# EDGAR Filing Document

**Accession Number:** 0000045012
**File Stem:** 0000045012-25-000068
**Filing Date:** 2025-10
**Character Count:** 46583
**Document Hash:** 1fb6bf9c64ce8e1d20585b66e6b499cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000045012-25-000068.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000045012-25-000068

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HALLIBURTON CO
- **CENTRAL INDEX KEY:** 0000045012
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL, GAS FIELD SERVICES, NBC [1389]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 752677995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03492
- **FILM NUMBER:** 251405332

**BUSINESS ADDRESS:**
- **STREET 1:** 3000 NORTH SAM HOUSTON PARKWAY EAST
- **STREET 2:** 3000 NORTH SAM HOUSTON PARKWAY EAST
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77032
- **BUSINESS PHONE:** 2818712699

**MAIL ADDRESS:**
- **STREET 1:** 3000 NORTH SAM HOUSTON PARKWAY EAST
- **STREET 2:** 3000 NORTH SAM HOUSTON PARKWAY EAST
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77032

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HALLIBURTON OIL WELL CEMENTING CO
- **DATE OF NAME CHANGE:** 19660911

?xml version='1.0' encoding='ASCII'? hal-20251021

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 8-K** 

 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 21, 2025** 

 

**HALLIBURTON COMPANY**

**(Exact name of registrant as specified in its charter)**

 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-03492** | **75-2677995** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

---

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

---

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

**Not Applicable**

**(Former name or former address, if changed since last report)**

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, par value $2.50 per share | HAL | New York Stock Exchange |
|  |  | NYSE Texas |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**<u>Item 2.02.</u> <u>Results of Operations and Financial Condition</u>**

On October 21, 2025, Halliburton Company (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2025 and providing access information for an investor conference call to discuss those results. The scheduled conference call was previously announced on September 18, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02. The press release will be published on the Company's website at www.halliburton.com.

The Company's press release announcing its results for the quarter ended September 30, 2025 and information to be discussed on the conference call contain certain non-GAAP financial measures (as defined under the Securities and Exchange Commission's Regulation G). Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP. The Company has provided reconciliations within the press release of the non-GAAP measures to the most directly comparable GAAP financial measure.

In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report under Item 2.02 and in the press release as Exhibit 99.1 is deemed to be "furnished" and shall not be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended (Securities Act), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**<u>Item 7.01.</u> <u>Regulation FD Disclosure</u>**

On October 21, 2025, the Company issued a press release announcing its results for the quarter ended September 30, 2025. A copy of the press release is set forth in Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report under Item 7.01 and in the press release as Exhibit 99.1 is deemed to be "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**<u>Item 9.01.</u> <u>Financial Statements and Exhibits</u>**

In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release of Halliburton Company, dated October 21, 2025.](livemastererdocument.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document).

------

SIGNATURES

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | HALLIBURTON COMPANY |
| Date: | October 21, 2025 | By: | /s/ Stephanie S. Holzhauser |
|  |  |  | Stephanie S. Holzhauser |
|  |  |  | Senior Vice President and Chief |
|  |  |  | Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![halliburtona.jpg](halliburtona.jpg)

**HALLIBURTON ANNOUNCES THIRD QUARTER 2025 RESULTS**

• Net income of $0.02 per diluted share.

• Adjusted net income of $0.58 per diluted share<sup>1</sup>.

• Revenue of $5.6 billion and operating margin of 6%.

• Adjusted operating margin<sup>2</sup> of 13%.

• Cash flow from operations of $488 million and free cash flow<sup>3</sup> of $276 million.

• Approximately $250 million of share repurchases.

**HOUSTON – October 21, 2025 –** Halliburton Company (NYSE: HAL) announced today net

income of $18 million, or $0.02 per diluted share, for the third quarter of 2025and adjusted

net income<sup>4</sup>, excluding "Impairments and other charges" and other items, of $496 million, or

$0.58 per diluted share. This compares to net income for the second quarter of 2025 of $472

million, or $0.55 per diluted share. Halliburton's total revenue for the third quarter of 2025

was $5.6 billion, compared to total revenue of $5.5 billion in the second quarter of 2025.

Operating income was $356 million in the third quarter of 2025, compared to operating

income of $727 million in the second quarter of 2025. Adjusted operating income<sup>5</sup>in the third

quarter of 2025, excluding "Impairments and other charges", was $748 million.

"I am pleased with Halliburton's third quarter performance. We delivered total company

revenue of $5.6 billion dollars and adjusted operating margin of 13%. We also took steps

that will deliver estimated savings of $100 million dollars per quarter,reset our 2026 capital

budget and idled equipment that no longer meets our return expectations," commented Jeff

Miller, Chairman, President and CEO.

"In the international market, our value proposition is winning with customers, we are

demonstrating differentiated performance both on and off-shore, and our growth engines are

on track.

"In North America, we are executing our strategy to Maximize Value — this means we are

prioritizing returns, technology leadership, and working with leading operators. I am

confident that our strategy execution will drive further outperformance.

"We are committed to returning cash to shareholders, maintaining cost and capital discipline,

and investing in differentiated technologies that drive long-term performance," concluded

Miller.

**<u>Operating Segments</u>**

**Completion and Production**

Completion and Production revenue in the third quarter of 2025 was $3.2 billion, an increase

of $52 million, or 2%, when compared to the second quarter of 2025, while operating income

in the third quarter of 2025was$514 million, flat when compared to the second quarter of

2025. Higher completion tool sales and increased artificial lift activity in North America,

improved cementing activity in Africa and Latin America were partially offset by lower

completion tool sales internationally, decreased well intervention services in Middle East/

Asia, and lower cementing activity in North America. Operating income was further

adversely impacted by rig reductions in Saudi Arabia.

**Drilling and Evaluation**

Drilling and Evaluation revenue in the third quarter of 2025 was $2.4 billion, an increase of

$38 million, or 2%, when compared to the second quarter of 2025, while operating income in

the third quarter of 2025 was $348 million, an increase of $36 million, or 12%, when

compared to the second quarter of 2025. These results were primarily driven by higher

project management and improved wireline activity in Latin America, increased drilling

services in North America and Europe/Africa, and higher software sales in Europe/Africa.

Partially offsetting these increases were lower activity across multiple product service lines

in the Middle East and decreased fluid services in North America and Europe/Africa.

**<u>Geographic Regions</u>**

**North America**

North America revenue in the third quarter of 2025 was $2.4 billion, an increase of 5% when

compared to the second quarter of 2025. These results were primarily driven by increased

stimulation activity in US Land and Canada, and higher completion tool sales and increased

wireline activity in the Gulf of America. Partially offsetting these increases were lower

cementing activity in US Land and decreased stimulation activity in the Gulf of America.

**International**

International revenue in the third quarter of 2025 was $3.2 billion, flat when compared to the

second quarter of 2025.

Latin America revenue in the third quarter of 2025 was $996 million, an increase of 2%

sequentially. This increase was primarily driven by higher project management activity

across the region and increased drilling services in Argentina. Partially offsetting these

increases were decreased activity across multiple product service lines in Mexico and lower

completion tool sales in Brazil.

Europe/Africa/CIS revenue in the third quarter of 2025 was $828 million, flat sequentially.

These results were primarily driven by improved completion tool sales in Norway, and

increased drilling-related services in Namibia. Offsetting these increases were lower

completion tool sales in the Caspian Area and lower fluid services across Europe.

Middle East/Asia revenue in the third quarter of 2025 was $1.4 billion, a decrease of 3%

sequentially. This decrease was primarily driven by lower activity across multiple product

service lines in Saudi Arabia. Partially offsetting this decrease were improved pressure

pumping services in Qatar, increased artificial lift activity in Kuwait, and higher completion

tool sales and improved fluids services in Asia.

**<u>Other Financial Items</u>**

During the third quarter of 2025, Halliburton:

• Repurchased approximately $250 million of its common stock.

• Paid dividends of $0.17 per share.

• Spent $50 million on SAP S4 migration.

• Incurred a total charge of $540 million related to "Impairments and other charges"

and other items.

**<u>Selective Technology &</u> <u>Highlights</u>**

• Halliburton launched LOGIX<sup>™</sup> automated geosteering, a part of the LOGIX<sup>™</sup>

automation and remote operations family of solutions, that optimizes geological

interpretation and well placement. The service combines automation, machine

learning, and advanced geological insights to position the wellbore and maximize

reservoir contact. The service updates and projects geological models to enable well

trajectory optimization in real time. Advanced algorithms and machine learning

technology help provide uniform, repeatable, and unbiased geological interpretations

that empower customers with accurate data and faster diagnosis.

• Halliburton announced a contract award to provide completions and downhole

monitoring services for the Northern Endurance Partnership (NEP) carbon capture

and storage (CCS) system in northeast England's East Coast Cluster (ECC).

Halliburton will manufacture and deliver the majority of the equipment required for this

project from its U.K. completion manufacturing facility in Arbroath. For more than 50

years, the center has supported North Sea operations and provides on-site product

development and testing resources alongside advanced manufacturing capabilities to

support efficient production and the delivery of equipment.

• Halliburton unveiled an evolution in oilfield intelligence: the next generation Summit

Knowledge<sup>®</sup> (SK™) digital ecosystem. SK Well Pages features an all-in-one electric

submersible pump (ESP) workspace and equips operators with insight to make agile

decisions for optimal production. SK Well Pages draws on deep ESP experience and

advanced data science techniques to revolutionize data visibility with customizable

and intuitive dashboards for proactive monitoring of real-time pump performance,

surface sensors, and production data.

• Halliburton was awarded a contract from ConocoPhillips Skandinavia AS to deliver

comprehensive well stimulation services to improve well performance and reservoir

productivity. The contract spans five years and includes three optional extension

periods. Under the agreement, Tidewater's vessel, North Pomor, will be transformed

into an advanced stimulation vessel designed to efficiently deliver offshore well

stimulation services in the North Sea. The improvements will include Octiv® digital

fracturing services to maximize stimulation equipment performance and operational

efficiency.

• Halliburton launched theTuring<sup>®</sup> electro-hydraulic control system, the next generation

of SmartWell<sup>®</sup> intelligent completions technology. This system sets a new standard in

reservoir flow control suitable for all completion applications. It improves recovery and

reduces well count. The Turing electro-hydraulic control system facilitates fast zonal

optimization through integrated position sensors that help operators manage well

performance with speed, precision, and confidence. Its simplified, flexible design

reduces rig time, operational risk, and production delays to deliver measurable value

to our customers.

*(1)* *Adjusted net income per diluted share is a non-GAAP financial measure; please see definition of Adjusted Net Income Per Diluted Share in Footnote Table 3 and 4.*

*(2)* *Adjusted operating margin is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1 and 2.*

*(3)* *Free cash flow is a non-GAAP financial measure; please see reconciliation of Cash Flows from Operating Activities to Free Cash Flow in Footnote Table 5.*

*(4)* *Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income to Adjusted Net Income in Footnote Table 3 and 4.*

*(5)* *Adjusted operating income is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1 and 2.*

**<u>About Halliburton</u>**

Halliburton is one of the world's leading providers of products and services to the energy

industry. Founded in 1919, we create innovative technologies, products, and services that

help our customers maximize their value throughout the life cycle of an asset and advance a

sustainable energy future. Visit us at www.halliburton.com; connect with us on LinkedIn,

YouTube,Instagram, andFacebook.

**<u>Forward-looking</u> <u>Statements</u>**

The statements in this press release that are not historical statements are forward-looking

statements within the meaning of the federal securities laws. These statements are subject

to numerous risks and uncertainties, many of which are beyond the company's control,

which could cause actual results to differ materially from the results expressed or implied by

the statements. These risks and uncertainties include, but are not limited to: changes in the

demand for or price of oil and/or natural gas, including as a result of development of

alternative energy sources, general economic conditions such as inflation and recession, the

ability of the OPEC+ countries to agree on and comply with production quotas, and other

causes; changes in capital spending by our customers; the modification, continuation or

suspension of our shareholder return framework, including the payment of dividends and

purchases of our stock, which will be subject to the discretion of our Board of Directors and

may depend on a variety of factors, including our results of operations and financial

condition, growth plans, capital requirements and other conditions existing when any

payment or purchase decision is made; potential catastrophic events related to our

operations, and related indemnification and insurance; protection of intellectual property

rights; cyber-attacks and data security; compliance with environmental laws; changes in

government regulations and regulatory requirements, particularly those related to oil and

natural gas exploration, the environment, radioactive sources, explosives, chemicals,

hydraulic fracturing services, and climate-related initiatives; assumptions regarding the

generation of future taxable income, and compliance with laws related to and disputes with

taxing authorities regarding income taxes; risks of international operations, including risks

relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates

and controls, international trade and regulatory controls, tariffs, and sanctions, and doing

business with national oil companies; weather-related issues, including the effects of

hurricanes and tropical storms; delays or failures by customers to make payments owed to

us; infrastructure issues in the oil and natural gas industry; availability and cost of highly

skilled labor and raw materials; completion of potential dispositions, and acquisitions, and

integration and success of acquired businesses and joint ventures. Halliburton's Form 10-K

for the year ended December 31, 2024, Form 10-Q for the quarter ended June 30, 2025,

recent Current Reports on Form 8-K and other Securities and Exchange Commission filings

discuss some of the important risk factors identified that may affect Halliburton's business,

results of operations, and financial condition. Halliburton undertakes no obligation to revise

or update publicly any forward-looking statements for any reason.

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
| | September 30, | September 30, | June 30, |
|  | 2025 | 2024 | 2025 |
| **Revenue:** |  |  |  |
| Completion and Production | $3223 | $3299 | $3171 |
| Drilling and Evaluation | 2377 | 2398 | 2339 |
| **Total revenue** | $5600 | $5697 | $5510 |
| **Operating income:** |  |  |  |
| Completion and Production | $514 | $669 | $513 |
| Drilling and Evaluation | 348 | 406 | 312 |
| Corporate and other | (64) | (60) | (66) |
| SAP S4 upgrade expense | (50) | (28) | (32) |
| Impairment and other charges (a) | (392) | (116) |  |
| **Total operating income** | 356 | 871 | 727 |
| Interest expense, net | (88) | (85) | (92) |
| Other, net (b) | (49) | (52) | (24) |
| **Income before income taxes** | 219 | 734 | 611 |
| Income tax provision (c) | (199) | (154) | (131) |
| **Net income** | $20 | $580 | $480 |
| Net income attributable to noncontrolling interest | (2) | (9) | (8) |
| **Net income attributable to Company** | $18 | $571 | $472 |
| Basic and diluted net income per share | $0.02 | $0.65 | $0.55 |
| Basic weighted average common shares outstanding | 849 | 881 | 857 |
| Diluted weighted average common shares outstanding | 850 | 881 | 857 |

---

---

| | |
|:---|:---|
| (a) | See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended<br>September 30, 2025 and September 30, 2024. |
| (b) | During the three months endedSeptember 30, 2025, Halliburton incurred a charge of $23 million due to the<br>impairment of an investment in Argentina. |
| (c) | The income tax provision during the three months endedSeptember 30, 2025, includes a $125 million tax expense<br>associated with a valuation allowance recorded against our United States foreign tax credits, as well as the tax effect<br>on impairments and other charges and the impairment of an investment in Argentina. The income tax provision<br>during the three months endedSeptember 30, 2024, includes a $41 million tax benefit associated with a partial<br>release of a valuation allowance on deferred tax assets based on market conditions, as well as the tax effect on<br>impairments and other charges. |
| See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income. | See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income. |
| See Footnote Table 3 for Reconciliation of Net Income to Adjusted Net Income. | See Footnote Table 3 for Reconciliation of Net Income to Adjusted Net Income. |

---

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
| | September 30, | September 30, |
|  | 2025 | 2024 |
| **Revenue:** |  |  |
| Completion and Production | $9514 | $10073 |
| Drilling and Evaluation | 7013 | 7261 |
| **Total revenue** | $16527 | $17334 |
| **Operating income:** |  |  |
| Completion and Production | $1558 | $2080 |
| Drilling and Evaluation | 1012 | 1207 |
| Corporate and other | (196) | (190) |
| SAP S4 upgrade expense | (112) | (91) |
| Impairment and other charges (a) | (748) | (116) |
| **Total operating income** | 1514 | 2890 |
| Interest expense, net | (266) | (269) |
| Other, net (b) | (112) | (180) |
| **Income before income taxes** | 1136 | 2441 |
| Income tax provision (c) | (433) | (539) |
| **Net income** | $703 | $1902 |
| Net income attributable to noncontrolling interest | (9) | (16) |
| **Net income attributable to Company** | $694 | $1886 |
| Basic and diluted net income per share | $0.81 | $2.13 |
| Basic weighted average common shares outstanding | 857 | 885 |
| Diluted weighted average common shares outstanding | 858 | 886 |

---

---

| | |
|:---|:---|
| (a) | See Footnote Table 2 for details of the impairments and other charges recorded during the nine months ended<br>September 30, 2025 and September 30, 2024. |
| (b) | During the nine months endedSeptember 30, 2025, Halliburton incurred a charge of $23 million due to the impairment of<br>an investment in Argentina. During the nine months endedSeptember 30, 2024, Halliburton incurred a charge of $82<br>million in March 2024, primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. |
| (c) | The income tax provision during the nine months endedSeptember 30, 2025, includes a $125 million tax expense<br>associated with a valuation allowance recorded against our United States foreign tax credits, as well as the tax effect on<br>impairments and other charges and the impairment of an investment in Argentina. The tax provision during the nine<br>months endedSeptember 30, 2024, includes a $41 million tax benefit associated with a partial release of a valuation<br>allowance on deferred tax assets on market conditions, as well as the tax effects on impairments and other charges, the<br>impairment of an investment in Argentina and Egypt currency impact. |
| See Footnote Table 2 for Reconciliation of Operating Income to Adjusted Operating Income. | See Footnote Table 2 for Reconciliation of Operating Income to Adjusted Operating Income. |
| See Footnote Table 4 for Reconciliation of Net Income to Adjusted Net Income. | See Footnote Table 4 for Reconciliation of Net Income to Adjusted Net Income. |

---

HALLIBURTON COMPANY

Condensed Consolidated Balance Sheets

(Millions of dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
| | 2025 | 2024 |
| **Assets** | **Assets** | **Assets** |
| **Current assets:** |  |  |
| Cash and equivalents | $2026 | $2618 |
| Receivables, net | 5161 | 5117 |
| Inventories | 3095 | 3040 |
| Other current assets | 1356 | 1607 |
| **Total current assets** | 11638 | 12382 |
| Property, plant, and equipment, net | 5174 | 5113 |
| Goodwill | 2938 | 2838 |
| Deferred income taxes | 2260 | 2339 |
| Operating lease right-of-use assets | 972 | 1022 |
| Other assets | 2182 | 1893 |
| **Total assets** | $25164 | $25587 |
| **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** |
| **Current liabilities:** |  |  |
| Accounts payable | $3182 | $3189 |
| Accrued employee compensation and benefits | 745 | 711 |
| Current maturities of long-term debt | 382 | 381 |
| Current portion of operating lease liabilities | 294 | 263 |
| Other current liabilities | 1351 | 1506 |
| **Total current liabilities** | 5954 | 6050 |
| Long-term debt | 7157 | 7160 |
| Operating lease liabilities | 734 | 798 |
| Employee compensation and benefits | 421 | 414 |
| Other liabilities | 652 | 617 |
| **Total liabilities** | 14918 | 15039 |
| Company shareholders' equity | 10203 | 10506 |
| Noncontrolling interest in consolidated subsidiaries | 43 | 42 |
| **Total shareholders' equity** | 10246 | 10548 |
| **Total liabilities and shareholders' equity** | $25164 | $25587 |

---

HALLIBURTON COMPANY

Condensed Consolidated Statements of Cash Flows

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended | Three Months <br>Ended<br>|
|  | September 30, | September 30, | September 30, |
|  | 2025 | 2024 | 2025 |
| **Cash flows from operating activities:** |  |  |  |
| Net income | $703 | $1902 | $20 |
| Adjustments to reconcile net income to cash flows from <br>operating activities:<br>|  |  |  |
| Depreciation, depletion, and amortization | 846 | 804 | 285 |
| Impairments and other charges | 748 | 116 | 392 |
| Working capital (a) | (111) | (645) | (211) |
| Other operating activities | (425) | 232 | 2 |
| **Total cash flows provided by operating activities** | 1761 | 2409 | 488 |
| **Cash flows from investing activities:** |  |  |  |
| Capital expenditures | (917) | (1016) | (261) |
| Purchase of an equity investment | (343) | (101) | 2 |
| Payments to acquire business | (175) | (27) | (13) |
| Purchases of marketable securities | (128) | (320) | (13) |
| Sales of marketable securities | 228 | 137 | 163 |
| Proceeds from sales of property, plant, and equipment | 138 | 149 | 49 |
| Sale of an equity investment | 120 |  |  |
| Other investing activities | (49) | (32) | (13) |
| **Total cash flows used in investing activities** | (1126) | (1210) | (86) |
| **Cash flows from financing activities:** |  |  |  |
| Stock repurchase program | (757) | (696) | (250) |
| Dividends to shareholders | (436) | (452) | (144) |
| Other financing activities | (23) | (37) | (11) |
| **Total cash flows used in financing activities** | (1216) | (1185) | (405) |
| Effect of exchange rate changes on cash | (11) | (100) | (9) |
| Decrease in cash and cash equivalents | (592) | (86) | (12) |
| Cash and equivalents at beginning of period | 2618 | 2264 | 2038 |
| **Cash and equivalents at end of period** | $2026 | $2178 | $2026 |

---

(a) Working capital includes receivables, inventories, and accounts payable. <br> See Footnote Table 5 for Reconciliation of Cash Flows from Operating Activities to Free Cash Flow.

HALLIBURTON COMPANY

Revenue and Operating income Comparison

By Operating Segment and Geographic Region

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | September 30, | September 30, | June 30, |
| **Revenue** | 2025 | 2024 | 2025 |
| *By operating segment:* |  |  |  |
| Completion and Production | $3223 | $3299 | $3171 |
| Drilling and Evaluation | 2377 | 2398 | 2339 |
| **Total revenue** | $5600 | $5697 | $5510 |
| *By geographic region:* |  |  |  |
| North America | $2364 | $2386 | $2259 |
| Latin America | 996 | 1053 | 977 |
| Europe/Africa/CIS | 828 | 722 | 820 |
| Middle East/Asia | 1412 | 1536 | 1454 |
| **Total revenue** | $5600 | $5697 | $5510 |
| **Operating Income** |  |  |  |
| *By operating segment:* |  |  |  |
| Completion and Production | $514 | $669 | $513 |
| Drilling and Evaluation | 348 | 406 | 312 |
| Total operations | 862 | 1075 | 825 |
| Corporate and other | (64) | (60) | (66) |
| SAP S4 upgrade expense | (50) | (28) | (32) |
| Impairments and other charges | (392) | (116) |  |
| **Total operating income** | $356 | $871 | $727 |

---

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

HALLIBURTON COMPANY

Revenue and Operating income Comparison

By Operating Segment and Geographic Region

(Millions of dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, |
| **Revenue** | 2025 | 2024 |
| *By operating segment:* |  |  |
| Completion and Production | $9514 | $10073 |
| Drilling and Evaluation | 7013 | 7261 |
| **Total revenue** | $16527 | $17334 |
| *By geographic region:* |  |  |
| North America | $6859 | $7413 |
| Latin America | 2869 | 3258 |
| Europe/Africa/CIS | 2423 | 2208 |
| Middle East/Asia | 4376 | 4455 |
| **Total revenue** | $16527 | $17334 |
| **Operating Income** |  |  |
| *By operating segment:* |  |  |
| Completion and Production | $1558 | $2080 |
| Drilling and Evaluation | 1012 | 1207 |
| Total operations | 2570 | 3287 |
| Corporate and other | (196) | (190) |
| SAP S4 upgrade expense | (112) | (91) |
| Impairments and other charges | (748) | (116) |
| **Total operating income** | $1514 | $2890 |

---

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

FOOTNOTE TABLE 1

HALLIBURTON COMPANY

Reconciliation of Operating Income to Adjusted Operating Income

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | September 30, | September 30, | June 30, |
| | 2025 | 2024 | 2025 |
| Operating income | $356 | $871 | $727 |
| Impairments and other charges: |  |  |  |
| Severance costs | 169 | 63 |  |
| Fixed and Other assets write-offs | 115 |  |  |
| Impairment of assets held for sale | 96 | 49 |  |
| Cybersecurity incident | (10) | 35 |  |
| Gain on investment | (6) | (43) |  |
| Other | 28 | 12 |  |
| Total impairments and other charges (a) | 392 | 116 |  |
| Adjusted operating income (b) (c) | $748 | $987 | $727 |

---

(a) During the three months ended September 30, 2025 , Halliburton recognized a pre-tax charge of $392 million as a result of severance costs, fixed and other assets write-offs, an impairment of assets held for sale, and other items. During the three months ended September 30, 2024 , Halliburton recognized a pre-tax charge of $116 million as a result of 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.

(b) Adjusted operating income is a non-GAAP financial measure which is calculated as: "Operating income " plus "Total impairments and other charges" for the respective periods. Management believes that operating income adjusted for impairments and other charges is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Management analyzes operating income without the impact of these items as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. The adjustments remove the effect of these items.

(c) We calculate operating margin by dividing operating income by revenue. We calculate adjusted operating margin, a non- GAAP financial measure, by dividing adjusted operating income by revenue. Management believes adjusted operating margin is useful to investors to assess and understand operating performance.

FOOTNOTE TABLE 2

HALLIBURTON COMPANY

Reconciliation of Operating Income to Adjusted Operating Income

(Millions of dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, |
| | 2025 | 2024 |
| Operating income | $1514 | $2890 |
| Impairments and other charges: |  |  |
| Severance costs | 276 | 63 |
| Impairment of assets held for sale | 200 | 49 |
| Fixed and Other assets write-offs | 115 |  |
| Impairment of real estate facilities | 53 |  |
| Cybersecurity incident | (10) | 35 |
| Gain on investment | (6) | (43) |
| Other | 120 | 12 |
| Total impairments and other charges (a) | 748 | 116 |
| Adjusted operating income (b) (c) | $2262 | $3006 |

---

(a) During the nine months ended September 30, 2025 , Halliburton recognized a pre-tax charge of $748 million as a result of severance costs, an impairment of assets held for sale, fixed and other assets write-offs, an impairment on real estate facilities, and other items, primarily related to legacy environmental remediation cost estimate increases. During the nine months ended September 30, 2024 , Halliburton recognized a pre-tax charge of $116 million as a result of 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.

(b) Adjusted operating income is a non-GAAP financial measure which is calculated as: "Operating income " plus "Total impairments and other charges" for the respective periods. Management believes that operating income adjusted for impairments and other charges is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Management analyzes operating income without the impact of these items as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. The adjustments remove the effect of these items.

(c) We calculate operating margin by dividing operating income by revenue. We calculate adjusted operating margin, a non-GAAP financial measure, by dividing adjusted operating income by revenue. Management believes adjusted operating margin is useful to investors to assess and understand operating performance.

FOOTNOTE TABLE 3

HALLIBURTON COMPANY

Reconciliation of Net Income to Adjusted Net Income

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | September 30, | September 30, | June 30, |
| | 2025 | 2024 | 2025 |
| Net income attributable to company | $18 | $571 | $472 |
| Adjustments: |  |  |  |
| Impairments and other charges (a) | 392 | 116 |  |
| Other, net (b) | 23 |  |  |
| Total adjustments, before taxes | 415 | 116 |  |
| Tax valuation allowance (c) | 125 | (41) |  |
| Tax adjustment (c) | (62) | (5) |  |
| Total adjustments, net of taxes (d) | 478 | 70 |  |
| Adjusted net income attributable to company (d) | $496 | $641 | $472 |
| Diluted weighted average common shares outstanding | 850 | 881 | 857 |
| Net income per diluted share (e) | $0.02 | $0.65 | $0.55 |
| Adjusted net income per diluted share (e) | $0.58 | $0.73 | $0.55 |

---

(a) See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended September 30, 2025 and September 30, 2024 .

(b) During the three months ended September 30, 2025 , Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina.

(c) The adjustments in the table above include a $125 million tax expense associated with a valuation allowance recorded against our deferred tax assets, which resulted from the impact on the realizability of our United States foreign tax credits due to the "One Big Beautiful Bill Act" (OBBBA), as well as the tax effect on impairments and other charges and the impairment of an investment in Argentina recorded during the three months ended September 30, 2025 . During the three months ended September 30, 2024 , the adjustments include a $41 million tax benefit associated with a partial release of a valuation allowance on deferred tax assets based on market conditions, as well as the tax effect on impairments and other charges.

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

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

FOOTNOTE TABLE 4

HALLIBURTON COMPANY

Reconciliation of Net Income to Adjusted Net Income

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, |
| | 2025 | 2024 |
| Net income attributable to company | $694 | $1886 |
| Adjustments: |  |  |
| Impairments and other charges (a) | 748 | 116 |
| Other, net (b) | 23 | 82 |
| Total adjustments, before taxes | 771 | 198 |
| Tax valuation allowance (c) | 125 | (41) |
| Tax adjustment (c) | (105) | (14) |
| Total adjustments, net of taxes (d) | 791 | 143 |
| Adjusted net income attributable to company (d) | $1485 | $2029 |
| Diluted weighted average common shares outstanding | 858 | 886 |
| Net income per diluted share (e) | $0.81 | $2.13 |
| Adjusted net income per diluted share (e) | $1.73 | $2.29 |

---

(a) See Footnote Table 2 for details of the impairments and other charges recorded during the nine months ended September 30, 2025 and September 30, 2024 .

(b) During the nine months ended September 30, 2025 , Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the nine months ended September 30, 2024 , Halliburton incurred a charge of $82 million in March 2024, primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

(c) The adjustments in the table above include a $125 million tax expense associated with a valuation allowance recorded against our deferred tax assets, which resulted from the impact on the realizability of our United States foreign tax credits due to the OBBBA, as well as the tax effect on impairments and other charges and the impairment of an investment in Argentina, recorded during the nine months ended September 30, 2025 . During the nine months ended September 30, 2024 , the adjustments include a $41 million tax benefit associated with a partial release of a valuation allowance on deferred tax assets based on market conditions, the tax effects on impairments and other charges, the impairment of an investment in Argentina, and Egypt currency impact.

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

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

FOOTNOTE TABLE 5

HALLIBURTON COMPANY

Reconciliation of Cash Flows from Operating Activities to Free Cash Flow

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended | Three Months Ended |
|  | September 30, | September 30, | September 30, |
| | 2025 | 2024 | 2025 |
| Total cash flows provided by operating <br>activities<br>| $1761 | $2409 | $488 |
| Capital expenditures | (917) | (1016) | (261) |
| Proceeds from sales of property, plant, <br>and equipment<br>| 138 | 149 | 49 |
| Free cash flow (a) | $982 | $1542 | $276 |

---

(a) Free Cash Flow is a non-GAAP financial measure which is calculated as "Total cash flows provided by operating activities" less "Capital expenditures" plus "Proceeds from sales of property, plant, and equipment." Management believes that Free Cash Flow is a key measure to assess liquidity of the business and is consistent with the disclosures of Halliburton's direct, large-cap competitors.

**<u>Conference Call Details</u>**

Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, October 21,

2025, to discuss its third quarter 2025 financial results. The call will begin at 8:00 a.m.

CT (9:00 a.m. ET).

Please visit the Halliburton website to listen to the call via live webcast. A recorded

version will be available for seven days under the same link immediately following the

conclusion of the conference call. You can also pre-register for the conference call and

obtain your dial in number and passcode by clicking here.

**<u>CONTACTS</u>**

**Investor Relations Contact**

David Coleman

<u>Investors@Halliburton.com</u>

281-871-2688

**Media Relations**

Alexandra Franceschi

<u>PR@Halliburton.com</u>

281-871-2601