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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, 2025
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
|  | NYSE Texas
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, 2025, determined using the per share
closing price on the New York Stock Exchange Composite tape of $20.38 on that date, was approximately $15.2 billion.
As of January 30, 2026, there were 837,548,345 shares of Halliburton Company Common Stock, $2.50 par value per share, outstanding.
Portions of the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) are incorporated
by reference into Part III of this report.
i
HALLIBURTON COMPANY
Index to Form 10-K
For the Year Ended December 31, 2025

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 2025 Compared to 2024 | 29
| Results of Operations in 2024 Compared to 2023 | 32
| Critical Accounting Estimates | 33
| Financial Instrument Market Risk | 36
| Environmental Matters | 37
| Forward-Looking Information | 37
| New Accounting Standards Not Yet Adopted | 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 | 75
Item 9(a). | Controls and Procedures | 75
Item 9(b). | Other Information | 75
Item 9(c). | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 75
PART III |  |
Item 10. | Directors, Executive Officers, and Corporate Governance | 76
Item 11. | Executive Compensation | 76
Item 12(a). | Security Ownership of Certain Beneficial Owners | 76
Item 12(b). | Security Ownership of Management | 76
Item 12(c). | Changes in Control | 76
Item 12(d). | Securities Authorized for Issuance Under Equity Compensation Plans | 76
Item 13. | Certain Relationships and Related Transactions, and Director Independence | 76
Item 14. | Principal Accounting Fees and Services | 77
PART IV |  |
Item 15. | Exhibits and Financial Statement Schedules | 77
Item 16. | Form 10-K Summary | 83
SIGNATURES |  | 84

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Table of Contents |  | Item 1 | Business

PART I
Item 1. Business.
Description of business and strategy
Halliburton Company (Halliburton) 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 46,000 employees, representing 146 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.
2025 Highlights
- Financial: Our total revenue decreased 3% in 2025 as compared to 2024. Our International revenue decreased 2%
and our North America revenue decreased 6% in 2025 compared to 2024. Overall, our Completion and Production
and Drilling and Evaluation operating segments finished the year with 17% and 15% operating margins,
respectively. We generated $2.9 billion of cash flows from operations and retired $382 million of our 3.8% notes
due November 2025.
- Capital efficiency: We developed technologies and made strategic choices that kept our capital expenditures at
approximately 6% of revenue, which matched our target.
- Shareholder returns: We returned $1.6 billion of capital to shareholders through dividends and share repurchases,
which is consistent with our capital returns framework.
- Sustainability: We continued progress toward a sustainable energy future by maintaining Halliburton Labs’ 38
participant and alumni organizations, and achieving the milestone of 50% of our North American fracturing fleet
transitioned to Zeus electric pumps.
2026 Focus
- International: Consistently increase international growth in directional drilling, unconventionals, well intervention,
and artificial lift businesses. Develop our strategic collaboration with VoltaGrid around behind-the-mete r power
generation.
- North America: Maximize value by, among other things, utilizing our Zeus IQ electric fracturing platform, our
iCruise rotary steerable systems and LOGIX automation.
- 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 about $1.1 billion, while leveraging 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, grow our low carbon energy business, 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, 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.
-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.
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-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. We have made a strategic decision to market for sale a portion
of our chemical business. We expect the sale to be completed in the first half of 2026.
-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 via modular and scalable systems that simplify complex subsea operations and a range
of managed pressure drilling solutions like underbalanced drilling, rotating control devices and continuous
circulating systems.
-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,
2025 and 2024.
2025 Revenue By S egment
2024 Revenue By Segment
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 (HSE) 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 2025,
2024, and 2023, based on the location of services provided and products sold 39%, 40%, and 44%, respectively, of our
consolidated revenue was from the United States (U.S.). 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, 2025 and 2024.
2025 Revenue By Region
2024 Revenue By Region
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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, 2025, we employed over 46,000 people worldwide representing 146
nationalities and operated in more than 70 countries, with approximately 22% of our employees subject to collective bargaining
agre ement s. 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 having a positive impact on communities where we work. In 2025, 91% of our workforce and
85% of management were on local terms in the countries where they work.
Recruiting and Turnover
Given the size and geographic scope of our workforce, we have a robust global talent management organization, which
includes personnel focused on recruiting and progressing talent across all levels of the new organization, with an emphasis on
retention and development. In 2025, we hired about 6,400 new employees and experienced modest voluntary turnover of 9%.
HAL 2025 FORM 10-K | 5

Table of Contents |  | Item 1 | Business

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. Our executive education programs
are one of our most significant investments in developing future leaders.
As part of our commitment to employee engagement, we invite employees to share anonymous feedback about
different topics including their performance, development, and work environment. Notably, according to a survey we conducted
in August 2025, 93% of responding employees would recommend Halliburton as a great place to work. This is especially
meaningful since 84% 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, life insurance, retirement plans, paid time off, emergency childcare, and third-party discounts. Our Global
Employee Assistance Program provides mental health and wellness related training and education for employees. In 2025, our
monthly Lessons for Life web series covered topics such as stress management and the importance of healthy sleeping habits.
We also conducted mental health awareness campaigns tailored to address employee needs in different geographies.
Safe ty
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 2025, the operational discipline of our Halliburton Management System and our focus on
execution enabled us to outperform our industry group HSE indicators. For the years ended December 31, 2025 and 2024, our
total recordable incident rates were 0.24 and 0.24 (incidents per 200,000 hours worked), lost-time incident rates were 0.07 and
0.06 (incidents per 200,000 hours worked), and preventable recordable vehicle incident rates were 0.07 and 0.06 (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 of 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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Table of Contents |  | Item 1 | Business

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
2025, 2024, or 2023. 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.
HAL 2025 FORM 10-K | 7

Table of Contents |  | Item 1 | Business

Executive Officers of the Registrant
The following table indicates the names and ages of the executive officers of Halliburton, as of February 6, 2026,
including all offices and positions held by each at Halliburton during the last five years:

| Name and Age | Offices Held and Term of Office
| Van H. Beckwith (Age 60) | Executive Vice President, Secretary, and Chief Legal Officer, since December 2020
| Eric J. Carre (Age 59) | Executive Vice President and Chief Financial Officer, since May 2022
| Executive Vice President, Global Business Lines, May 2016 to April 2022
| Stephanie S. Holzhauser (Age 46) | Senior Vice President and Chief Accounting Officer, since July 2025
| Vice President, Finance, September 2021 to July 2025
|  | Senior Director, Global Business Lines, October 2014 to August 2021
| Timothy M. McKeon (Age 53) | Senior Vice President and Treasurer, since January 2022
| Vice President and Treasurer, January 2014 to December 2021
| Jeffrey A. Miller (Age 62) | Chairman of the Board, President, and Chief Executive Officer, since January 2019
| Lawrence J. Pope (Age 57) | Executive Vice President and Chief Administrative Officer, since January 2026
|  | Executive Vice President of Administration and Chief Human Resources Officer, January 2008 to December 2025
| M. Casey Maxwell (Age 44) | President, Western Hemisphere, since February 2026
| Senior Vice President, North America Land, July 2024 to January 2026
| Vice President, Argentina, July 2023 to June 2024
| Vice President, Permian Basin, January 2019 to June 2023
| Jill D. Sharp (Age 55) | Senior Vice President, Internal Assurance Services, since January 2022
| Vice President, Internal Assurance Services, September 2021 to December 2021
| Vice President, Finance - Western Hemisphere, October 2016 to August 2021
| J. Shannon Slocum (Age 53) | Director, Executive Vice President and Chief Operating Officer, since January 2026
| President, Eastern Hemisphere, March 2023 to December 2025
| Senior Vice President, Global Business Development and Marketing, January 2020 to February 2023
| Rami M. Yassine (Age 46) | President, Eastern Hemisphere, since January 2026
| Senior Vice President, Middle East and North Africa, May 2024 to December 2025
| Senior Vice President, Drilling and Evaluation, January 2022 to April 2024
| Vice President, Sperry Drilling, January 2021 to December 2021

There are no family relation ships between the executive officers of the registrant or between any director and any
executive officer of the registrant.
HAL 2025 FORM 10-K | 8

Table of Contents |  | Item 1 | Business

Directors of the Registrant

| Name | Title and company
| Abdulaziz F. Al Khayyal | Former Director and Senior Vice President of Industrial Relations, Saudi Aramco
| William E. Albrecht | President and CEO, Moncrief Energy, LLC
| M. Katherine Banks | Former President, Texas A&M University
| Alan M. Bennett | Former President and Chief Executive Officer, H&R Block, Inc.
| Earl M. Cummings | Managing Partner, MCM Houston Properties, LLC
| Murry S. Gerber | Former Executive Chairman of the Board, EQT Corporation
| Timothy A. Leach | Former Advisor to the Chief Executive Officer, ConocoPhillips
| Robert A. Malone | Executive Chairman, President and Chief Executive Officer, First Sonora Bancshares, and The First National Bank of Sonora, Texas (dba, Sonora Bank).
| Jefferey A. Miller | Chairman of the Board, President and Chief Executive Officer, Halliburton Company
| J. Shannon Slocum | Director, Executive Vice President and Chief Operating Officer, Halliburton Company
| Maurice S. Smith | Chairman, President & Chief Executive Officer, Health Care Service Corporation
| Janet L. Weiss | Former President, BP Alaska
| Tobi M. Edwards Young | General Counsel, Saronic Technologies

HAL 2025 FORM 10-K | 9

Table of Contents |  | Item 1(a) | Risk Factors

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,
results of operations, financial condition, 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;
- expectations about future oil and natural gas prices;
-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 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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Table of Contents |  | Item 1(a) | Risk Factors

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 increased cash returns to shareholders or 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 may not be insured or 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
America, and the North Sea. Many experts believe global climate change could increase the frequency and severity of extreme
weather conditions, including coastal storm surges, inland flooding from intense rainfall, hurricane-strength winds, and extreme
temperature. 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;
-loss of productivity; and
-disruption or suspension of our customers’ operations, thereby reducing demand for our services and products.
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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. These rights have been,
and we expect that they will continue to be, subject to legal challenges from time to time. We may not be able to successfully
preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged.
Further, our application for certain intellectual property rights may not be granted entirely, as to key features, or at all. 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.
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 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 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, which 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 or
tariffs 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 to 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 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. For example, the imposition of such sanctions by the United States, European Union or others
in countries such as Venezuela, Russia, and elsewhere have impacted our business.
Changes in U.S. foreign trade policies, including as a result of the presidential administration, could lead to the
imposition of additional trade barriers and tariffs on us in foreign jurisdictions. In April 2025, the Trump Administration
announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on
the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in
August 2025. The United States Supreme Court has agreed to review lower court decisions regarding certain tariffs imposed by
the Trump Administration and the Court has stayed the effect of decisions including the August 2025 decision of the U.S. Court
of Appeals for the Federal Circuit finding that certain tariffs exceeded presidential authority and are therefore invalid. This
ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by
the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally,
the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased
uncertainty regarding the ultimate effect of the tariffs on economic conditions. 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.
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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.
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.
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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 cleanup 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 with respect to
the final costs of remediating a site and the final allocation of those costs 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 cleanup 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.
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.
We are subject to a variety of laws and regulations in the United States and other countries relating to environmental
protection and 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.
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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 take effect or ultimately impact our business. I n the United States, presidents have certain powers to issue
executive orders that can have the effect of the enactment of new laws. For example, in January 2025, President Trump allowed
for 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 America, the Pacific Ocean off the coasts of Washington, Oregon, and
California, and additional portions of the Northern Bering Sea in Alaska. This presidential action overturned President Biden’s
Memorandum of Withdrawal. President Trump issued a series of executive orders that signal a significant shift in the United
States’ energy and climate change policies that has resulted in the elimination or proposed elimination of some regulatory
requirements. Future administrations may, however, pursue policies 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.
We may also communicate certain sustainability initiatives, commitments and goals in our SEC filings and other
disclosures, which subjects us to additional risks.
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 United States and numerous jurisdictions where we operate and our subsidiaries are
organized. Due to economic and political conditions, tax rates in the United States 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 2024 are currently under review or remain open for
review by the IRS. As of December 31, 2025, 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.
Changes in tax laws could also impact our business or results of operations. For example, the One Big Beautiful Bill
Act (OBBBA) was enacted on July 4, 2025, which, among other things, included revisions affecting the ability to utilize foreign
tax credits (FTC). As a result of this legislation, we reassessed the realizability of our FTC carryforwards and determined that it
is more likely than not that a portion of these carryforwards would not be realized and, thus, recorded an additional valuation
allowance of $125 million against our FTC deferred tax assets in the third quarter of 2025.
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.
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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, and the
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.
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. The increased use of artificial intelligence by threat actors has heightened risks, as AI-driven cyberattacks can
automate the discovery of vulnerabilities, generate highly convincing phishing attempts, and evade traditional detection
methods. 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 workforce. 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.
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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 workforce 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 share repurchases due to unforeseen events, or if our Board of Directors determines to change or discontinue dividend
payments or share repurchases.
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 2026.
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 or the consolidation of such customers could
have a material adverse effect on our business and our consolidated results of operations. There have been significant business
consolidations within the oil and natural gas industry in recent years. These and any future consolidations may result in reduced
capital spending by our customers, which may lead to a lower demand for our services and products.
HAL 2025 FORM 10-K | 18

Table of Contents |  | Item 1(a) | Risk Factors

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.
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.
Further, any failure to adequately plan for succession of executive officers or the failure of key employees to successfully
transition into new roles could result in a loss of institutional knowledge and have a material adverse effect on our business.
HAL 2025 FORM 10-K | 19

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, including 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 a security and technical architecture review for all
new software and applications, and for all changes to the underlying IT infrastructure that manages, processes, stores, or
transmits our data or data of our customers, vendors, suppliers, joint ventures, or employees. Any deviations from our policies
and standards are assessed by our IT & Information Security Governance processes. 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 each third-party service provider go through a mandatory
IT & Information Security Governance processes review and obtain formal approval from our IT & Information Security
Governance groups 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 cyber security 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 with 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 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 and Chief Administrative Officer, has over 25 years of experience in the areas of operations,
infrastructure and applications, solution and demand design.
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 cybersecurity incident 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 workforce. 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 2025 FORM 10-K | 20

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.
On January 12, 2024, Plaintiff Eric Gilbert (“Plaintiff”), on behalf of himself and similarly situated stockholders of
Halliburton Company (the “Company”), filed a Verified Class Action Complaint (the “Action”) against, among others, the
Company in the Court of Chancery of the State of Delaware (the “Court”), challenging the validity of certain aspects of the
advance notice and stockholder nomination provisions of the By-laws of the Company, dated as of December 8, 2022.
On May 2, 2024, the Company modified the challenged provisions by amending the By-laws of the Company in the
form filed as Exhibit 3.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange
Commission (the “SEC”) on May 3, 2024 (the “Amendments”).
Plaintiff and the Company agreed that the Amendments rendered Plaintiff’s claims moot. To avoid the time and
expense of continued litigation and without any admissions, the parties agreed to resolve Plaintiff’s counsel fee application with
a payment by the Company to Plaintiff’s counsel of $150,000 in full satisfaction of the claim for attorneys’ fees and expenses in
the Action. On October 16, 2025, the Court entered a stipulation and order closing the Action, subject to the Company filing an
affidavit with the Court confirming that the disclosure in the Company’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2025, which would constitute notice to stockholders for purposes of Court of Chancery Rule 23, had been filed
with the SEC. In entering such order, the Court did not pass judgment on the amount of the attorneys’ fees and expenses. The
Company filed such affidavit with the Court on October 29, 2025.
See Notes to Consolidated Financial Statements, Note 11 for further information regarding legal proceedings.
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 2025 FORM 10-K | 21

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 dually traded on the New York Stock Exchange and New York Stock
Exchange Texas 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, 2025, 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, 2020 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,
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
Halliburton | $100.00 | $121.99 | $212.88 | $199.13 | $152.98 | $163.76
Philadelphia Oil Service Index (OSX) | 100.00 | 120.74 | 194.98 | 198.71 | 175.53 | 181.72
Standard & Poor’s 500 ® Index | 100.00 | 128.71 | 105.40 | 133.10 | 166.40 | 196.16

HAL 2025 FORM 10-K | 22

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

At January 30, 2026, we had 8,906 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, 2025.

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 | 4,056,882 | $24.37 | 4,000,984 | $2,201,987,042
November 1 - 30 | 2,747,338 | $26.82 | 2,724,670 | $2,128,889,195
December 1 - 31 | 2,899,614 | $28.08 | 2,836,385 | $2,049,168,144
Total | 9,703,834 | $26.17 | 9,562,039 |

(a) | Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 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 program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date.

Item 6. (Reserved)
HAL 2025 FORM 10-K | 23

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
In 2025, g lobal oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery
in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued
impacts of the Russia-Ukraine conflict. In the U.S., oil and natural gas production in 2025 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 decreased compared to 2024.
The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of
2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per
barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025.
Trade tensions and tariffs continue to shape the demand outlook amid varying market responses. We continue to
monitor and assess the impact of tariffs on goods being imported into the United States. Our global supply chain organization
continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global
procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended
supply chain lead times for the supply of select raw materials. 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 2025, we generated total company revenue of $22.2 billion, a 3% decrease from the $22.9 billion of revenue
generated in 2024 with our Completion and Production (C&P) segment revenue decreasing by 4% and our Drilling and
Evaluation (D&E) segment revenue decreasing by 3%. Total company operating income was $2.3 billion, including
impairments and other charges of $831 million, in 2025, compared to $3.8 billion, including impairment and other charges of
$116 million, in 2024. Due to new tariffs imposed during 2025 by the United States, the incremental expense was
approximately $89 million.
Driven in large part by a decrease in the average North America rig count in 2025 as compared to 2024, our North
America revenue decreased 6% in 2025, resulting from lower activity across multiple product service lines in U.S. Land and
lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and
increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in
Canada.
HAL 2025 FORM 10-K | 24

Table of Contents |  | Item 7 | Executive Overview

Internationally, revenue decreased by 2% in 2025 compared to 2024, due to a decline in the international average rig
count and decreased activity across multiple product service lines in Mexico and Saudi Arabia. Partially offsetting these
decreases were higher activity across multiple services lines in Norway and Brazil, improved fluid services in the Middle East,
Argentina, and the Caribbean, and increased stimulation activity in Middle East/Asia and Africa.
Our operating performance and liquidity are described in more detail in “Liquidity and Capital Resources” and
“Business Environment and Results of Operations.”
HAL 2025 FORM 10-K | 25

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

L IQUIDITY AND CAPITAL RESOURCES
As of December 31, 2025, we had $2.2 billion of cash and equivalents, compared to $2.6 billion of cash and
equivalents at December 31, 2024.
Significant sources and uses of cash in 2025
Sources of cash:
•Cash flows from operating activities were $2.9 billion. Working capital, which consists of receivables, inventories,
and accounts payable, collectively had a positive impact of $196 million.
•We received $444 million on the sale of investment securities.
•We received $185 million on the sale of property, plant, and equipment.
•We received $120 million on the sale of an equity investment.
Uses of cash:
•Capital expenditures were $1.3 billion.
•We repurchased 42.4 million shares of our common stock for $1.0 billion, which includes excise tax payment due
on 2024 share repurchases.
•We paid $579 million of dividends to our shareholders.
•We retired $382 million of our 3.8% senior notes due November 2025.
•We paid $363 million related to a purchase of an equity investment.
•We purchased $202 million of investment securities.
•We paid $185 million to acquire businesses.
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 2026 to be approximately $1.1
billion. Despite this reduction from 2025, we believe this level of spending will enable continued investment in our core
strategic technologies and businesses, including the international expansion 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 2026, we expect to pay approximately $505 million for contractual purchase obligations, with another $315 million
due through 2028, $378 million of interest on debt, and $418 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,
2025, we had $170 million of gross unrecognized tax benefits, excluding penalties and interest, of which we estimate $155
million may require us to make a cash payment. We estimate that approximately $131 million of the cash payment will not be
settled within the next 12 months.
While we maintain focus on liquidity, 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 2025 through dividends and
share repurchases. During 2025, our quarterly dividend rate was $0.17 per common share, or approximately $145 million in
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 42.4 million shares of common stock during the
year ended December 31, 2025 under this program. Approximately $2.0 billion remained authorized for repurchases as of
December 31, 2025 and may be used for open market and other share purchases.
HAL 2025 FORM 10-K | 26

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

During 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026. During
the year ended December 31, 2025, w e incurred $154 million in expense on our SAP S4 migration. Due to the extension of the
project we announced in the second quarter of 2025, we expect the estimated total cost will be approximately $45 million per
quarter going forward. 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 may, from time to time, redeem, repurchase, or otherwise acquire our outstanding debt through privately
negotiated transactions, open market purchases, redemptions, tender offers or otherwise, but we are u nder no obligation to do
so.
Other factors affecting liquidity
Financial condition in current market. As of December 31, 2025, we had $2.2 billion of cash and equivalents and $3.5
billion of available committed bank credit under a new revolving credit facility executed on August 18, 2025, with an
expiration date of August 16, 2030. We believe we have a manageable debt maturity profile, with approximately $90 million
due February 2027. 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 will provide sufficient liquidity to address the challenges and opportunities of the
current market and our expected global cash needs, including capital expenditures, working capital investments, shareholder
returns, if any, debt repurchases, if any, and scheduled interest and principal payments, in the short term and long term.
Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which
approximately $3.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2025.
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, 2025, 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 have an aggregate
notional amount outstanding as of December 31, 2025 of $592 million, compared to 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. Approximately $455 million of the outstanding amount of the CDSs reduces monthly over its remaining 9-month
term and $75 million reduces monthly over its remaining 6-month term. The remaining $62 million outstanding amount reduces
monthly over its remaining 2-month term.
Credit ratings. Our credit ratings with Standard & Poor’s remain BBB+ for our long-term debt and A-2 f or our short-
term debt, with a stable 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 7% of our total receivables as of
December 31, 2025. 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.
HAL 2025 FORM 10-K | 27

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 2025, 2024, and 2023, based on the location of the services provided and products sold, 39%, 40%,
and 44%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10%
of our revenue for those periods.
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 (W TI) crude oil, United K ingdom Brent crude
oil, and Henry Hub natural gas.

| 2025 | 2024 | 2023
Oil Price - WTI (1) | $65.46 | $76.55 | $77.64
Oil Price - Brent (1) | 69.10 | 80.53 | 82.47
Natural Gas Price - Henry Hub (2) | 3.53 | 2.19 | 2.54

(1) | Oil prices 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 w ere as follows:

| 2025 | 2024 | 2023
US Land | 546 | 580 | 669
US Offshore | 15 | 19 | 18
Canada | 175 | 187 | 177
North America | 736 | 786 | 864
International (1) | 1,080 | 1,162 | 948
Worldwide Total | 1,816 | 1,948 | 1,812

(1) | Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024.

HAL 2025 FORM 10-K | 28

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

Business outlook
Looking ahead to 2026, we expect the global energy market to remain dynamic, with oil demand continuing to grow
modestly while global supply is projected to outpace demand in the near term, contributing to price pressure and inventory
builds. At the same time, natural gas demand is forecasted to strengthen in 2026 as LNG capacity expands and consumption in
key markets increases. Absent geo-political disruptions, we expect commodity prices are unlikely to rise.
We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin
America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025.
This outlook reflects the full year impact of reduced customer activity in land operations, our decision to stack uneconomic
fleets, and the timing of customer programs in the Gulf of America.
Despite the market conditions described above, we believe the combination of long-cycle international investments
and emerging structural demand for natural gas, driven by data centers, electrification, and power reliability, positions our
business for growth opportunities over the medium and long term. This growth includes our strategic collaboration with
VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for
delivery in 2028 to support the development of data centers in the Eastern Hemisphere. Additionally, we believe increased
investment in existing and new sources of oil and natural gas production is needed to address future 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.
We continue to monitor the recent developments in Venezuela and plan to grow our business once commercial and
legal terms are resolved, including payment certainty.
HAL 2025 FORM 10-K | 29

Table of Contents | Item 7 | Results of Operations in 2025 Compared to 2024

RESULTS OF OPERATIONS IN 2025 COMPARED TO 2024

|  | Favorable | Percentage
Millions of dollars | 2025 | 2024 | (Unfavorable) | Change
Revenue: |  |  |  |
By operating segment: |  |  |  |
Completion and Production | $12,782 | $13,251 | $(469) | (4)%
Drilling and Evaluation | 9,402 | 9,693 | (291) | (3)
Total revenue | $22,184 | $22,944 | $(760) | (3)%
By geographic region: |  |  |  |
North America | $9,066 | $9,626 | $(560) | (6)%
Latin America | 3,935 | 4,211 | (276) | (7)
Europe/Africa/CIS | 3,351 | 3,003 | 348 | 12
Middle East/Asia | 5,832 | 6,104 | (272) | (4)
Total revenue | $22,184 | $22,944 | $(760) | (3)%
Operating income: |  |  |  |
By operating segment: |  |  |  |
Completion and Production | $2,128 | $2,709 | $(581) | (21)%
Drilling and Evaluation | 1,379 | 1,608 | (229) | (14)
Total operations | 3,507 | 4,317 | (810) | (19)
Corporate and other | (262) | (255) | (7) | (3)
SAP S4 upgrade expense | (154) | (124) | (30) | (24)
Impairments and other charges | (831) | (116) | (715) | n/m
Total operating income | $2,260 | $3,822 | $(1,562) | (41)%
n/m = not meaningful |  |  |  |

Operating Segments
Completion and Production
Completion and Production revenue in 2025 was $12.8 billion, a decrease of $469 million, or 4%, compared to 2024.
Operating income for the segment in 2025 was $2.1 billion, a decrease of $581 million, or 21%, compared to 2024. These
results were primarily driven by decreased pressure pumping services in U.S. Land, lower completion tool sales in the Western
Hemisphere, the Middle East, and Africa, and decreased well intervention services in Middle East/Asia. Partially offsetting
these decreases were higher year-end completion tool sales in Europe, and increased well intervention services in Latin
America.
Drilling and Evaluation
Drilling and Evaluation revenue in 2025 was $9.4 billion, a decrease of $291 million, or 3%, compared to 2024.
Operating income for the segment in 2025 was $1.4 billion, a decrease of $229 million, or 14%, compared to 2024. These
results were primarily driven by lower drilling activity in the Middle East and Latin America, and lower wireline activity in
Middle East/Asia, and decreased testing services internationally. Partially offsetting these decreases were improved fluids
services and higher project management activity in Latin America, and increased drilling activity in Europe/Africa.
Geographic Regions
North America
North America revenue in 2025 was $9.1 billion, a 6% decrease compared to 2024, largely driven by lower activity
across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting
these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling
activity in U.S. Land, and higher completion tool sales in Canada.
HAL 2025 FORM 10-K | 30

Table of Contents | Item 7 | Results of Operations in 2025 Compared to 2024

Latin America
Latin America revenue in 2025 was $3.9 billion, a 7% decrease compared to 2024, resulting from lower activity across
multiple product service lines in Mexico and lower completion tool sales in Brazil. Partially offsetting these decreases were
improved activity across multiple product service lines in Brazil, and higher drilling related services in Argentina and the
Caribbean.
Europe/Af rica/CIS
Europe/Africa/CIS revenue in 2025 was $3.4 billion, a 12% increase compared to 2024, resulting from higher activity
across multiple product service lines in Norway and Romania, increased stimulation activity in Congo, higher project
management activity in Africa, and improved well construction activity in Namibia. Partially offsetting these increases were
lower activity across multiple product service lines in Italy and Senegal, and lower completion tool sales and decreased pressure
pumping services in Angola.
Middle East/Asia
Middle East/Asia revenue in 2025 was $5.8 billion, a 4% decrease compared to 2024, resulting from lower activity
across multiple product service lines in Saudi Arabia and Malaysia. Partially offsetting these decreases were improved activity
across multiple product service lines in Kuwait, higher stimulation activity in India, higher drilling related services in Indonesia,
and increased fluids services in the United Arab Emirates.
Other Operating Items
SAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect
to complete in the fourth quarter of 2026. During the years ended December 31, 2025 and 2024, we recognized $154 million
and $124 million of expense on our SAP S4 migration, respectively.
Impairments and Other Charges. During the year ended December 31, 2025, we recognized a pre-tax charge of $831
million primarily related to severance costs, an impairment of assets held for sale, fixed and other assets write-offs, an
impairment of facility closures and lease terminations, an equity in earnings loss, and other items, primarily related to legacy
environmental remediation cost estimate increases. During the year ended December 31, 2024, we recognized 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 of these charges.
Nonoperating Items
Argentina Impairment on Investment. In years 2022, 2023 and 2024, 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. During the year ended
December 31, 2025 and 2024, we recorded a loss of $23 million and $38 million, respectively, 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.
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, 2025, 2024, and 2023, we
entered into Blue Chip Swap transactions, which resulted in a pre-tax loss on investment for $9 million, $8 million, and $110
million, respectively.
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 l oss 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, 2025, we recorded a total income tax provision of $479
million on a pre-tax income of $1.8 billion, resulting in an effective tax rate of 27.0%. The effective tax rate for 2025 was
primarily impacted by the pre-tax $831 million of impairments and other charges, the $23 million impairment of an investment
in Argentina, the additional valuation allowance recognized in the amount of $125 million on our deferred tax assets which
resulted from the impact on the realizability of our FTC carryforward due to the “One Big Beautiful Bill Act,” and partially
offset by an $86 million discrete tax benefit from the Foreign-Derived Intangible Income (FDII) deduction attributable to a
royalty prepayment. 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. W e rec orded a tax benefit of $41 million during the year ended
December 31, 2024, due to a partial release of a valuation allow ance on our deferred tax assets based on market conditions.
HAL 2025 FORM 10-K | 31

Table of Contents | Item 7 | Results of Operations in 2025 Compared to 2024

Pillar Two. The Organization for Economic Co-operation and Development 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, 2025 and 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 2014. 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
2024, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the
IRS.
On September 28, 2023, we received a Notice of Proposed Adjustment (NOPA) from the IRS covering our 2016 U.S.
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.
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 the 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 2025 FORM 10-K | 32

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

RESULTS OF OPERATIONS IN 2024 COMPARED TO 2023
Information related to the comparison of our operating results between the years 2024 and 2023 is included in Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the
SEC and is incorporated by reference into this annual report on Form 10-K.
HAL 2025 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 2025 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, 2025, 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.
HAL 2025 FORM 10-K | 35

Table of Contents | Item 7 | Critical Accounting Estimates

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. 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, 2025, our allowance for credit losses totaled $805 million or 14.9% of notes and accounts receivable
before the allowance. At December 31, 2024, our allowance for credit losses totaled $754 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, 2025 would have resulted in a $54 million adjustment to 2025
total operating costs and expenses. See Notes to Consolidated Financial Statements, Note 5 for further information.
HAL 2025 FORM 10-K | 36

Table of Contents | Item 7 | Financial Instrument Market Risk

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, 2025 would result in a $81 mill ion, 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, interest rate risk and credit risk, see Notes to
Consolidated Financial Statements, Note 16.
HAL 2025 FORM 10-K | 37

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, inc luding those in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations –
Business Environment and Results of Operations – Business Outlook, 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 risks 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, except as required by law. 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
Securities and Exchange Commission. We also suggest that you listen to our quarterly earnings release conference calls with
financial analysts.
NEW ACCOUNTING STANDARDS NOT YET ADOPTED
See Notes to Consolidated Financial Statements, Note 18 for further discussion of accounting standards adopted during
the year and to be adopted in future periods.
HAL 2025 FORM 10-K | 38

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 2025 FORM 10-K | 39
Item 8. Financial Statements and Supplementary Data.

Financial Statements | PAGE
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, 2025, 2024, and 2023 | 44
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 | 45
Consolidated Balance Sheets at December 31, 2025 and 2024 | 46
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 47
Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2025, and 2024 and 2023 | 48
Notes to Consolidated Financial Statements |
Note 1. Description of Company and Significant Accounting Policies | 49
Note 2. Impairments and Other Charges | 51
Note 3. Business Segment and Geographic Information | 53
Note 4. Revenue | 55
Note 5. Receivables | 57
Note 6. Leases | 57
Note 7. Inventories | 59
Note 8. Accounts Payable | 59
Note 9. Property, Plant, and Equipment | 60
Note 10. Debt | 60
Note 11. Commitments and Contingencies | 61
Note 12. Income Taxes | 62
Note 13. Shareholders’ Equity | 67
Note 14. Stock-based Compensation | 68
Note 15. Income per Share | 70
Note 16. Financial Instruments and Risk Management | 70
Note 17. Retirement Plans | 72
Note 18. New Accounting Pronouncements | 74

HAL 2025 FORM 10-K | 40

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, 2025 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 this assessment, management concluded that, as of December 31, 2025, our internal control over financial
reporting was effective. The effectiveness of Halliburton’s internal control over financial reporting as of December 31, 2025 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 2025 FORM 10-K | 41

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, 2025 and 2024, 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, 2025, 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, 2025 and 2024, and the results of its operations and its cash
flows for each of the years in the three-year period ended December 31, 2025, 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, 2025, 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 6, 2026 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, 2025,
the Company had gross deferred tax assets of $3.6 billion and a related valuation allowance of $0.9 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 2025 FORM 10-K | 42

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 6, 2026
HAL 2025 FORM 10-K | 43

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, 2025, 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, 2025, 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, 2025 and 2024, 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, 2025, and the related notes (collectively, the consolidated financial statements), and our report
dated February 6, 2026 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 6, 2026
HAL 2025 FORM 10-K | 44

Table of Contents |  |

HALLIBURTON COMPANY
Consolidated Statements of Operations

| Year Ended December 31,
Millions of dollars and shares except per share data | 2025 | 2024 | 2023
Revenue: |  |  |
Services | $15,729 | $16,348 | $16,483
Product sales | 6,455 | 6,596 | 6,535
Total revenue | 22,184 | 22,944 | 23,018
Operating costs and expenses: |  |  |
Cost of services | 13,611 | 13,470 | 13,402
Cost of sales | 5,089 | 5,173 | 5,256
Impairments and other charges | 831 | 116 | —
General and administrative | 239 | 239 | 226
SAP S4 upgrade expense | 154 | 124 | 51
Total operating costs and expenses | 19,924 | 19,122 | 18,935
Operating income | 2,260 | 3,822 | 4,083
Interest expense, net of interest income of $88, $97, and $81 | (352) | (353) | (395)
Argentina currency impact | — | — | (131)
Loss on Blue Chip Swap transactions | (9) | (8) | (110)
Other, net | (128) | (227) | (84)
Income before income taxes | 1,771 | 3,234 | 3,363
Income tax provision | (479) | (718) | (701)
Net income | $1,292 | $2,516 | $2,662
Net income attributable to noncontrolling interest | (9) | (15) | (24)
Net income attributable to company | $1,283 | $2,501 | $2,638
Basic net income per share | $1.50 | $2.84 | $2.93
Diluted net income per share | $1.50 | $2.83 | $2.92
Basic weighted average common shares outstanding | 853 | 882 | 899
Diluted weighted average common shares outstanding | 853 | 883 | 902

See N otes to Consolidated Financial Statements.
HAL 2025 FORM 10-K | 45

Table of Contents |  |

HALLIBURTON COMPANY
Consolidated Statements of Comprehensiv e Income

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Net income | $1,292 | $2,516 | $2,662
Other comprehensive income (loss), net of income taxes: |  |  |
Defined benefit and other post retirement plans adjustment | (11) | (26) | (106)
Other | 1 | 5 | 5
Other comprehensive loss, net of income taxes | (10) | (21) | (101)
Comprehensive income | $1,282 | $2,495 | $2,561
Comprehensive income attributable to noncontrolling interest | (9) | (16) | (24)
Comprehensive income attributable to company shareholders | $1,273 | $2,479 | $2,537

See Notes to Consolidated Financial Statements.
HAL 2025 FORM 10-K | 46

Table of Contents |  |

HALLIBURTON COMPANY
Consolidated Balance Sheets

| December 31,
Millions of dollars and shares except per share data | 2025 | 2024
Assets
Current assets: |  |
Cash and equivalents | $2,206 | $2,618
Receivables (net of allowances for credit losses of $805 and $754) | 4,942 | 5,117
Inventories | 2,976 | 3,040
Other current assets | 1,274 | 1,607
Total current assets | 11,398 | 12,382
Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461) | 5,261 | 5,113
Goodwill | 2,938 | 2,838
Deferred income taxes | 2,298 | 2,339
Operating lease right-of-use assets | 938 | 1,022
Other assets | 2,177 | 1,893
Total assets | $25,010 | $25,587
Liabilities and Shareholders' Equity
Current liabilities: |  |
Accounts payable | $3,133 | $3,189
Accrued employee compensation and benefits | 767 | 711
Income taxes payable | 375 | 449
Taxes other than income | 291 | 328
Current portion of operating lease liabilities | 263 | 263
Current maturities of long-term debt | — | 381
Other current liabilities | 759 | 729
Total current liabilities | 5,588 | 6,050
Long-term debt | 7,158 | 7,160
Operating lease liabilities | 712 | 798
Employee compensation and benefits | 428 | 414
Other liabilities | 619 | 617
Total liabilities | 14,505 | 15,039
Shareholders' equity: |  |
Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares) | 2,659 | 2,662
Paid-in capital in excess of par value | 112 | 79
Accumulated other comprehensive loss | (363) | (353)
Retained earnings | 15,036 | 14,332
Treasury stock, at cost (229 and 197 shares) | (6,983) | (6,214)
Company shareholders' equity | 10,461 | 10,506
Noncontrolling interest in consolidated subsidiaries | 44 | 42
Total shareholders' equity | 10,505 | 10,548
Total liabilities and shareholders' equity | $25,010 | $25,587

See Notes to Consolidated Financial Statements.
HAL 2025 FORM 10-K | 47

Table of Contents |  |

HALLIBURTON COMPANY
Consolidated Statements of Cash Flows

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Cash flows from operating activities: |  |  |
Net income | $1,292 | $2,516 | $2,662
Adjustments to reconcile net income to cash flows from operating activities: |  |  |
Depreciation, depletion, and amortization | 1,136 | 1,079 | 998
Impairments and other charges | 831 | 116 | —
Deferred income tax provision | 23 | 148 | 196
Changes in assets and liabilities: |  |  |
Receivables | 188 | (312) | (257)
Inventories | 80 | 147 | (303)
Accounts payable | (72) | 62 | 49
Other operating activities | (552) | 109 | 113
Total cash flows provided by operating activities | 2,926 | 3,865 | 3,458
Cash flows from investing activities: |  |  |
Capital expenditures | (1,254) | (1,442) | (1,379)
Purchase of an equity investment | (363) | (139) | —
Purchase of investment securities | (202) | (438) | (492)
Payments to acquire businesses, net of cash acquired | (185) | (27) | (13)
Sales of investment securities | 444 | 214 | 131
Proceeds from sales of property, plant, and equipment | 185 | 223 | 195
Sale of an equity investment | 120 | — | —
Other investing activities | (70) | (45) | (101)
Total cash flows used in investing activities | (1,325) | (1,654) | (1,659)
Cash flows from financing activities: |  |  |
Stock repurchase program | (1,007) | (1,005) | (800)
Dividends to shareholders | (579) | (600) | (576)
Payments on long-term borrowings | (389) | (100) | (305)
Proceeds from issuance of common stock | 98 | 105 | 136
Other financing activities | (110) | (130) | (126)
Total cash flows used in financing activities | (1,987) | (1,730) | (1,671)
Effect of exchange rate changes on cash | (26) | (127) | (210)
Increase (decrease) in cash and cash equivalents | (412) | 354 | (82)
Cash and equivalents at beginning of period | 2,618 | 2,264 | 2,346
Cash and equivalents at end of period | $2,206 | $2,618 | $2,264
Supplemental disclosure of cash flow information: |  |  |
Cash payments during the period for: |  |  |
Interest | $432 | $441 | $460
Income taxes | $639 | $538 | $616

See Notes to Consolidated Financial Statements.
HAL 2025 FORM 10-K | 48

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, 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 | 372 | (98) | — | — | 286
Stock repurchase program | — | — | (804) | — | — | — | (804)
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 loss | — | — | — | — | (22) | 1 | (21)
Cash dividends ($0.68 per share) | — | — | — | (600) | — | — | (600)
Stock plans | (1) | 16 | 333 | (105) | — | — | 243
Stock repurchase program | — | — | (1,007) | — | — | — | (1,007)
Other | — | — | — | — | — | (16) | (16)
Balance at December 31, 2024 | $2,662 | $79 | $(6,214) | $14,332 | $(353) | $42 | $10,548
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — | — | — | 1,283 | — | 9 | 1,292
Other comprehensive loss | — | — | — | — | (10) | — | (10)
Cash dividends ($0.68 per share) | — | — | — | (579) | — | — | (579)
Stock plans | (3) | 29 | 239 | — | — | — | 265
Stock repurchase program | — | — | (1,008) | — | — | — | (1,008)
Other | — | 4 | — | — | — | (7) | (3)
Balance at December 31, 2025 | $2,659 | $112 | $(6,983) | $15,036 | $(363) | $44 | $10,505

See Notes to Consolidated Financial Statements.
HAL 2025 FORM 10-K | 49

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, legal reserves, 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 wer e $411 million in 2025, $426 million in 2024, and $408 million in 2023.
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.
HAL 2025 FORM 10-K | 50

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, 2023: | $2,032 | $818 | $2,850
Current year acquisitions | 8 | — | 8
Other | (20) | — | (20)
Balance at December 31, 2024: | $2,020 | $818 | $2,838
Current year acquisitions | 8 | 76 | 84
Other | 16 | — | 16
Balance at December 31, 2025: | $2,044 | $894 | $2,938

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, 2025, 2024, and 2023, 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 “Income tax provision” in our
Consolidated Statements of Operations.
Derivative instruments
At times, we enter into derivative financial transactions to hedge 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.
Note 2. Impairments and Other Charges
The following table presents various pre-tax charges we recorded during the years ended December 31, 2025 and
2024, which are reflected within “Impairments and other charges” on our Consolidated Statements of Operations.

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Severance costs | $299 | $63 | $—
Impairment of assets held for sale | 224 | 49 | —
Fixed and Other assets write-offs | 115 | — | —
Impairment of real estate facilities | 53 | — | —
Equity in earnings loss | 50 | — | —
Gain on investment | (6) | (43) | —
Cybersecurity incident | (10) | 35 | —
Other | 106 | 12 | —
Total impairments and other charges | $831 | $116 | $—

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

For the year ended December 31, 2025, the charges included $299 million of severance costs, $224 million of an
impairment of assets held for sale related to our chemical business, fixed and other asset write-offs of $115 million, a $53
million impairment associated with facility closures and lease terminations, $50 million equity in earnings loss, and $106
million of other charges, primarily related to legacy environmental remediation cost estimate increases. Offsetting these charges
were a release of accruals related to a cybersecurity incident from the third quarter of 2024 for $10 million and a gain of $6
million related to an equity investment.
For the year ended December 31, 2024, the charges included $63 million of severance costs, a $49 million impairment
of assets held for sale, $35 million in expenses related to a cybersecurity incident, and $12 million of other charges, and were
partially offset by a $43 million gain related to a fair value adjustment on an equity investment.
For the year ended December 31, 2023, there were no amounts recorded in impairment and other charges.
HAL 2025 FORM 10-K | 53

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

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 segments and makes resource allocation decisions based on
segment revenue and operating income.
Operations by business segment
The follow ing table presents information on our business segments.

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Revenue: |  |  |
Completion and Production | $12,782 | $13,251 | $13,689
Drilling and Evaluation | 9,402 | 9,693 | 9,329
Total revenue | $22,184 | $22,944 | $23,018
Operating income: |  |  |
Completion and Production | $2,128 | $2,709 | $2,835
Drilling and Evaluation | 1,379 | 1,608 | 1,543
Total operations | 3,507 | 4,317 | 4,378
Corporate and other (a) | (262) | (255) | (244)
SAP S4 upgrade expense | (154) | (124) | (51)
Impairments and other charges (b) | (831) | (116) | —
Total operating income | $2,260 | $3,822 | $4,083
Interest expense, net of interest income | $(352) | $(353) | $(395)
Loss on Blue Chip Swap transactions | (9) | (8) | (110)
Argentina currency impact | — | — | (131)
Other, net (c) | (128) | (227) | (84)
Income before income taxes | $1,771 | $3,234 | $3,363
Capital expenditures: |  |  |
Completion and Production | $741 | $775 | $765
Drilling and Evaluation | 513 | 665 | 613
Corporate and other | — | 2 | 1
Total capital expenditures | $1,254 | $1,442 | $1,379
Depreciation, depletion, and amortization: |  |  |
Completion and Production | $618 | $588 | $553
Drilling and Evaluation | 496 | 475 | 430
Corporate and other | 22 | 16 | 15
Total depreciation, depletion, and amortization | $1,136 | $1,079 | $998

(a) | Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and 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, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. –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.
(c) | During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

HAL 2025 FORM 10-K | 54

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 operatin g income and are regularly reviewed by our CODM.

| Year Ended December 31,
| 2025
Millions of dollars | Completion and Production | Drilling and Evaluation
Segment operating expenses: |  |
Cost of products, materials, and supplies | $5,361 | $3,641
Compensation | 1,919 | 1,908
Depreciation, depletion, and amortization | 618 | 496
Other | 2,756 | 1,978
Total segment operating expenses | $10,654 | $8,023

| Year Ended December 31,
| 2024
Millions of dollars | Completion and Production | Drilling and Evaluation
Segment operating expenses: |  |
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

| Year Ended December 31,
| 2023
Millions of dollars | Completion and Production | Drilling and Evaluation
Segment operating expenses: |  |
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

Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other
miscellaneous costs.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

The following table presents total assets by segment.

| December 31,
Millions of dollars | 2025 | 2024
Total assets: |  |
Completion and Production (a) | $10,492 | $11,987
Drilling and Evaluation (a) | 7,870 | 7,806
Corporate and other (b) | 6,648 | 5,794
Total assets | $25,010 | $25,587

(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.

Operations by geographic region
The following tables present information by geographic area. In 2025, 2024, and 2023, based on the location of
services provided and products sold, 39%, 40%, and 44%, 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, 2025 and December 31, 2024, 42% and 49%, respectively, of our property, plant, and equipment was
located in the United States.

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Revenue: |  |  |
North America | $9,066 | $9,626 | $10,492
Latin America | 3,935 | 4,211 | 3,987
Europe/Africa/CIS | 3,351 | 3,003 | 2,861
Middle East/Asia | 5,832 | 6,104 | 5,678
Total revenue | $22,184 | $22,944 | $23,018

| December 31,
Millions of dollars | 2025 | 2024
Net property, plant, and equipment: |  |
North America | $2,291 | $2,595
Latin America | 730 | 1,002
Europe/Africa/CIS | 686 | 593
Middle East/Asia | 1,554 | 923
Total net property, plant, and equipment | $5,261 | $5,113

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.
HAL 2025 FORM 10-K | 56

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

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, 39%, 40%
and 44% of our consolidated revenue was from the United States for the years ended December 31, 2025, 2024 and 2023,
respectively. No other country accounted for more than 10% of our revenue for those periods.
The following table presents information on our disaggregated revenue.

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Revenue by segment: |  |  |
Completion and Production | $12,782 | $13,251 | $13,689
Drilling and Evaluation | 9,402 | 9,693 | 9,329
Total revenue | $22,184 | $22,944 | $23,018
Revenue by geographic region: |  |  |
North America | $9,066 | $9,626 | $10,492
Latin America | 3,935 | 4,211 | 3,987
Europe/Africa/CIS | 3,351 | 3,003 | 2,861
Middle East/Asia | 5,832 | 6,104 | 5,678
Total revenue | $22,184 | $22,944 | $23,018

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 customers’ 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, w as not material to our
c onsolidated 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 obl igations for these long-term contracts
is not material.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Note 5. Receivables
A s o f December 31, 2025, 31% of our net trade receivables were from customers in the United States and 8% were
from customers in Mexico. 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. Receivables from our primary customer in Mexico accounted for
approximately 7% and 8% of our total receivables as of December 31, 2025 and December 31, 2024, 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, 2025 of $592 million, compared to an aggregate notional amount outstanding as of
December 31, 2024 of $739 million, relate d 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, Not e 16 for further information on these CDSs. No other country
or 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.
The table below presents a rollforward of our allowance for credit losses for 2023, 2024 and 2025.

Millions of dollars | Balance at Beginning of Period | Provision (a) | Other (b) | Balance at End of Period (c)
Year ended December 31, 2023 | $731 | $22 | $(11) | $742
Year ended December 31, 2024 | 742 | 17 | (5) | 754
Year ended December 31, 2025 | 754 | 57 | (6) | 805
(a) | Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
(b) | Includes write-offs 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.

N ote 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 ar e 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.
HAL 2025 FORM 10-K | 58

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

The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2025,
2024, and 2023, along with other supplemental information about our existing leases:

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Components of lease expense: |  |  |
Finance lease cost: |  |  |
Amortization of right-of-use assets | $47 | $37 | $30
Interest on lease liabilities | 31 | 38 | 41
Operating lease cost | 359 | 353 | 337
Short-term lease cost | 41 | 42 | 35
Sublease income | (2) | (3) | (2)
Total lease cost | $476 | $467 | $441

| December 31,
Millions of dollars | 2025 | 2024
Components of balance sheet: |  |
Operating leases: |  |
Operating lease right-of-use assets (non-current) | $938 | $1,022
Current portion of operating lease liabilities | 263 | 263
Operating lease liabilities (non-current) | 712 | 798
Finance leases: |  |
Other assets (non-current) | $161 | $139
Other current liabilities | 81 | 44
Other liabilities (non-current) | 102 | 126

| Year Ended December 31,
Millions of dollars except years and percentages | 2025 | 2024 | 2023
Other supplemental information: |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $394 | $374 | $354
Operating cash flows for finance leases | 31 | 38 | 41
Financing cash flows for finance leases | 48 | 33 | 37
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $281 | $274 | $487
Finance leases | 74 | 57 | 64
Weighted-average remaining lease term: |  |  |
Operating leases | 7.3 years | 7.9 years | 8.2 years
Finance leases | 3.8 years | 4.6 years | 5.3 years
Weighted-average discount rate for operating leases | 5.4% | 5.4% | 5.3%

HAL 2025 FORM 10-K | 59

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

The following table summarizes the maturity of our operating and finance leases as of December 31, 2025:

Millions of dollars | Operating Leases | Finance Leases
2026 | $315 | $103
2027 | 199 | 59
2028 | 124 | 27
2029 | 99 | 14
2030 | 79 | 6
Thereafter | 399 | 15
Total lease payments | 1,215 | 224
Imputed interest | (240) | (41)
Total lease payments, net of imputed interest | $975 | $183

Note 7. Inventories
Inventories consisted of the following:

| December 31,
Millions of dollars | 2025 | 2024
Finished products and parts | $1,968 | $1,956
Raw materials and supplies | 884 | 952
Work in process | 124 | 132
Total inventories | $2,976 | $3,040

All amounts in the table above are reported net of obsolescence reserves of $54 million at December 31, 2025 and $62
million at December 31, 2024.
Note 8. Accounts Payable
We have an agreement with a third party that allows our participating suppliers to finance payment obligations from us
with a designated third-party financial institution who act as our paying agent. We have generally extended our payment terms
with suppliers to 90 day s. A participating supplier may request the 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 institution.
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
this agreemen t w as $280 million as of December 31, 2025, and $317 million as of December 31, 2024, 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 | 2025 | 2024
Confirmed obligations outstanding at the beginning of the year | $317 | $322
Invoices added during the year | 1,082 | 1,217
Confirmed invoices paid during the year | (1,119) | (1,222)
Confirmed obligations outstanding at the end of the year | $280 | $317

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

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

| December 31,
Millions of Dollars | 2025 | 2024
Land | $104 | $119
Buildings and property improvements | 1,697 | 1,751
Machinery, equipment, and other | 16,076 | 15,704
Total property, plant, and equipment | 17,877 | 17,574
Accumulated depreciation | (12,616) | (12,461)
Net property, plant, and equipment | $5,261 | $5,113

Classes of assets are depreciated over the following useful lives:

| Buildings and Property Improvements
| 2025 | 2024
1 - 10 years | 17% | 17%
11 - 20 years | 40% | 40%
21 - 30 years | 26% | 26%
31 - 40 years | 17% | 17%

| Machinery, Equipment, and Other
| 2025 | 2024
1 - 5 years | 45% | 46%
6 - 10 years | 46% | 45%
11 - 20 years | 9% | 9%

Note 10. Debt
Our long-term total de bt consisted of the f ollowing:

| December 31,
Millions of dollars | 2025 | 2024
5.0% senior notes due November 2045 | $1,887 | $1,887
2.92% senior notes due March 2030 | 1,000 | 1,000
4.85% senior notes due November 2035 | 997 | 997
7.45% senior notes due September 2039 | 938 | 938
4.75% senior notes due August 2043 | 846 | 846
6.7% senior notes due September 2038 | 763 | 763
4.5% senior notes due November 2041 | 469 | 469
7.6% senior debentures due August 2096 | 226 | 226
6.75% senior notes due February 2027 | 90 | 90
Other | 6 | 6
Unamortized debt issuance costs and discounts | (64) | (62)
Total long-term debt | $7,158 | $7,160
Short-term borrowings and current maturities of long-term debt | — | 381
Total debt | $7,158 | $7,541

T here were no short-term borrowings and current maturities of long-term debt as of December 31, 2025. There were
no short-term borrowings and $381 million of current maturities of long-term debt as of December 31, 2024.
HAL 2025 FORM 10-K | 61

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

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% senior notes due February 2027 and 7.6% senior debentures due
August 2096 may not be redeemed prior to maturity.
Repurchases of senior debt
Our total debt repurchases consisted of the following:

| December 31,
Millions of dollars | 2025 | 2024
4.75% senior notes due August 2043 | $— | $32
4.5% senior notes due November 2041 | — | 31
5.0% senior notes due November 2045 | — | 24
7.45% senior notes due September 2039 | — | 8
4.85% senior notes due November 2035 | — | 3
7.6% senior debentures due August 2096 | — | 2
Total Repurchases | $— | $100

For the year ended December 31, 2024, w e 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 $5.4 billion i n
the aggregate remains outstanding as of December 31, 2025.
Redemption of 3.8% senior notes due November 2025
In November 2025, we retired the remaining $382 million principal amount of our 3.8% senior notes at their scheduled
maturity using cash on hand.
Revolving credit facilities
On August 18, 2025, we entered into a new $3.5 billion five-year revolving facility, which replaced our $3.5 billion
revolving credit facility established in April 2022. The revolving credit facility is for general working capital purposes and
expires on August 16, 2030. The full amount of the revolving credit facility was available as of December 31, 2025.
Debt maturities
Our debt matures as follows: no amounts in 2026, $90 million in 2027, no amounts in 2028 and 2029, $1.0 billion in
2030, 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
$3.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2025. 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.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Note 12. Income Taxes
The compone nts of the provision for income taxes on continuing operations were as follows:

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Current income taxes: |  |  |
Federal | $(3) | $10 | $(21)
Foreign | (448) | (571) | (472)
State | (5) | (9) | (12)
Total current income taxes | (456) | (570) | (505)
Deferred income taxes: |  |  |
Federal | (66) | (167) | (123)
Foreign | 10 | 31 | (59)
State | 33 | (12) | (14)
Total deferred income taxes | (23) | (148) | (196)
Income tax provision | $(479) | $(718) | $(701)

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

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
United States | $762 | $1,695 | $1,666
Foreign | 1,009 | 1,539 | 1,697
Total income from continuing operations before income taxes | $1,771 | $3,234 | $3,363

HAL 2025 FORM 10-K | 63

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

Reconciliations between the actual provision 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,
Millions of dollars | 2025
U.S. Federal Statutory Tax Rate | $372 | 21.0%
State and Local Income Tax, Net of Federal Income Tax Effect (a) | (24) | (1.4)
Foreign Tax Effects |  |
Argentina |  |
Intercompany Withholding Tax | 33 | 1.9
Other | 15 | 0.8
Brazil | 27 | 1.5
Cayman Islands |  |
Statutory Tax Rate Difference Between Cayman Islands and United States | 29 | 1.6
Mexico |  |
Foreign Exchange / Inflation Adjustment | (26) | (1.5)
Other | 28 | 1.6
Norway | 23 | 1.3
Saudi Arabia |  |
Intercompany Withholding Tax | 32 | 1.8
Other | (3) | (0.2)
Singapore |  |
Statutory Tax Rate Difference Between Singapore and United States | (35) | (2.0)
Other | 25 | 1.4
United Arab Emirates | (19) | (1.1)
Other Foreign Jurisdictions | 125 | 7.0
Domestic Federal Reconciling Items |  |
Effect of Cross-Border Tax Laws |  |
Foreign Derived Intangible Income Deduction | (135) | (7.6)
Global Intangible Low-Taxed Income | 23 | 1.3
Other | 10 | 0.6
Tax Credits |  |
Foreign Tax Credit | (146) | (8.2)
Research & Development Credit | (50) | (2.8)
Changes in Valuation Allowances | 176 | 9.9
Nontaxable or Nondeductible items | 32 | 1.8
Other Adjustments | (5) | (0.1)
Changes in Unrecognized Tax Benefits | (28) | (1.6)
Effective Tax Rate | $479 | 27.0%

(a) | During the year ended December 31, 2025, state and local income taxes in Texas comprise the majority (greater than 50 percent) of the state and local income taxes, net of federal effect category.

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

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

During the year ended December 31, 2025, we recorded a total income tax provision of $479 million on pre-tax
income of $1.8 billion, resulting in an effective tax rate of 27.0%. The effective tax rate for 2025 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, and discrete tax benefit from the Foreign-Derived Intangible Income (FDII)
deduction attributable to a royalty prepayment.
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 valuation allowances 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.
The primary components of our deferred tax assets and liabilities were as follows:

| December 31,
Millions of dollars | 2025 | 2024
Gross deferred tax assets: |  |
Foreign tax credit carryforwards | $790 | $950
Intangible assets | 679 | 727
Operating and capital loss carryforwards | 629 | 581
Royalty prepayment | 239 | —
Accrued liabilities | 233 | 227
Employee compensation and benefits | 157 | 170
Research and development tax credit carryforwards | 86 | 85
Other | 813 | 639
Total gross deferred tax assets | 3,626 | 3,379
Gross deferred tax liabilities: |  |
Depreciation and amortization | 197 | 164
Operating lease right-of-use assets | 133 | 144
Other | 63 | 50
Total gross deferred tax liabilities | 393 | 358
Valuation allowances | 943 | 718
Net deferred income tax asset | $2,290 | $2,303

At December 31, 2025, we had $635 million of domestic and foreign tax-effected operating and capital loss
carryforwards, with approximately $6 million estimated to be utilized against our unrecognized tax benefits. In addition, we had
approximately $819 million of foreign tax credit carryforwards which are offset by $29 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.
HAL 2025 FORM 10-K | 65

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

Our def erred tax assets from operating and capital losses, foreign tax credits, and research and development credits
will expire as follows:

Millions of dollars | U.S. Net Operating Loss | Foreign Operating and Capital Loss | Foreign Tax Credits | Research and Development Credit | Total Deferred Tax Assets
2026-2030 | $5 | $69 | $430 | $— | $504
2031-2035 | 6 | 24 | 353 | — | 383
2036-2045 | 13 | 68 | 36 | 85 | 202
Non-Expiring | 13 | 437 | — | — | 450
| $37 | $598 | $819 | $85 | $1,539

We have not recorded incremental U.S. income taxes or foreign withholding taxes on the undistributed earnings of
foreign subsidiaries subsequent to December 31, 2017. Under ASC 740, income taxes are generally not provided on such
undistributed earnings to the extent they are either not expected to be subject to tax upon repatriation or are considered to be
indefinitely reinvested.
For the year ended December 31, 2025, the “One Big Beautiful Bill Act,” was introduced which included federal tax
law revisions that affected the Company’s ability to utilize Foreign Tax Credits (FTC). Companies were required to recognize
the effects of changes in tax laws in the period in which the new legislation is enacted. As a result, the Company reassessed the
realizability of its FTC carryforwards and recorded an additional valuation allowance of $125 million against its FTC deferred
tax assets.
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, 2023 | $311 |  | $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) | $45
Change in prior year tax positions | 40 |  | 3
Change in current year tax positions | 15 |  | 2
Cash settlements with taxing authorities | (11) |  | —
Lapse of statute of limitations | (70) |  | (8)
Balance at December 31, 2025 | $170 | (a)(b) | $42

(a) | Includes $36 million as of December 31, 2025, $40 million as of December 31, 2024, and $43 million as of December 31, 2023 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2025, December 31, 2024, and December 31, 2023, a net $119 million, $137 million and $192 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 $24 million as of December 31, 2025 that we believe could be resolved within the next 12 months.

HAL 2025 FORM 10-K | 66

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

Income taxes paid (net of refunds received) were as follows:

| Year Ended December 31,
Million of dollars | 2025
US Federal | $27
US State and Local | 9
Foreign |
Mexico | 112
Saudi Arabia | 76
Other | 415
Foreign Subtotal | 603
Total | $639

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 2014. 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 2024 are currently under review or remain open for review by the
IRS.
As of December 31, 2025, 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.
HAL 2025 FORM 10-K | 67

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

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

| December 31,
Millions of shares | 2025 | 2024
Issued | 1,064 | 1,065
In treasury | (229) | (197)
Total shares of common stock outstanding | 835 | 868

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 42.4 million shares of our common stock under the program during the year
ended December 31, 2025. During the year ended December 31, 2024, we purchased 30.5 million shares of our common stock
under the program. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the
inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of
our common stock for a total cost of approximately $12.1 billion.
Paid-in Capital in Excess of Par Value
During 2025, 2024 and 2023, we issued common stock from treasury shares under our employee stock purchase plan
awards and for restricted stock grants. As a result, for the years ended December 31, 2024 and 2023, additional paid in capital
would have resulted in a balance below zero; therefore, we reduced retained earnings by $105 million and $98 million,
respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.
Preferred stock
Our preferred stock consists of 5 million total authorized shares at December 31, 2025, of which none are issued.
Accumulated other comprehensive loss
Accumulated other comprehensive loss consisted of the following:

| December 31,
Millions of dollars | 2025 | 2024
Cumulative translation adjustments | $(81) | $(82)
Defined benefit and other postretirement liability adjustments (a) | (245) | (234)
Other | (37) | (37)
Total accumulated other comprehensive loss | $(363) | $(353)

(a) | Included net actuarial losses for our international pension plans of $243 million at December 31, 2025 and $233 million at December 31, 2024.

HAL 2025 FORM 10-K | 68

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, 2025, 2024, and
2023.

| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Stock-based compensation cost | $213 | $223 | $219
Tax benefit | (36) | (38) | (36)
Stock-based compensation cost, net of tax | $177 | $185 | $183

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, 2025, approximately 16 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 2025 and there are no plans to grant stock options in 2026. 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 2025.

| 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, 2025 | 10.4 | $41.75 |  |
Exercised | — | 24.73 |  |
Forfeited/expired | (2.4) | 43.71 |  |
Outstanding at December 31, 2025 | 8.0 | $41.23 | 1.9 | $5.8
Exercisable at December 31, 2025 | 8.0 | $41.23 | 1.9 | $5.8

The total intrinsic value of options exercised was $103,000 in 2025, $3 million in 2024, and $20 million in 2023. As of
December 31, 2025, there was no unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock
options.
Cash received from issuance of common stock for 2025, 2024, and 2023 was $98 million, $105 million, and $136
million, respectively, of which $1 million, $9 million, and $48 million, respectively, are related to proceeds from exercises of
stock options. All other cash received from issuance of common stock during 2025, 2024 and 2023 relates to cash proceeds
from the issuance of shares under our employee stock purchase plan.
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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, 2025, 2024, and 2023.
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 2025, 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 and a modifier based upon stock performance, as compared to certain
competitors. 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 2025.
.

| Number of Shares (in millions) | Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2025 | 19.5 | $31.64
Granted | 7.8 | 22.95
Vested | (6.9) | 29.18
Forfeited | (1.7) | 30.84
Nonvested shares at December 31, 2025 | 18.7 | $29.01

The weighted average grant-date fair value of shares granted was $22.95 during 2025, $36.76 during 2024, and $31.73
during 2023. The total fair value of shares vested was $162 million during 2025, $263 million during 2024, and $283 million
during 2023. As of December 31, 2025, there was $358 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 2023, 2024,
and 2025 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 84
million shares have been sold through the ESPP since the inception of the plan through December 31, 2025 and 20 million
shares are available for future issuance. The stock to be offered may be authorized but unissued common shares or treasury
shares.
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,
| 2025 | 2024 | 2023
Expected volatility | 35% | 30% | 48%
Expected dividend yield | 2.78% | 2.00% | 1.44%
Risk-free interest rate | 4.28% | 5.24% | 5.11%
Weighted average grant-date fair value per share | $4.17 | $5.60 | $7.16

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

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 | 2025 | 2024 | 2023
Basic weighted average common shares outstanding | 853 | 882 | 899
Dilutive effect of awards granted under our stock incentive plans | — | 1 | 3
Diluted weighted average common shares outstanding | 853 | 883 | 902
Antidilutive shares: |  |  |
Weighted average options with exercise price greater than the average market price | 9 | 10 | 12
Total antidilutive shares | 9 | 10 | 12

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, 2025 |  | December 31, 2024
Millions of dollars | Level 1 | Level 2 | Total fair value | Carrying value |  | Level 1 | Level 2 | Total fair value | Carrying value
Total debt | $6,722 | $357 | $7,079 | $7,158 |  | $4,503 | $2,825 | $7,328 | $7,541

The total fair value of our debt decreased during 2025 primarily as a result of the retirement of the outstanding
principal of our 3.8% senior notes at their scheduled maturity, 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.
We are exposed to market risk from changes in foreign currency exchange rates, interest rates, and credit risk. We
selectively manage these exposures t hrough 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 interest rate swaps was not material as of December 31, 2025 or
December 31, 2024. 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.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

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 $840 million at December 31, 2025 and $781 million
at December 31, 2024. 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, 2025 and December 31, 2024 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, 2025 and December 31, 2024. We maintain an interest rate management strategy that is intended
to mitigate the exposure to changes in interest ra tes. As of December 31, 2025 and December 31, 2024, 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,
2025, 31% of our net trade receivables were from customers in the United States and 8% were from customers in Mexico. 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. 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.
We have entered into CDSs with third-party financial institutions that had an aggregate notional amount outstanding as
of December 31, 2025 of $592 million, compared to 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 $455
million of the outstanding amount of the CDSs reduces monthly over its remaining 9-month term and $75 million reduces
monthly over its remaining 6-month term. The remaining $62 million outstanding amount reduces monthly over its remaining
2-month term.
The fair value of the derivative liabilities was not material to our financial condition as of December 31, 2025.
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.
HAL 2025 FORM 10-K | 72

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

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
ind ividual account for each participant and have terms that specify how contributions to the participant’s account are
to be determined rath er 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 $206 million in 2025, $182 million in 2024, and $181
million in 2023. The increase in expense from 2024 to 2025 was primarily driven by higher discretionary employer
contributions, along with increases in employee headcount and employer contribution rates in certain foreign
locations.
-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 (ABO) and net periodic benefit cost for these plans were not material for the periods presented.
- I n 2024, the Trustees of the Company’s United Kingdom (U.K.) defined benefit plan executed an annuity buy-in
with a third-party insurance company with no affiliation with 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, accordingly, the arrangement did not meet the settlement criteria of ASC 715. The
policy is carried at fair value within plan assets and presented as a level 3 in the fair value table below. Fair value is
determined using a quote from an insurance company, reflecting prevailing market conditions for similar
transactions. Changes in the fair value of the policy are reflected in actual return on plan assets.
Funded status
For our international pension plans, at December 31, 2025, the projected benefit obligation (PBO) was $783 million
and the fair value of plan assets was $583 million, which resulted in an underfunded obligation of $200 million. At
December 31, 2024, the PBO was $773 million and the fair value of plan assets was $594 million, which resulted in an
underfunded obligation of $179 million. The ABO for our international plans was $698 million at December 31, 2025 and $694
million at December 31, 2024. Despite an increase in the Company’s weighted‑average discount rate, the localized actuarial
changes in a few countries created upward pressure on pension obligations, resulting in a net increase in PBO and ABO
compared to the prior year.
The following table presents additional information about our international pension plans.

| December 31,
Millions of dollars | 2025 | 2024
Amounts recognized on the Consolidated Balance Sheets |  |
Other assets | $3 | $11
Accrued employee compensation and benefits | 9 | 11
Employee compensation and benefits | 193 | 177
Pension plans in which projected benefit obligation exceeded plan assets |  |
Projected benefit obligation | $213 | $200
Fair value of plan assets | 11 | 12
Pension plans in which accumulated benefit obligation exceeded plan assets |  |
Accumulated benefit obligation | $127 | $122
Fair value of plan assets | 11 | 12

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.
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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 | $4 | $4 | $— | $— | $8
Bond funds (b) | — | 4 | — | — | 4
Real estate funds (c) | — | — | — | — | —
Other investments (d) | 1 | 9 | 561 | — | 571
Fair value of plan assets at December 31, 2025 | $5 | $17 | $561 | $— | $583
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

(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 plan assets.
(b) | Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.
(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, non-US equities, and government bonds. The fair value of the buy-in annuity insurance contract is determined using a quote provided by an insurance company, reflecting prevailing market conditions for similar transactions.

Level 3 Rollforward
The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2025 and 2024.

Millions of dollars | 2025 | 2024
Balance at the beginning of the year | $565 | $2
Purchase of insurance contract | — | 590
Return on assets | 23 | (18)
Payment from the insurance policy | (27) | (9)
Balance at the end of the year | $561 | $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 U.K. pension plan, which constituted 72% of our international
pension plans’ PBO at December 31, 2025, 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 $57 million in 2025, $43 million in 2024, and $32
million in 2023.
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Table of Contents | Item 8 | Notes to Consolidated Financial Statements

Actuarial assumptions
Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension
plans at December 31 were as follows:

| 2025 | 2024
Discount rate | 5.4% | 5.3%
Rate of compensation increase | 5.1% | 4.9%

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:

| 2025 | 2024 | 2023
Discount rate | 5.3% | 5.1% | 5.6%
Expected long-term return on plan assets | 4.9% | 4.0% | 3.8%
Rate of compensation increase | 4.9% | 2.9% | 5.4%

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 2026.
Benefit payments. Expected benefit payments over the next 10 years for our international pension plans are as follows:
$46 million in 2026, $39 million in 2027, $42 million in 2028, $43 million in 2029, $45 million in 2030, and an aggregate $268
million in years 2031 through 2035.
Note 18. New Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03
(Subtopic 220-40), “Disaggregation of Income Statement Expenses”, 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 continue to evaluate the effect that adoption of ASU 2024-03 will have on our disclosures.
HAL 2025 FORM 10-K | 75

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 Off icer and Chief Financial Officer concluded that our disclosure controls and procedures were
effective as of December 31, 2025 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, 2025 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 pa ge 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, 2025, no director or officer 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.
Item 9(c). Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
HAL 2025 FORM 10-K | 76

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 2026 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 2026 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 2026 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 2026
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 2026 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 2026 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 2026 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 2025,” “Outstanding Equity
Awards at Fiscal Year End 2025,” “2025 Option Exercises and Stock Vested,” “2025 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 2026 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 2026 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 2026 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 2026 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.”
HAL 2025 FORM 10-K | 77

Table of Contents |  | Item 14 | Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services.
This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 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.
PART IV
Item 15. Exhibits and Financial Statement Schedules.

(a) | List of documents filed as part of this Annual Report.
| (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:
|  | See exhibits listed under Part (b) below.

(b) | 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 to 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 | Fifth Supplemental Indenture, dated as of July 1, 2025, by and among Halliburton Company, Halliburton Operations Finance Company, LLC and the Bank of New York Mellon Trust Company, N.A. (as successor to Chase Bank of Texas, National Association, as successor to Texas Commerce Bank National Association), as trustee to the Indenture dated as of December 1, 1996 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 10-Q for the quarter ended June 30, 2025, File No. 001-03492).
| 4.5 | 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).

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| 4.6 | 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).
| 4.7 | 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.
| 4.8 | 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).
| 4.9 | 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).
| 4.10 | 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).
| 4.11 | Fourth Supplemental Indenture dated as of July 1, 2025, by and among DII Industries, LLC, Halliburton Company, Halliburton Operations Finance Company, LLC, and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, as successor to Texas Commerce Bank National Association), as trustee to the Indenture dated as of April 18, 1996 (incorporated by reference to Exhibit 4.1 to Halliburton’s Form 10-Q for the quarter ended June 30, 2025, File No. 001-03492).
| 4.12 | 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).
| 4.13 | 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).
| 4.14 | Form of note of 7.6% debentures due 2096 (included as Exhibit A to Exhibit 4.13).
| 4.15 | 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).
| 4.16 | Form of Global Note for Halliburton’s 6.70% Senior Notes due 2038 (included as part of Exhibit 4.15).
| 4.17 | 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).
| 4.18 | Form of Global Note for Halliburton’s 7.45% Senior Notes due 2039 (included as part of Exhibit 4.17).

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| 4.19 | 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).
| 4.20 | Form of Global Note for Halliburton’s 4.50% Senior Notes due 2041 (included as part of Exhibit 4.19).
| 4.21 | 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).
| 4.22 | Form of Global Note for Halliburton’s 4.75% Senior Notes due 2043 (included as part of Exhibit 4.21).
| 4.23 | 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).
| 4.24 | Form of Global Note for Halliburton’s 3.800% Senior Notes due 2025 (included as part of Exhibit 4.23).
| 4.25 | Form of Global Note for Halliburton’s 4.850% Senior Notes due 2035 (included as part of Exhibit 4.23).
| 4.26 | Form of Global Note for Halliburton’s 5.000% Senior Notes due 2045 (included as part of Exhibit 4.23).
| 4.27 | Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.25 of Halliburton’s Form 10-K for the year ended December 31, 2023, File No. 001-03492).
| 4.28 | 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).
| 4.29 | Form of Global Note for the Company’s 2.920% Senior Notes due 2030 (included as part of Exhibit 4.28).
| 4.30 | Tenth Supplemental Indenture, dated as of July 1, 2025, by and among Halliburton Company, Halliburton Operations Finance Company, LLC, and the Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee to the Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.3 to Halliburton’s Form 10-Q for the quarter ended June 30, 2025, File No. 001-03492).
† | 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).

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† | 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 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).
† | 10.7 | 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).
† | 10.8 | 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).
† | 10.9 | 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).
† | 10.10 | 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).
† | 10.11 | Form of Non-Employee Director Restricted Stock Agreement (Directors Plan) (incorporated by reference to Exhibit 99.5 of Halliburton's Form S-8 filed May 21, 2009, Registration No. 333-159394).
† | 10.12 | 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).
† | 10.13 | Form of Nonstatutory Stock Option Agreement (U.S.) (incorporated by reference to Exhibit 99.2 of Halliburton's Form S-8 filed May 17, 2019, Registration No. 333-231571).
† | 10.14 | Form of Nonstatutory Stock Option Agreement (International) (incorporated by reference to Exhibit 99.3 of Halliburton's Form S-8 filed May 17, 2019, Registration No. 333-231571).
† | 10.15 | Executive Agreement (Eric J. Carre) (incorporated by reference to Exhibit 10.46 of Halliburton's Form 10-K for the year ended December 31, 2017, File No. 001-03492).
† | 10.16 | Executive Agreement (Lawrence J. Pope) (incorporated by reference to Exhibit 10.47 of Halliburton's Form 10-K for the year ended December 31, 2017, File No. 001-03492).
† | 10.17 | Second Amendment dated January 1, 2019, to Halliburton Company Directors’ Deferred Compensation Plan, as amended and restated effective May 16, 2012 (incorporated by reference to Exhibit 10.47 of Halliburton's Form 10-K for the year ended December 31, 2018, File No. 001-03492).
† | 10.18 | Executive Agreement (Mark J. Richard) (incorporated by reference to Exhibit 10.48 of Halliburton’s Form 10-K for the year ended December 31, 2018, File No. 001-03492).
† | 10.19 | Halliburton Company Performance Unit Program, as amended and restated effective January 1, 2019 (incorporated by reference to Exhibit 10.8 of Halliburton's Form 10-Q for the quarter ended June 30, 2019, File No. 001-03492).

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| 10.20 | U.S. $3,500,000,000 Five Year Revolving Credit Agreement among Halliburton Company and Halliburton Operations Finance Company, LLC, as Borrowers, the Banks party thereto, and Citibank, N.A., as Agent (incorporated by reference to Exhibit 10.1 to Halliburton’s Form 8-K filed August 20, 2025, File No. 001-03492).
† | 10.21 | Halliburton Company Supplemental Executive Retirement Plan, as amended and restated effective December 5, 2019 (incorporated by reference to Exhibit 10.41 of Halliburton's Form 10-K for the year ended December 31, 2019, File No. 001-03492).
† | 10.22 | Halliburton Company Benefit Restoration Plan, as amended and restated effective December 5, 2019 (incorporated by reference to Exhibit 10.42 of Halliburton's Form 10-K for the year ended December 31, 2019, File No. 001-03492).
† | 10.23 | Halliburton Elective Deferral Plan, as amended and restated effective December 5, 2019 (incorporated by reference to Exhibit 10.43 of Halliburton's Form 10-K for the year ended December 31, 2019, File No. 001-03492).
† | 10.24 | Executive Agreement (Van H. Beckwith) (incorporated by reference to Exhibit 10.42 of Halliburton’s Form 10-K for the year ended December 31, 2020, File No. 001-03492).
† | 10.25 | Executive Agreement (Jill D. Sharp) (incorporated by reference to Exhibit 10.40 of Halliburton's Form 10-K for the year ended December 31, 2021, File No. 001-03492).
† | 10.26 | Amendment effective January 1, 2022, to Halliburton Annual Performance Pay Plan, as amended and restated effective as of January 1, 2019 (incorporated by reference to Exhibit 10.1 of Halliburton's Form 10- Q for the quarter ended March 31, 2022, File No. 001-03492).
† | 10.27 | Amendment effective January 1, 2020, to Halliburton Company Performance Unit Program, as amended and restated effective as of January 1, 2019 (incorporated by reference to Exhibit 10.2 of Halliburton's Form 10-Q for the quarter ended March 31, 2022, File No. 001-03492).
† | 10.28 | Executive Agreement (Shannon Slocum) (incorporated by reference to Exhibit 10.1 of Halliburton's Form 10-Q for the quarter ended March 31, 2023, File No. 001-03492).
| 10.29 | Form of Indemnification Agreement for Officers (incorporated by reference to Exhibit 10.1 of Halliburton's Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492).
| 10.30 | Form of Indemnification Agreement for Directors (incorporated by reference to Exhibit 10.2 of Halliburton's Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492).
† | 10.31 | Executive Agreement (effective January 1, 2026) (J. Shannon Slocum) (incorporated by reference to Exhibit 10.1 of Halliburton’s Form 8-K filed on December 4, 2025, File No. 001-03492).
† | 10.32 | Executive Agreement (effective January 1, 2026) (Rami M. Yassine) (incorporated by reference to Exhibit 10.2 of Halliburton’s Form 8-K filed on December 4, 2025, File No. 001-03492).
† | 10.33 | Executive Agreement (effective July 16, 2025) (Stephanie S. Holzhauser) (incorporated by reference to Exhibit 10.1 to Halliburton’s Form 8-K filed July 14, 2025, File No. 001-03492).
† | 10.34 | Executive Agreement (effective February 1, 2026) (M. Casey Maxwell) (incorporated by reference to Exhibit 10.1 of Halliburton’s Form 8-K filed on January 14, 2026, File No. 001-03492).

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† | 10.35 | Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.39 of Halliburton’s Form 10- K for the year ended December 31, 2024, File No. 001-03492).
† | 10.36 | Form of Restricted Stock Unit Agreement (International) (incorporated by reference to Exhibit 10.40 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492).
† | 10.37 | Form of Restricted Stock Unit Agreement (U.S. Expat) (incorporated by reference to Exhibit 10.41 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492).
† | 10.38 | Form of Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10.42 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492).
† | 10.39 | Form of Non-Management Director Restricted Stock Unit Agreement (Stock and Incentive Plan) (incorporated by reference to Exhibit 10.43 of Halliburton's Form 10-K for the year ended December 31, 2024, File No. 001-03492).
*† | 10.40 | Form of Restricted Stock Agreement.
*† | 10.41 | Form of Restricted Stock Unit Agreement (International).
*† | 10.42 | Form of Restricted Stock Unit Agreement (U.S. Expat).
*† | 10.43 | Form of Performance Share Unit Award Agreement.
*† | 10.44 | 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 (incorporated by reference to Exhibit 19.1 of Halliburton's Form 10-K for the year ended December 31, 2024, File No. 001-03492).
| 19.2 | Company Policy: Securities Trading of Company Securities by the Company (incorporated by reference to Exhibit 19.2 of Halliburton's Form 10-K for the year ended December 31, 2024, File No. 001-03492).
* | 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.

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| 97.1 | Company Policy: Recoupment of Incentive Compensation Following a Restatement (incorporated by reference to Exhibit 97.1 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492).
* | 101.INS | Inline 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 | Inline XBRL Taxonomy Extension Schema Document
* | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document
* | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document
* | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document
* | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document
* | 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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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 6th day of February, 2026.

| 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 6th day of February, 2026.

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/ Stephanie S. Holzhauser | Senior Vice President and
Stephanie S. Holzhauser | Chief Accounting Officer

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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/ Timothy A. Leach | Director
Timothy A. Leach |
/s/ Robert A. Malone | Director
Robert A. Malone |
/s/ J. Shannon Slocum | Director
J. Shannon Slocum |
/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 |