execution enabled us to outperform our industry group HSE indicators. As a result of our focus on safety, for the years ended December 31, 2024 and December 31, 2023, our total recordable incident rates were 0.24 and 0.25 (incidents per 200,000 hours worked), non-productive times were 0.23% and 0.24% (percentage of total operating hours), lost-time incident rates were 0.06 and 0.07 (incidents per 200,000 hours worked), and preventable recordable vehicle incident rates were 0.06 and 0.10 (incidents per million miles traveled), respectively.
Government regulation
We are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. For further information related to environmental matters and regulation, see Notes to Consolidated Financial Statements, Note 11 and “Item 1(a). Risk Factors.”
Hydraulic fracturing
Hydraulic fracturing is a process that creates fractures extending from the well bore into the rock formation to enable natural gas or oil to move more easily from the rock pores to a production conduit. A significant portion of our Completion and Production segment provides hydraulic fracturing services to customers developing shale natural gas and shale oil. From time to time, questions arise about the scope of our operations in the shale natural gas and shale oil sectors, and the extent to which these operations may affect human health and the environment.
At the direction of our customer, we design and generally implement a hydraulic fracturing operation to stimulate the well’s production after the well has been drilled, cased, and cemented. Our customer is generally responsible for providing the base fluid (usually water) used in the hydraulic fracturing of a well. We frequently supply the proppant (primarily sand) and at least a portion of the additives used in the overall fracturing fluid mixture. In addition, we mix the additives and proppant with the base fluid and pump the mixture down the wellbore to create the desired fractures in the target formation. The customer is responsible for disposing or recycling for further use any materials that are subsequently produced or pumped out of the well, including flowback fluids and produced water.
As part of the process of constructing the well, the customer will take a number of steps designed to protect aquifers. In particular, the casing and cementing of the well are designed to provide ‘zonal isolation’ so that the fluids pumped down the wellbore and the oil and natural gas and other materials that are subsequently pumped out of the well will not come into contact with shallow aquifers or other shallow formations through which those materials could potentially migrate to freshwater aquifers or the surface.
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The potential environmental impacts of hydraulic fracturing have been studied by numerous government entities and others. In 2004, the United States Environmental Protection Agency (EPA) conducted an extensive study of hydraulic fracturing practices, focusing on coalbed methane wells, and their potential effect on underground sources of drinking water. The EPA’s study concluded that hydraulic fracturing of coalbed methane wells poses little or no threat to underground sources of drinking water. In December 2016, the EPA released a final report, “Hydraulic Fracturing for Oil and Gas: Impacts from the Hydraulic Fracturing Water Cycle on Drinking Water Resources in the United States” representing the culmination of a six-year study requested by Congress. While the EPA report noted a potential for some impact to drinking water sources caused by hydraulic fracturing, the agency confirmed the overall incidence of impacts is low. Moreover, a number of the areas of potential impact identified in the report involve activities for which we are not generally responsible, such as potential impacts associated with withdrawals of surface water for use as a base fluid and management of wastewater.
We have proactively developed processes to provide our customers with the chemical constituents of our hydraulic fracturing fluids to enable our customers to comply with state laws as well as voluntary standards established by the Chemical Disclosure Registry, www.fracfocus.org. We have invested considerable resources in developing hydraulic fracturing technologies, in both the equipment and chemistry portions of our business, which offer our customers a variety of environment-friendly options related to the use of hydraulic fracturing fluid additives and other aspects of our hydraulic fracturing operations. We created a hydraulic fracturing fluid system comprised of materials sourced entirely from the food industry. We are committed to the continued development of innovative chemical and mechanical technologies that allow for more economical and environment-friendly development of the world’s oil and natural gas reserves, and that reduce noise while complying with Tier 4 lower emission legislation.
In evaluating any environmental risks that may be associated with our hydraulic fracturing services, it is helpful to understand the role that we play in the development of shale natural gas and shale oil. Our principal task generally is to manage the process of injecting fracturing fluids into the borehole to stimulate the well. Thus, based on the provisions in our contracts and applicable law, the primary environmental risks we face are potential pre-injection spills or releases of stored fracturing fluids and potential spills or releases of fuel or other fluids associated with pumps, blenders, conveyors, or other above-ground equipment used in the hydraulic fracturing process.
Although possible concerns have been raised about hydraulic fracturing, the circumstances described above have helped to mitigate those concerns. To date, we have not been obligated to compensate any indemnified party for any environmental liability arising directly from hydraulic fracturing, although there can be no assurance that such obligations or liabilities will not arise in the future. For further information on risks related to hydraulic fracturing, see “Item 1(a). Risk Factors.”
Working capital
We fund our business operations through a combination of available cash and equivalents, short-term investments, and cash flow generated from operations. In addition, our revolving credit facility is available for additional working capital needs.
Web site access - www.halliburton.com
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished to the Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available at www.halliburton.com soon thereafter. The SEC website www.sec.gov contains our reports, proxy and information statements and our other SEC filings. Our Code of Business Conduct, which applies to all our employees and Directors and serves as a code of ethics for our principal executive officer, principal financial officer, principal accounting officer, and other persons performing similar functions, can be found at www.halliburton.com. Any amendments to our Code of Business Conduct or any waivers from provisions of our Code of Business Conduct granted to the specified officers above are also disclosed on our web site within four business days after the date of any amendment or waiver pertaining to these officers. There have been no waivers from provisions of our Code of Business Conduct for the years 2024, 2023, or 2022. Except to the extent expressly stated otherwise, information contained on or accessible from our web site or any other web site is not incorporated by reference into this annual report on Form 10-K and should not be considered part of this report.
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Executive Officers of the Registrant
The following table indicates the names and ages of the executive officers of Halliburton Company as of February 12, 2025, including all offices and positions held by each in the past five years:

| Name and Age | Offices Held and Term of Office
| Van H. Beckwith (Age 59) | Executive Vice President, Secretary and Chief Legal Officer of Halliburton Company, since December 2020
| Senior Vice President and General Counsel, January 2020 to December 2020
| Eric J. Carre (Age 58) | Executive Vice President and Chief Financial Officer of Halliburton Company, since May 2022
| Executive Vice President, Global Business Lines of Halliburton Company, May 2016 to April 2022
| Charles E. Geer, Jr. (Age 54) | Senior Vice President and Chief Accounting Officer of Halliburton Company, since December 2019
| Timothy M. McKeon (Age 52) | Senior Vice President and Treasurer of Halliburton Company, since January 2022
| Vice President and Treasurer of Halliburton Company, January 2014 to December 2021
| Jeffrey A. Miller (Age 61) | Chairman of the Board, President, and Chief Executive Officer of Halliburton Company, since January 2019
| Lawrence J. Pope (Age 56) | Executive Vice President of Administration and Chief Human Resources Officer of Halliburton Company, since January 2008
| Mark J. Richard (Age 63) | President, Western Hemisphere of Halliburton Company, since February 2019
| Jill D. Sharp (Age 54) | Senior Vice President, Internal Assurance Services of Halliburton Company, since January 2022
| Vice President, Internal Assurance Services of Halliburton Company, September 2021 to December 2021
| Vice President, Finance - Western Hemisphere of Halliburton Company, October 2016 to August 2021
| Shannon Slocum (Age 52) | President, Eastern Hemisphere of Halliburton Company, since March 2023
| Senior Vice President, Global Business Development and Marketing of Halliburton Company, January 2020 to February 2023

There are no family relationships between the executive officers of the registrant or between any director and any executive officer of the registrant.
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Directors of the Registrant

| Name | Title and company
| Abdulaziz F. Al Khayyal | Former Director and Senior Vice President of Industrial Relations of Saudi Aramco
| William E. Albrecht | President of Moncrief Energy, LLC
| M. Katherine Banks | Former President of Texas A&M University
| Alan M. Bennett | Former President and Chief Executive Officer of H&R Block, Inc.
| Earl M. Cummings | Managing Partner of MCM Houston Properties, LLC
| Murry S. Gerber | Former Executive Chairman of the Board of EQT Corporation
| Robert A. Malone | Executive Chairman, President, and Chief Executive Officer of First Sonora Bancshares, Inc. and the First National Bank of Sonora
| Jefferey A. Miller | Chairman of the Board, President, and Chief Executive Officer of Halliburton Company
| Bhavesh V. Patel (a) | Former President of Standard Industries
| Maurice S. Smith | President, Chief Executive Officer, and Vice Chair of Health Care Service Corporation
| Janet L. Weiss | Former President of BP Alaska
| Tobi M. Edwards Young | Senior Vice President of Legal and Chief Corporate Affairs Officer of Cognizant Technology Solutions
| (a) | Mr. Patel will retire early from the Halliburton Board of Directors immediately prior to the 2025 Annual Meeting of Shareholders.

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Item 1(a). Risk Factors.
When considering an investment in Halliburton Company, all of the risk factors described below and other information included and incorporated by reference in this annual report should be carefully considered. Any of these risk factors could have a significant or material adverse effect on our business, results of operations, financial condition, or cash flows. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also adversely affect our business, financial condition, results of operations, or cash flows.
Industry Environment Related
Trends in oil and natural gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services and products, which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Demand for our services and products is particularly sensitive to the level of exploration, development, and production activity of, and the corresponding capital spending by, oil and natural gas companies. The level of exploration, development, and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control. Given the long-term nature of many large-scale development projects, even the perception of longer-term lower oil and natural gas prices by oil and natural gas companies can cause them to reduce or defer major expenditures. Any prolonged reductions of commodity prices or expectations of such reductions could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Factors affecting the prices of oil and natural gas include:
- the level of supply and demand for oil and natural gas;
- the ability or willingness of the Organization of Petroleum Exporting Countries and the expanded alliance collectively known as OPEC+ to set and maintain oil production levels;
- the level of oil production in the U.S. and by other non-OPEC+ countries;
- oil refining capacity and shifts in end-customer preferences toward fuel efficiency and the use of natural gas;
- the cost of, and constraints associated with, producing and delivering oil and natural gas;
- governmental regulations and other actions, or proposed changes in respect thereof, including tariffs, economic sanctions and policies of governments regarding the exploration for and production and development of their oil and natural gas reserves;
- weather conditions, natural disasters, and health or similar issues, such as COVID-19 and other pandemics or epidemics;
- worldwide political and military actions, and economic conditions, including potential recessions; and
- increased demand for alternative energy and use of electric vehicles, increased emphasis on decarbonization (including government initiatives, such as tax credits and government subsidies to promote the use of renewable energy sources), and public sentiment around alternatives to oil and natural gas.
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Our business is dependent on capital spending by our customers, and reductions in capital spending could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Our business is directly affected by changes in capital expenditures by our customers, and reductions in their capital spending could reduce demand for our services and products and have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Some of the items that may impact our customers’ capital spending include:
- oil and natural gas prices, which are impacted by the factors described in the preceding risk factor;
- the inability of our customers to access capital on economically advantageous terms, which may be impacted by, among other things, a decrease of investors’ interest in hydrocarbon producers because of environmental and sustainability initiatives;
- changes in customers’ capital allocation, including an increased allocation to the production of renewable energy or other sustainability efforts, leading to less focus on oil and natural gas production growth;
- restrictions on our customers’ ability to get their produced oil and natural gas to market due to infrastructure limitations or other governmental limitations on transportation of produced oil and natural gas;
- consolidation of our customers;
- customer personnel changes; and
- adverse developments in the business or operations of our customers, including write-downs of oil and natural gas reserves and borrowing base reductions under customers’ credit facilities.
Liabilities arising out of our products and services could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Events can occur at sites where our products and equipment are produced, stored, transported, or installed, or where we conduct our operations or provide our services, or at chemical blending or manufacturing facilities, including well blowouts and equipment or materials failures, which could result in explosions, fires, personal injuries, property damage (including surface and subsurface damage), pollution, and potential legal responsibility. Generally, we rely on contractual indemnities, releases, and limitations of liability with our customers and on liability insurance coverage to mitigate our potential liability related to such occurrences. However, we do not have these contractual provisions in all contracts, and even where we do, it is possible that the respective customer or insurer could seek to avoid or be financially unable to meet its obligations, or a court may decline to enforce such provisions. Damages that are not indemnified or released could greatly exceed available insurance coverage and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Our business could be materially and adversely affected by severe or unseasonable weather where we have operations.
Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of Mexico, and the North Sea. Many experts believe global climate change could increase the frequency and severity of extreme weather conditions. Repercussions of severe or unseasonable weather conditions may include:
- evacuation of personnel and inoperability of equipment resulting in curtailment of services;
- damage to offshore drilling rigs resulting in suspension of operations;
- damage to our facilities and project work sites;
- inability to deliver materials to job sites in accordance with contract schedules;
- fluctuations in demand for oil and natural gas, including possible decreases during unseasonably warm winters; and
- loss of productivity.
Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect our competitive position.
We rely on a variety of intellectual property rights that we use in our services and products. We may not be able to successfully preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged. In addition, the laws of some foreign countries in which our services and products may be sold do not protect intellectual property rights to the same extent as the laws of the United States. Courts could find that others infringe our patent or other intellectual property rights or that our products and services may infringe the intellectual property rights of others. Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect us.
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If we are not able to design, develop and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced.
The market for our services and products is characterized by continual technological developments to provide better and more reliable performance and services. If we are not able to design, develop, and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, including artificial intelligence and machine learning, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced. Likewise, if our proprietary technologies, equipment, facilities, or work processes become obsolete, we may no longer be competitive, and our business and consolidated results of operations could be materially and adversely affected.
We sometimes provide integrated project management services in the form of long-term, fixed price contracts that may require us to assume additional risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing and performance, and potential claims for liquidated damages.
We sometimes provide integrated project management services outside our normal discrete business in the form of long-term, fixed price contracts. Some of these contracts are required by our customers, primarily national oil companies. These services include acting as project managers as well as service providers and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate or limited information, that may result in cost over-runs, delays, and project losses. In addition, our customers often operate in countries with unsettled political conditions, war, civil unrest, or other types of community issues. These issues may also result in cost over-runs, delays, and project losses.
Providing services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We rely on third-party subcontractors and equipment providers to help us complete these contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.
Constraints in the supply of, prices for, and availability of transportation of raw materials and electric power could have a material adverse effect on our business and consolidated results of operations.
Our business depends on the supply and availability of raw and essential materials. Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource. Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems.
These constraints on raw materials and electric power could have a material adverse effect on our business and consolidated results of operations. In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business could have a material adverse effect on our business and consolidated results of operations if we are unable pass these increases through to our customers.
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Our ability to operate and our growth potential could be materially and adversely affected if we cannot attract, employ, and retain technical personnel at a competitive cost.
Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions. We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structure could increase, our margins could decrease, and any growth potential could be impaired.
Laws and Regulations Related
Our operations outside the United States require us to comply with a number of United States and international regulations, violations of which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.
In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by the unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. The imposition of such sanctions on Russia in connection with Russia’s invasion of Ukraine led to our decision to dispose of our Russian operations during the third quarter of 2022.
Changes in U.S. foreign trade policies, including as a result of the new presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity.
The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.
Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.
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Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.
In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.
The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations (such as limits on operations in the event of certain levels of seismic activity). Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements (such as prohibitions on hydraulic fracturing operations in certain areas) that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Liability for cleanup costs, natural resource damages and other damages arising as a result of environmental laws and regulations could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state superfund sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both in the final remediation costs and with respect to the final allocation among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any superfund site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Failure on our part to comply with, and the costs of compliance with, applicable health, safety, and environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
In addition to the numerous environmental laws and regulations that apply to our operations, we are subject to a variety of laws and regulations in the United States and other countries relating to health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning:
- the containment and disposal of hazardous substances, oilfield waste, and other waste materials;
- the production, storage, transportation and use of chemicals;
- the production, storage, transportation and use of explosive materials;
- the importation and use of radioactive materials;
- the use of underground storage tanks;
- the use of underground injection wells; and
- the protection of worker safety both onshore and offshore.
These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in:
- administrative, civil, and criminal penalties;
- revocation of permits to conduct business; and
- corrective action orders, including orders to investigate and/or clean up contamination.
Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Existing or future laws, regulations, treaties, or international agreements related to greenhouse gases, climate change, or alternative energy sources could have a negative impact on our business and may result in additional compliance obligations that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases.
We closely follow developments in this area, including changes in the regulatory landscape in the United States at both the federal and state levels and in the international markets in which we operate. We cannot predict, however, how or when such changes may be effected or ultimately impact our business. For example, in the United States, presidents have certain powers to issue executive orders that can have the effect of the enactment of new laws. In January 2025, President Biden issued a Memorandum of Withdrawal that could have had the effect of preventing future leasing by the federal government (and therefore oil and gas exploration) of the lands underlying federal waters offshore the U.S. East Coast, the eastern Gulf of Mexico, the Pacific Ocean off the coasts of Washington, Oregon, and California, and additional portions of the Northern Bering Sea in Alaska. Also in January 2025, President Trump in turn overturned President Biden’s Memorandum of Withdrawal and issued a series of executive orders that signal a shift in the United States’ energy and climate change policies. Future administrations may, however, pursue executive orders similar to, or more restrictive than, those put in place by predecessor administrations.
Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business. The efforts we have taken, and may undertake in the future, to respond to these evolving or new regulations and to environmental initiatives of customers, investors, and others may increase our costs. These and other environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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We could be subject to changes in our tax rates, the adoption of new tax legislation, tax audits, or exposure to additional tax liabilities that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
We are subject to taxes in the U.S. and numerous jurisdictions where we operate and our subsidiaries are organized. Due to economic and political conditions, tax rates in the U.S. and other jurisdictions may be subject to significant change. Our tax returns are subject to examination by the U.S. Internal Revenue Service (IRS) and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes.
Our U.S. federal income tax filings for tax years 2016 through 2023 are currently under review or remain open for review by the IRS. As of December 31, 2024, the primary unresolved issue for the IRS audit for 2016 relates to the classification of the $3.5 billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 for which we received a Notice of Proposed Adjustment (NOPA) from the IRS on September 28, 2023. In 2023, we initiated the IRS administrative appeals process, which is ongoing. There can be no assurance as to the outcome of the NOPA or other tax examinations and audits.
Adverse outcomes resulting from examinations of our tax returns, including the NOPA, an increase in tax rates in a jurisdiction where we generate substantial income, particularly in the U.S., or changes in our ability to realize our deferred tax assets could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
Our operations are subject to political and economic instability and risk of government actions that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
We are exposed to risks inherent in doing business in each of the countries and regions in which we operate. Our operations are subject to various risks unique to each country and region that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. With respect to any particular country or region, these risks may include:
- political and economic instability, including:
•civil unrest, acts of terrorism, war, and other armed conflict, such as the ongoing actions in Ukraine, Israel, and the broader Middle East;
•inflation; and
•currency fluctuations, devaluations, and conversion restrictions; and
- governmental actions that may:
•result in expropriation and nationalization of our assets in that country;
•result in confiscatory taxation or other adverse tax policies;
•limit or disrupt markets or our customers and our operations, restrict payments, or limit the movement of funds;
•impose sanctions on our ability to conduct business with certain customers or persons;
•result in the deprivation of contract rights;
•impose tariffs or otherwise limit the transport of goods and equipment into or out of that country; and
•result in the inability to obtain or retain licenses required for operation.
For example, due to the unsettled political conditions in many oil-producing countries and regions, our operations, revenue, and profits are subject to the adverse consequences of war, terrorism, civil unrest, strikes, currency controls, and governmental actions. These, and other risks described above, could result in the loss of our personnel or assets, cause us to evacuate our personnel from certain countries, cause us to increase spending on security worldwide, cause us to cease operating in certain countries, cause disruption of shipping and supply chain operations, disrupt financial and commercial markets, including the supply of and pricing for oil and natural gas, and generate greater political and economic instability in some of the geographic areas in which we operate. Areas where we operate that have significant risk include, but are not limited to: the Middle East, North Africa, Angola, Argentina, Azerbaijan, Brazil, Indonesia, Kazakhstan, Mexico, Mozambique, Nigeria, Papua New Guinea, and Ukraine. In addition, any possible reprisals as a consequence of military or other action, such as acts of terrorism in the United States or elsewhere, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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General Risk Factors
Our operations are subject to cyberattacks that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
We are increasingly dependent on digital technologies and services to conduct our business. We use these technologies for internal and operational purposes, including data storage, processing, and transmissions, as well as in our interactions with customers and suppliers. Examples of these digital technologies include analytics, automation, and cloud services. Our digital technologies and services, and those of our customers and suppliers, are subject to the risk of cybersecurity incidents and, given the nature of such incidents, some can remain undetected for a period of time despite efforts to detect and respond to them in a timely manner. We routinely monitor our systems for cybersecurity threats and have processes in place aimed at detecting and remediating vulnerabilities and incidents. Nevertheless, we have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we previously disclosed in Form 8-Ks we filed with the SEC on August 23, 2024 and September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our work force. Related to this incident, we face risks of unknown impacts or new events, regulatory actions, or potential litigation, which could affect our business, reputation, consolidated results of operations, or consolidated financial condition.
Even if we successfully defend our own digital technologies and services, we also rely on our customers and suppliers, with whom we may share data and services, to protect their digital technologies and services from cybersecurity incidents.
If our systems, or our customers’ or suppliers’ systems, for protecting against cybersecurity incidents prove not to be sufficient, we could be adversely affected by, among other things: loss of or damage to intellectual property, proprietary or confidential information, or customer, supplier, or employee data; interruption of our business operations; diversion of management or work force attention; and increased costs required to prevent, respond to, or mitigate cybersecurity incidents. These risks could harm our reputation and our relationships with our customers, employees, suppliers and other third parties, and may result in claims against us. In addition, laws and regulations governing cybersecurity resiliency, governance, and incidents; data privacy; and the unauthorized disclosure of confidential or protected information pose increasingly complex compliance challenges, and failure to comply with these laws could result in penalties and legal liability. These risks could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.
Our ability to declare and pay dividends and repurchase shares is subject to certain considerations and we may be unable to meet our capital return framework goal of returning at least 50% of annual free cash flow to shareholders through dividends and share repurchases, which could decrease expected returns on an investment in our stock.
Our capital return framework includes a goal of returning at least 50% of annual free cash flow (cash flow from operations less capital expenditures plus proceeds from sales of property, plant, and equipment) to our shareholders through dividends and share repurchases. Dividends and share repurchases are authorized and determined by our Board of Directors at its sole discretion and depend upon a number of factors, including our financial results, cash requirements, and future prospects, as well as such other factors deemed relevant by our Board of Directors. We can provide no assurance that we will pay dividends or make share repurchases in accordance with our capital return framework goal or at all. Any elimination of, or downward revision in, our dividend payout or share repurchase program could have an adverse effect on the market price of our common stock.
Meeting our capital return framework goal requires us to generate consistent free cash flow and have available capital in the years ahead in an amount sufficient to enable us to continue investing in organic and inorganic growth as well as to return a significant portion of the cash generated to shareholders in the form of dividends and share repurchases. Also, our cash flow fluctuates over the course of the year, so, although our goal is to return at least 50% of annual free cash flow to shareholders, that is an average over a year and the dividends paid, the number of shares repurchased, and the amount of free cash flow returned in any quarter during the year will vary and may be more or less than 50%. We may not meet this goal if we use our available cash to satisfy other priorities, if we have insufficient funds available to pay dividends and to repurchase shares, if we pause our repurchases due to unforeseen events, or if our Board of Directors determines to change or discontinue dividend payments or share repurchases.
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We are subject to foreign currency exchange risks and limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries or to repatriate assets from some countries.
A sizable portion of our consolidated revenue and consolidated operating expenses is in foreign currencies. As a result, we are subject to significant risks, including:
- foreign currency exchange risks resulting from changes in foreign currency exchange rates and the implementation of exchange controls; and
- limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries.
As an example, we conduct business in countries that have restricted or limited trading markets for their local currencies and restrict or limit cash repatriation. We may accumulate cash in those geographies, but we may be limited in our ability to convert our profits into U.S. dollars or to repatriate the profits from those countries. For example, we have experienced these conditions in Argentina and other countries and though we have utilized processes to repatriate cash when we believe it is appropriate to do so, we have incurred losses from devaluation of the local currency and from repatriating cash. We expect restrictions on currency repatriation to continue in certain countries during 2025.
If we lose one or more of our significant customers or if our customers delay paying or fail to pay a significant amount of our outstanding receivables, it could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers could have a material adverse effect on our business and our consolidated results of operations.
In most cases, we bill our customers for our services in arrears and are, therefore, subject to our customers delaying or failing to pay our invoices. We may experience increased delays and failures due to, among other reasons, a reduction in our customers’ cash flow from operations and their access to the credit markets, particularly in weak economic or commodity price environments. 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 business, consolidated results of operations and consolidated financial condition.
Our acquisitions, dispositions and investments may not result in anticipated benefits and may present risks not originally contemplated, which may have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
We continually seek opportunities to maximize efficiency and value through various transactions, including purchases or sales of assets, businesses, investments, or joint venture interests. These transactions are intended to (but may not) result in the realization of savings, the creation of efficiencies, the offering of new products or services, the generation of cash or income, or the reduction of risk. Acquisition transactions may use cash on hand or be financed by additional borrowings or by the issuance of our common stock. These transactions may also adversely affect our business, consolidated results of operations, and consolidated financial condition.
These transactions also involve risks, and we cannot ensure that:
- any acquisitions we attempt would be completed on the terms announced, or at all;
- any acquisitions would result in an increase in income or provide an adequate return of capital or other anticipated benefits;
- any acquisitions would be successfully integrated into our operations and internal controls;
- the due diligence conducted prior to an acquisition would uncover situations that could result in financial or legal exposure, including under the FCPA, or that we will appropriately quantify the exposure from known risks;
- any disposition would not result in decreased earnings, revenue, or cash flow;
- use of cash for acquisitions would not adversely affect our cash available for capital expenditures and other uses; or
- any dispositions, investments, or acquisitions, including integration efforts, would not divert management resources.
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Actions of and disputes with our joint venture partners could have a material adverse effect on the business and results of operations of our joint ventures and, in turn, our business and consolidated results of operations.
We conduct some operations through joint ventures in which unaffiliated third parties may control the operations of the joint venture or we may share control. As with any joint venture arrangement, differences in views among the joint venture participants may result in delayed decisions, the joint venture operating in a manner that is contrary to our preference, or failures to agree on major issues. We also cannot control the actions of our joint venture partners, including any violation of law, nonperformance, or default by, or bankruptcy of our joint venture partners. These factors could have a material adverse effect on the business and results of operations of our joint ventures and, in turn, our business and consolidated results of operations.
The loss or unavailability of any of our executive officers or other key employees could have a material adverse effect on our business.
We depend greatly on the efforts of our executive officers and other key employees to manage our operations. The loss or unavailability of any of our executive officers or other key employees could have a material adverse effect on our business.
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Table of Contents |  | Item 1(b) | Unresolved Staff Comments

Item 1(b). Unresolved Staff Comments.
None.
Item 1(c). Cybersecurity.
We maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. An analysis of the impact, likelihood, and management preparedness of cybersecurity threats to our strategic priorities is integrated into our enterprise risk management program and enterprise risk assessment process. This provides cross-functional and geographical visibility, as well as executive leadership oversight, to address and mitigate associated risks. We engage our internal information technology (IT) audit group to audit our information security programs, and the results are reported to our executive management and the Audit Committee of our Board of Directors. We also engage third party firms to identify, assess, and manage cybersecurity risks in alignment with cybersecurity standards, such as the National Institute of Standards and Technology (NIST) Cyber Security Framework, NIST 800-53, NIST 800-82, and International Electrotechnical Commission 62443.
In managing material risks from cybersecurity threats, we require that a security and technical architecture review is conducted for all new software and applications, and for all changes to the underlying information technology infrastructure that manages, processes, stores, or transmits our data or data of our customers, vendors, suppliers, joint ventures, or employees. Any deviations from our information security policies and standards are assessed by our Information Security Governance team. Any critical and high-risk levels that are identified are then documented and reported to relevant key stakeholders.
Our policies and procedures also address the oversight, identification, and mitigation of cybersecurity risks associated with our use of third-party service providers. Our policy requires that all software vendors and IT related service providers submit to an IT security and governance review and obtain formal approval by our Information Security Governance team before it can be used.
We have an Incident Response Plan that defines and documents procedures for assessing, identifying, and managing a cybersecurity incident. In the event there is a cybersecurity incident, an Incident Response Team will assess the cybersecurity incident’s impact as the basis for assigning a preliminary severity rating. This team then provides the Chief Information Security Officer (CISO) with a summary and preliminary severity rating and the CISO subsequently notifies the Chief Information Officer (CIO) as appropriate. The CISO and CIO will assess situational information and business impact to finalize the severity rating. The CISO is then responsible for communicating incidents to other members of management as appropriate. Were a cybersecurity incident to occur that was determined to be material by our management and Cyber Incident Response Leadership, our Chief Executive Officer would notify our Board of Directors. Should any incidents occur that have a preliminary severity rating of high or critical, our Cyber Incident Response Leadership would confer with our Cybersecurity Disclosure Committee to determine whether to report the cybersecurity incident in our public filings.
Aside from more immediate reporting of material incidents to our Board of Directors as described above, our CISO provides our Board of Directors an update on cybersecurity during each of its quarterly meetings. This update includes data on certain cybersecurity metrics, information on internal and third-party cybersecurity incidents, and general discussion of cybersecurity risks. In addition, our Audit Committee receives a detailed update annually from the CIO and CISO, which includes in-depth updates on our cybersecurity program and strategy including cybersecurity risks.
The CIO leads all components of our IT functions. Our CIO has over 20 years of experience with Halliburton and has had numerous global assignments across all areas of IT delivery, operations, and management. Our CISO, who reports directly to our Executive Vice President of Administration and Chief Human Resources Officer, has over 20 years of technology and cybersecurity experience across global enterprises, risk advisory, and incident response firms.
We have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we determined was a material event as previously disclosed in a Form 8-K we filed with the SEC on September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our work force. Related to this incident, we face risks of unknown impacts or new events, regulatory actions, or potential litigation, which could affect our business, reputation, or consolidated financial condition. Further, if our systems, or our customers’ or suppliers’ systems, for protecting against cybersecurity incidents prove to be insufficient, a future cybersecurity incident could have a material adverse effect on our business, operations, or consolidated financial condition. See additional information about our cybersecurity risks under General Risk factors in Item 1(a) Risk Factors.
HAL 2024 FORM 10-K | 19

Table of Contents |  | Item 2 | Properties

Item 2. Properties.
We own or lease numerous properties in domestic and foreign locations. Our principal properties include manufacturing facilities, research and development laboratories, technology centers, and corporate offices. We also have numerous small facilities that include sales, project, support offices, and bulk storage facilities throughout the world. Our owned properties have no material encumbrances. We believe all properties that we currently occupy are suitable for their intended use.
The following locations represent our major facilities by segment:
–Completion and Production: Arbroath, United Kingdom; Duncan, Oklahoma; Johor Bahru, Malaysia; Jubail, Saudi Arabia; Lafayette, Louisiana; Tulsa, Oklahoma; and Singapore
–Drilling and Evaluation: Alvarado, Texas and The Woodlands, Texas
–Shared/corporate facilities: Bangalore, India; Carrollton, Texas; Dhahran, Saudi Arabia; Dubai, United Arab Emirates; Houston, Texas (corporate executive offices); Kuala Lumpur, Malaysia; London, England; Panama City, Panama; Pune, India; Rio de Janeiro, Brazil; and Tananger, Norway
Item 3. Legal Proceedings.
Information related to Item 3. Legal Proceedings is included in Notes to Consolidated Financial Statements, Note 11.
Item 4. Mine Safety Disclosures.
Our barite and bentonite mining operations, in support of our fluid services business, are subject to regulation by the U.S. Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this annual report.
HAL 2024 FORM 10-K | 20

Table of Contents | Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Halliburton Company’s common stock is traded on the New York Stock Exchange under the symbol “HAL.” Information related to dividend payments is included in “Item 8. Financial Statements and Supplementary Data.” The declaration and payment of future dividends will be at the discretion of the Board of Directors and will depend on, among other things, future earnings, general financial condition and liquidity, success in business activities, capital requirements, and general business conditions.
The following graph and table compare total shareholder return on our common stock for the five-year period ended December 31, 2024, with the Philadelphia Oil Service Index (OSX) and the Standard & Poor’s 500 ® Index over the same period. This comparison assumes the investment of $100 on December 31, 2019 and the reinvestment of all dividends. The shareholder return set forth is not necessarily indicative of future performance. The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that Halliburton specifically incorporates it by reference into such filing.

| December 31,
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024
Halliburton | $ | 100.00 |  | $ | 78.80 |  | $ | 96.13 |  | $ | 167.76 |  | $ | 156.92 |  | $ | 120.56 |
Philadelphia Oil Service Index (OSX) | 100.00 |  | 57.92 |  | 69.94 |  | 112.94 |  | 115.10 |  | 101.68 |
Standard & Poor’s 500 ® Index | 100.00 |  | 118.40 |  | 152.39 |  | 124.79 |  | 157.59 |  | 197.02 |

HAL 2024 FORM 10-K | 21

Table of Contents | Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

At February 5, 2025, we had 9,323 shareholders of record. In calculating the number of shareholders, we consider clearing agencies and security position listings as one shareholder for each agency or listing.
The following table is a summary of repurchases of our common stock during the three-month period ended December 31, 2024.

Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Program (b)
October 1 - 31 | 49,603 |  | $29.11 | — | $3,354,511,858
November 1 - 30 | 6,747,748 |  | $30.41 | 6,724,874 | $3,150,015,063
December 1 - 31 | 3,819,584 |  | $27.12 | 3,719,284 | $3,049,511,877
Total | 10,616,935 |  | $29.22 | 10,444,158 |
(a) | Of the 10,616,935 shares purchased during the three-month period ended December 31, 2024, 172,777 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock.
(b) | Our Board of Directors has authorized a plan to repurchase a specified dollar amount of our common stock from time to time. Approximately $3.0 billion remained authorized for repurchases as of December 31, 2024. From the inception of this program in February 2006 through December 31, 2024, we repurchased approximately 284 million shares of our common stock for a total cost of approximately $11.1 billion.

Item 6. (Reserved)
HAL 2024 FORM 10-K | 22

Table of Contents |  | Item 7 | Executive Overview

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated and combined financial statements included in “Item 8. Financial Statements and Supplementary Data” contained herein.
EXECUTIVE OVERVIEW
Market conditions
Since early 2021, world-wide oil and natural gas supply and demand imbalances and related volatility of oil and natural gas prices (including as a result of the COVID-19 pandemic) have resulted in dramatic fluctuations in oil and natural gas markets. The volatility continued in 2024 as markets were impacted by macroeconomic uncertainty, non-OPEC supply growth, lack of demand recovery in China, geopolitical unrest in the Middle East and the Russia-Ukraine conflict. In the U.S., oil and natural gas production in 2024 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity. Lower commodity pricing and U.S. land rig counts generally contributed to softness in the market for energy products and services in North America. The international rig count was relatively flat in 2024, as gains in Africa and the Middle East were offset by reductions in Latin America.
Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials. We monitor market trends and work to mitigate cost impacts through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact.
Financial results
The following graph illustrates our revenue and operating margins for each operating segment over the past three years.
During 2024, we generated total company revenue of $22.9 billion, flat when compared to the $23.0 billion of revenue generated in 2023, with our Completion and Production (C&P) segment revenue decreasing by 3% and our Drilling and Evaluation (D&E) segment revenue increasing by 4%. Total company operating income was $3.8 billion in 2024, compared to $4.1 billion in 2023.
Driven in large part by a decrease in the average North America rig count in 2024 as compared to 2023, our North America revenue decreased 8% in 2024, resulting from lower pressure pumping services in U.S. land, reduced wireline activity, and decreased fluid services in the region. These declines were partially offset by higher drilling activity in the region and improved artificial lift activity in U.S. land.
Internationally, revenue improved 6% in 2024 compared to 2023, led by Middle East/Asia, despite the international average rig count for 2024 being flat compared to 2023.
Our operating performance and liquidity are described in more detail in “Liquidity and Capital Resources” and “Business Environment and Results of Operations.”
HAL 2024 FORM 10-K | 23

Table of Contents |  | Item 7 | Executive Overview

Sustainability and Energy Mix Transition
In 2021, we announced our target to achieve a 40% reduction in our Scope 1 and 2 emissions by 2035 from the 2018 baseline. During 2024, we continued to execute on our priorities to drive down our emissions intensity. At the same time, we support our customers in their emissions reduction efforts by continuously developing and deploying goods and services that are accretive to their goals as well as ours. As the energy mix transition unfolds, we seek to apply our expertise and resources in growth sectors adjacent to our traditional oilfield services space, including carbon capture, utilization, and storage, and geothermal. Finally, we will continue to focus on accelerating the success of clean tech start-ups via Halliburton Labs, which also allows us to participate in the energy mix transition at relatively low risk by investing our expertise, resources, and team without a significant outlay of capital while we learn where we can strategically engage new markets. As of December 31, 2024, Halliburton Labs had 38 participants and alumni organizations.
Additionally, we published our 2023 Annual and Sustainability Report (ASR) in April of 2024, which detailed our strategy and progress on sustainability issues, as well as our efforts on increased environmental reporting transparency, including conducting a climate-risk scenario analysis, and expect to publish our 2024 ASR in April of 2025. Information on our website, including the ASR, is not incorporated by reference into this Annual Report on Form 10-K.
HAL 2024 FORM 10-K | 24

Table of Contents |  | Item 7 | Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES
We had $2.6 billion and $2.3 billion of cash and equivalents as of December 31, 2024 and December 31, 2023, respectively.
Significant sources and uses of cash in 2024
Sources of cash:
•Cash flows from operating activities were $3.9 billion. Working capital, which consists of r eceivables, inventories, and accounts payable, collectively had a negative impact of $103 million, primarily due to increased receivables.
Uses of cash:
•Capital expenditures were $1.4 billion.
•We repurchased 30.5 million shares of our common stock for $1.0 billion.
•We paid $600 million of dividends to our shareholders.
•We repurchased $100 million aggregate principal amounts of various series of our outstanding debt.
Future sources and uses of cash
We manufacture most of our own equipment, which provides us with some flexibility to increase or decrease our capital expenditures based on market conditions. We currently expect capital spending for 2025 to be approximately 6% of revenue. We believe this level of spend will allow us to invest in our key strategic technologies and businesses, including the construction and deployment of our Zeus electric fracturing systems in North America and the international growth of our artificial lift, well intervention, unconventionals, and drilling technologies. We will continue to maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spend accordingly.
In 2025, we expect to pay approximately $645 million for contractual purchase obligations (with another $143 million due through 2027), $392 million of interest on debt, and $395 million under our leasing arrangements. Payments for interest on our debt are expected to remain relatively flat for the foreseeable future. See Notes to Consolidated Financial Statements, Note 6 and Note 10 for additional information on expected future payments under our leasing arrangements and debt maturities.
We are not able to reasonably estimate the timing of cash outflows associated with our uncertain tax positions, in part because we are unable to predict the timing of potential tax settlements with applicable taxing authorities. As of December 31, 2024, we had $196 million of gross unrecognized tax benefits, excluding penalties and interest, of which we estimate $176 million may require us to make a cash payment. We estimate that approximately $112 million of the cash payment will not be settled within the next 12 months.
While we maintain focus on liquidity and debt reduction, we are also focused on providing cash returns to our shareholders. In 2023, our Board approved a capital return framework with a goal of returning at least 50% of our annual free cash flow to shareholders through dividends and share repurchases. We returned $1.6 billion of capital to shareholders in 2024 through buybacks and dividends. During 2024, our quarterly dividend rate was $0.17 per common share, or approximately $150 million in the aggregate.
We may utilize share repurchases as part of our capital return framework. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 30.5 million shares of common stock during the year ended December 31, 2024. Approximately $3.0 billion remained authorized for repurchases under our program as of December 31, 2024 and may be used for open market and other share purchases.
During 2023, we began our migration to SAP S4 which we now expect to complete in the first half of 2026. We now estimate the total project investment to increase between $20 million and $30 million above our initial $250 million forecast, of which we have incurred $124 million through December 31, 2024. For 2025, we expect to spend approximately $100 million on this project. We believe the new system will provide important efficiency benefits, cost savings, enhanced visibility to our operations, and advanced analytics that will benefit us and our customers.
We do not intend to incur additional debt in 2025, as we believe our cash on hand and earnings from operations are sufficient to cover our obligations for the year.
HAL 2024 FORM 10-K | 25

Table of Contents |  | Item 7 | Liquidity and Capital Resources

Other factors affecting liquidity
Financial position in current market. As of December 31, 2024, we had $2.6 billion of cash and equivalents and $3.5 billion of available committed bank credit under a revolving credit facility with an expiration date of April 27, 2027. We believe we have a manageable debt maturity profile, with approximately $471 million coming due beginning in 2025 through 2027, with the majority coming due in 2025. 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. We believe our cash on hand, cash flows generated from operations, and our available credit facility provide sufficient liquidity to address the challenges and opportunities of the current market and our expected global cash needs for 2025, including capital expenditures, working capital investments, shareholder returns, if any, and debt repurchases, if any, and scheduled interest and principal payments.
Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which approximately $2.8 billion letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2024. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization, however, none of these triggering events have occurred. As of December 31, 2024, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.
We have entered into credit default swaps (CDSs) with third-party financial institutions that had an aggregate notional amount outstanding as of December 31, 2024 of $739 million related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which a portion of the proceeds were then utilized by this customer to pay certain of our outstanding receivables. Approximately $186 million of the outstanding amount of the CDSs reduces on a monthly basis over its remaining 14-month term and $203 million reduces on a monthly basis over its remaining 18-month term. The remaining $350 million outstanding amount is expected to increase to as much as $805 million in the first quarter of 2025 and will reduce over its remaining 19-month term beginning February 2025.
Credit ratings. Our credit ratings with Standard & Poor’s (S&P) remained BBB+ for our long-term debt and A-2 for our short-term debt, with a positive outlook. Our credit ratings with Moody's Investors Service remain A3 for our long-term debt and P-2 for our short-term debt, with a stable outlook.
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.
Receivables from our primary customer in Mexico accounted for approximately 8% of our total receivables as of December 31, 2024. While we have experienced payment delays from our primary customer in Mexico, these amounts are not in dispute and we have not historically had, and we do not expect to have, any material write-offs due to collectability of receivables from this customer.
HAL 2024 FORM 10-K | 26

Table of Contents | Item 7 | Business Environment and Results of Operations

BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS
We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated 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. In 2024, 2023, and 2022, based on the location of services provided and products sold, 40%, 44%, and 45%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue.
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, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity. We expect that many of our customers in North America will continue their strategy of operating within their cash flows and generating returns rather than prioritizing production growth. Lower oil and natural gas prices usually translate into lower exploration and production budgets and lower rig count, while the opposite is usually true for higher oil and natural gas prices. Our financial performance is therefore significantly affected by oil and natural gas prices and worldwide rig activity, which are summarized in the tables below.
The table below shows the average prices for West Texas Intermediate (WTI) crude oil, United Kingdom Brent crude oil, and Henry Hub natural gas.

| 2024 | 2023 | 2022
Oil price - WTI (1) | $ | 76.55 |  | $ | 77.64 |  | $ | 96.04 |
Oil price - Brent (1) | 80.53 |  | 82.47 |  | 100.78 |
Natural gas price - Henry Hub (2) | 2.19 |  | 2.54 |  | 6.29 |
(1) | Oil price measured in dollars per barrel.
(2) | Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu.

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

| 2024 | 2023 | 2022
U.S. Land | 580 |  | 669 |  | 708 |
U.S. Offshore | 19 |  | 18 |  | 15 |
Canada | 187 |  | 177 |  | 175 |
North America | 786 |  | 864 |  | 898 |
International | 948 |  | 948 |  | 851 |
Worldwide total | 1,734 |  | 1,812 |  | 1,749 |

HAL 2024 FORM 10-K | 27

Table of Contents | Item 7 | Business Environment and Results of Operations

Business outlook
Looking ahead to 2025 and beyond, we anticipate a rise in global oil and natural gas demand. The International Energy Agency anticipates both oil and natural gas demand to continue growing through 2030 underscoring the continued importance of both resources in the global energy mix. In addition, we believe oil supply dynamics have fundamentally changed due to investor return requirements, regulatory initiatives adverse to oil and gas exploration and production, and initiatives that favor alternative energy. We believe that despite these changes, increased investment in existing and new sources of oil and natural gas production is needed to address the increased demand. This will necessitate production from conventional and unconventional, deep-water and shallow-water, and short and long-cycle projects. We expect that increased oil and natural gas production requirements will in turn create demand for our products and services. Furthermore, easing inflationary pressures in Organization for Economic Co-operation (OECD) countries may lead to central bank rate cuts that could sustain economic growth. Additionally, we expect a growing global economy combined with rising living standards in developing nations will increase energy consumption. We expect natural gas demand should increase over time by the burgeoning number of data centers, the rise of artificial intelligence, and the electrification of transportation and other sectors of the economy.
Internationally, we expect flat revenues in 2025 as compared to 2024, with growth in most markets offset by activity reduction in Mexico. We also expect international oil and natural gas exploration and production activity to grow year over year. We expect our North America revenue to decrease in 2025 low to mid–single digits from 2024 levels which we believe will be driven in part by lower negotiated prices for a portion of our fleet.
HAL 2024 FORM 10-K | 28

Table of Contents | Item 7 | Results of Operations in 2024 Compared to 2023

RESULTS OF OPERATIONS IN 2024 COMPARED TO 2023

|  |  | Favorable |  | Percentage
Millions of dollars | 2024 | 2023 | (Unfavorable) |  | Change
Revenue: |  |  |  |  |
By operating segment: |  |  |  |  |
Completion and Production | $ | 13,251 |  | $ | 13,689 |  | $ | (438) |  |  | (3) | %
Drilling and Evaluation | 9,693 |  | 9,329 |  | 364 |  |  | 4 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | (74) |  |  | — | %
By geographic region: |  |  |  |  |
North America | $ | 9,626 |  | $ | 10,492 |  | $ | (866) |  |  | (8) | %
Latin America | 4,211 |  | 3,987 |  | 224 |  |  | 6 |
Europe/Africa/CIS | 3,003 |  | 2,861 |  | 142 |  |  | 5 |
Middle East/Asia | 6,104 |  | 5,678 |  | 426 |  |  | 8 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | (74) |  |  | — | %

Operating income: |  |  |  |  |
By operating segment: |  |  |  |  |
Completion and Production | $ | 2,709 |  | $ | 2,835 |  | $ | (126) |  |  | (4) | %
Drilling and Evaluation | 1,608 |  | 1,543 |  | 65 |  |  | 4 |
Total operations | 4,317 |  | 4,378 |  | (61) |  |  | (1) |
Corporate and other | (255) |  | (244) |  | (11) |  |  | (5) |
SAP S4 upgrade expense | (124) |  | (51) |  | (73) |  |  | n/m
Impairments and other charges | (116) |  | — |  | (116) |  |  | n/m
Total operating income | $ | 3,822 |  | $ | 4,083 |  | $ | (261) |  |  | (6) | %
n/m = not meaningful |  |  |  |  |

Operating Segments
Completion and Production
Completion and Production revenue was $13.3 billion in 2024, a decrease of $438 million, or 3%, compared to 2023. Operating income was $2.7 billion in 2024, a 4% decrease from $2.8 billion in 2023. These results were driven by lower pressure pumping services in U.S. land. Partially offsetting these declines were increased activity across multiple product service lines in Mexico and the Middle East, improved artificial lift activity in U.S. land, and higher cementing activity in Brazil and Norway.
Drilling and Evaluation
Drilling and Evaluation revenue was $9.7 billion in 2024, an increase of $364 million, or 4%, from 2023. Operating income was $1.6 billion in 2024, an increase of $65 million, or 4%, compared to 2023. These results were driven by increased drilling activity in the Western Hemisphere, higher drilling-related services in Qatar and the United Arab Emirates, as well as improved activity across multiple product service lines in Kuwait and the North Sea. Partially offsetting these improvements were declined wireline activity in North America, decreased fluid services in Brazil, and lower activity across multiple product service lines in Asia Pacific.
Geographic Regions
North America
North America revenue was $9.6 billion in 2024, an 8% decrease compared to 2023, resulting from lower pressure pumping services in U.S. land, reduced wireline activity, and decreased fluid services in the region. These declines were partially offset by higher drilling activity in the region and improved artificial lift activity in U.S. land.
HAL 2024 FORM 10-K | 29

Table of Contents | Item 7 | Results of Operations in 2024 Compared to 2023

Latin America
Latin America revenue was $4.2 billion in 2024, a 6% increase compared to 2023, resulting from higher activity across multiple product service lines in Argentina, Mexico, and Ecuador. Partially offsetting these improvements were lower activity across multiple product service lines in Colombia and lower completion tool sales in Brazil.
Europe/Africa/CIS
Europe/Africa/CIS revenue was $3.0 billion in 2024, a 5% increase compared to 2023, resulting from higher activity across multiple product service lines in the North Sea and increased activity across multiple product service lines in Italy. Partially offsetting these improvements were declines in activity across multiple product service lines in West Africa.
Middle East/Asia
Middle East/Asia revenue was $6.1 billion in 2024, an 8% increase compared to 2023, resulting from higher activity across multiple product service lines in Kuwait and Saudi Arabia, higher well construction activity in the United Arab Emirates, and increased activity across multiple product service lines in Australia. Partially offsetting these improvements were lower activity across multiple product service lines in Asia Pacific and Iraq.
Other Operating Items
Impairments and other charges. During 2024, we took a pre-tax charge of $116 million primarily related to severance costs, an impairment of assets held for sale, expenses related to a cybersecurity incident, a gain on a fair value adjustment of an equity investment, and other items. See Notes to Consolidated Financial Statements, Note 2 for further discussion on these charges.
SAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect to complete in the first half of 2026. In 2024 and 2023, we recognized $124 million and $51 million of expense on our SAP S4 migration, respectively.
HAL 2024 FORM 10-K | 30

Table of Contents | Item 7 | Results of Operations in 2024 Compared to 2023

Nonoperating Items
Argentina Blue Chip Swap. 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. For the years ended December 31, 2024 and December 31, 2023, we entered into Blue Chip Swap transactions, which resulted in $8 million and $110 million pre-tax losses on investment, respectively.
Argentina Currency Impact. Argentina devalued its peso by more than 50% during December 2023. Consequently, we incurred a loss of $131 million for the year ended December 31, 2023 due to the devaluation of the currency in Argentina.
Argentina Impairment on Investment. In 2022 and 2023, we executed a series of loans to a third party and received notes that are to be repaid in U.S. dollars upon maturity or earlier if certain conditions are met. In 2024, we recorded a loss of $38 million due to the fair value decrease in one of the notes in March 2024, resulting from the deterioration in the outlook of the debtor’s liquidity and financial projections. This is included in “Other, net” on the consolidated statements of operations.
Egypt Currency Impact. In the first quarter of 2024, the Egyptian pound devalued by approximately 35% relative to the U.S. dollar. Consequently, we incurred a loss of $34 million during the year ended December 31, 2024 due to the devaluation of the currency in Egypt. This is included in “Other, net” on the consolidated statements of operations.
Income tax provision. During the year ended December 31, 2024, we recorded a total income tax provision of $718 million on pre-tax income of $3.2 billion, resulting in an effective tax rate of 22.2%. The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets. During 2023, we recorded a total income tax provision of $701 million on pre-tax income of $3.4 billion, resulting in an effective tax rate of 20.8%. See Notes to Consolidated Financial Statements, Note 12 for significant drivers of these tax provisions.
Pillar Two. The OECD enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation considering these model rules. These rules did not have a material impact on our taxes for the year ended December 31, 2024.
Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2013. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through 2023, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the Internal Revenue Service (the IRS).
On September 28, 2023, we received a Notice of Proposed Adjustment (NOPA) from the IRS covering our 2016 US tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the acquisition does not go forward. The IRS’s long-understood position at the time of the payment had been to treat such payments as an ordinary and necessary business expense. We strongly disagree with the proposed adjustment on both a factual and legal basis, and we plan to vigorously contest it.
We expect that resolving this dispute will take substantial time. In 2023, we initiated the IRS administrative appeals process, which is ongoing. Failing a resolution through that process, the matter would ultimately be resolved by the United States federal courts.
HAL 2024 FORM 10-K | 31

Table of Contents | Item 7 | Results of Operations in 2024 Compared to 2023

We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We cannot assure you that the matter will be determined in our favor or against us, and if the matter is ultimately determined unfavorably to us, it could have a material adverse impact on our results of operations and cash flows. Based on tax attributes currently available, we estimate that, should the IRS’s position prevail through its appellate process and subsequent litigation, the proposed adjustment could result in cash taxes due of approximately $640 million (plus interest thereon in the case of amounts due for previous tax years). Our estimates are calculated under current tax law and on the bases of our assumptions regarding taxable income and loss and other tax attributes over the relevant period, which law could change and which assumptions could and likely will differ materially from actual results. In any event, no payment of any additional tax is currently required, nor do we anticipate that the proposed adjustment would materially and adversely impact our ability to meet our expected uses of cash, including future capital expenditures, working capital investments, and scheduled debt repayments, or our ability to return cash to shareholders, even if a final determination of the matter is reached that is adverse to us.
HAL 2024 FORM 10-K | 32

Table of Contents | Item 7 | Results of Operations in 2023 Compared to 2022

RESULTS OF OPERATIONS IN 2023 COMPARED TO 2022
Information related to the comparison of our operating results between the years 2023 and 2022 is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2023 Form 10-K filed with the SEC and is incorporated by reference into this annual report on Form 10-K.
HAL 2024 FORM 10-K | 33

Table of Contents |  | Item 7 | Critical Accounting Estimates

CRITICAL ACCOUNTING ESTIMATES
The preparation of financial statements requires the use of judgments and estimates. Our critical accounting policies are described below to provide a better understanding of how we develop our assumptions and judgments about future events and related estimates and how they can impact our financial statements. A critical accounting estimate is one that requires our most difficult, subjective, or complex judgments and assessments and is fundamental to our results of operations. We identified our most critical accounting estimates to be:
- forecasting our income tax (provision) benefit, including our future ability to utilize foreign tax credits and the realizability of deferred tax assets (including net operating loss carryforwards), and providing for uncertain tax positions;
- legal and investigation matters;
- valuations of long-lived assets, including intangible assets and goodwill; and
- allowance for credit losses.
We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the current facts and circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the following are the critical accounting policies used in the preparation of our consolidated financial statements, as well as the significant estimates and judgments affecting the application of these policies. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in this report.
Income tax accounting
We recognize the amount of taxes payable or refundable for the current year and use an asset and liability approach in recognizing the amount of deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. We apply the following basic principles in accounting for our income taxes:
- a current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year;
- a deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards;
- the measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law, and the effects of potential future changes in tax laws or rates are not considered; and
- the value of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized.
We determine deferred taxes separately for each tax-paying component (an entity or a group of entities that is consolidated for tax purposes) in each tax jurisdiction. That determination includes the following procedures:
- identifying the types and amounts of existing temporary differences;
- measuring the total deferred tax liability for taxable temporary differences using the applicable tax rate;
- measuring the total deferred tax asset for deductible temporary differences and operating loss carryforwards using the applicable tax rate;
- measuring the deferred tax assets for each type of tax credit carryforward; and
- reducing the deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Our methodology for recording income taxes requires a significant amount of judgment and the use of assumptions and estimates. Additionally, we use forecasts of certain tax elements, such as taxable income and foreign tax credit utilization, as well as evaluate the feasibility of implementing tax planning strategies. Given the inherent uncertainty involved with the use of such variables, there can be significant variation between anticipated and actual results that could have a material impact on our income tax accounts related to continuing operations.
HAL 2024 FORM 10-K | 34

Table of Contents |  | Item 7 | Critical Accounting Estimates

We have operations in more than 70 countries. Consequently, we are subject to the jurisdiction of a significant number of taxing authorities. The income earned in these various jurisdictions is taxed on differing bases, including net income actually earned, net income deemed earned, and revenue-based tax withholding. Our tax filings are routinely examined in the normal course of business by tax authorities. The final determination of our income tax liabilities involves the interpretation of local tax laws, tax treaties and related authorities in each jurisdiction, as well as the significant use of estimates and assumptions regarding the scope of future operations and results achieved, the timing and nature of income earned and expenditures incurred. The final determination of tax audits or changes in the operating environment, including changes in tax law and currency/repatriation controls, could impact the determination of our income tax liabilities for a tax year and have an adverse effect on our financial statements. For example, we received a NOPA from the IRS on September 28, 2023. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Nonoperating Items, Internal Revenue Service Notice of Proposed Adjustment” and Notes to Consolidated Financial Statements, Note 12 for further information.
Tax filings of our subsidiaries, unconsolidated affiliates and related entities are routinely examined in the normal course of business by tax authorities. These examinations may result in assessments of additional taxes, which we work to resolve with the tax authorities and through the judicial process. Predicting the outcome of disputed assessments involves some uncertainty. Factors such as the availability of settlement procedures, willingness of tax authorities to negotiate, and the operation and impartiality of judicial systems vary across the different tax jurisdictions and may significantly influence the ultimate outcome. We review the facts for each assessment, and then utilize assumptions and estimates to determine the most likely outcome and provide taxes, interest, and penalties, as needed based on this outcome. We provide for uncertain tax positions pursuant to current accounting standards, which prescribe a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. The standards also provide guidance for derecognition classification, interest and penalties, accounting in interim periods, disclosure, and transition.
Legal and investigation matters
As discussed in Notes to Consolidated Financial Statements, Note 11, we are subject to various legal and investigation matters arising in the ordinary course of business. As of December 31, 2024, we have accrued an estimate of the probable and estimable costs for the resolution of some of our legal and investigation matters, which is not material to our consolidated financial statements. For other matters for which the liability is not probable and reasonably estimable, we have not accrued any amounts. Attorneys in our legal department monitor and manage all claims filed against us and review all pending investigations. Generally, the estimate of probable costs related to these matters is developed in consultation with internal and outside legal counsel representing us. Our estimates are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. The accuracy of these estimates is impacted by, among other things, the complexity of the issues and the amount of due diligence we have been able to perform. We attempt to resolve these matters through settlements, mediation, and arbitration proceedings when possible. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, there may be a material adverse effect on our future financial results. We have in the past recorded significant adjustments to our initial estimates of these types of contingencies.
Value of long-lived assets, including intangible assets and goodwill
We carry a variety of long-lived assets on our balance sheet including property, plant, and equipment, goodwill, and other intangibles. Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value, and any impairment charge that we record reduces our operating income. Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. We conduct impairment tests on goodwill annually, during the third quarter, or more frequently whenever events or changes in circumstances indicate an impairment may exist. We conduct impairment tests on long-lived assets, other than goodwill, whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
When conducting an impairment test on long-lived assets, other than goodwill, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. This requires some judgment. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the undiscounted cash flows are less than the asset group’s carrying amount, we then determine the asset group’s fair value by using a discounted cash flow analysis. This analysis is based on estimates such as management’s short-term and long-term forecast of operating performance, including revenue growth rates and expected profitability margins, estimates of the remaining useful life and service potential of the assets within the asset group, and a discount rate based on our weighted average cost of capital. An impairment loss is measured and recorded as the amount by which the asset group’s carrying amount exceeds its fair value. See Notes to Consolidated Financial Statements, Note 2 for further discussion of impairments and other charges.
HAL 2024 FORM 10-K | 35

Table of Contents |  | Item 7 | Critical Accounting Estimates

We perform our goodwill impairment assessment for each reporting unit, which is the same as our reportable segments, the Completion and Production division and the Drilling and Evaluation division, comparing the estimated fair value of each reporting unit to the reporting unit’s carrying value, including goodwill. We estimate the fair value for each reporting unit using a discounted cash flow analysis based on management’s short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures, and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recorded.
The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services, and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment charges in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If market conditions deteriorate, including crude oil prices significantly declining and remaining at low levels for a sustained period of time, we could be required to record additional impairments of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. See Notes to Consolidated Financial Statements, Note 1 for our accounting policies related to long-lived assets.
Allowance for credit losses
We evaluate our global accounts receivable through a continuous process of assessing our portfolio on an individual customer and overall basis. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, financial condition of our customers, and whether the receivables involve retainages. We also consider the economic environment of our customers, both from a marketplace and geographic perspective, in evaluating the need for an allowance. Based on our review of these factors, we establish or adjust allowances for specific customers. This process involves judgment and estimation, and frequently involves significant dollar amounts. Accordingly, our results of operations can be affected by adjustments to the allowance due to actual write-offs that differ from estimated amounts.
At December 31, 2024, our allowance for credit losses totaled $754 million or 13.9% of notes and accounts receivable before the allowance. At December 31, 2023, our allowance for credit losses totaled $742 million, or 13.9% of notes and accounts receivable before the allowance. The allowance for credit losses in both years is primarily comprised of accounts receivable from our primary customer in Venezuela. A hypothetical 100 basis point change in our estimate of the collectability of our notes and accounts receivable balance as of December 31, 2024 would have resulted in a $54 million adjustment to 2024 total operating costs and expenses. See Notes to Consolidated Financial Statements, Note 5 for further information.
FINANCIAL INSTRUMENT MARKET RISK
We are exposed to market risks primarily associated with changes in foreign currency exchange rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts and foreign exchange options. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency. We do not use derivative instruments for trading purposes. The counterparties to our forward contracts and options are global commercial and investment banks.
We use a sensitivity analysis model to measure the impact of potential adverse movements in foreign currency exchange rates. With respect to foreign exchange sensitivity, after consideration of the impact from our forward foreign exchange contracts and options, a hypothetical 10% adverse change in the value of all our foreign currency positions relative to the U.S. dollar as of December 31, 2024 would result in a $85 million, pre-tax loss for our net monetary assets denominated in currencies other than U.S. dollars.
There are certain limitations inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change instantaneously in an equally adverse fashion. In addition, the analysis is unable to reflect the complex market reactions that normally would arise from the market shifts modeled. While this is our best estimate of the impact of the various scenarios, this estimate should not be viewed a forecast.
For further information regarding foreign currency exchange risk and other risks related to interest rates and credit risk, see Notes to Consolidated Financial Statements, Note 16.
HAL 2024 FORM 10-K | 36

Table of Contents |  | Item 7 | Environmental Matters

ENVIRONMENTAL MATTERS
We are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. For information related to environmental matters, see Notes to Consolidated Financial Statements, Note 11 and Part I, Item 1(a), “Risk Factors.”
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-K 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 our statements and 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.
HAL 2024 FORM 10-K | 37

Table of Contents | Item 7(a) | Quantitative and Qualitative Disclosures About Market Risk

Item 7(a). Quantitative and Qualitative Disclosures About Market Risk.
Information related to market risk is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Instrument Market Risk” and Notes to Consolidated Financial Statements, Note 16.
HAL 2024 FORM 10-K | 38

Item 8. Financial Statements and Supplementary Data.

| PAGE |
Financial Statements |  |
Management’s Report on Internal Control Over Financial Reporting | 40 |
Reports of Independent Registered Public Accounting Firm | 41 |
Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 | 44 |
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 | 45 |
Consolidated Balance Sheets at December 31, 2024 and 2023 | 46 |
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 | 47 |
Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2024, 2023 and 2022 | 48 |
Notes to Consolidated Financial Statements |  |
Note 1. Description of Company and Significant Accounting Policies | 49 |
Note 2. Impairments and Other Charges | 52 |
Note 3. Business Segment and Geographic Information | 52 |
Note 4. Revenue | 55 |
Note 5. Receivables | 56 |
Note 6. Leases | 57 |
Note 7. Inventories | 59 |
Note 8. Accounts Payable | 59 |
Note 9. Property, Plant and Equipment | 59 |
Note 10. Debt | 60 |
Note 11. Commitments and Contingencies | 61 |
Note 12. Income Taxes | 62 |
Note 13. Shareholders’ Equity | 65 |
Note 14. Stock-based Compensation | 66 |
Note 15. Income per Share | 68 |
Note 16. Financial Instruments and Risk Management | 68 |
Note 17. Retirement Plans | 70 |
Note 18. New Accounting Pronouncements | 73 |

HAL 2024 FORM 10-K | 39

Table of Contents |

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
The management of Halliburton Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Securities Exchange Act Rule 13a-15(f).
Internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time.
Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation to assess the effectiveness of our internal control over financial reporting as of December 31, 2024 based upon criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on our assessment, we believe that, as of December 31, 2024, our internal control over financial reporting is effective. The effectiveness of Halliburton’s internal control over financial reporting as of December 31, 2024 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report that is included herein.
HALLIBURTON COMPANY
by

/s/ Jeffrey A. Miller |  | /s/ Eric J. Carre
Jeffrey A. Miller |  | Eric J. Carre
Chairman of the Board, President and |  | Executive Vice President and
Chief Executive Officer |  | Chief Financial Officer

HAL 2024 FORM 10-K | 40

Table of Contents |

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
Halliburton Company:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Halliburton Company and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, cash flows and shareholders’ equity for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 12, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of the Realizability of Deferred Tax Assets
As discussed in Notes 1 and 12 to the consolidated financial statements, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income. As of December 31, 2024, the Company had gross deferred tax assets of $3.4 billion and a related valuation allowance of $0.7 billion.
We identified the evaluation of the realizability of domestic deferred tax assets as a critical audit matter. The evaluation of the realizability of domestic deferred tax assets, specifically related to foreign tax credits, required subjective auditor judgment to assess the forecasts of future taxable income over the periods in which those temporary differences become deductible. Changes in assumptions regarding forecasted taxable income, specifically revenue growth rates, could have an impact on the Company’s evaluation of the realizability of the domestic deferred tax assets.
HAL 2024 FORM 10-K | 41

Table of Contents |

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company’s history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits.
/s/ KPMG LLP
We have served as the Company’s auditor since 2002.
Houston, Texas
February 12, 2025
HAL 2024 FORM 10-K | 42

Table of Contents |

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
Halliburton Company:
Opinion on Internal Control Over Financial Reporting
We have audited Halliburton Company and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, cash flows and shareholders’ equity for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements), and our report dated February 12, 2025 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Houston, Texas
February 12, 2025
HAL 2024 FORM 10-K | 43

Table of Contents |  |

| HALLIBURTON COMPANY Consolidated Statements of Operations
|  | Year Ended December 31,
Millions of dollars and shares except per share data | 2024 | 2023 | 2022
Revenue: |  |  |
Services | $ | 16,348 |  | $ | 16,483 |  | $ | 14,749 |
Product sales | 6,596 |  | 6,535 |  | 5,548 |
Total revenue | 22,944 |  | 23,018 |  | 20,297 |
Operating costs and expenses: |  |  |
Cost of services | 13,470 |  | 13,402 |  | 12,381 |
Cost of sales | 5,173 |  | 5,256 |  | 4,603 |
General and administrative | 239 |  | 226 |  | 240 |
SAP S4 upgrade expense | 124 |  | 51 |  | — |
Impairments and other charges | 116 |  | — |  | 366 |
Total operating costs and expenses | 19,122 |  | 18,935 |  | 17,590 |
Operating income | 3,822 |  | 4,083 |  | 2,707 |
Interest expense, net of interest income of $97, $81, and $29 | (353) |  | (395) |  | (463) |
Loss on Blue Chip Swap transactions | (8) |  | (110) |  | — |
Argentina currency impact | — |  | (131) |  | (30) |
Loss on early extinguishment of debt | — |  | — |  | (42) |
Other, net | (227) |  | (84) |  | (62) |
Income before income taxes | 3,234 |  | 3,363 |  | 2,110 |
Income tax provision | (718) |  | (701) |  | (515) |
Net income | $ | 2,516 |  | $ | 2,662 |  | $ | 1,595 |
Net income attributable to noncontrolling interest | (15) |  | (24) |  | (23) |
Net income attributable to company | $ | 2,501 |  | $ | 2,638 |  | $ | 1,572 |
Basic net income per share | $ | 2.84 |  | $ | 2.93 |  | $ | 1.74 |
Diluted net income per share | $ | 2.83 |  | $ | 2.92 |  | $ | 1.73 |
Basic weighted average common shares outstanding | 882 |  | 899 |  | 904 |
Diluted weighted average common shares outstanding | 883 |  | 902 |  | 908 |
| See notes to consolidated financial statements. |  |  |

HAL 2024 FORM 10-K | 44

Table of Contents |  |

| HALLIBURTON COMPANY Consolidated Statements of Comprehensive Income
|  | Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Net income | $ | 2,516 |  | $ | 2,662 |  | $ | 1,595 |
Other comprehensive income (loss), net of income taxes: |  |  |
Defined benefit and other post retirement plans adjustment | (26) |  | (106) |  | (54) |
Other | 5 |  | 5 |  | 7 |
Other comprehensive loss, net of income taxes | (21) |  | (101) |  | (47) |
Comprehensive income | $ | 2,495 |  | $ | 2,561 |  | $ | 1,548 |
Comprehensive income attributable to noncontrolling interest | (16) |  | (24) |  | (23) |
Comprehensive income attributable to company shareholders | $ | 2,479 |  | $ | 2,537 |  | $ | 1,525 |
| See notes to consolidated financial statements. |  |  |

HAL 2024 FORM 10-K | 45

Table of Contents |  |

HALLIBURTON COMPANY Consolidated Balance Sheets |
|  | December 31, |
Millions of dollars and shares except per share data | 2024 | 2023 |
Assets |
Current assets: |  |  |
Cash and equivalents | $ | 2,618 |  | $ | 2,264 |  |
Receivables (net of allowances for credit losses of $754 and $742) | 5,117 |  | 4,860 |  |
Inventories | 3,040 |  | 3,226 |  |
Other current assets | 1,607 |  | 1,193 |  |
Total current assets | 12,382 |  | 11,543 |  |
Property, plant, and equipment (net of accumulated depreciation of $12,461 and $12,064) | 5,113 |  | 4,900 |  |
Goodwill | 2,838 |  | 2,850 |  |
Deferred income taxes | 2,339 |  | 2,505 |  |
Operating lease right-of-use assets | 1,022 |  | 1,088 |  |
Other assets | 1,893 |  | 1,797 |  |
Total assets | $ | 25,587 |  | $ | 24,683 |  |
Liabilities and Shareholders’ Equity |
Current liabilities: |  |  |
Accounts payable | $ | 3,189 |  | $ | 3,147 |  |
Accrued employee compensation and benefits | 711 |  | 689 |  |
Income taxes payable | 449 |  | 390 |  |
Current maturities of long-term debt | 381 |  | — |  |
Taxes other than income | 328 |  | 370 |  |
Current portion of operating lease liabilities | 263 |  | 262 |  |
Other current liabilities | 729 |  | 750 |  |
Total current liabilities | 6,050 |  | 5,608 |  |
Long-term debt | 7,160 |  | 7,636 |  |
Operating lease liabilities | 798 |  | 911 |  |
Employee compensation and benefits | 414 |  | 408 |  |
Other liabilities | 617 |  | 687 |  |
Total liabilities | 15,039 |  | 15,250 |  |
Shareholders’ equity: |  |  |
Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,065 and 1,065 shares) | 2,662 |  | 2,663 |  |
Paid-in capital in excess of par value | 79 |  | 63 |  |
Accumulated other comprehensive loss | (353) |  | (331) |  |
Retained earnings | 14,332 |  | 12,536 |  |
Treasury stock, at cost (197 and 176 shares) | (6,214) |  | (5,540) |  |
Company shareholders’ equity | 10,506 |  | 9,391 |  |
Noncontrolling interest in consolidated subsidiaries | 42 |  | 42 |  |
Total shareholders’ equity | 10,548 |  | 9,433 |  |
Total liabilities and shareholders’ equity | $ | 25,587 |  | $ | 24,683 |  |
| See notes to consolidated financial statements. |  |  |

HAL 2024 FORM 10-K | 46

Table of Contents |  |

| HALLIBURTON COMPANY Consolidated Statements of Cash Flows
|  | Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Cash flows from operating activities: |  |  |
Net income | $ | 2,516 |  | $ | 2,662 |  | $ | 1,595 |
Adjustments to reconcile net income to cash flows from operating activities: |  |  |
Depreciation, depletion, and amortization | 1,079 |  | 998 |  | 940 |
Deferred income tax provision | 148 |  | 196 |  | 70 |
Impairments and other charges | 116 |  | — |  | 366 |
Changes in assets and liabilities: |  |  |
Receivables | (312) |  | (257) |  | (1,151) |
Inventories | 147 |  | (303) |  | (642) |
Accounts payable | 62 |  | 49 |  | 852 |
Other operating activities | 109 |  | 113 |  | 212 |
Total cash flows provided by operating activities | 3,865 |  | 3,458 |  | 2,242 |
Cash flows from investing activities: |  |  |
Capital expenditures | (1,442) |  | (1,379) |  | (1,011) |
Purchases of investment securities | (438) |  | (492) |  | (75) |
Proceeds from sales of property, plant, and equipment | 223 |  | 195 |  | 200 |
Sales of investment securities | 214 |  | 131 |  | — |
Other investing activities | (211) |  | (114) |  | (81) |
Total cash flows used in investing activities | (1,654) |  | (1,659) |  | (967) |
Cash flows from financing activities: |  |  |
Stock repurchase program | (1,005) |  | (800) |  | (250) |
Dividends to shareholders | (600) |  | (576) |  | (435) |
Payments on long-term borrowings | (100) |  | (305) |  | (1,242) |
Proceeds from issuance of common stock | 105 |  | 136 |  | 229 |
Other financing activities | (130) |  | (126) |  | (100) |
Total cash flows used in financing activities | (1,730) |  | (1,671) |  | (1,798) |
Effect of exchange rate changes on cash | (127) |  | (210) |  | (175) |
Increase / (decrease) in cash and equivalents | 354 |  | (82) |  | (698) |
Cash and equivalents at beginning of year | 2,264 |  | 2,346 |  | 3,044 |
Cash and equivalents at end of year | $ | 2,618 |  | $ | 2,264 |  | $ | 2,346 |
Supplemental disclosure of cash flow information: |  |  |
Cash payments during the period for: |  |  |
Interest | $ | 441 |  | $ | 460 |  | $ | 487 |
Income taxes | $ | 538 |  | $ | 616 |  | $ | 354 |
| See notes to consolidated financial statements. |  |  |

HAL 2024 FORM 10-K | 47

Table of Contents |  |

HALLIBURTON COMPANY Consolidated Statements of Shareholders’ Equity
|  | Company Shareholders’ Equity |  |
Millions of dollars | Common Stock | Paid-in Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest in Consolidated Subsidiaries | Total
Balance at December 31, 2021 | $ | 2,665 |  | $ | 32 |  | $ | (5,511) |  | $ | 9,710 |  | $ | (183) |  | $ | 15 |  | $ | 6,728 |
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — |  | — |  | — |  | 1,572 |  | — |  | 23 |  | 1,595 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (47) |  | — |  | (47) |
Cash dividends ($0.48 per share) | — |  | — |  | — |  | (435) |  | — |  | — |  | (435) |
Stock plans | (1) |  | 18 |  | 653 |  | (275) |  | — |  | — |  | 395 |
Stock repurchase program | — |  | — |  | (250) |  | — |  | — |  | — |  | (250) |
Other | — |  | — |  | — |  | — |  | — |  | (9) |  | (9) |
Balance at December 31, 2022 | $ | 2,664 |  | $ | 50 |  | $ | (5,108) |  | $ | 10,572 |  | $ | (230) |  | $ | 29 |  | $ | 7,977 |
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — |  | — |  | — |  | 2,638 |  | — |  | 24 |  | 2,662 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (101) |  | — |  | (101) |
Cash dividends ($0.64 per share) | — |  | — |  | — |  | (576) |  | — |  | — |  | (576) |
Stock plans | (1) |  | 13 |  | 368 |  | (98) |  | — |  | — |  | 282 |
Stock repurchase program | — |  | — |  | (800) |  | — |  | — |  | — |  | (800) |
Other | — |  | — |  | — |  | — |  | — |  | (11) |  | (11) |
Balance at December 31, 2023 | $ | 2,663 |  | $ | 63 |  | $ | (5,540) |  | $ | 12,536 |  | $ | (331) |  | $ | 42 |  | $ | 9,433 |
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — |  | — |  | — |  | 2,501 |  | — |  | 15 |  | 2,516 |
Other comprehensive income (loss) | — |  | — |  | — |  | — |  | (22) |  | 1 |  | (21) |
Cash dividends ($0.68 per share) | — |  | — |  | — |  | (600) |  | — |  | — |  | (600) |
Stock plans | (1) |  | 16 |  | 331 |  | (105) |  | — |  | — |  | 241 |
Stock repurchase program | — |  | — |  | (1,005) |  | — |  | — |  | — |  | (1,005) |
Other | — |  | — |  | — |  | — |  | — |  | (16) |  | (16) |
Balance at December 31, 2024 | $ | 2,662 |  | $ | 79 |  | $ | (6,214) |  | $ | 14,332 |  | $ | (353) |  | $ | 42 |  | $ | 10,548 |
| See notes to consolidated financial statements. |  |  |  |  |  |

HAL 2024 FORM 10-K | 48

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

HALLIBURTON COMPANY
Notes to Consolidated Financial Statements
Note 1. Description of Company and Significant Accounting Policies
Description of Company
Halliburton Company is one of the world’s largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We help our customers maximize asset value 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 throughout the life of the asset. We serve major, national, and independent oil and natural gas companies throughout the world and operate under two divisions, which form the basis for the two operating segments we report, the Completion and Production segment and the Drilling and Evaluation segment.
Use of estimates
Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect:
- the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and
- the reported amounts of revenue and expenses during the reporting period.
We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates.
Basis of presentation
The consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.
Revenue recognition
Our services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue based on the transfer of control or our customers’ ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. We also assess our customers’ ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis. See Notes to Consolidated Financial Statements, Note 4 for further information on revenue recognition.
Research and development
We maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $426 million in 2024, $408 million in 2023, and $345 million in 2022.
Cash equivalents
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Allowance for credit losses
We establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible.
Property, plant, and equipment
Other than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset.
Goodwill and other intangible assets
We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment.

Millions of dollars | Completion and Production | Drilling and Evaluation | Total
Balance at December 31, 2022: | $ | 2,020 |  | $ | 809 |  | $ | 2,829 |
Current year acquisitions | — |  | 21 |  | 21 |
Other | 12 |  | (12) |  | — |
Balance at December 31, 2023: | $ | 2,032 |  | $ | 818 |  | $ | 2,850 |
Current year acquisitions | 8 |  | — |  | 8 |
Other | (20) |  | — |  | (20) |
Balance at December 31, 2024: | $ | 2,020 |  | $ | 818 |  | $ | 2,838 |

The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2024, 2023, and 2022, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary.
We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to thirty years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts.
Evaluating impairment of long-lived assets
When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group’s undiscounted cash flows are less than its carrying amount, we then determine the asset group’s fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Notes to Consolidated Financial Statements, Note 2 for further information on impairments and other charges.
Income taxes
We recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances.
We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes on continuing operations in our consolidated statements of operations.
Derivative instruments
At times, we enter into derivative financial transactions to manage existing or projected exposures to changing foreign currency exchange rates, interest rates, and credit risk. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value which are reflected within “Other, net” on our consolidated statements of operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against:
- the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or
- recognized in other comprehensive income until the hedged item is recognized in earnings.
The ineffective portion of a derivative’s change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk and credit risk are included in “Other, net” on the consolidated statements of operations. Gains or losses on interest rate derivatives are included in “Interest expense, net.”
Foreign currency translation
Foreign entities whose functional currency is the U.S. dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our consolidated statements of operations in “Other, net” in the year of occurrence.
Stock-based compensation
Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee’s service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Notes to Consolidated Financial Statements, Note 14 for additional information related to stock-based compensation.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Note 2. Impairments and Other Charges
The following table presents various pre-tax charges we recorded during the years ended December 31, 2024 and 2022 which are reflected within “Impairments and other charges” on our consolidated statements of operations.

| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Severance costs | $ | 63 |  | $ | — |  | $ | — |
Impairment of assets held for sale | 49 |  | — |  | — |
Cybersecurity | 35 |  | — |  | — |
Gain on investment | (43) |  | — |  | — |
Receivables | — |  | — |  | 202 |
Long-lived asset impairments | — |  | — |  | 100 |
Inventory costs and write-downs | — |  | — |  | 70 |
Other | 12 |  | — |  | (6) |
Total impairments and other charges | $ | 116 |  | $ | — |  | $ | 366 |

During the year ended December 31, 2024, we recorded $116 million net charges, of which $45 million was attributable to our Completion and Production segment, $34 million was attributable to our Drilling and Evaluation segment, and $37 million was attributable to Corporate and other. These charges included $63 million in severance expense as we rationalized global headcount to reflect growth expectations in addition to a $49 million impairment associated with a strategic decision to market for sale a portion of our chemical business. Also, a s disclosed within our Form 8-Ks filed with the SEC on August 23, 2024, and September 3, 2024, we became aware that an unauthorized third party gained access to certain of our systems. As a result, we incurred $35 million in expenses related to the engagement of external advisors to assess and remediate the effects of the activity, and restore our systems, as well as legal fees, payroll related costs, and other expenses. Additionally, we recognized a gain of $43 million related to a fair value adjustment on an equity investment during the year ended December 31, 2024.
During the year ended December 31, 2023, there were no amounts recorded in impairment and other charges.
During the year ended December 31, 2022, due to Russia’s invasion of Ukraine and resulting sanctions imposed on Russia, we made the decision to sell our Russian operations and completed the sale in the third quarter of 2022. We wrote down the disposal group to fair value less costs to sell, which resulted in a pre-tax charge of $344 million. Of this pre-tax charge, approximately $131 million was attributable to our Completion and Production segment, approximately $178 million was attributable to our Drilling and Evaluation segment, and $35 million was selling costs and was attributable to Corporate and other. We no longer conduct operations in Russia. Additionally, during the first quarter of 2022, we recorded a pre-tax charge of $22 million primarily related to the write down of all our assets in Ukraine. Included in this charge is a $16 million allowance for credit loss as we do not expect to collect our receivables in Ukraine. Long-lived asset impairments include impairments of property, plant, and equipment.
Note 3. Business Segment and Geographic Information
We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment.
Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief Executive Officer. Our CODM assesses the performance of the two divisions and makes resource allocation decisions based on divisional revenue and operating income.
HAL 2024 FORM 10-K | 52

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Operations by business segment
The following tables present financial information on our business segments.

|  | Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Revenue: |  |  |
Completion and Production | $ | 13,251 |  | $ | 13,689 |  | $ | 11,582 |
Drilling and Evaluation | 9,693 |  | 9,329 |  | 8,715 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | 20,297 |
Operating income: |  |  |
Completion and Production | $ | 2,709 |  | $ | 2,835 |  | $ | 2,037 |
Drilling and Evaluation | 1,608 |  | 1,543 |  | 1,292 |
Total operations | 4,317 |  | 4,378 |  | 3,329 |
Corporate and other (a) | (255) |  | (244) |  | (256) |
SAP S4 upgrade expense | (124) |  | (51) |  | — |
Impairments and other charges (b) | (116) |  | — |  | (366) |
Total operating income | $ | 3,822 |  | $ | 4,083 |  | $ | 2,707 |
Interest expense, net of interest income | $ | (353) |  | $ | (395) |  | $ | (463) |
Loss on Blue Chip Swap transactions | (8) |  | (110) |  | — |
Argentina currency impact | — |  | (131) |  | (30) |
Loss on early extinguishment of debt | — |  | — |  | (42) |
Other, net | (227) |  | (84) |  | (62) |
Income before income taxes | $ | 3,234 |  | $ | 3,363 |  | $ | 2,110 |
Capital expenditures: |  |  |
Completion and Production | $ | 775 |  | $ | 765 |  | $ | 589 |
Drilling and Evaluation | 665 |  | 613 |  | 420 |
Corporate and other | 2 |  | 1 |  | 2 |
Total capital expenditures | $ | 1,442 |  | $ | 1,379 |  | $ | 1,011 |
Depreciation, depletion, and amortization: |  |  |
Completion and Production | $ | 588 |  | $ | 553 |  | $ | 520 |
Drilling and Evaluation | 475 |  | 430 |  | 406 |
Corporate and other | 16 |  | 15 |  | 14 |
Total depreciation, depletion, and amortization | $ | 1,079 |  | $ | 998 |  | $ | 940 |
(a) | Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.
(b) | Impairments and other charges are as follows: -For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million net gain attributable to Corporate and other.

HAL 2024 FORM 10-K | 53

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The following table presents significant segment expenses, which represent the difference between segment revenue and segment operating income and are regularly reviewed by our CODM.

|  | 2024
Millions of dollars | Completion and Production | Drilling and Evaluation
Cost of products, materials, and supplies | $ | 5,428 |  | $ | 3,803 |
Compensation | 1,922 |  | 1,865 |
Depreciation, depletion, and amortization | 588 |  | 475 |
Other | 2,604 |  | 1,942 |
Total segment operating expenses | $ | 10,542 |  | $ | 8,085 |

|  | 2023
Millions of dollars | Completion and Production | Drilling and Evaluation
Cost of products, materials, and supplies | $ | 5,906 |  | $ | 3,771 |
Compensation | 1,810 |  | 1,750 |
Depreciation, depletion, and amortization | 553 |  | 430 |
Other | 2,585 |  | 1,835 |
Total segment operating expenses | $ | 10,854 |  | $ | 7,786 |

|  | 2022
Millions of dollars | Completion and Production | Drilling and Evaluation
Cost of products, materials, and supplies | $ | 5,573 |  | $ | 3,293 |
Compensation | 1,614 |  | 1,596 |
Depreciation, depletion, and amortization | 520 |  | 406 |
Other | 1,838 |  | 2,128 |
Total segment operating expenses | $ | 9,545 |  | $ | 7,423 |

Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other miscellaneous costs.
The following table presents total assets by segment.

|  | December 31,
Millions of dollars | 2024 | 2023
Total assets: |  |
Completion and Production (a) | $ | 11,987 |  | $ | 11,606 |
Drilling and Evaluation (a) | 7,806 |  | 7,532 |
Corporate and other (b) | 5,794 |  | 5,545 |
Total assets | $ | 25,587 |  | $ | 24,683 |
(a) | Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.
(b) | Includes primarily cash and equivalents and deferred tax assets.

HAL 2024 FORM 10-K | 54

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Operations by geographic region
The following tables present information by geographic area. In 2024, 2023, and 2022, based on the location of services provided and products sold, 40%, 44%, and 45%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2024 and December 31, 2023, 49% and 59%, respectively, of our property, plant, and equipment was located in the United States.

| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Revenue: |  |  |
North America | $ | 9,626 |  | $ | 10,492 |  | $ | 9,597 |
Latin America | 4,211 |  | 3,987 |  | 3,197 |
Europe/Africa/CIS | 3,003 |  | 2,861 |  | 2,691 |
Middle East/Asia | 6,104 |  | 5,678 |  | 4,812 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | 20,297 |

| December 31,
Millions of dollars | 2024 | 2023
Net property, plant, and equipment: |  |
North America | $ | 2,595 |  | $ | 2,961 |
Latin America | 1,002 |  | 527 |
Europe/Africa/CIS | 593 |  | 444 |
Middle East/Asia | 923 |  | 968 |
Total net property, plant, and equipment | $ | 5,113 |  | $ | 4,900 |

Note 4. Revenue
Revenue is recognized based on the transfer of control or our customers’ ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers’ ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion, and calculating the corresponding amount of revenue to recognize.
Disaggregation of revenue
We disaggregate revenue from contracts with customers into types of services or products, consistent with our two reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 40%, 44%, and 45% of our consolidated revenue was from the United States for the years ended December 31, 2024, 2023, and 2022, respectively. No other country accounted for more than 10% of our revenue.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The following table presents information on our disaggregated revenue.

| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Revenue by segment: |  |  |
Completion and Production | $ | 13,251 |  | $ | 13,689 |  | $ | 11,582 |
Drilling and Evaluation | 9,693 |  | 9,329 |  | 8,715 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | 20,297 |
Revenue by geographic region: |  |  |
North America | $ | 9,626 |  | $ | 10,492 |  | $ | 9,597 |
Latin America | 4,211 |  | 3,987 |  | 3,197 |
Europe/Africa/CIS | 3,003 |  | 2,861 |  | 2,691 |
Middle East/Asia | 6,104 |  | 5,678 |  | 4,812 |
Total revenue | $ | 22,944 |  | $ | 23,018 |  | $ | 20,297 |

Contract balances
We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customer’s payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our consolidated financial statements.
Transaction price allocated to remaining performance obligations
Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over the duration of the contract period when the software is considered to be a right to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts is not material.
Note 5. Receivables
As of December 31, 2024, 30% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. As of December 31, 2023, 33% of our net trade receivables were from customers in the United States and 9% were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 8% and 6% of our total receivables as of December 31, 2024 and December 31, 2023, respectively. While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect any material write-offs due to collectability of receivables from this customer. Furthermore, we have entered into CDSs with third-party financial institutions that have an aggregate notional amount outstanding as of December 31, 2024 of $739 million related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which, portions of the proceeds were utilized by this customer to pay certain of our outstanding receivables. See Notes to Consolidated Financial Statements, Note 16 for further information on these CDSs. No country other than the United States and Mexico and no single customer accounted for more than 10% of our receivables at those dates.
We have risk of delayed customer payments and payment defaults associated with customer liquidity issues. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves judgment and estimates, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.
HAL 2024 FORM 10-K | 56

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The table below presents a rollforward of our allowance for credit losses for 2022, 2023 and 2024.

Millions of dollars | Balance at Beginning of Period | Provision (a) | Other (b) | Balance at End of Period (c)
Year ended December 31, 2022 | $ | 754 |  | $ | 2 |  | $ | (25) |  | $ | 731 |
Year ended December 31, 2023 | 731 | 22 | (11) |  | 742
Year ended December 31, 2024 | 742 | 17 | (5) |  | 754
(a) | Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
(b) | Includes write-offs, balance sheet reclassifications, and other activity.
(c) | The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.

Note 6. Leases
For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term and accretion of the lease liability, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, we recognize lease expense for these short-term leases on a straight-line basis over the lease term.
We are a lessee for numerous operating leases, primarily related to real estate, transportation, and equipment. The vast majority of our operating leases have remaining lease terms of 10 years or less, some of which include options to extend the leases, and some of which include options to terminate the leases. We generally do not include renewal or termination options in our assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. The accounting for some of our leases may require judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options. We also have some lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. For certain equipment leases, such as offshore vessels and drilling rigs, we account for the lease and non-lease components separately.
The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2024, 2023, and 2022, along with other supplemental information about our existing leases:

| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Components of lease expense: |  |  |
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 37 |  | $ | 30 |  | $ | 20 |
Interest on lease liabilities | 38 |  | 41 |  | 38 |
Operating lease cost | 353 |  | 337 |  | 301 |
Short-term lease cost | 42 |  | 35 |  | 31 |
Sublease income | (3) |  | (2) |  | (3) |
Total lease cost | $ | 467 |  | $ | 441 |  | $ | 387 |

HAL 2024 FORM 10-K | 57

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

| As of December 31,
Millions of dollars | 2024 | 2023
Components of balance sheet: |  |
Operating leases: |  |
Operating lease right-of-use assets (non-current) | $ | 1,022 |  | $ | 1,088 |
Current portion of operating lease liabilities | 263 |  | 262 |
Operating lease liabilities (non-current) | 798 |  | 911 |
Finance leases: |  |
Other assets (non-current) | $ | 139 |  | $ | 120 |
Other current liabilities | 44 |  | 32 |
Other liabilities (non-current) | 126 |  | 132 |

| Year Ended December 31,
Millions of dollars except years and percentages | 2024 | 2023 | 2022
Other supplemental information: |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 374 |  | $ | 354 |  | $ | 332 |
Operating cash flows for finance leases | 38 |  | 41 |  | 38 |
Financing cash flows for finance leases | 33 |  | 37 |  | 26 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 274 |  | $ | 487 |  | $ | 249 |
Finance leases | 57 |  | 64 |  | 62 |
Weighted-average remaining lease term: |  |  |
Operating leases | 7.9 years | 8.2 years | 9.5 years
Finance leases | 4.6 years | 5.3 years | 5.9 years
Weighted-average discount rate for operating leases | 5.4 | % | 5.3 | % | 5.2 | %

The following table summarizes the maturity of our operating and finance leases as of December 31, 2024:

Millions of dollars | Operating Leases | Finance Leases
2025 | $ | 317 |  | $ | 78 |
2026 | 232 |  | 75 |
2027 | 159 |  | 40 |
2028 | 101 |  | 19 |
2029 | 82 |  | 10 |
Thereafter | 453 |  | 16 |
Total lease payments | 1,344 |  | 238 |
Imputed interest | (284) |  | (68) |
Total lease payments, net of imputed interest | $ | 1,060 |  | $ | 170 |

HAL 2024 FORM 10-K | 58

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Note 7. Inventories
Inventories consisted of the following:

| December 31,
Millions of dollars | 2024 | 2023
Finished products and parts | $ | 1,956 | $ | 2,069
Raw materials and supplies | 952 | 1,021
Work in process | 132 | 136
Total inventories | $ | 3,040 | $ | 3,226

All amounts in the table above are reported net of obsolescence reserves of $62 million at December 31, 2024 and $81 million at December 31, 2023.
During the years ended December 31, 2024 and 2023, there were no impairments charges related to inventory.
Note 8. Accounts Payable
We have agreements with third parties that allow our participating suppliers to finance payment obligations from us with designated third-party financial institutions who act as our paying agent. We have generally extended our payment terms with suppliers to 90 days. A participating supplier may request a participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institutions.
Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under these agreements were $317 million as of December 31, 2024, and $322 million as of December 31, 2023, and are included in accounts payable on the consolidated balance sheets.
The following table presents a rollforward of our supplier finance program obligations:

| December 31,
Millions of dollars | 2024 | 2023
Confirmed obligations outstanding at the beginning of the year | $ | 322 |  | $ | 273 |
Invoices confirmed during the year | 1,217 |  | 1,257 |
Confirmed invoices paid during the year | (1,222) |  | (1,208) |
Confirmed obligations outstanding at the end of the year | $ | 317 |  | $ | 322 |

Note 9. Property, Plant, and Equipment
Property, plant, and equipment were composed of the following:

| December 31,
Millions of dollars | 2024 | 2023
Land | $ | 119 |  | $ | 119 |
Buildings and property improvements | 1,751 |  | 1,724 |
Machinery, equipment, and other | 15,704 |  | 15,121 |
Total property, plant, and equipment | 17,574 |  | 16,964 |
Accumulated depreciation | (12,461) |  | (12,064) |
Net property, plant, and equipment | $ | 5,113 |  | $ | 4,900 |

During the years ended December 31, 2024 and 2023, no impairment charges were recorded on property, plant, and equipment.
HAL 2024 FORM 10-K | 59

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Classes of assets are depreciated over the following useful lives:

| Buildings and Property Improvements
| 2024 | 2023
1 - 10 years | 17% | 16%
11 - 20 years | 40% | 40%
21 - 30 years | 26% | 26%
31 - 40 years | 17% | 18%

| Machinery, Equipment, and Other
| 2024 | 2023
1 - 5 years | 46% | 47%
6 - 10 years | 45% | 43%
11 - 20 years | 9% | 10%

Note 10. Debt
Our long-term total debt consisted of the following:

| December 31,
Millions of dollars | 2024 | 2023
5.0% senior notes due November 2045 | $ | 1,887 |  | $ | 1,911 |
2.92% senior notes due March 2030 | 1,000 |  | 1,000 |
4.85% senior notes due November 2035 | 997 |  | 1,000 |
7.45% senior notes due September 2039 | 938 |  | 946 |
4.75% senior notes due August 2043 | 846 |  | 879 |
6.7% senior notes due September 2038 | 763 |  | 763 |
4.5% senior notes due November 2041 | 469 |  | 500 |
7.6% senior debentures due August 2096 | 226 |  | 228 |
6.75% notes due February 2027 | 90 |  | 90 |
3.8% senior notes due November 2025 | — |  | 382 |
Other | 6 |  | 5 |
Unamortized debt issuance costs and discounts | (62) |  | (68) |
Total long-term debt | $ | 7,160 |  | $ | 7,636 |
Short-term borrowings and current maturities of long-term debt, net | 381 |  | — |
Total debt | $ | 7,541 |  | $ | 7,636 |

There were no short-term borrowings and $381 million of current maturities of long-term debt as of December 31, 2024. There were no short-term borrowings or current maturities of long-term debt as of December 31, 2023.
Senior debt
We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest. Our 6.75% notes due February 2027 and 7.6% senior debentures due August 2096 may not be redeemed prior to maturity.
HAL 2024 FORM 10-K | 60

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Repurchases of senior debt
Our total debt repurchases consisted of the following:

| December 31,
Millions of dollars | 2024 | 2023
4.75% senior notes due August 2043 | $ | 32 |  | $ | 21 |
4.5% senior notes due November 2041 | 31 |  | — |
5.0% senior notes due November 2045 | 24 |  | 90 |
7.45% senior notes due September 2039 | 8 |  | 54 |
4.85% senior notes due November 2035 | 3 |  | — |
7.6% senior debentures due August 2096 | 2 |  | 66 |
6.7% senior notes due September 2038 | — |  | 37 |
3.8% senior notes due November 2025 | — |  | 18 |
6.75% notes due February 2027 | — |  | 14 |
Total Repurchases | $ | 100 |  | $ | 300 |

We used cash on hand to fund these repurchases, which included the principal amount, a net premium or discount, and accrued interest. The remaining principal balance of these instruments of $6.6 billion in the aggregate remains outstanding as of December 31, 2024.
Redemption of 3.8% senior notes due November 2025 redemption
In February of 2022, we redeemed $600 million aggregate principal amount of our 3.8% senior notes due in November 2025. The early redemption of the notes resulted in a loss of $42 million, consisting of premiums and unamortized expenses. The loss is included in “Loss on early extinguishment of debt” in our consolidated statements of operations for the year ended December 31, 2022. We used cash on hand to fund the aggregate redemption price of the notes in the amount of $641 million, which included the principal amount, the make-whole premium, and accrued interest. The remaining $382 million aggregate principal amount of our 3.8% senior notes remains outstanding.
Revolving credit facilities
We have a revolving credit facility with a capacity of $3.5 billion, which expires in April 2027. The facility is for general working capital purposes. The full amount of the revolving credit facility was available as of December 31, 2024.
Debt maturities
Our debt matures as follows: $381 million in 2025, no amounts in 2026, $90 million in 2027, no amounts in 2028, or 2029, and the remainder thereafter.
Note 11. Commitments and Contingencies
The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings.
Guarantee arrangements
In the normal course of business, we have in place agreements with financial institutions under which approximately $2.8 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2024. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off-balance sheet arrangements either has, or is likely to have, a material effect on our consolidated financial statements.
HAL 2024 FORM 10-K | 61

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Note 12. Income Taxes
The components of the (provision) benefit for income taxes on continuing operations were as follows:

| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Current income taxes: |  |  |
Federal | $ | 10 |  | $ | (21) |  | $ | (17) |
Foreign | (571) |  | (472) |  | (417) |
State | (9) |  | (12) |  | (11) |
Total current income taxes | (570) |  | (505) |  | (445) |
Deferred income taxes: |  |  |
Federal | (167) |  | (123) |  | (159) |
Foreign | 31 |  | (59) |  | 103 |
State | (12) |  | (14) |  | (14) |
Total deferred income taxes | (148) |  | (196) |  | (70) |
Income tax provision | $ | (718) |  | $ | (701) |  | $ | (515) |

The United States and foreign components of income from continuing operations before income taxes were as follows:

| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
United States | $ | 1,695 |  | $ | 1,666 |  | $ | 992 |
Foreign | 1,539 |  | 1,697 |  | 1,118 |
Total income from continuing operations before income taxes | $ | 3,234 |  | $ | 3,363 |  | $ | 2,110 |

Reconciliations between the actual (provision) benefit for income taxes on continuing operations and that computed by applying the United States statutory rate to income from continuing operations before income taxes were as follows:

| Year Ended December 31,
| 2024 | 2023 | 2022
United States statutory rate | 21.0 | % | 21.0 | % | 21.0 | %
Valuation allowance against tax assets | (2.1) |  | 0.8 |  | (2.9) |
Impact of foreign income taxed at different rates | 4.7 |  | 0.2 |  | 3.0 |
State income taxes | 0.6 |  | 0.7 |  | 0.8 |
Impact of impairments and other charges | 0.6 |  | 0.6 |  | 0.7 |
Adjustments of prior year taxes | (2.5) |  | (1.3) |  | 0.2 |
Other items, net | (0.1) |  | (1.2) |  | 1.6 |
Total effective tax rate on continuing operations | 22.2 | % | 20.8 | % | 24.4 | %

During the year ended December 31, 2024, we recorded a total income tax provision of $718 million on pre-tax income of $3.2 billion, resulting in an effective tax rate of 22.2%. The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets.
During the year ended December 31, 2023, we recorded a total income tax provision of $701 million on pre-tax income of $3.4 billion, resulting in an effective tax rate of 20.8%. The effective tax rate for 2023 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets.
During the year ended December 31, 2022, we recorded a total income tax provision of $515 million on pre-tax income of $2.1 billion, resulting in an effective tax rate of 24.4%. The effective tax rate for 2022 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets.
HAL 2024 FORM 10-K | 62

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The primary components of our deferred tax assets and liabilities were as follows:

| December 31,
Millions of dollars | 2024 | 2023
Gross deferred tax assets: |  |
Foreign tax credit carryforwards | $ | 950 |  | $ | 902 |
Intangible assets | 727 |  | 789 |
Net operating loss carryforwards | 581 |  | 663 |
Accrued liabilities | 227 |  | 293 |
Research and development tax credit carryforwards | 85 |  | 173 |
Employee compensation and benefits | 170 |  | 193 |
Other | 639 |  | 579 |
Total gross deferred tax assets | 3,379 |  | 3,592 |
Gross deferred tax liabilities: |  |
Operating lease right-of-use assets | 144 |  | 189 |
Depreciation and amortization | 164 |  | 115 |
Other | 50 |  | 51 |
Total gross deferred tax liabilities | 358 |  | 355 |
Valuation allowances | 718 |  | 761 |
Net deferred income tax asset | $ | 2,303 |  | $ | 2,476 |

At December 31, 2024, we had $591 million of domestic and foreign tax-effected net operating loss carryforwards, with approximately $10 million estimated to be utilized against our unrecognized tax benefits. In addition, we had approximately $957 million of foreign tax credit carryforwards which are offset by $7 million of foreign branch deferred activity and unrecognized tax benefits reflected in the table above. The ultimate realization of these deferred tax assets depends on our ability to generate sufficient taxable income in the appropriate taxing jurisdiction.
Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows:

Millions of dollars | U.S. Net Operating Loss | Foreign Net Operating Loss | Foreign Tax Credits | Research and Development Credit | Total Deferred Tax Assets
2025-2029 | $ | 3 |  | $ | 126 |  | $ | 642 |  | $ | — |  | $ | 771 |
2030-2034 | 8 |  | 5 |  | 315 |  | — |  | 328 |
2035-2044 | 23 |  | 68 |  | — |  | 84 |  | 175 |
Non-Expiring | 13 |  | 345 |  | — |  | — |  | 358 |
| $ | 47 |  | $ | 544 |  | $ | 957 |  | $ | 84 |  | $ | 1,632 |

We have not provided incremental United States income taxes or foreign withholding taxes on undistributed foreign subsidiaries’ earnings after December 31, 2017. We generally do not provide for taxes related to undistributed earnings because such earnings either would not be taxable when remitted or they are considered to be indefinitely reinvested.
HAL 2024 FORM 10-K | 63

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties.

Millions of dollars | Unrecognized Tax Benefits |  | Interest and Penalties
Balance at January 1, 2022 | $ | 352 |  |  | $ | 72 |
Change in prior year tax positions | (36) |  |  | (5) |
Change in current year tax positions | 13 |  |  | 2 |
Cash settlements with taxing authorities | (6) |  |  | (2) |
Lapse of statute of limitations | (12) |  |  | (3) |
Balance at December 31, 2022 | $ | 311 |  | (a) | $ | 64 |
Change in prior year tax positions | (38) |  |  | (10) |
Change in current year tax positions | 8 |  |  | 1 |
Cash settlements with taxing authorities | (4) |  |  | (3) |
Lapse of statute of limitations | (9) |  |  | (3) |
Balance at December 31, 2023 | $ | 268 |  | (a) | $ | 49 |
Change in prior year tax positions | (68) |  |  | — |
Change in current year tax positions | 10 |  |  | 1 |
Cash settlements with taxing authorities | (1) |  |  | (1) |
Lapse of statute of limitations | (13) |  |  | (4) |
Balance at December 31, 2024 | $ | 196 |  | (a)(b) | $ | 45 |
(a) | Includes $40 million as of December 31, 2024, $43 million as of December 31, 2023, and $51 million as of December 31, 2022 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2024, December 31, 2023, and December 31, 2022, a net $137 million, $192 million and $208 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.
(b) | Includes $64 million as of December 31, 2024 that we believe could be resolved within the next 12 months.

Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2013. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. The United States federal income tax filings for tax years 2016 through 2023 are currently under review or remain open for review by the IRS.
As of December 31, 2024, the primary unresolved issue for the IRS audit for 2016 relates to the classification of the $3.5 billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 for which we received a NOPA from the IRS on September 28, 2023. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the next 12 months.
Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies within the next 12 months.
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company will adopt this standard for the Form 10-K for the year ending December 31, 2025, on a prospective basis. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.
HAL 2024 FORM 10-K | 64

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Note 13. Shareholders’ Equity
Shares of common stock
The following table summarizes total shares of common stock outstanding:

| December 31,
Millions of shares | 2024 | 2023
Issued | 1,065 |  | 1,065 |
In treasury | (197) |  | (176) |
Total shares of common stock outstanding | 868 |  | 889 |

Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. The program does not require a specific number of shares to be purchased and the program may be effected through solicited or unsolicited transactions in the market or in privately negotiated transactions. The program may be terminated or suspended at any time. We purchased 30.5 million shares of our common stock under the program during the year ended December 31, 2024. During the year ended December 31, 2023, we purchased 22.7 million shares of our common stock under the program. Approximately $3.0 billion remained authorized for repurchases as of December 31, 2024. From the inception of this program in February 2006 through December 31, 2024, we repurchased approximately 284 million shares of our common stock for a total cost of approximately $11.1 billion.
Paid-in Capital in Excess of Par Value
During 2024, 2023 and 2022, we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, additional paid in capital would have resulted in a balance below zero. Therefore, for the years ended December 31, 2024, 2023 and 2022, we reduced retained earnings by $105 million, $98 million, and $275 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.
Preferred stock
Our preferred stock consists of five million total authorized shares at December 31, 2024, of which none are issued.
Accumulated other comprehensive loss
Accumulated other comprehensive loss consisted of the following:

|  | December 31,
Millions of dollars | 2024 | 2023
Cumulative translation adjustment | $ | (82) |  | $ | (84) |
Defined benefit and other postretirement liability adjustments (a) | (234) |  | (207) |
Other | (37) |  | (40) |
Total accumulated other comprehensive loss | $ | (353) |  | $ | (331) |
(a) | Included net actuarial losses for our international pension plans of $233 million at December 31, 2024 and $209 million at December 31, 2023.

HAL 2024 FORM 10-K | 65

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Note 14. Stock-based Compensation
The following table summarizes stock-based compensation costs for the years ended December 31, 2024, 2023, and 2022.
.

| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Stock-based compensation cost | $ | 223 |  | $ | 219 |  | $ | 219 |
Tax benefit | (38) |  | (36) |  | (33) |
Stock-based compensation cost, net of tax | $ | 185 |  | $ | 183 |  | $ | 186 |

Our Stock and Incentive Plan, as amended (Stock Plan), provides for the grant of any or all of the following types of stock-based awards:
- stock options, including incentive stock options and nonqualified stock options;
- restricted stock awards;
- restricted stock unit awards;
- stock appreciation rights; and
- stock value equivalent awards.
There are currently no stock appreciation rights, stock value equivalent awards, or incentive stock options outstanding. Under the terms of the Stock Plan, approximately 284 million shares of common stock have been reserved for issuance to employees and non-employee directors. At December 31, 2024, approximately 23 million shares were available for future grants under the Stock Plan. The stock to be offered pursuant to the grant of an award under the Stock Plan may be authorized but unissued common shares or treasury shares.
In addition to the provisions of the Stock Plan, we also have stock-based compensation provisions under the Restricted Stock Plan for Non-Employee Directors and the Employee Stock Purchase Plan (ESPP).
Each of the active stock-based compensation arrangements is discussed below.
Stock options
There were no stock options granted during 2024 and there are no plans to grant stock options in 2025. All stock options under the Stock Plan were granted at the fair market value of our common stock at the grant date. Employee stock options generally vest ratably over a period of three years and expire ten years from the grant date. Compensation expense for stock options is generally recognized on a straight line basis over the entire vesting period.
The following table represents our stock options activity during 2024.

| Number of Shares (in millions) | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2024 | 14.3 | $ | 45.47 |  |  |
Exercised | (0.3) | 26.89 |  |  |
Forfeited/expired | (3.6) | 58.04 |  |  |
Outstanding at December 31, 2024 | 10.4 | $ | 41.75 |  | 2.4 | $ | 4.0 |
Exercisable at December 31, 2024 | 10.4 | $ | 41.75 |  | 2.4 | $ | 4.0 |

The total intrinsic value of options exercised was $3 million in 2024, $20 million in 2023, and $43 million in 2022. As of December 31, 2024, there was no unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options.
Cash received from issuance of common stock for 2024, 2023, and 2022 was $105 million, $136 million, and $229 million, respectively, of which $9 million, $48 million, and $148 million, respectively, are related to proceeds from exercises of stock options. All other cash received from issuance of common stock during 2024, 2023 and 2022 relates to cash proceeds from the issuance of shares under our employee stock purchase plan.
HAL 2024 FORM 10-K | 66

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility of options granted was a blended rate based upon implied volatility calculated on actively traded options on our common stock and upon the historical volatility of our common stock. The expected term of options granted was based upon historical observation of actual time elapsed between date of grant and exercise of options for all employees. There were no stock options granted for the years ended December 31, 2024, 2023 and 2022.
Restricted stock
Restricted shares issued under the Stock Plan are restricted as to sale or disposition. These restrictions generally lapse periodically over a period of five years. Restrictions may also lapse for early retirement and other conditions in accordance with our established policies. Upon termination of employment, shares on which restrictions have not lapsed must be returned to us, resulting in restricted stock forfeitures. The fair market value of the stock on the date of grant is amortized and charged to income on a straight-line basis over the requisite service period for the entire award.
In 2024, we also granted performance based restricted stock units, with the actual number of shares earned to be determined at the end of a three year performance period based on our achievement of certain predefined targets. These targets are based upon our average return on capital employed as compared to certain competitors and a modifier based upon stock performance compared to the Oilfield Services Index (OSX). A Monte Carlo simulation that uses a probabilistic approach was performed by an actuary to measure grant date fair value. The fair value of these performance based restricted stock units is recognized on a straight-line basis over the three year performance cycle.
The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2024.
.

| Number of Shares (in millions) | Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2024 | 20.9 | $ | 27.42 |
Granted | 7.3 | 36.76 |
Vested | (7.7) | 25.10 |
Forfeited | (1.0) | 29.30 |
Nonvested shares at December 31, 2024 | 19.5 | $ | 31.64 |

The weighted average grant-date fair value of shares granted was $36.76 during 2024, $31.73 during 2023, and $31.40 during 2022. The total fair value of shares vested was $263 million during 2024, $283 million during 2023, and $248 million during 2022. As of December 31, 2024, there was $410 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock, which is expected to be recognized over a weighted average period of three years.
Employee Stock Purchase Plan
Under the ESPP, eligible employees may have up to 10% of their earnings withheld, subject to some limitations, to be used to purchase shares of our common stock. The ESPP contains four three-month offering periods commencing on January 1, April 1, July 1, and October 1 of each year. The price at which common stock may be purchased under the ESPP in 2022, 2023, and 2024 is equal to 90% of the lower of the fair market value of the common stock on the commencement date or last trading day of each offering period. Under the ESPP, 104 million shares of common stock have been reserved for issuance, of which 79 million shares have been sold through the ESPP since the inception of the plan through December 31, 2024 and 25 million shares are available for future issuance. The stock to be offered may be authorized but unissued common shares or treasury shares.
HAL 2024 FORM 10-K | 67

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The fair value of ESPP shares was estimated using the Black-Scholes option pricing model. The expected volatility was a one-year historical volatility of our common stock. The assumptions and resulting fair values were as follows:

| Year Ended December 31,
| 2024 | 2023 | 2022
Expected volatility | 30 | % | 48 | % | 46 | %
Expected dividend yield | 2.00 | % | 1.44 | % | 1.67 | %
Risk-free interest rate | 5.24 | % | 5.11 | % | 1.42 | %
Weighted average grant-date fair value per share | $ | 5.60 |  | $ | 7.16 |  | $ | 5.63 |

Note 15. Income per Share
Basic income or loss per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive.
A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows:

| Year Ended December 31,
Millions of shares | 2024 | 2023 | 2022
Basic weighted average common shares outstanding | 882 |  | 899 |  | 904 |
Dilutive effect of awards granted under our stock incentive plans | 1 |  | 3 |  | 4 |
Diluted weighted average common shares outstanding | 883 |  | 902 |  | 908 |
Antidilutive shares: |  |  |
Options with exercise price greater than the average market price | 10 |  | 12 |  | 15 |
Total antidilutive shares | 10 |  | 12 |  | 15 |

Note 16. Financial Instruments and Risk Management
The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the consolidated balance sheets, approximates fair value due to the short maturities of these instruments.
The carrying amount and fair value of our total debt is as follows:

| December 31, 2024 |  | December 31, 2023
Millions of dollars | Level 1 | Level 2 | Total fair value | Carrying value |  | Level 1 | Level 2 | Total fair value | Carrying value
Total debt | $ | 4,503 |  | $ | 2,825 |  | $ | 7,328 |  | $ | 7,541 |  |  | $ | 7,419 |  | $ | 378 |  | $ | 7,797 |  | $ | 7,636 |

The total fair value of our debt decreased during 2024 primarily as a result of higher bond yields and $100 million in debt repurchases, as discussed in Notes to Consolidated Financial Statements, Note 10.
Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.
HAL 2024 FORM 10-K | 68

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

We are exposed to market risk from changes in foreign currency exchange rates, interest rates, and credit risk. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts, foreign exchange options, interest rate swaps, and CDS’s. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency and interest rates. We do not use derivative instruments for trading purposes. The fair value of our forward contracts, options, and CDS’s was not material as of December 31, 2024 or December 31, 2023. The counterparties to our derivatives are primarily global commercial and investment banks.
Foreign currency exchange risk
We have operations in many international locations and are involved in transactions denominated in currencies other than the U.S. dollar, our functional currency, which exposes us to foreign currency exchange rate risk. Techniques in managing foreign currency exchange risk include, but are not limited to, foreign currency borrowing and investing, and the use of currency exchange instruments. We attempt to selectively manage significant exposures to potential foreign currency exchange losses based on current market conditions, future operating activities, and the associated cost in relation to the perceived risk of loss. The purpose of our foreign currency risk management activities is to minimize the risk that our cash flows from the purchase and sale of products and services in foreign currencies will be adversely affected by changes in exchange rates.
We use forward contracts and options to manage our exposure to fluctuations in the currencies of certain countries in which we do business internationally. These instruments are not treated as hedges for accounting purposes, generally have an expiration date of one year or less, and are not exchange traded. While these instruments are subject to fluctuations in value, the fluctuations are generally offset by the value of the underlying exposures being managed. The use of some of these instruments may limit our ability to benefit from favorable fluctuations in foreign currency exchange rates.
Derivatives are not utilized to manage exposures in some currencies due primarily to the lack of available markets, cost considerations, or immaterial exposures (non-hedged currencies). We attempt to minimize foreign currency exposure in non-hedged currencies and recognize that pricing for the services and products offered in these countries should account for the cost of exchange rate devaluations.
The notional amounts of open foreign exchange derivatives were $781 million at December 31, 2024 and $715 million at December 31, 2023. The notional amounts of these instruments do not generally represent amounts exchanged by the parties, and thus are not a measure of our exposure or of the cash requirements related to these contracts. The fair value of our foreign exchange derivatives as of December 31, 2024 and December 31, 2023 is included in both “Other current assets” and in “Other current liabilities” in our consolidated balance sheets and was immaterial. The fair value of these instruments is categorized within level 2 on the fair value hierarchy and was determined using a market approach with certain inputs, such as notional amounts hedged, exchange rates, and other terms of the contracts that are observable in the market or can be derived from or corroborated by observable data.
Interest rate risk
We are subject to interest rate risk on our debt and investment portfolios. We had fixed rate long-term debt totaling $7.2 billion at December 31, 2024 and $7.6 billion at December 31, 2023. We maintain an interest rate management strategy that is intended to mitigate the exposure to changes in interest rates. As of December 31, 2024 and December 31, 2023, we did not have any interest rate swaps outstanding.
Credit risk
Financial instruments that potentially subject us to concentrations of credit risk are primarily cash equivalents and net trade receivables. It is our practice to place our cash equivalents in high quality investments with various institutions. Our net trade receivables are from a broad and diverse group of customers and are generally not collateralized. As of December 31, 2024, 30% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. As of December 31, 2023, 33% of our net trade receivables were from customers in the United States and 9% were from customers in Mexico. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. See Notes to Consolidated Financial Statements, Note 5 for further information on receivables.
HAL 2024 FORM 10-K | 69

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

We have entered into CDSs with third-party financial institutions that had an aggregate notional amount outstanding as of December 31, 2024 of $739 million related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which a portion of the proceeds were then utilized by this customer to pay certain of our outstanding receivables. Approximately $186 million of the outstanding amount of the CDSs reduces on a monthly basis over its remaining 14-month term and $203 million reduces on a monthly basis over its remaining 18-month term. The remaining $350 million outstanding amount is expected to increase to as much as $805 million in the first quarter of 2025 and will reduce over its remaining 19-month term beginning February 2025.
The fair value of these derivative liabilities was not material at December 31, 2024.
We do not have any significant concentrations of credit risk with any individual counterparty to our derivative contracts. We select counterparties to those contracts based on our belief that each counterparty’s profitability, balance sheet, and capacity for timely payment of financial commitments is unlikely to be materially adversely affected by foreseeable events.
Note 17. Retirement Plans
Our company and subsidiaries have various plans that cover a significant number of our employees. These plans include defined contribution plans, defined benefit plans, and other postretirement plans:
- Our defined contribution plans provide retirement benefits in return for services rendered. These plans provide an individual account for each participant and have terms that specify how contributions to the participant’s account are to be determined rather than the amount of pension benefits the participant is to receive. Contributions to these plans are based on a percentage of pre-tax income, after-tax income, or discretionary amounts determined on an annual basis. Our expense for the defined contribution plans totaled $182 million in 2024, $181 million in 2023, and $160 million in 2022. The increase in expense from 2023 to 2024 was due to headcount and salary increase for the year ended December 31, 2024. The increase in expense from 2022 to 2023 was also due to headcount and salary increase.
- Our defined benefit plans, which include both overfunded and underfunded pension plans, define an amount of pension benefit to be provided, usually as a function of age, years of service and/or compensation. The underfunded obligations and net periodic benefit cost of our United States defined benefit plans were not material for the periods presented.
- Our postretirement plans other than pensions are offered to specific eligible employees. The accumulated benefit obligations and net periodic benefit cost for these plans were not material for the periods presented.
- In 2024, an annuity purchase transaction, commonly known as a ‘buy-in’, was executed for the pension plan in the United Kingdom. The buy-in agreement was secured by paying a premium of approximately $590 million from plan assets. Under the terms of the insurance contract, which were issued by a third-party insurance company with no affiliation to the Company, all pension obligations will be funded by the insurer’s annuity payments. However, the plan retains full legal responsibility to pay the benefits to plan participants using the insurance payments. As the plan maintains full legal responsibility, and the insurance contract is considered an asset of the plan, settlement accounting has not been applied.
Funded status
For our international pension plans, at December 31, 2024, the projected benefit obligation was $773 million and the fair value of plan assets was $594 million, which resulted in an underfunded obligation of $179 million. At December 31, 2023, the projected benefit obligation was $745 million and the fair value of plan assets was $622 million, which resulted in an underfunded obligation of $123 million. The accumulated benefit obligation for our international plans was $694 million at December 31, 2024 and $672 million at December 31, 2023. The increase in projected benefit obligation and accumulated benefit obligation from 2023 to 2024 was due to assumption changes, mainly a decrease in discount rate.
HAL 2024 FORM 10-K | 70

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The following table presents additional information about our international pension plans.

| December 31,
Millions of dollars | 2024 | 2023
Amounts recognized on the Consolidated Balance Sheets |  |
Other assets | $ | 11 |  | $ | 39 |
Accrued employee compensation and benefits | 11 |  | 10 |
Employee compensation and benefits | 177 |  | 154 |
Pension plans in which projected benefit obligation exceeded plan assets |  |
Projected benefit obligation | $ | 200 |  | $ | 179 |
Fair value of plan assets | 12 |  | 15 |
Pension plans in which accumulated benefit obligation exceeded plan assets |  |
Accumulated benefit obligation | $ | 122 |  | $ | 106 |
Fair value of plan assets | 12 |  | 15 |

Fair value measurements of plan assets
The fair value of our plan assets categorized within level 1 on the fair value hierarchy is based on quoted prices in active markets for identical assets. The fair value of our plan assets categorized within level 2 on the fair value hierarchy is based on significant observable inputs for similar assets. The fair value of our plan assets categorized within level 3 on the fair value hierarchy is based on significant unobservable inputs.
HAL 2024 FORM 10-K | 71

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.

Millions of dollars | Level 1 | Level 2 | Level 3 | Net Asset Value (a) | Total
Cash and equivalents | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Bond funds (b) | — |  | 11 |  | — |  | — |  | 11 |
Real estate funds (c) | — |  | — |  | — |  | 8 |  | 8 |
Other investments (d) | 1 |  | 9 |  | 565 |  | — |  | 575 |
Fair value of plan assets at December 31, 2024 | $ | 1 |  | $ | 20 |  | $ | 565 |  | $ | 8 |  | $ | 594 |
Cash and equivalents | $ | 29 |  | $ | 234 |  | $ | — |  | $ | — |  | $ | 263 |
Bond funds (e) | — |  | 159 |  | — |  | 156 |  | 315 |
Real estate funds (c) | — |  | — |  | — |  | 30 |  | 30 |
Other investments (d) | 1 |  | 11 |  | 2 |  | — |  | 14 |
Fair value of plan assets at December 31, 2023 | $ | 30 |  | $ | 404 |  | $ | 2 |  | $ | 186 |  | $ | 622 |
(a) | Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.
(b) | Strategy of bond funds is to invest in fixed income securities meeting certain ratings thresholds focused on mitigating interest rate risk and protecting funded status.
(c) | Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(d) | Other investments consist of insurance contracts, a buy-in annuity insurance contract, balanced funds, and government bonds. The fair value of the buy-in annuity insurance contract is determined using the quote provided by an insurance company, reflecting prevailing market conditions for similar transactions.
(e) | Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.

Level 3 Rollforward
The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2024. Level 3 assets in 2023 were immaterial.

Millions of dollars | 2024
Balance at the beginning of the year | $ | 2 |
Purchase of insurance contract | 590 |
Return on assets | (18) |
Payment from the insurance policy | (9) |
Balance at the end of the year | $ | 565 |

Risk management practices for these plans include diversification by issuer, industry, and geography, where permitted, as well as by asset classes and investment managers. Our United Kingdom pension plan, which constituted 73% of our international pension plans’ projected benefit obligation on December 31, 2024, is no longer accruing service benefits and completed a pension buy-in transaction during 2024 entering into a bulk annuity contract with an insurance company. The bulk annuity contract effectively covers all benefit payments to members. The investments backing the contract are invested at the discretion of the insurance company, which assumes the investment risk associated with these assets.
Net periodic benefit cost
Net periodic benefit cost for our international pension plans was $43 million in 2024, $32 million in 2023, and $14 million in 2022.
Actuarial assumptions
Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:

| 2024 | 2023
Discount rate | 5.3% | 5.1%
Rate of compensation increase | 4.9% | 5.6%

HAL 2024 FORM 10-K | 72

Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:

| 2024 | 2023 | 2022
Discount rate | 5.1% | 5.6% | 2.3%
Expected long-term return on plan assets | 4.0% | 3.8% | 3.0%
Rate of compensation increase | 2.9% | 5.4% | 5.3%

Assumed long-term rates of return on plan assets, discount rates for estimating benefit obligations, and rates of compensation increases vary by plan according to local economic conditions. Where possible, discount rates were determined based on the prevailing market rates of a portfolio of high-quality debt instruments with maturities matching the expected timing of the payment of the benefit obligations. Expected long-term rates of return on plan assets were determined based upon an evaluation of our plan assets and historical trends and experience, taking into account current and expected market conditions.
Other information
Contributions. Funding requirements for each plan are determined based on the local laws of the country where such plan resides. In certain countries the funding requirements are mandatory, while in other countries they are discretionary. We currently expect to contribute $1 million to our international pension plans in 2025.
Benefit payments. Expected benefit payments over the next 10 years for our international pension plans are as follows: $38 million in 2025, $32 million in 2026, $34 million in 2027, $37 million in 2028, $37 million in 2029, and an aggregate $225 million in years 2030 through 2034.
Note 18. New Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03 (Subtopic 220-40), “Disaggregation of Income Statement Expenses” (DISE), which requires additional disclosure of certain expense captions presented on the face of the Company’s income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied on a prospective or retrospective basis, with early adoption permitted. We are currently evaluating the effect that adoption of ASU 2024-03 will have on our disclosures.
HAL 2024 FORM 10-K | 73

Table of Contents | Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9(a). Controls and Procedures.
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 December 31, 2024 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 months ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
See page 40 for Management’s Report on Internal Control Over Financial Reporting and page 43 for Report of Independent Registered Public Accounting Firm on its assessment of our internal control over financial reporting.
Item 9(b). Other Information.
During the quarter ended December 31, 2024, the following officers of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, and no trading arrangements were adopted or terminated by directors of the Company.

Reporting Officer | Title | Reporting Action | Plan Adoption Date | Plan End Date | Aggregated Shares Covered | Intended to Satisfy Rule 10b5-1?
Eric J. Carre | Executive Vice President and Chief Financial Officer | Plan Adoption | 11/12/2024 | 11/11/2025 | 348,344 | Yes
Van H. Beckwith | Executive Vice President, Secretary and Chief Legal Officer | Plan Adoption | 11/12/2024 | 11/11/2025 | 267,681 | Yes
Lawrence J. Pope | Executive Vice President of Administration and Chief Human Resources Officer | Plan Adoption | 11/13/2024 | 11/11/2025 | 144,500 | Yes
Mark J. Richard | President - Western Hemisphere | Plan Adoption | 11/12/2024 | 11/11/2025 | 105,186 | Yes
Shannon Slocum | President - Eastern Hemisphere | Plan Adoption | 11/12/2024 | 11/11/2025 | 80,828 | Yes
Timothy M. McKeon | Senior Vice President and Treasurer | Plan Adoption | 11/12/2024 | 11/11/2025 | 47,240 | Yes
Charles E. Geer, Jr. | Senior Vice President and Chief Accounting Officer | Plan Adoption | 11/12/2024 | 11/11/2025 | 38,700 | Yes
Jill D. Sharp | Senior Vice President, Internal Assurance Services | Plan Adoption | 11/12/2024 | 11/11/2025 | 30,930 | Yes

Item 9(c). Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
HAL 2024 FORM 10-K | 74

Table of Contents | Item 10 | Directors, Executive Officers and Corporate Governance

PART III
Item 10. Directors, Executive Officers, and Corporate Governance.
The information required for the directors of the Registrant is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the captions “Election of Directors” and “Involvement in Certain Legal Proceedings.” The information required for the directors and executive officers of the Registrant is included under Part I on pages 7 and 8 of this annual report. The information required for a delinquent form required under Section 16(a) of the Securities Exchange Act of 1934 is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Delinquent Section 16(a) Reports,” to the extent any disclosure is required. The information for our code of ethics is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Corporate Governance.” The information regarding procedures by which security holders may recommend nominees to the registrant’s board of directors is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Shareholder Nominations of Directors.” The information regarding our Audit Committee and the independence of its members, along with information about the audit committee financial expert(s) serving on the Audit Committee, is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “The Board of Directors and Standing Committees of Directors.” The information regarding insider trading arrangements is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Insider Trading Policies” and also within our Company’s policies titled “Use of Material Nonpublic Information, Securities Trading Windows, and Hedging and Pledging of Company Securities,” and “Securities Trading of Company Securities by the Company,” which are filed as Exhibit 19.1 and Exhibit 19.2, respectively, to this annual report.
Item 11. Executive Compensation.
This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the captions “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Summary Compensation Table,” “Grants of Plan-Based Awards in Fiscal 2024,” “Outstanding Equity Awards at Fiscal Year End 2024,” “2024 Option Exercises and Stock Vested,” “2024 Nonqualified Deferred Compensation,” “Employment Contracts and Change-in-Control Arrangements,” “Post-Termination or Change-in-Control Payments,” “Directors’ Compensation” and “CEO Pay Ratio.”
Item 12(a). Security Ownership of Certain Beneficial Owners.
This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Stock Ownership of Certain Beneficial Owners and Management.”
Item 12(b). Security Ownership of Management.
This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Stock Ownership of Certain Beneficial Owners and Management.”
Item 12(c). Changes in Control.
Not applicable.
Item 12(d). Securities Authorized for Issuance Under Equity Compensation Plans.
This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Equity Compensation Plan Information.”
Item 13. Certain Relationships and Related Transactions, and Director Independence.
This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Corporate Governance” to the extent any disclosure is required, and under the caption “The Board of Directors and Standing Committees of Directors.”
Item 14. Principal Accounting Fees and Services.
This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2025 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Fees Paid to KPMG LLP.” Our independent registered public accounting firm is KPMG LLP, Houston, TX PCAOB ID:185.
HAL 2024 FORM 10-K | 75

Table of Contents |  | Item 15 | Exhibits

PART IV
Item 15. Exhibits.

| 1. | Financial Statements:
|  | The reports of the Independent Registered Public Accounting Firm and the financial statements of Halliburton Company are included within Part II, Item 8 of this Annual Report on Form 10-K.
| 2. | Financial Statement Schedules:
|  | The schedules listed in Rule 5-04 of Regulation S-X (17 CFR 210.5-04) have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto.
| 3. | Exhibits:
| Exhibit |
| Number |
| 3.1 | Amended and Restated Certificate of Incorporation of Halliburton Company filed with the Secretary of State of Delaware on May 17, 2023 (incorporated by reference to Exhibit 3.1 to Halliburton’s Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492).
| 3.2 | By-laws of Halliburton Company revised effective May 2, 2024 (incorporated by reference to Exhibit 3.1 of Halliburton’s Form 8-K filed May 3, 2024, File No. 001-03492).
| 4.1 | Second Senior Indenture dated as of December 1, 1996 between the Predecessor and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee, as supplemented and amended by the First Supplemental Indenture dated as of December 5, 1996 between the Predecessor and the Trustee and the Second Supplemental Indenture dated as of December 12, 1996 among the Predecessor, Halliburton and the Trustee (incorporated by reference to Exhibit 4.2 of Halliburton’s Registration Statement on Form 8-B dated December 12, 1996, File No. 001-03492).
| 4.2 | Third Supplemental Indenture dated as of August 1, 1997 between Halliburton and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee, to the Second Senior Indenture dated as of December 1, 1996 (incorporated by reference to Exhibit 4.7 to Halliburton’s Form 10-K for the year ended December 31, 1998, File No. 001-03492).
| 4.3 | Fourth Supplemental Indenture dated as of September 29, 1998 between Halliburton and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee, to the Second Senior Indenture dated as of December 1, 1996 (incorporated by reference to Exhibit 4.8 to Halliburton’s Form 10-K for the year ended December 31, 1998, File No. 001-03492).
| 4.4 | Resolutions of Halliburton’s Board of Directors adopted by unanimous consent dated December 5, 1996 (incorporated by reference to Exhibit 4(g) of Halliburton’s Form 10-K for the year ended December 31, 1996, File No. 001-03492).
| 4.5 | Form of debt security of 6.75% Notes due February 1, 2027 (incorporated by reference to Exhibit 4.1 to Halliburton’s Form 8-K dated as of February 11, 1997, File No. 001-03492).
| 4.6 | Copies of instruments that define the rights of holders of miscellaneous long-term notes of Halliburton Company and its subsidiaries have not been filed with the Commission. Halliburton Company agrees to furnish copies of these instruments upon request.

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| 4.7 | Form of Indenture dated as of April 18, 1996 between Dresser and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee (incorporated by reference to Exhibit 4 to Dresser’s Registration Statement on Form S-3/A filed on April 19, 1996, Registration No. 333-01303), as supplemented and amended by Form of First Supplemental Indenture dated as of August 6, 1996 between Dresser and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), Trustee, for 7.60% Debentures due 2096 (incorporated by reference to Exhibit 4.1 to Dresser’s Form 8-K filed on August 9, 1996, File No. 1-4003).
| 4.8 | Second Supplemental Indenture dated as of October 27, 2003 between DII Industries, LLC and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee, to the Indenture dated as of April 18, 1996 (incorporated by reference to Exhibit 4.15 to Halliburton’s Form 10-K for the year ended December 31, 2003, File No. 001-03492).
| 4.9 | Third Supplemental Indenture dated as of December 12, 2003 among DII Industries, LLC, Halliburton Company and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee, to the Indenture dated as of April 18, 1996, (incorporated by reference to Exhibit 4.16 to Halliburton’s Form 10-K for the year ended December 31, 2003, File No. 001-03492).
| 4.10 | Indenture dated as of October 17, 2003 between Halliburton Company and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee (incorporated by reference to Exhibit 4.1 to Halliburton’s Form 10-Q for the quarter ended September 30, 2003, File No. 001-03492).
| 4.11 | Second Supplemental Indenture dated as of December 15, 2003 between Halliburton Company and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.27 to Halliburton’s Form 10-K for the year ended December 31, 2003, File No. 001-03492).
| 4.12 | Form of note of 7.6% debentures due 2096 (included as Exhibit A to Exhibit 4.11).
| 4.13 | Fourth Supplemental Indenture, dated as of September 12, 2008, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed September 12, 2008, File No. 001-03492).
| 4.14 | Form of Global Note for Halliburton’s 6.70% Senior Notes due 2038 (included as part of Exhibit 4.13).
| 4.15 | Fifth Supplemental Indenture, dated as of March 13, 2009, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed March 13, 2009, File No. 001-03492).
| 4.16 | Form of Global Note for Halliburton’s 7.45% Senior Notes due 2039 (included as part of Exhibit 4.15).
| 4.17 | Sixth Supplemental Indenture, dated as of November 14, 2011, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed November 14, 2011, File No. 001-03492).
| 4.18 | Form of Global Note for Halliburton’s 4.50% Senior Notes due 2041 (included as part of Exhibit 4.17).
| 4.19 | Seventh Supplemental Indenture, dated as of August 5, 2013, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit 4.2 of Halliburton’s Form 8-K filed August 5, 2013, File No. 001-03492).

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| 4.20 | Form of Global Note for Halliburton’s 4.75% Senior Notes due 2043 (included as part of Exhibit 4.19).
| 4.21 | Eighth Supplemental Indenture, dated as of November 13, 2015, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed November 13, 2015, File No. 001-03492).
| 4.22 | Form of Global Note for Halliburton’s 3.800% Senior Notes due 2025 (included as part of Exhibit 4.21).
| 4.23 | Form of Global Note for Halliburton’s 4.850% Senior Notes due 2035 (included as part of Exhibit 4.21).
| 4.24 | Form of Global Note for Halliburton’s 5.000% Senior Notes due 2045 (included as part of Exhibit 4.21).
| 4.25 | Description of the Regis t rant’s Securities Regist ered Pursuant to Section 12 of the Securities Exchange Act o f 1934 (incorporated by reference to Exhibit 4.25 of Halliburton’s Form 10-K filed February 6, 2024, File No. 001-03492).
| 4.26 | Ninth Supplemental Indenture, dated as of March 3, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed March 3, 2020, File No. 001-03492).
| 4.27 | Form of Global Note for the Company’s 2.920% Senior Notes due 2030 (included as part of Exhibit 4.26).
† | 10.1 | Halliburton Company Stock and Incentive Plan, as amended and restated effective February 13, 2024 (incorporated by reference to Appendix A of Halliburton's proxy statement filed April 2, 2024, File No. 001-03492).
† | 10.2 | Dresser Industries, Inc. Deferred Compensation Plan, as amended and restated effective January 1, 2000 (incorporated by reference to Exhibit 10.16 to Halliburton’s Form 10-K for the year ended December 31, 2000, File No. 001-03492).
† | 10.3 | ERISA Excess Benefit Plan for Dresser Industries, Inc., as amended and restated effective June 1, 1995 (incorporated by reference to Exhibit 10.7 to Dresser’s Form 10-K for the year ended October 31, 1995, File No. 1-4003).
† | 10.4 | Halliburton Company Directors’ Deferred Compensation Plan, as amended and restated effective May 16, 2012 (incorporated by reference to Exhibit 10.5 to Halliburton’s Form 10-Q for the quarter ended June 30, 2012, File No. 001-03492).
† | 10.5 | Halliburton Company Employee Stock Purchase Plan, as amended and restated effective February 17, 2021 (incorporated by reference to Appendix B of Halliburton’s proxy statement filed April 6, 2021, File No. 001-03492).
† | 10.6 | First Amendment to Restricted Stock Plan for Non-Employee Directors of Halliburton Company, effective December 7, 2011 (incorporated by reference to Exhibit 10.41 to Halliburton’s Form 10-K for the year ended December 31, 2011, File No. 001-03492).
† | 10.7 | Second Amendment to Restricted Stock Plan for Non-Employee Directors of Halliburton Company, effective May 16, 2012 (incorporated by reference to Exhibit 10.4 to Halliburton’s Form 10-Q for the quarter ended June 30, 2012, File No. 001-03492).

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† | 10.8 | Third Amendment to Restricted Stock Plan for Non-Employee Directors of Halliburton Company, effective December 1, 2012 (incorporated by reference to Exhibit 10.44 to Halliburton’s Form 10-K for the year ended December 31, 2012, File No. 001-03492).
† | 10.9 | First Amendment dated December 1, 2012 to Halliburton Company Directors’ Deferred Compensation Plan, as amended and restated effective May 16, 2012 (incorporated by reference to Exhibit 10.45 to Halliburton’s Form 10-K for the year ended December 31, 2012, File No. 001-03492).
† | 10.10 | Executive Agreement (Myrtle L. Jones) (incorporated by reference to Exhibit 10.1 to Halliburton’s Form 10-Q for the quarter ended March 31, 2013, File No. 001-03492).
† | 10.11 | Executive Agreement (Timothy McKeon) (incorporated by reference to Exhibit 10.49 to Halliburton’s Form 10-K for the year ended December 31, 2013, File No. 001-03492).
† | 10.12 | Executive Agreement (Charles E. Geer, Jr.) (incorporated by reference to Exhibit 10.2 to Halliburton’s Form 8-K filed December 9, 2014, File No. 001-03492).
† | 10.13 | Halliburton Annual Performance Pay Plan, as amended and restated effective January 1, 2019) (incorporated by reference to Exhibit 10.7 to Halliburton’s Form 10-Q for the quarter ended June 30, 2019, File No. 001-03492).
† | 10.14 | Form of Non-Employee Director Restricted Stock Agreement (Directors Plan) (incorporated by reference as Exhibit 99.5 of Halliburton’s Form S-8 filed May 21, 2009, Registration No. 333-159394).
† | 10.15 | Form of Non-Employee Director Restricted Stock Agreement (Stock and Incentive Plan) (incorporated by reference to Exhibit 10.43 to Halliburton’s Form 10-K for the year ended December 31, 2011, File No. 001-03492).
† | 10.16 | Executive Agreement (Jeffrey A. Miller) (incorporated by reference to Exhibit 10.1 to Halliburton’s Form 8-K filed June 5, 2017, File No. 001-03492).
† | 10.17 | Form of Nonstatutory Stock Option Agreement (U.S.) (incorporated by reference as Exhibit 99.2 of Halliburton’s Form S-8 filed May 17, 2019, Registration No. 333-231571).
† | 10.18 | Form of Nonstatutory Stock Option Agreement (International) (incorporated by reference as Exhibit 99.3 of Halliburton’s Form S-8 filed May 17, 2019, Registration No. 333-231571).
† | 10.19 | Executive Agreement (Eric J. Carre) (incorporated by reference as Exhibit 10.46 of Halliburton’s Form 10-K for the year ended December 31, 2017, File No. 001-03492).
† | 10.20 | Executive Agreement (Lawrence J. Pope) (incorporated by reference as Exhibit 10.47 of Halliburton’s Form 10-K for the year ended December 31, 2017, File No. 001-03492).
† | 10.21 | Second Amendment dated January 1, 2019, to Halliburton Company Directors’ Deferred Compensation Plan, as amended and restated effective May 16, 2012 (incorporated by reference as Exhibit 10.47 of Halliburton’s Form 10-K for the year ended December 31, 2018, File No. 001-03492).
† | 10.22 | Executive Agreement (Mark J. Richard) (incorporated by reference as Exhibit 10.48 of Halliburton’s Form 10-K for the year ended December 31, 2018, File No. 001-03492).

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† | 10.23 | Halliburton Company Performance Unit Program, as amended and restated effective January 1, 2019 (incorporated by reference as Exhibit 10.8 of Halliburton’s Form 10-Q for the quarter ended June 30, 2019, File No. 001-03492).
| 10.24 | U.S. $3,500,000,000 Five Year Revolving Credit Agreement among Halliburton, as Borrower, the Banks party thereto, and Citibank, N.A., as Agent (incorporated by reference to Exhibit 10.1 to Halliburton’s Form 8-K filed April 28, 2022, File No. 001-03492).
† | 10.25 | Halliburton Company Supplemental Executive Retirement Plan, as amended and restated effective December 5, 2019 (incorporated by reference as Exhibit 10.41 of Halliburton’s Form 10-K for the year ended December 31, 2019, File No. 001-03492).
† | 10.26 | Halliburton Company Benefit Restoration Plan, as amended and restated effective December 5, 2019 (incorporated by reference as Exhibit 10.42 of Halliburton’s Form 10-K for the year ended December 31, 2019, File No. 001-03492).
† | 10.27 | Halliburton Elective Deferral Plan, as amended and restated effective December 5, 2019 (incorporated by reference as Exhibit 10.43 of Halliburton’s Form 10-K for the year ended December 31, 2019, File No. 001-03492).
† | 10.28 | Executive Agreement (Van H. Beckwith) (incorporated by reference as Exhibit 10.42 of Halliburton’s Form 10-K for the year ended December 31, 2020, File No. 001-03492).
† | 10.29 | Executive Agreement (Jill D. Sharp) (incorporated by reference as Exhibit 10.40 of Halliburton’s Form 10-K for the year ended December 31, 2021, File No. 001-03492).
† | 10.30 | Amendment effective January 1, 2022, to Halliburton Annual Performance Pay Plan, as amended and restated effective as of January 1, 2019 (incorporated by reference as Exhibit 10.1 of Halliburton’s Form 10-Q for the quarter ended March 31, 2022, File No. 001-03492).
† | 10.31 | Amendment effective January 1, 2020, to Halliburton Company Performance Unit Program, as amended and restated effective as of January 1, 2019 (incorporated by reference as Exhibit 10.2 of Halliburton’s Form 10-Q for the quarter ended March 31, 2022, File No. 001-03492).
† | 10.32 | Executive Agreement (Shannon Slocum) (incorporated by reference as Exhibit 10.1 of Halliburton’s Form 10-Q for the quarter ended March 31, 2023, File No. 001-03492).
| 10.33 | Form of Indemnification Agreement for Officers (incorporated by reference as Exhibit 10.1 of Halliburton’s Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492).
| 10.34 | Form of Indemnification Agreement for Directors (incorporated by reference as Exhibit 10.2 of Halliburton’s Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492).
† | 10.35 | Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.36 of Halliburton’s F orm 10-K filed February 6, 2024, File No. 001-03492).
† | 10.36 | Form of Restricted Stock Unit Agreement (International) (incorporated by reference to Exhibit 10.37 of Halliburton’s F orm 10-K filed February 6, 2024, File No. 001-03492).
† | 10.37 | Form of Restricted Stock Unit Agreement (U.S. Expat) (incorporated by reference to Exhibit 10.38 of Halliburton’s F orm 10-K filed February 6, 2024, File No. 001-03492).

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† | 10.38 | Form of Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10.39 of Halliburton’s F orm 10-K filed February 6, 2024, File No. 001-03492).
*† | 10.39 | Form of Restricted Stock Agreement.
*† | 10.40 | Form of Restricted Stock Unit Agreement (International).
*† | 10.41 | Form of Restricted Stock Unit Agreement (U.S. Expat).
*† | 10.42 | Form of Performance Share Unit Award Agreement.
*† | 10.43 | Form of Non-Management Director Restricted Stock Unit Agreement (Stock and Incentive Plan).
* | 19.1 | Company Policy: Use of Material Nonpublic Information, Securities Trading Windows, and Hedging and Pledging of Company Securities.
* | 19.2 | Company Policy: Securities Trading of Company Securities by the Company.
* | 21.1 | Subsidiaries of the Registrant.
* | 23.1 | Consent of KPMG LLP.
* | 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
* | 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
** | 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
** | 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
* | 95 | Mine Safety Disclosures.
| 97.1 | Company Policy: Recoupment of Incentive Compensation Following a Restatement (incorporated by reference to Exhibit 97.1 of Halliburton’s Form 10-K filed February 6, 2024, File No. 001-03492).
* | 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
* | 101.SCH | XBRL Taxonomy Extension Schema Document
* | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document
* | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document
* | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document
* | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document

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* | 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
| * Filed with this Form 10-K.
| ** Furnished with this Form 10-K.
| † Management contracts or compensatory plans or arrangements.

Item 16. Form 10-K Summary.
None.
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Table of Contents |  |

SIGNATURES
As required by Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has authorized this report to be signed on its behalf by the undersigned authorized individuals on this 12th day of February, 2025.

| HALLIBURTON COMPANY
By | /s/ Jeffrey A. Miller
| Jeffrey A. Miller
| Chairman of the Board, President and Chief Executive Officer

As required by the Securities Exchange Act of 1934, this report has been signed below by the following persons in the capacities indicated on this 12th day of February, 2025.

Signature | Title
/s/ Jeffrey A. Miller | Chairman of the Board, Director, President and
Jeffrey A. Miller | Chief Executive Officer
/s/ Eric J. Carre | Executive Vice President and
Eric J. Carre | Chief Financial Officer
/s/ Charles E. Geer, Jr. | Senior Vice President and
Charles E. Geer, Jr. | Chief Accounting Officer

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Table of Contents |  |

Signature | Title
/s/ Abdulaziz F. Al Khayyal | Director
Abdulaziz F. Al Khayyal |
/s/ William E. Albrecht | Director
William E. Albrecht |
/s/ M. Katherine Banks | Director
M. Katherine Banks |
/s/ Alan M. Bennett | Director
Alan M. Bennett |
/s/ Earl M. Cummings | Director
Earl M. Cummings |
/s/ Murry S. Gerber | Director
Murry S. Gerber |
/s/ Robert A. Malone | Director
Robert A. Malone |
/s/ Bhavesh V. Patel | Director
Bhavesh V. Patel |
/s/ Maurice S. Smith | Director
Maurice S. Smith |
/s/ Janet L. Weiss | Director
Janet L. Weiss |
/s/ Tobi M. Edwards Young | Director
Tobi M. Edwards Young |

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