# EDGAR Filing Document

**Accession Number:** 0000045012
**File Stem:** 0000045012-26-000039
**Filing Date:** 2026-4
**Character Count:** 107865
**Document Hash:** cd0107758d8e7554bca599889e2a3276
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000045012-26-000039.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000045012-26-000039

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03492
- **FILM NUMBER:** 26891524

**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-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-Q**

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

**For the quarterly period ended March 31, 2026**

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) | (Address of principal executive offices) | (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:

---

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

---

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 | ☐ |

---

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

As of April 17, 2026, there were 835,397,735 shares of Halliburton Company common stock, $2.50 par value per share, outstanding.

i

**HALLIBURTON COMPANY**

**Index**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| **[PART I.](#ice4849bad2db485d92d786584ea3145c_10)** | **[FINANCIAL INFORMATION](#ice4849bad2db485d92d786584ea3145c_10)** | <u>[1](#ice4849bad2db485d92d786584ea3145c_10)</u> |
| <u>[Item 1.](#ice4849bad2db485d92d786584ea3145c_13)</u> | <u>[Financial Statements](#ice4849bad2db485d92d786584ea3145c_13)</u> | <u>[1](#ice4849bad2db485d92d786584ea3145c_13)</u> |
|  | <u>[Condensed Consolidated Statements of Operations](#ice4849bad2db485d92d786584ea3145c_16)</u> | <u>[1](#ice4849bad2db485d92d786584ea3145c_16)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Income](#ice4849bad2db485d92d786584ea3145c_19)</u> | <u>[2](#ice4849bad2db485d92d786584ea3145c_19)</u> |
|  | <u>[Condensed Consolidated Balance Sheets](#ice4849bad2db485d92d786584ea3145c_22)</u> | <u>[3](#ice4849bad2db485d92d786584ea3145c_22)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows](#ice4849bad2db485d92d786584ea3145c_25)</u> | <u>[4](#ice4849bad2db485d92d786584ea3145c_25)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#ice4849bad2db485d92d786584ea3145c_28)</u> | <u>[5](#ice4849bad2db485d92d786584ea3145c_28)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_31)</u><u>1</u><u>[. Basis of Presentation](#ice4849bad2db485d92d786584ea3145c_31)</u> | <u>[5](#ice4849bad2db485d92d786584ea3145c_31)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_34)</u><u>2</u><u>[. Impairments and Other Charges](#ice4849bad2db485d92d786584ea3145c_34)</u> | <u>[5](#ice4849bad2db485d92d786584ea3145c_34)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_37)</u><u>3</u><u>[. Business Segment Information](#ice4849bad2db485d92d786584ea3145c_37)</u> | <u>[6](#ice4849bad2db485d92d786584ea3145c_37)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_43)</u><u>4</u><u>[. Revenue](#ice4849bad2db485d92d786584ea3145c_43)</u> | <u>[8](#ice4849bad2db485d92d786584ea3145c_43)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_52)</u><u>5</u><u>[. Inventories](#ice4849bad2db485d92d786584ea3145c_52)</u> | <u>[9](#ice4849bad2db485d92d786584ea3145c_52)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_55)</u><u>6</u><u>[. Accounts Payable](#ice4849bad2db485d92d786584ea3145c_55)</u> | <u>[9](#ice4849bad2db485d92d786584ea3145c_55)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_58)</u><u>7</u><u>[. Income Taxes](#ice4849bad2db485d92d786584ea3145c_58)</u> | <u>[10](#ice4849bad2db485d92d786584ea3145c_58)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_61)</u><u>8</u><u>[. Shareholders' Equity](#ice4849bad2db485d92d786584ea3145c_61)</u> | <u>[11](#ice4849bad2db485d92d786584ea3145c_61)</u> |
|  | <u>[Note 9. Commitments and Contingencies](#ice4849bad2db485d92d786584ea3145c_64)</u> | <u>[12](#ice4849bad2db485d92d786584ea3145c_64)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_67)</u><u>10</u><u>[. Income per Share](#ice4849bad2db485d92d786584ea3145c_67)</u> | <u>[12](#ice4849bad2db485d92d786584ea3145c_67)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_70)</u><u>11</u><u>[. Fair Value of Financial Instruments](#ice4849bad2db485d92d786584ea3145c_70)</u> | <u>[12](#ice4849bad2db485d92d786584ea3145c_70)</u> |
|  | <u>[Note](#ice4849bad2db485d92d786584ea3145c_76)</u><u>12</u><u>[. New Accounting Pronouncements](#ice4849bad2db485d92d786584ea3145c_76)</u> | <u>[13](#ice4849bad2db485d92d786584ea3145c_76)</u> |
| <u>[Item 2.](#ice4849bad2db485d92d786584ea3145c_82)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ice4849bad2db485d92d786584ea3145c_82)</u> | <u>[14](#ice4849bad2db485d92d786584ea3145c_82)</u> |
|  | <u>[Executive Overview](#ice4849bad2db485d92d786584ea3145c_85)</u> | <u>[14](#ice4849bad2db485d92d786584ea3145c_85)</u> |
|  | <u>[Liquidity and Capital Resources](#ice4849bad2db485d92d786584ea3145c_88)</u> | <u>[17](#ice4849bad2db485d92d786584ea3145c_88)</u> |
|  | <u>[Business Environment and Results of Operations](#ice4849bad2db485d92d786584ea3145c_2332)</u> | <u>[19](#ice4849bad2db485d92d786584ea3145c_2332)</u> |
|  | <u>[Results of Operations in 2026 Compared to 202](#ice4849bad2db485d92d786584ea3145c_94)</u><u>5</u> | <u>[21](#ice4849bad2db485d92d786584ea3145c_94)</u> |
|  | <u>[Forward-Looking Information](#ice4849bad2db485d92d786584ea3145c_100)</u> | <u>[24](#ice4849bad2db485d92d786584ea3145c_100)</u> |
|  | <u>[New Accounting Standards Not Yet Adopted](#ied8d44462a924d119ad6c2a2db01a880_3799)</u> | <u>[24](#ice4849bad2db485d92d786584ea3145c_140187732546251)</u> |
| <u>[Item 3.](#ice4849bad2db485d92d786584ea3145c_103)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ice4849bad2db485d92d786584ea3145c_103)</u> | <u>[24](#ice4849bad2db485d92d786584ea3145c_103)</u> |
| <u>[Item 4.](#ice4849bad2db485d92d786584ea3145c_106)</u> | <u>[Controls and Procedures](#ice4849bad2db485d92d786584ea3145c_106)</u> | <u>[24](#ice4849bad2db485d92d786584ea3145c_106)</u> |
| **[PART II.](#ice4849bad2db485d92d786584ea3145c_109)** | **[OTHER INFORMATION](#ice4849bad2db485d92d786584ea3145c_109)** | <u>[25](#ice4849bad2db485d92d786584ea3145c_109)</u> |
| <u>[Item 1.](#ice4849bad2db485d92d786584ea3145c_1403)</u> | <u>[Legal Proceedings](#ice4849bad2db485d92d786584ea3145c_1403)</u> | <u>[25](#ice4849bad2db485d92d786584ea3145c_1403)</u> |
| <u>[Item 1(a).](#ice4849bad2db485d92d786584ea3145c_115)</u> | <u>[Risk Factors](#ice4849bad2db485d92d786584ea3145c_115)</u> | <u>[25](#ice4849bad2db485d92d786584ea3145c_115)</u> |
| <u>[Item 2.](#ice4849bad2db485d92d786584ea3145c_118)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ice4849bad2db485d92d786584ea3145c_118)</u> | <u>[25](#ice4849bad2db485d92d786584ea3145c_118)</u> |
| <u>[Item 3.](#ice4849bad2db485d92d786584ea3145c_121)</u> | <u>[Defaults Upon Senior Securities](#ice4849bad2db485d92d786584ea3145c_121)</u> | <u>[25](#ice4849bad2db485d92d786584ea3145c_121)</u> |
| <u>[Item 4.](#ice4849bad2db485d92d786584ea3145c_124)</u> | <u>[Mine Safety Disclosures](#ice4849bad2db485d92d786584ea3145c_124)</u> | <u>[25](#ice4849bad2db485d92d786584ea3145c_124)</u> |
| <u>[Item 5.](#ice4849bad2db485d92d786584ea3145c_3272)</u> | <u>[Other Information](#ice4849bad2db485d92d786584ea3145c_3272)</u> | <u>[25](#ice4849bad2db485d92d786584ea3145c_3272)</u> |
| <u>[Item 6.](#ice4849bad2db485d92d786584ea3145c_130)</u> | <u>[Exhibits](#ice4849bad2db485d92d786584ea3145c_130)</u> | <u>[26](#ice4849bad2db485d92d786584ea3145c_130)</u> |
| <u>[SIGNATURES](#ice4849bad2db485d92d786584ea3145c_133)</u> |  | <u>[27](#ice4849bad2db485d92d786584ea3145c_133)</u> |

---

HAL Q1 2026 FORM 10-Q \| 1

<u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u><br>

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**HALLIBURTON COMPANY**

**Condensed Consolidated Statements of Operations**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31,  | March 31,  |
| *Millions of dollars and shares except per share data* | 2026 | 2025 |
| **Revenue:** |  |  |
| Services | $3823 | $3809 |
| Product sales | 1579 | 1608 |
| Total revenue | 5402 | 5417 |
| **Operating costs and expenses:** |  |  |
| Cost of services | 3366 | 3286 |
| Cost of sales | 1253 | 1252 |
| Impairments and other charges |  | 356 |
| General and administrative | 62 | 62 |
| SAP S4 upgrade expense  | 42 | 30 |
| Total operating costs and expenses | 4723 | 4986 |
| **Operating income** | 679 | 431 |
| Interest expense, net of interest income of $22 and $25 | (82) | (86) |
| Other, net | (28) | (39) |
| **Income before income taxes** | 569 | 306 |
| Income tax provision | (105) | (103) |
| **Net income** | $464 | $203 |
| Net (income) loss attributable to noncontrolling interest | (3) | 1 |
| **Net income attributable to company** | $461 | $204 |
| Basic and diluted net income per share | $0.55 | $0.24 |
| Basic weighted average common shares outstanding | 837 | 866 |
| Diluted weighted average common shares outstanding | 839 | 866 |

---

See Notes to Condensed Consolidated Financial Statements.

HAL Q1 2026 FORM 10-Q \| 2

<u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u><br>

**HALLIBURTON COMPANY**

**Condensed Consolidated Statements of Comprehensive Income**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31,  | March 31,  |
| *Millions of dollars* | 2026 | 2025 |
| **Net income** | $464 | $203 |
| Other comprehensive income (loss), net of income taxes | 20 | (6) |
| **Comprehensive income** | $484 | $197 |
| Comprehensive (income) loss attributable to noncontrolling interest | (3) | 1 |
| **Comprehensive income attributable to company shareholders** | $481 | $198 |

---

See Notes to Condensed Consolidated Financial Statements.

HAL Q1 2026 FORM 10-Q \| 3

<u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u><br>

**HALLIBURTON COMPANY**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| *Millions of dollars and shares except per share data* | **March 31,** <br>**2026**<br>| **December 31,** <br>**2025**<br>|
| **Assets** | **Assets** | **Assets** |
| **Current assets:** |  |  |
| Cash and equivalents | $2003 | $2206 |
| Receivables (net of allowances for credit losses of $782 and $805) | 5197 | 4942 |
| Inventories | 3019 | 2976 |
| Other current assets | 1316 | 1274 |
| **Total current assets** | 11535 | 11398 |
| Property, plant, and equipment (net of accumulated depreciation of $12,753 and $12,616) | 5182 | 5261 |
| Goodwill | 2992 | 2938 |
| Deferred income taxes | 2339 | 2298 |
| Operating lease right-of-use assets | 895 | 938 |
| Other assets | 2199 | 2177 |
| **Total assets** | $25142 | $25010 |
| **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** |
| **Current liabilities:** |  |  |
| Accounts payable | $3211 | $3133 |
| Accrued employee compensation and benefits | 622 | 767 |
| Income taxes payable | 384 | 375 |
| Taxes other than income | 250 | 291 |
| Current portion of operating lease liabilities | 243 | 263 |
| Current maturities of long-term debt | 90 |  |
| Other current liabilities | 737 | 759 |
| **Total current liabilities** | 5537 | 5588 |
| Long-term debt | 7070 | 7158 |
| Operating lease liabilities | 678 | 712 |
| Employee compensation and benefits | 395 | 428 |
| Other liabilities | 637 | 619 |
| **Total liabilities** | 14317 | 14505 |
| **Shareholders' equity:** |  |  |
| Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,063 and 1,064 shares) | 2659 | 2659 |
| Paid-in capital in excess of par value | 93 | 112 |
| Accumulated other comprehensive loss | (343) | (363) |
| Retained earnings | 15355 | 15036 |
| Treasury stock, at cost (228 and 229 shares) | (6984) | (6983) |
| **Company shareholders' equity** | 10780 | 10461 |
| Noncontrolling interest in consolidated subsidiaries | 45 | 44 |
| **Total shareholders' equity** | 10825 | 10505 |
| **Total liabilities and shareholders' equity** | $25142 | $25010 |

---

See Notes to Condensed Consolidated Financial Statements.

HAL Q1 2026 FORM 10-Q \| 4

<u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u><br>

**HALLIBURTON COMPANY**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**March 31,**  | **Three Months Ended**<br>**March 31,**  |
| <br>*Millions of dollars* | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income | $464 | $203 |
| Adjustments to reconcile net income to cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 295 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and other charges |  | 356 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | (293) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (41) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 82 | (64) |
| Other operating activities | (234) | (305) |
| **Total cash flows provided by operating activities** | 273 | 377 |
| **Cash flows from investing activities:** |  |  |
| Capital expenditures | (192) | (302) |
| Payments to acquire businesses, net of cash acquired | (97) | (116) |
| Purchase of investment securities | (2) | (96) |
| Proceeds from sales of property, plant, and equipment | 42 | 49 |
| Sales of investment securities | 27 | 41 |
| Purchase of an equity investment |  | (345) |
| Other investing activities | (21) | (15) |
| **Total cash flows used in investing activities** | (243) | (784) |
| **Cash flows from financing activities:** |  |  |
| Dividends to shareholders | (142) | (147) |
| Stock repurchase program | (100) | (250) |
| Other financing activities | 5 | (9) |
| **Total cash flows used in financing activities** | (237) | (406) |
| Effect of exchange rate changes on cash | 4 | (1) |
| Decrease in cash and cash equivalents | (203) | (814) |
| Cash and equivalents at beginning of period | 2206 | 2618 |
| **Cash and equivalents at end of period** | $2003 | $1804 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash payments during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $114 | $116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $102 | $165 |

---

See Notes to Condensed Consolidated Financial Statements.

HAL Q1 2026 FORM 10-Q \| 5

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

**HALLIBURTON COMPANY**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Note 1. Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements were prepared using United States

generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and

Regulation S-X. Accordingly, these financial statements do not include all information or notes required by U.S. GAAP for

annual financial statements and should be read together with our 2025 Annual Report on Form 10-K.

Our accounting policies are in accordance with U.S. GAAP. The preparation of financial statements in conformity with

these accounting principles requires 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.

Ultimate results could differ from our estimates.

In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to

present fairly our financial position as of March 31, 2026, the results of our operations for the three months ended March 31,

2026 and 2025, and our cash flows for the three months ended March 31, 2026 and 2025. Such adjustments are of a normal

recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period

presentation.

The results of our operations for the three months ended March 31, 2026 may not be indicative of results for the full

year.

**Note 2. Impairments and Other Charges**

During the three months ended March 31, 2026, there were no amounts recorded in impairments and other charges.

During the three months ended March 31, 2025, we recorded a pre-tax charge of $356 million primarily related to

$107 million in severance expense as we rationalized global headcount to align with activity levels and $104 million of

additional impairment associated with a strategic decision to market for sale a portion of our chemical business. Additionally,

we recognized a $53 million impairment related to facility closures and lease terminations. Other charges of $92 million were

primarily related to legacy environmental remediation cost estimate increases.

HAL Q1 2026 FORM 10-Q \| 6

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

**Note 3. Business Segment 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. Throughout the year, our CODM assesses the performance of the two segments based on segment revenue

and operating income, in comparison with forecast and plan and overall results, to make capital and resource allocation

decisions.

The following table presents information on our business segments.

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31,  | March 31,  |
| *Millions of dollars* | 2026 | 2025 |
| **Revenue:** |  |  |
| Completion and Production | $3016 | $3120 |
| Drilling and Evaluation | 2386 | 2297 |
| Total revenue | $5402 | $5417 |
| **Operating income:** |  |  |
| Completion and Production | $439 | $531 |
| Drilling and Evaluation | 351 | 352 |
| Total operations | 790 | 883 |
| Corporate and other (a) | (69) | (66) |
| SAP S4 upgrade expense | (42) | (30) |
| Impairments and other charges (b) |  | (356) |
| Total operating income | $679 | $431 |
| Interest expense, net of interest income | $(82) | $(86) |
| Other, net | (28) | (39) |
| Income before income taxes | $569 | $306 |
| **Capital expenditures:** |  |  |
| Completion and Production | $109 | $178 |
| Drilling and Evaluation | 83 | 124 |
| Total capital expenditures | $192 | $302 |
| **Depreciation, depletion, and amortization:** |  |  |
| Completion and Production | $163 | $152 |
| Drilling and Evaluation | 126 | 121 |
| Corporate and other | 6 | 4 |
| Total depreciation, depletion, and amortization | $295 | $277 |

---

(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) For the three months ended March 31, 2025, the amount includes a $201 million charge attributable to Completion and Production, an $85 million charge attributable to Drilling and Evaluation, and a $70 million charge attributable to Corporate and other. See Notes to Condensed Consolidated Financial Statements, Note 2 for further discussion on impairments and other charges.

HAL Q1 2026 FORM 10-Q \| 7

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

The following table presents significant segment expenses, which represent the difference between segment revenue

and segment operating income and are regularly reviewed by our CODM.

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31,  | March 31,  |
|  | 2026 | 2026 |
| *Millions of dollars* | Completion and <br>Production<br>| Drilling and <br>Evaluation<br>|
| **Segment operating expenses:** |  |  |
| Cost of products, materials, and supplies | $1271 | $913 |
| Compensation | 479 | 487 |
| Depreciation, depletion, and amortization | 163 | 126 |
| Other | 664 | 509 |
| Total segment operating expenses | $2577 | $2035 |

---

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31,  | March 31,  |
|  | 2025 | 2025 |
| *Millions of dollars* | Completion and <br>Production<br>| Drilling and <br>Evaluation<br>|
| **Segment operating expenses:** |  |  |
| Cost of products, materials, and supplies | $1300 | $882 |
| Compensation | 474 | 467 |
| Depreciation, depletion, and amortization | 152 | 121 |
| Other | 663 | 475 |
| Total segment operating expenses | $2589 | $1945 |

---

Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other

miscellaneous costs.

The following table presents total assets by segment.

---

| | | |
|:---|:---|:---|
| *Millions of dollars* | March 31,<br>2026<br>| December 31,<br>2025<br>|
| **Total assets:** |  |  |
| Completion and Production (a) | $10621 | $10492 |
| Drilling and Evaluation (a) | 8087 | 7870 |
| Corporate and other (b) | 6434 | 6648 |
| Total assets | $25142 | $25010 |

---

(a) Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill.

(b) Includes primarily cash and equivalents and deferred tax assets.

HAL Q1 2026 FORM 10-Q \| 8

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

**Note 4. Revenue**

Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and

products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of

our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine

the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration.

We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical

payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type,

although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing

revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts,

which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding

amount of revenue to recognize.

***Disaggregation of revenue***

We disaggregate revenue from contracts with customers into types of services or products, consistent with our two

reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 37% and

39% of our consolidated revenue was from the United States for the three months ended March 31, 2026 and 2025,

respectively. No other country accounted for more than 10% of our revenue for those periods.

The following table presents information on our disaggregated revenue.

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31,  | March 31,  |
| *Millions of dollars* | 2026 | 2025 |
| **Revenue by segment:** |  |  |
| Completion and Production | $3016 | $3120 |
| Drilling and Evaluation | 2386 | 2297 |
| Total revenue | $5402 | $5417 |
| **Revenue by geographic region:** |  |  |
| North America | $2136 | $2236 |
| Latin America | 1090 | 896 |
| Europe/Africa/CIS | 858 | 775 |
| Middle East/Asia | 1318 | 1510 |
| Total revenue | $5402 | $5417 |

---

***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, was not material to our

condensed consolidated financial statements.

***Transaction price allocated to remaining performance obligations***

Remaining performance obligations represent firm contracts for which work has not been performed and future

revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining

performance obligations for contracts that have an original expected duration of one year or less. We have some long-term

contracts related to software and integrated project management services such as lump sum turnkey contracts. For software

contracts, revenue is generally recognized over the duration of the contract period when the software is considered to be a right

to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method,

which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts

is not material.

HAL Q1 2026 FORM 10-Q \| 9

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

***Receivables***

As of March 31, 2026, 32% of our net trade receivables were from customers in the United States. As of December 31,

2025, 31% of our net trade receivables were from customers in the United States. Receivables from our primary customer in

Mexico accounted for approximately 7% of our total receivables as of both March 31, 2026 and 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.

Furthermore, we have entered into credit default swaps (CDSs) with third-party financial institutions that have an aggregate

notional amount outstanding as of March 31, 2026 of $374 million, compared to an aggregate notional amount outstanding as

of December 31, 2025 of $592 million, related to borrowings provided by the financial institutions to one of our primary

customers in Mexico, of which portions of the proceeds were utilized by this customer to pay certain of our outstanding

receivables. See Notes to Condensed Consolidated Financial Statements, Note 11 for further information on these CDSs. No

countries other than the United States, and no single customer, accounted for more than 10% of our net trade 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.

**Note 5. Inventories**

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | March 31,  | December 31, |
| *Millions of dollars* | 2026 | 2025 |
| Finished products and parts | $2012 | $1968 |
| Raw materials and supplies | 871 | 884 |
| Work in process | 136 | 124 |
| Total inventories | $3019 | $2976 |

---

**Note 6. 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 acts as our paying agent. We have generally extended our payment terms

with suppliers to 90 days. 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 agreement was $267 million as of March 31, 2026, and $280 million as of December 31, 2025, and are included in

"Accounts payable" on the Condensed Consolidated Balance Sheets.

HAL Q1 2026 FORM 10-Q \| 10

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

**Note 7. Income Taxes**

During the three months ended March 31, 2026, we recorded a total income tax provision of $105 million on a pre-tax

income of $569 million, resulting in an effective tax rate of 18.5% for the quarter. The effective tax rate for this period was

primarily impacted by the release of a valuation allowance in the amount of $32 million related to changes in deferred tax asset

realizability. During the three months ended March 31, 2025, we recorded a total income tax provision of $103 million on a

pre-tax income of $306 million, resulting in an effective tax rate of 33.7% for the quarter. The effective tax rate for this period

was primarily impacted by the additional valuation allowance recognized on our deferred tax assets, which resulted from the

pre-tax $356 million of impairments and other charges.

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. As of

March 31, 2026, the United States federal income tax filings for tax years 2016 through 2024 are currently under review or

remain open for review by the Internal Revenue Service (the IRS).

As of March 31, 2026, 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. 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 twelve months.

Based on the information currently available, we do not anticipate a significant increase or decrease to our tax

contingencies within the next twelve months.

HAL Q1 2026 FORM 10-Q \| 11

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

**Note 8. Shareholders' Equity**

The following tables summarize our shareholders' equity activity for the three months ended March 31, 2026 and

March 31, 2025, respectively:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Millions of dollars* | Common <br>Stock<br>| Paid-in <br>Capital in <br>Excess of <br>Par Value<br>| Treasury <br>Stock<br>| Retained <br>Earnings<br>| Accumulated <br>Other <br>Comprehensive <br>Income (Loss)<br>| Noncontrolling <br>Interest in <br>Consolidated <br>Subsidiaries<br>| Total |
| **Balance at December 31, 2025** | **$2659** | **$112** | **$(6983)** | **$15036** | **$(363)** | **$44** | **$10505** |
| **Comprehensive income (loss):** |  |  |  |  |  |  |  |
| Net income |  |  |  | 461 |  | 3 | 464 |
| Other comprehensive income (loss) |  |  |  |  | 20 |  | 20 |
| Cash dividends ($0.17 per share) |  |  |  | (142) |  |  | (142) |
| Stock repurchase program |  |  | (100) |  |  |  | (100) |
| Stock plans (a) |  | (19) | 99 |  |  |  | 80 |
| Other |  |  |  |  |  | (2) | (2) |
| **Balance at March 31, 2026** | **$2659** | **$93** | **$(6984)** | **$15355** | **$(343)** | **$45** | **$10825** |

---

(a) In the first quarter of 2026, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Millions of dollars* | Common <br>Stock<br>| Paid-in <br>Capital in <br>Excess of <br>Par Value<br>| Treasury <br>Stock<br>| Retained <br>Earnings<br>| Accumulated <br>Other <br>Comprehensive <br>Income (Loss)<br>| Noncontrolling <br>Interest in <br>Consolidated <br>Subsidiaries<br>| Total |
| **Balance at December 31, 2024** | **$2662** | **$79** | **$(6214)** | **$14332** | **$(353)** | **$42** | **$10548** |
| **Comprehensive income (loss):** |  |  |  |  |  |  |  |
| Net income |  |  |  | 204 |  | (1) | 203 |
| Other comprehensive income (loss) |  |  |  |  | (6) |  | (6) |
| Cash dividends ($0.17 per share) |  |  |  | (147) |  |  | (147) |
| Stock repurchase program |  |  | (252) |  |  |  | (252) |
| Stock plans (a) | (1) | (24) | 83 |  |  |  | 58 |
| Other |  | 4 |  |  |  | 1 | 5 |
| **Balance at March 31, 2025** | **$2661** | **$59** | **$(6383)** | **$14389** | **$(359)** | **$42** | **$10409** |

---

(a) In the first quarter of 2025, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan.

Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased

2.8 million shares of our common stock under the program during the three months ended March 31, 2026 for $100 million.

Approximately $1.9 billion remained authorized for repurchases under the program as of March 31, 2026. From the inception

of this program in February of 2006 through March 31, 2026, we repurchased 329 million shares of our common stock for a

total cost of approximately $12.2 billion. We repurchased 9.6 million shares of our common stock under the program during the

three months ended March 31, 2025 for approximately $252 million.

Accumulated other comprehensive loss consisted of the following:

---

| | | |
|:---|:---|:---|
|  | March 31,  | December 31, |
| *Millions of dollars* | 2026 | 2025 |
| Cumulative translation adjustments | $(81) | $(81) |
| Defined benefit and other postretirement liability adjustments | (225) | (245) |
| Other | (37) | (37) |
| Total accumulated other comprehensive loss | $(343) | $(363) |

---

HAL Q1 2026 FORM 10-Q \| 12

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

**Note 9. 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

$3.2 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of March 31, 2026. 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.

**Note 10. 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:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended <br>March 31,  | Three Months Ended <br>March 31,  |
| *Millions of shares* | 2026 | 2025 |
| Basic weighted average common shares outstanding | 837 | 866 |
| Dilutive effect of awards granted under our stock incentive plans | 2 |  |
| Diluted weighted average common shares outstanding | 839 | 866 |
| Antidilutive shares: |  |  |
| Weighted average options with exercise price greater than the average <br>market price<br>| 5 | 9 |
| Total antidilutive shares | 5 | 9 |

---

**Note 11. Fair Value of Financial Instruments**

The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the Condensed

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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| *Millions of dollars* | Level 1 | Level 2 | Total fair <br>value<br>| Carrying <br>value<br>| Level 1 | Level 2 | Total fair <br>value<br>| Carrying <br>value<br>|
| Total debt | $6916 | $98 | $7014 | $7160 | $6722 | $357 | $7079 | $7158 |

---

The total fair value of our debt decreased during the first quarter of 2026, primarily as a result of higher yields.

Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for

identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the

fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are

determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data

points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences

between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third-

party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

HAL Q1 2026 FORM 10-Q \| 13

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements |

---

***Credit risk***

We have entered into CDSs with third-party financial institutions that had an aggregate notional amount outstanding as

of March 31, 2026 of $374 million, compared to an aggregate notional amount outstanding as of December 31, 2025 of $592

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 $331

million of the outstanding amount of the CDSs reduces monthly over its remaining 6-month term and $43 million reduces

monthly over its remaining 3-month term.

The fair value of the derivative liabilities was not material to our financial condition as of March 31, 2026.

**Note 12. 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 Q1 2026 FORM 10-Q \| 14

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Executive Overview |

---

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in

conjunction with the condensed consolidated financial statements included in Item 1. Financial Statements contained herein.

**EXECUTIVE OVERVIEW**

***Organization***

We are one of the world's largest providers of products and services to the energy industry. 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.

Activity levels within our operations are significantly impacted by spending on upstream exploration, development, and

production programs by major, national, and independent oil and natural gas companies. We report our results under two

segments, the Completion and Production segment and the Drilling and Evaluation segment.

• Completion and Production delivers cementing, stimulation, specialty chemicals, intervention, pressure control,

artificial lift, and completion products and services. The segment consists of Artificial Lift, Cementing, Completion

Tools, Multi-Chem, Pipeline and Process Services, Production Enhancement, and Production Solutions. During the

third quarter of 2024, we made a strategic decision to market for sale a portion of our chemical business. We expect

the sale to be completed in the second quarter of 2026.

• 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 Baroid, Drill Bits and Services, Halliburton Project Management, Landmark Software and

Services, Sperry Drilling, Testing and Subsea, and Wireline and Perforating.

The business operations of our segments are organized around four primary geographic regions: North America, Latin

America, Europe/Africa/CIS, and Middle East/Asia. We have manufacturing operations in various locations, the most

significant of which are in the United States, Malaysia, Singapore, and the United Kingdom. With over 46,000 employees, we

operate in more than 70 countries around the world, and our corporate headquarters is in Houston, Texas.

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. Our strategic priorities are to:

- *International*: Consistently increase international growth in our directional drilling, unconventionals, well

intervention, and artificial lift businesses. Develop our strategic collaboration with VoltaGrid around behind-the-

meter 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.

HAL Q1 2026 FORM 10-Q \| 15

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Executive Overview |

---

The following charts depict the revenue split between our two operating segments and our four primary geographic

regions for the three months ended March 31, 2026.

![3551](hal-20260331_g1.gif)

![3552](hal-20260331_g2.gif)

***Market conditions***

During the first quarter of 2026, the ongoing geopolitical conflict has impacted activity in the Middle East resulting in

an impact of $0.02 to $0.03 of diluted net income per share across both of our segments. Oilfield activity reflected continued

customer focus on capital discipline and returns, with spending concentrated on projects and programs that improve near-term

production and operating efficiency. Customer activity levels and spending plans remained sensitive to oil and natural gas price

volatility and changes in global supply-and-demand fundamentals and were impacted by geopolitical developments, including

regional conflicts, sanctions, and trade or regulatory actions.

Trade tensions and tariffs continue to influence the global demand outlook, with varying impacts across end markets.

Following a U.S. Supreme Court ruling that invalidated tariffs imposed in 2025 by the Trump Administration on goods from all

countries, President Trump implemented a 150-day "global tariff" of 10% effective February 24, 2026, using presidential

powers under Section 122 of the Trade Act of 1974, and indicated a desire to increase such "global tariff" to 15%. Although the

Section 122 tariffs are due to expire in July, the Trump Administration has initiated processes that could result in new tariffs

being imposed under other statutes. We continue to monitor and evaluate the effects on goods imported into the United States.

Oil prices increased in the first quarter of 2026 compared to the fourth quarter of 2025. The West Texas Intermediate

(WTI) crude oil price averaged approximately $72 per barrel during the first quarter of 2026, compared to approximately $60

per barrel during the fourth quarter of 2025, or a 20% increase. The Brent crude oil price averaged approximately $80 per barrel

during the first quarter of 2026, compared to approximately $64 per barrel during the fourth quarter, or a 25% increase.

Globally, we continue to be impacted by inflationary cost increases, primarily related to logistics, chemicals, and

cement, we manage these pressures through global procurement strategies, technology modifications, and sourcing efficiencies.

As a standard practice, we generally seek to pass a portion of these cost increases on to our customers and believe we have

effective solutions in place to minimize their operational impact.

HAL Q1 2026 FORM 10-Q \| 16

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Executive Overview |

---

***Financial results***

The following graph illustrates our revenue and operating margins for each operating segment for the first quarter of

2025 and 2026.

![149](hal-20260331_g3.gif)

During the first quarter of 2026, we generated total company revenue of $5.4 billion, relatively flat as compared to the

first quarter of 2025. We reported operating income of $679 million, in the first quarter of 2026, as compared to operating

income of $431 million in the first quarter of 2025, including impairments and other charges of $356 million.

Our Completion and Production segment revenue decreased 3% in the first quarter of 2026, as compared to the first

quarter of 2025. These results were primarily driven by lower stimulation activity in North America, and lower completion tool

sales and decreased pressure pumping services in the Middle East. Partially offsetting these decreases were higher completion

tool sales in the Western Hemisphere, and improved pressure pumping services in Africa.

Our Drilling and Evaluation segment revenue increased 4% in the first quarter of 2026 as compared to the first quarter

of 2025. These results were primarily driven by higher project management activity in Latin America and increased drilling-

related services in Europe and the Western Hemisphere. Partially offsetting these increases were lower activity across multiple

product service lines in the Middle East, lower wireline activity in the Eastern Hemisphere, and decreased fluid services in the

Gulf of America.

Both divisional results were negatively impacted by the geopolitical conflict in the Middle East.

Our North America revenue decreased 4% in the first quarter of 2026 as compared to the first quarter of 2025. This

decline was primarily driven by lower stimulation activity and decreased artificial lift activity in US Land, and lower

stimulation activity and decreased fluid services in the Gulf of America. Partially offsetting these decreases were increased

drilling-related services in US Land and higher completion tool sales in the region.

Internationally, revenue increased 3% in the first quarter of 2026 as compared to the first quarter of 2025, largely

driven by improved activity across multiple product service lines in Ecuador, the Caribbean, and Brazil, higher stimulation

activity in Mexico and Argentina, increased drilling-related services and higher completion tool sales in Norway, and improved

pressure pumping services in Angola. Offsetting these increases were lower activity across multiple product service lines in the

Middle East and decreased drilling-related services in Namibia.

Our operating performance and liquidity are described in more detail in "Liquidity and Capital Resources" and

"Business Environment and Results of Operations."

HAL Q1 2026 FORM 10-Q \| 17

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Liquidity and Capital Resources |

---

**LIQUIDITY AND CAPITAL RESOURCES**

As of March 31, 2026, we had $2.0 billion of cash and equivalents, compared to $2.2 billion of cash and equivalents at

December 31, 2025.

***Significant sources and uses of cash during the first three months of 2026*** 

*Sources of cash:*

*•*Cash flows from operating activities were $273 million. Working capital, which consists of receivables,

inventories, and accounts payable, collectively had a negative impact of $252 million.

*Uses of cash:*

*•*Capital expenditures were $192 million.

• We repurchased 2.8 million shares of our common stock for $100 million.

• We paid $142 million of dividends to our shareholders.

***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. 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

spending accordingly.

While we maintain focus on liquidity and debt reduction, we are also focused on providing cash returns to our

shareholders. Our quarterly dividend rate is $0.17 per common share, or approximately $142 million. 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 and we expect our returns to shareholders will be in line with our capital return framework for

2026. 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 2.8 million shares of common stock during the

first quarter of 2026 under this program. Approximately $1.9 billion remained authorized for repurchases as of March 31, 2026

and may be used for open market and other share purchases.

During 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026. During

the three months ended March 31, 2026, we incurred $42 million in expense on our SAP S4 migration and expect the estimated

cost to 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 under no obligation to do

so.

***Other factors affecting liquidity***

*Financial condition in current market.* As of March 31, 2026, we had $2.0 billion of cash and equivalents and $3.5

billion of available committed bank credit under our revolving credit facility, 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 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 $3.2 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of March 31, 2026. 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 March 31, 2026, we had no material off-balance sheet liabilities and were

not required to make any material cash distributions to our unconsolidated subsidiaries.

HAL Q1 2026 FORM 10-Q \| 18

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Liquidity and Capital Resources |

---

We have entered into credit default swaps (CDSs) with third-party financial institutions that have an aggregate

notional amount outstanding as of March 31, 2026 of $374 million, compared to an aggregate notional amount outstanding as

of December 31, 2025 of $592 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 $331 million of the outstanding amount of the CDSs reduces monthly over its remaining 6-month

term and $43 million reduces monthly over its remaining 3-month term.

*Credit ratings.* Our credit ratings with Standard & Poor's remain BBB+ for our long-term debt and A-2 for 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 both

March 31, 2026 and 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 Q1 2026 FORM 10-Q \| 19

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| 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. Based on the location of the services provided and products sold, 37% and 39% of our consolidated

revenue was from the United States for the three months ended March 31, 2026 and 2025, respectively. 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. Lower oil and natural gas prices usually translate into lower exploration and production budgets and lower rig count,

while the opposite is usually true for higher oil and natural gas prices. Our financial performance is therefore significantly

affected by oil and natural gas prices and worldwide rig activity, which are summarized in the tables below.

The table below shows the average prices for West Texas Intermediate (WTI) crude oil, United Kingdom Brent crude

oil, and Henry Hub natural gas.

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | |
|  | March 31,  | March 31,  | Year Ended<br>December 31, |
| | 2026 | 2025 | 2025 |
| Oil Price - WTI (1) | $71.98 | $71.84 | $65.46 |
| Oil Price - Brent (1) | 80.21 | 75.81 | 69.10 |
| Natural Gas Price - Henry Hub (2) | 4.79 | 4.15 | 3.53 |

---

(1) Oil prices measured in dollars per barrel.

(2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu.

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

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | |
|  | March 31,  | March 31,  | Year Ended<br>December 31, |
| | 2026 | 2025 | 2025 |
| US Land | 532 | 573 | 546 |
| US Offshore | 16 | 15 | 15 |
| Canada | 209 | 216 | 175 |
| North America | 757 | 804 | 736 |
| International (1) | 1083 | 1097 | 1080 |
| Worldwide Total | 1840 | 1901 | 1816 |

---

(1) For the three months ended March 31, 2025, 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.

HAL Q1 2026 FORM 10-Q \| 20

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Business Environment and Results of Operations |

---

***Business outlook*** 

We expect oilfield services activity to be supported by continued customer focus on capital discipline, production

optimization, and efficiency-driven investment across both international and North America markets. While we continue to

experience operational disruptions in the Middle East, including work cancellations, force-majeure declarations, reduced

offshore activity, and higher logistics costs, the majority of our operations remain active.

Outside the Middle East, our outlook remains positive. International activity is expected to grow in the mid-to-high

single digits for the full year 2026, led by strong customer engagement and investment in Latin America and continued

momentum in offshore markets.

In North America, we see early signs of a services-market recovery as customers accelerate development within

existing budgets and reduce calendar white-space. Depleted drilled-but-uncompleted well inventories are expected to support

additional drilling activity, and demand for differentiated technologies, including electric fracturing and automated

well-construction solutions, continues to increase.

We expect broader market fundamentals to remain supportive, although customer spending and activity levels may be

influenced by volatility in oil and natural gas prices, changes in global supply-and-demand dynamics, inflationary cost

pressures, and geopolitical developments. These factors, including regional conflicts, sanctions, and regulatory or trade

changes, may affect project timing, supply chains, and access to certain markets.

HAL Q1 2026 FORM 10-Q \| 21

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Results of Operations in 2026 Compared to 2025 (QTD) |

---

**RESULTS OF OPERATIONS IN 2026 COMPARED TO 2025**

***Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | | |
|  | March 31,  | March 31,  | <br>Favorable | <br>Percentage |
| *Millions of dollars* | 2026 | 2025 | (Unfavorable) | Change |
| ***Revenue:*** |  |  |  |  |
| *By operating segment:* |  |  |  |  |
| Completion and Production | $3016 | $3120 | $(104) | (3)% |
| Drilling and Evaluation | 2386 | 2297 | 89 | 4 |
| Total revenue | $5402 | $5417 | $(15) | —% |
| *By geographic region:* |  |  |  |  |
| North America | $2136 | $2236 | $(100) | (4)% |
| Latin America | 1090 | 896 | 194 | 22 |
| Europe/Africa/CIS | 858 | 775 | 83 | 11 |
| Middle East/Asia | 1318 | 1510 | (192) | (13) |
| Total revenue | $5402 | $5417 | $(15) | —% |
| ***Operating income:*** |  |  |  |  |
| *By operating segment:* |  |  |  |  |
| Completion and Production | $439 | $531 | $(92) | (17)% |
| Drilling and Evaluation | 351 | 352 | (1) |  |
| Total operations | 790 | 883 | (93) | (11) |
| Corporate and other | (69) | (66) | (3) | (5) |
| SAP S4 upgrade expense | (42) | (30) | (12) | (40) |
| Impairments and other charges |  | (356) | 356 | n/m |
| Total operating income | $679 | $431 | $248 | 58% |
| n/m = not meaningful |  |  |  |  |

---

***Operating Segments***

*Completion and Production*

Completion and Production revenue in the first quarter of 2026 was $3.0 billion, a decrease of $104 million, or 3%,

when compared to the first quarter of 2025. Operating income in the first quarter of 2026 was $439 million, a decrease of $92

million, or 17%, when compared to the first quarter of 2025. These results were primarily driven by lower stimulation activity

in North America, and lower completion tool sales and decreased pressure pumping services in the Middle East. Partially

offsetting these decreases were higher completion tool sales in the Western Hemisphere, and improved pressure pumping

services in Africa.

*Drilling and Evaluation*

Drilling and Evaluation revenue in the first quarter of 2026 was $2.4 billion, an increase of $89 million, or 4%, when

compared to the first quarter of 2025. Operating income in the first quarter of 2026 was $351 million, flat when compared to the

first quarter of 2025. These results were primarily driven by higher project management activity in Latin America and increased

drilling-related services in Europe and the Western Hemisphere. Partially offsetting these increases were lower activity across

multiple product service lines in the Middle East, lower wireline activity in the Eastern Hemisphere, and decreased fluid

services in the Gulf of America.

In the first quarter of 2026, the geopolitical conflict in the Middle East affected both of our operating segments, with

an impact of $0.02 to $0.03 of diluted net income per share.

HAL Q1 2026 FORM 10-Q \| 22

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Results of Operations in 2026 Compared to 2025 (QTD) |

---

***Geographic Regions***

*North America*

North America revenue in the first quarter of 2026 was $2.1 billion, a 4% decrease, as compared to the first quarter of

2025. This decline was primarily driven by lower stimulation activity and decreased artificial lift activity in US Land, and lower

stimulation activity and decreased fluid services in the Gulf of America. Partially offsetting these decreases were increased

drilling-related services in US Land and higher completion tool sales in the region.

*Latin America*

Latin America revenue in the first quarter of 2026 was $1.1 billion, a 22% increase compared to the first quarter of

2025. This increase was primarily driven by higher activity across multiple product service lines in Ecuador, the Caribbean, and

Brazil, and improved stimulation activity in Mexico and Argentina. Partially offsetting these increases were lower project

management activity and decreased drilling-related services in Mexico.

*Europe/Africa/CIS*

Europe/Africa/CIS revenue in the first quarter of 2026 was $858 million, an 11% increase compared to the first quarter

of 2025. This increase was primarily driven by increased drilling-related services and higher completion tool sales in Norway,

and improved pressure pumping services in Angola. Partially offsetting these increases were lower completion tool sales in the

Caspian Area and decreased drilling-related services in Namibia.

*Middle East/Asia*

Middle East/Asia revenue in the first quarter of 2026 was $1.3 billion, a 13% decrease compared to the first quarter of

2025. This decrease was primarily driven by conflict-related disruptions that resulted in lower activity across multiple product

service lines in Saudi Arabia and decreased drilling-related services in Qatar. Partially offsetting these decreases were higher

completion tool sales and improved fluid services in Asia.

***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 first quarter of 2026, we recognized $42 million of expense on our

SAP S4 migration. During the first quarter of 2025, we recognized $30 million of expense on our SAP S4 migration.

*Impairments and Other Charges.* During the three months ended March 31, 2026, there were no amounts recorded in

impairments and other charges. During the three months ended March 31, 2025, we took a pre-tax charge of $356 million

primarily related to severance costs, an impairment of assets held for sale, an impairment of facility closures and lease

terminations, and other items. See Notes to Condensed Consolidated Financial Statements, Note 2 for further discussion of

these charges.

***Nonoperating Items***

*Pension Settlement Charges from Plan Terminations.* During the three months ended March 31, 2026, the Company

entered into agreements to transfer certain defined benefit pension obligations to third-party insurers in connection with plan

terminations. As a result, the Company recognized approximately $23 million of non-cash pension settlement charges,

primarily related to the acceleration of actuarial losses previously recorded in accumulated other comprehensive income. This is

included in "Other, net" on the Condensed Consolidated Statements of Operations.

*Income Tax Provision*. During the three months ended March 31, 2026, we recorded a total income tax provision of

$105 million on a pre-tax income of $569 million, resulting in an effective tax rate of 18.5% for the quarter. The effective tax

rate for this period was primarily impacted by the release of a valuation allowance in the amount of $32 million related to

changes in deferred tax asset realizability. During the three months ended March 31, 2025, we recorded a total income tax

provision of $103 million on a pre-tax income of $306 million, resulting in an effective tax rate of 33.7% for the quarter. The

effective tax rate for this period was primarily impacted by the additional valuation allowance recognized on our deferred tax

assets, which resulted from the pre-tax $356 million of impairments and other charges.

*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 three months

ended March 31, 2026 and 2025.

HAL Q1 2026 FORM 10-Q \| 23

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Results of Operations in 2026 Compared to 2025 (QTD) |

---

*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 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 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 basis 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 Q1 2026 FORM 10-Q \| 24

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part I. Item 2 \| Forward-Looking Information |

---

**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-Q, including those in Item 2. 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 Condensed Consolidated Financial Statements, Note 12 for further discussion of accounting standards

adopted during the quarter and to be adopted in future periods.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

For quantitative and qualitative disclosures about market risk, see Part II, Item 7(a), "Quantitative and Qualitative

Disclosures About Market Risk," in our 2025 Annual Report on Form 10-K. Our exposure to market risk has not changed

materially since December 31, 2025.

**Item 4. Controls and Procedures.**

In accordance with the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15, we carried out an evaluation, under

the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of

the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that

evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were

effective as of March 31, 2026 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 quarter ended

March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial

reporting.

HAL Q1 2026 FORM 10-Q \| 25

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part II. Item 1 \| Legal Proceedings |

---

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings.**

See Notes to Condensed Consolidated Financial Statements, Note 9 for further information regarding legal

proceedings.

**Item 1(a). Risk Factors.**

The statements in this section describe the known material risks to our business and should be considered carefully. As

of March 31, 2026, there have been no material changes in risk factors previously disclosed in our Annual Report on Form 10-

K for the fiscal year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

Following is a summary of our repurchases of our common stock during the three months ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Period | Total Number<br>of Shares <br>Purchased (a)<br>| Average<br>Price Paid per Share<br>| Total Number<br>of Shares<br>Purchased as<br>Part of Publicly<br>Announced Plans or <br>Programs (b)<br>| Maximum<br>Number (or<br>Approximate<br>Dollar Value) of<br>Shares that may yet<br>be Purchased Under <br>the Program (b)<br>|
| January 1 - 31 | 289276 | $29.67 |  | $2049168144 |
| February 1 - 28 | 991682 | $35.20 | 969000 | $2015004883 |
| March 1 - 31 | 2036724 | $35.18 | 1873433 | $1949168163 |
| Total | 3317682 | $34.71 | 2842433 |  |

---

(a) Of the 3,317,682 shares purchased during the three-month period ended March 31, 2026, 475,249 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 repurchase 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 $1.9 billion remained authorized for repurchases as of March 31, 2026. From the inception of this program in February of 2006 through March 31, 2026, we repurchased approximately 329 million shares of our common stock for a total cost of approximately $12.2 billion. The program may be terminated or suspended at any time and does not have a specified expiration date.

**Item 3. Defaults Upon Senior Securities.**

None.

**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 quarterly report.

**Item 5. Other Information.**

During the quarter ended March 31, 2026, the following officers of the Company adopted or terminated a "Rule

10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K,

and no trading arrangements were adopted or terminated by directors of the Company.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Reporting Officer | Title | Reporting <br>Action<br>| Plan Adoption <br>Date<br>| Plan End Date | Aggregated Shares <br>Covered<br>| Intended to Satisfy <br>Rule 10b5-1?<br>|
| M. Casey Maxwell | President, Western <br>Hemisphere<br>| Plan Adoption | 2/3/2026 | 8/14/2026 | 20348 | Yes |
| Eric J. Carre | Executive Vice <br>President and Chief <br>Financial Officer<br>| Plan Adoption | 3/18/2026 | 8/14/2026 | 188957 | Yes |

---

HAL Q1 2026 FORM 10-Q \| 26

---

| | |
|:---|:---|
| <u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u> | Part II. Item 6 \| Exhibits |

---

**Item 6. Exhibits.**

---

| | | |
|:---|:---|:---|
| † | 10.1 | <u>[Executive Agreement (effective February 1, 2026) (M. Casey Maxwell) (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/45012/000004501226000003/exhibit101-maxwellcaseyp.htm)</u> <br><u>[Exhibit 10.1 of Halliburton's Form 8-K filed on January 14, 2026, File No. 001-03492).](https://www.sec.gov/Archives/edgar/data/45012/000004501226000003/exhibit101-maxwellcaseyp.htm)</u><br>|
| \* | 31.1 | <u>[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](livehal_3312026-ex311.htm)</u> |
| \* | 31.2 | <u>[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](livehal_3312026-ex312.htm)</u> |
| \*\* | 32.1 | <u>[Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](livehal_3312026-ex321.htm)</u> |
| \*\* | 32.2 | <u>[Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](livehal_3312026-ex322.htm)</u> |
| \* | 95 | <u>[Mine Safety Disclosures.](livehal_3312026-ex95.htm)</u> |
| \* | 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its <br>XBRL tags are embedded within the Inline XBRL document<br>|
| \* | 101.SCH | XBRL Taxonomy Extension Schema Document |
| \* | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| \* | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| \* | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| \* | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| \* | 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data <br>File because its XBRL tags are embedded within the Inline XBRL document<br>|
|  | \* | Filed with this Form 10-Q. |
|  | \*\* | Furnished with this Form 10-Q. |
|  | † | Management contracts or compensatory plans or arrangements. |

---

HAL Q1 2026 FORM 10-Q \| 27

<u>[**Table of Contents**](#ice4849bad2db485d92d786584ea3145c_1447)</u><br>

SIGNATURES

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 thereunto duly authorized.

HALLIBURTON COMPANY

---

| | |
|:---|:---|
| <u>/s/ Eric J. Carre</u> | <u>/s/ Stephanie S. Holzhauser</u> |
| Eric J. Carre | Stephanie S. Holzhauser |
| Executive Vice President and | Senior Vice President and |
| Chief Financial Officer | Chief Accounting Officer |

---

Date: April 24, 2026

## Exhibit 31.1

**Exhibit 31.1** 

**Section 302 Certification**

I, Jeffrey A. Miller, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2026, of Halliburton Company;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>/s/ Jeffrey A. Miller</u>

Jeffrey A. Miller

Chairman, President and Chief Executive Officer

Halliburton Company

Date: April 24, 2026

## Exhibit 31.2

**Exhibit 31.2** 

**Section 302 Certification**

I, Eric J. Carre, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2026, of Halliburton Company;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>/s/ Eric J. Carre</u>

Eric J. Carre

Executive Vice President and Chief Financial Officer

Halliburton Company

Date: April 24, 2026

## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

This certification is provided pursuant to § 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the quarterly report on Form 10-Q for the quarter ended March 31, 2026, of Halliburton Company (the "Company") as filed with the Securities and Exchange Commission on the date hereof (the "Report").

I, Jeffrey A. Miller, Chairman, President and Chief Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

<u>/s/ Jeffrey A. Miller</u>

Jeffrey A. Miller

Chairman, President and Chief Executive Officer

Date: April 24, 2026

## Exhibit 32.2

**Exhibit 32.2** 

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

This certification is provided pursuant to § 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the quarterly report on Form 10-Q for the quarter ended March 31, 2026, of Halliburton Company (the "Company") as filed with the Securities and Exchange Commission on the date hereof (the "Report").

I, Eric J. Carre, Executive Vice President and Chief Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

<u>/s/ Eric J. Carre</u>

Eric J. Carre

Executive Vice President and Chief Financial Officer

Date: April 24, 2026

## Ex-95

**Exhibit 95** 

**Mine Safety Disclosures**

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, each operator of a mine is required to include certain mine safety results in its periodic reports filed with the SEC. The operation of our mines is subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act). Below, we present the following items regarding certain mining safety and health matters for the quarter ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard under section 104 of the Mine Act for which we have received a citation from MSHA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total number of orders issued under section 104(b) of the Mine Act, which covers violations that had previously been cited under section 104(a) that, upon follow-up inspection by MSHA, are found not to have been totally abated within the prescribed time period, which results in the issuance of an order requiring the mine operator to immediately withdraw all persons (except certain authorized persons) from the mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total number of citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under Section 104(d) of the Mine Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total number of flagrant violations (i.e., reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury) under section 110(b)(2) of the Mine Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total number of imminent danger orders (i.e., the existence of any condition or practice in a mine which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated) issued under section 107(a) of the Mine Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total dollar value of proposed assessments from MSHA under the Mine Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total number of mining-related fatalities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ total number of pending legal actions before the Federal Mine Safety and Health Review Commission involving mines.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** | **HALLIBURTON COMPANY** |
| **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** | **Mine Safety Disclosures** |
| **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** | **Quarter Ended March 31, 2026** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Operation/ MSHA Identification Number**<sup>(1)</sup> | **Section 104 S&S Citations<br>(#)** | **Section 104(b) Orders <br>(#)** | **104(d) Citations and Orders<br>(#)** | **Section 110(b)(2) Violations<br>(#)** | **Section 107(a) Orders<br>(#)** | **Total Dollar Value of MSHA Assessments Proposed**<sup>(2)</sup><br>**($)** | **Total Number of Mining Related Fatalities<br>(#)** | **Pending Legal Actions <br>(#)** | **Initiated Legal Actions <br>(#)** | **Resolved Legal Actions <br>(#)** |
| BPM Colony Mill/4800070 |  |  |  |  |  | $— |  |  |  |  |
| BPM Colony Mine/4800889 |  |  |  |  |  |  |  |  |  |  |
| BPM Lovell Mill/4801405 |  |  |  |  |  |  |  |  |  |  |
| BPM Lovell Mine/4801016 |  |  |  |  |  |  |  |  |  |  |
| Corpus Christi Grinding Plant/4104010 |  |  |  |  |  |  |  |  |  |  |
| Dunphy Mill/2600412 |  |  |  |  |  |  |  |  |  |  |
| Lake Charles Grinding Plant/1601032 |  |  |  |  |  |  |  |  |  |  |
| Larose Grinding Plant/1601504 | 2 |  |  |  |  | 408 |  |  |  |  |
| Rossi Jig Plant/2602239 |  |  |  |  |  |  |  |  |  |  |
| Total | 2 |  |  |  |  | $408 |  |  |  |  |

---

(1) The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine.

(2) Amounts included are the total dollar value of proposed or outstanding assessments received from MSHA on or before April 2, 2026 regardless of whether the assessment has been challenged or appealed, for citations and orders occurring during the quarter ended March 31, 2026.

In addition, as required by the reporting requirements regarding mine safety included in §1503(a)(2) of the Dodd-Frank Act, the following is a list for the quarter ended March 31, 2026, of each mine of which we or a subsidiary of ours is an operator, that has received written notice from MSHA of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of mine health or safety hazards under

§104(e) of the Mine Act:

None; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the potential to have such a pattern:

None.

Citations and orders can be contested and appealed, and as part of that process, are sometimes reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments vary by inspector and also vary depending on the size and type of the operation.

<br>