# EDGAR Filing Document

**Accession Number:** 0000045012
**File Stem:** 0000045012-25-000053
**Filing Date:** 2025-7
**Character Count:** 41921
**Document Hash:** fd82835f84018ac3bfd9ff47f2b2f328
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000045012-25-000053.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0000045012-25-000053

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250722

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03492
- **FILM NUMBER:** 251138648

**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-20250722

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 8-K** 

 

**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported): July 22, 2025** 

 

**HALLIBURTON COMPANY**

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

 

---

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

---

---

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

---

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

**Not Applicable**

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

 

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

------

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

On July 22, 2025, Halliburton Company (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025 and providing access information for an investor conference call to discuss those results. The scheduled conference call was previously announced on June 20, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02. The press release will be published on the Company's website at www.halliburton.com.

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

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

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

On July 22, 2025, the Company issued a press release announcing its results for the quarter ended June 30, 2025. A copy of the press release is set forth in Exhibit 99.1 and is incorporated herein by reference.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release of Halliburton Company, dated July 22, 2025.](livemastererdocument.htm)</u>

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

------

SIGNATURES

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

---

| | | | |
|:---|:---|:---|:---|
| | | | HALLIBURTON COMPANY |
| Date: | July 22, 2025 | By: | /s/ Eric J. Carre |
|  |  |  | Eric J. Carre |
|  |  |  | Executive Vice President and Chief |
|  |  |  | Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![halliburtona.jpg](halliburtona.jpg)

**HALLIBURTON ANNOUNCES SECOND QUARTER 2025 RESULTS**

• Net income of $0.55 per diluted share.

• Cash flow from operations of $896 million and free cash flow<sup>1</sup> of

approximately $582 million.

• Revenue of $5.5 billion and operating margin of 13%.

• Approximately $250 million of share repurchases.

**HOUSTON – July 22, 2025 –** Halliburton Company (NYSE: HAL) announced today net

income of $472 million, or $0.55 per diluted share, for the second quarter of 2025. This

compares to net income for the first quarter of 2025 of $204 million, or $0.24 per diluted

share. Adjusted net income<sup>2</sup> in the first quarter of 2025,excluding impairments and other

charges, was$517 million, or $0.60 per diluted share. Halliburton's total revenue for the

second quarter of 2025 was $5.5 billion, compared to total revenue of $5.4 billion in the first

quarter of 2025. Operating income was $727 million in the second quarter of 2025,

compared to operating income of $431 million in the first quarter of 2025. Adjusted operating

income<sup>3</sup>in the first quarter of 2025, excluding impairments and other charges, was $787

million.

"Halliburton today is more differentiated, with deeper technology advantages to address our

customers' requirements, and more collaborative than ever before. I believe our value

proposition, to collaborate and engineer solutions to maximize asset value for our

customers, is a powerful driver of both customer and shareholder value," commented Jeff

Miller, Chairman, President and CEO.

"What I see tells me the oilfield services market will be softer than I previously expected over

the short to medium term. We will of course take action to address this near term softness,

and we remain fully committed to our shareholder returns framework.

"In international markets, while activity reductions in a few large markets will likely

overshadow the solid performance of other geographies, I am confident our strategy is the

right one, and our growth engines, including unconventionals, drilling, production services

and artificial lift, remain key to that strategy.

"In North America, my customer conversations tell me technology and service execution are

key to maximizing the value of their assets and I believe Halliburton has unmatched

capability to deliver both of these at scale, which is why I expect Halliburton to continue to

outpace our competitors in this important market," concluded Miller.

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

**Completion and Production**

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

increase of $51 million, or 2%, when compared to the first quarter of 2025, while operating

income in the second quarter of 2025was$513 million, a decrease of $18 million, or 3%,

when compared to the first quarter of 2025.Revenue increased due to improved pressure

pumping services and higher completion tool sales in the Western Hemisphere, improved

well intervention services internationally, and increased pipeline and process services in the

Eastern Hemisphere. Offsetting these increases were lower activity across multiple product

service lines in the Middle East and lower Artificial Lift activity in US Land. The decline in

operating income was primarily driven by lower pricing for stimulation services in US Land.

**Drilling and Evaluation**

Drilling and Evaluation revenue in the second quarter of 2025 was $2.3 billion, an increase

of $42 million, or 2%, when compared to the first quarter of 2025, while operating income in

the second quarter of 2025 was $312 million, a decrease of $40 million, or 11%, when

compared to the first quarter of 2025. Revenue increased due to increased drilling-related

services globally. Offsetting these increases were decreased software sales globally, lower

wireline activity and decreased testing services in Middle East/Asia, and lower activity

across multiple product service lines in Namibia. Operating income decreased due to

seasonal roll off of software sales and increased startup and mobilization costs incurred

across multiple product service lines.

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

**North America**

North America revenue in the second quarter of 2025 was $2.3 billion, relatively flat when

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

stimulation activity in Canada, higher fluid services and improved cementing activity in US

Land, and increased completion tool sales in the region. These increases were offset by

lower artificial lift activity in US Land, decreased fluid services and lower wireline activity in

the Gulf of America, and decreased software sales in the region.

**International**

International revenue in the second quarter of 2025 was $3.3 billion, an increase of 2%

when compared to the first quarter of 2025.

Latin America revenue in the second quarter of 2025 was $977 million, an increase of 9%

sequentially. This increase was primarily due to improved activity across multiple product

service lines in Mexico and Brazil and increased well intervention services in Argentina.

Partially offsetting these increases were decreased project management activity in Ecuador

and lower drilling services and decreased cementing activity in Argentina.

Europe/Africa revenue in the second quarter of 2025 was $820 million, an increase of 6%

sequentially. This increase was primarily driven by higher activity across multiple product

service lines in Norway. Partially offsetting this increase was decreased well construction

activity in Namibia and lower completion tool sales across Africa.

Middle East/Asia revenue in the second quarter of 2025 was $1.5 billion, a decrease of 4%

sequentially. This decrease was primarily due to lower activity across multiple product

service lines in Saudi Arabia and Kuwait. Partially offsetting these decreases were increased

drilling activity and improved well intervention services in the region.

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

During the second quarter of 2025, Halliburton:

• Repurchased approximately $250 million of its common stock.

• Paid dividends of $0.17 per share.

• Spent $32 million on SAP S4 migration.

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

• Halliburton jointly developed a new process with Chevron U.S.A. Inc., a subsidiary of

Chevron Corporation, that enables closed-loop, feedback-driven completions in

Colorado. This intelligent fracturing process combines automated stage execution

with subsurface feedback to optimize delivery of energy into the wellbore without

relying on human intervention. The capability improves the previous implementation

of autonomous hydraulic fracturing technology.

• Halliburton and Nabors Industries achieved the first fully automated surface and

subsurface execution of rotary and slide drilling operations in Oman. The integration

of the companies' digital solutions delivered land-based, closed-loop drilling solutions

to improve operational efficiency, consistency, and real-time decision-making

capabilities. Halliburton's LOGIX™ automation and remote operations solutions, and

Nabors SmartROS<sup>®</sup> rig operating system enabled seamless orchestration of drilling

parameters, real-time data analytics, integrated experience management, and remote

control of operations.

• Halliburton launched EarthStar<sup>®</sup>3DX, the industry's first 3D horizontal look-ahead

resistivity service. The technology provides operators with geological insights into

horizontal wells up to 50 feet before penetration by the bit. The capability to gather

real-time data allows operators to identify hazards and make informed decisions.

• Halliburton was awarded a 5-year contract by Repsol Resources UK to support the

full well lifecycle on their platform assets in the UK North Sea. Halliburton will provide

subsurface technology, drilling and completion services, and digital solutions for

major new developments. The company will deliver a rigless intervention framework

that enables Repsol Resources UK to optimize well construction, production, and

intervention to maximize plug and abandonment (P&A) operations.

• Halliburton won a contract for GeoFrame Energy's geothermal and direct lithium

extraction (DLE) project. Through this collaboration, Halliburton will plan and design

the first demonstration phase wells in the Smackover Formation in East Texas. Work

is expected to begin in late 2025.

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

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

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

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

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

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

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

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

YouTube,Instagram, andFacebook.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | June 30,  | June 30,  | March 31,  |
| | 2025 | 2024 | 2025 |
| **Revenue:** |  |  |  |
| Completion and Production | $3171 | $3401 | $3120 |
| Drilling and Evaluation | 2339 | 2432 | 2297 |
| **Total revenue** | $5510 | $5833 | $5417 |
| **Operating income:** |  |  |  |
| Completion and Production | $513 | $723 | $531 |
| Drilling and Evaluation | 312 | 403 | 352 |
| Corporate and other | (66) | (65) | (66) |
| SAP S4 upgrade expense | (32) | (29) | (30) |
| Impairments and other charges (a) |  |  | (356) |
| **Total operating income** | 727 | 1032 | 431 |
| Interest expense, net | (92) | (92) | (86) |
| Other, net | (24) | (20) | (39) |
| **Income before income taxes** | 611 | 920 | 306 |
| Income tax provision (b) | (131) | (207) | (103) |
| **Net income** | $480 | $713 | $203 |
| Net (income) loss attributable to noncontrolling interest | (8) | (4) | 1 |
| **Net income attributable to company** | $472 | $709 | $204 |
| Basic and diluted net income per share | $0.55 | $0.80 | $0.24 |
| Basic weighted average common shares outstanding | 857 | 884 | 866 |
| Diluted weighted average common shares outstanding | 857 | 886 | 866 |

---

---

| | |
|:---|:---|
| (a) | See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended<br>March 31, 2025. |
| (b) | The income tax provision during the three months endedMarch 31, 2025, includes a tax effect on impairments and<br>other charges. |
| See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income. | See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income. |
| See Footnote Table 3 for Reconciliation of Net Income to Adjusted Net Income. | See Footnote Table 3 for Reconciliation of Net Income to Adjusted Net Income. |

---

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended | Six Months Ended |
|  | June 30,  | June 30,  |
| | 2025 | 2024 |
| **Revenue:** |  |  |
| Completion and Production | $6291 | $6774 |
| Drilling and Evaluation | 4636 | 4863 |
| **Total revenue** | $10927 | $11637 |
| **Operating income:** |  |  |
| Completion and Production | $1044 | $1411 |
| Drilling and Evaluation | 664 | 801 |
| Corporate and other | (132) | (130) |
| SAP S4 upgrade expense | (62) | (63) |
| Impairments and other charges (a) | (356) |  |
| **Total operating income** | 1158 | 2019 |
| Interest expense, net | (178) | (184) |
| Other, net (b) | (63) | (128) |
| **Income before income taxes** | 917 | 1707 |
| Income tax provision (c) | (234) | (385) |
| **Net income** | $683 | $1322 |
| Net income attributable to noncontrolling interest | (7) | (7) |
| **Net income attributable to company** | $676 | $1315 |
| Basic and diluted net income per share | $0.78 | $1.48 |
| Basic weighted average common shares outstanding | 862 | 886 |
| Diluted weighted average common shares outstanding | 862 | 888 |

---

---

| | |
|:---|:---|
| (a) | See Footnote Table 2 for details of the impairments and other charges recorded during the six months endedJune 30, <br>2025. |
| (b) | During the six months endedJune 30, 2024, Halliburton incurred a charge of $82 million in March 2024, primarily due to<br>the impairment of an investment in Argentina and currency devaluation in Egypt. |
| (c) | The income tax provision during the six months endedJune 30, 2025, includes the tax effect on impairments and other<br>charges. The tax provision during the six months endedJune 30, 2024, includes the tax effect on the impairment of an<br>investment in Argentina and Egypt currency impact. |
| See Footnote Table 2 for Reconciliation of Operating Income to Adjusted Operating Income. | See Footnote Table 2 for Reconciliation of Operating Income to Adjusted Operating Income. |
| See Footnote Table 4 for Reconciliation of Net Income to Adjusted Net Income. | See Footnote Table 4 for Reconciliation of Net Income to Adjusted Net Income. |

---

HALLIBURTON COMPANY

Condensed Consolidated Balance Sheets

(Millions of dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | June 30,  | December 31, |
| | 2025 | 2024 |
| **Assets** | **Assets** | **Assets** |
| **Current assets:** |  |  |
| Cash and equivalents | $2038 | $2618 |
| Receivables, net | 4970 | 5117 |
| Inventories | 3071 | 3040 |
| Other current assets | 1592 | 1607 |
| **Total current assets** | 11671 | 12382 |
| Property, plant, and equipment, net | 5246 | 5113 |
| Goodwill | 2964 | 2838 |
| Deferred income taxes | 2327 | 2339 |
| Operating lease right-of-use assets | 973 | 1022 |
| Other assets | 2196 | 1893 |
| **Total assets** | $25377 | $25587 |
| **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** | **Liabilities and Shareholders' Equity** |
| **Current liabilities:** |  |  |
| Accounts payable | $3231 | $3189 |
| Accrued employee compensation and benefits | 616 | 711 |
| Current maturities of long-term debt | 381 | 381 |
| Current portion of operating lease liabilities | 261 | 263 |
| Other current liabilities | 1355 | 1506 |
| **Total current liabilities** | 5844 | 6050 |
| Long-term debt | 7163 | 7160 |
| Operating lease liabilities | 756 | 798 |
| Employee compensation and benefits | 406 | 414 |
| Other liabilities | 661 | 617 |
| **Total liabilities** | 14830 | 15039 |
| Company shareholders' equity | 10505 | 10506 |
| Noncontrolling interest in consolidated subsidiaries | 42 | 42 |
| **Total shareholders' equity** | 10547 | 10548 |
| **Total liabilities and shareholders' equity** | $25377 | $25587 |

---

HALLIBURTON COMPANY

Condensed Consolidated Statements of Cash Flows

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Six Months Ended | Six Months Ended | Three Months <br>Ended<br>|
|  | June 30,  | June 30,  | June 30,  |
| | 2025 | 2024 | 2025 |
| **Cash flows from operating activities:** |  |  |  |
| Net income | $683 | $1322 | $480 |
| Adjustments to reconcile net income to cash flows from <br>operating activities: |  |  |  |
| Depreciation, depletion, and amortization | 561 | 534 | 284 |
| Impairments and other charges | 356 |  |  |
| Working capital (a) | 100 | (365) | 254 |
| Other operating activities | (427) | 77 | (122) |
| **Total cash flows provided by operating activities** | 1273 | 1568 | 896 |
| **Cash flows from investing activities:** |  |  |  |
| Capital expenditures | (656) | (677) | (354) |
| Purchase of an equity investment | (345) |  |  |
| Payments to acquire businesses | (162) | (22) | (46) |
| Purchase of investment securities | (115) | (282) | (19) |
| Sale of an equity investment | 120 |  | 120 |
| Proceeds from sales of property, plant, and equipment | 89 | 108 | 40 |
| Sales of investment securities | 65 | 123 | 24 |
| Other investing activities | (36) | (24) | (21) |
| **Total cash flows used in investing activities** | (1040) | (774) | (256) |
| **Cash flows from financing activities:** |  |  |  |
| Stock repurchase program | (507) | (500) | (257) |
| Dividends to shareholders | (292) | (302) | (145) |
| Other financing activities | (12) | (36) | (3) |
| **Total cash flows used in financing activities** | (811) | (838) | (405) |
| Effect of exchange rate changes on cash | (2) | (82) | (1) |
| Increase (decrease) in cash and equivalents | (580) | (126) | 234 |
| Cash and equivalents at beginning of period | 2618 | 2264 | 1804 |
| **Cash and equivalents at end of period** | $2038 | $2138 | $2038 |

---

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

HALLIBURTON COMPANY

Revenue and Operating Income Comparison

By Operating Segment and Geographic Region

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | June 30,  | June 30,  | March 31,  |
| **Revenue** | 2025 | 2024 | 2025 |
| *By operating segment:* |  |  |  |
| Completion and Production | $3171 | $3401 | $3120 |
| Drilling and Evaluation | 2339 | 2432 | 2297 |
| **Total revenue** | $5510 | $5833 | $5417 |
| *By geographic region:* |  |  |  |
| North America | $2259 | $2481 | $2236 |
| Latin America | 977 | 1097 | 896 |
| Europe/Africa/CIS | 820 | 757 | 775 |
| Middle East/Asia | 1454 | 1498 | 1510 |
| **Total revenue** | $5510 | $5833 | $5417 |
| **Operating Income** |  |  |  |
| *By operating segment:* |  |  |  |
| Completion and Production | $513 | $723 | $531 |
| Drilling and Evaluation | 312 | 403 | 352 |
| Total operations | 825 | 1126 | 883 |
| Corporate and other | (66) | (65) | (66) |
| SAP S4 upgrade expense | (32) | (29) | (30) |
| Impairments and other charges |  |  | (356) |
| **Total operating income** | $727 | $1032 | $431 |

---

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

HALLIBURTON COMPANY

Revenue and Operating Income Comparison

By Operating Segment and Geographic Region

(Millions of dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended | Six Months Ended |
|  | June 30,  | June 30,  |
| **Revenue** | 2025 | 2024 |
| *By operating segment:* |  |  |
| Completion and Production | $6291 | $6774 |
| Drilling and Evaluation | 4636 | 4863 |
| **Total revenue** | $10927 | $11637 |
| *By geographic region:* |  |  |
| North America | $4495 | $5027 |
| Latin America | 1873 | 2205 |
| Europe/Africa/CIS | 1595 | 1486 |
| Middle East/Asia | 2964 | 2919 |
| **Total revenue** | $10927 | $11637 |
| **Operating Income** |  |  |
| *By operating segment:* |  |  |
| Completion and Production | $1044 | $1411 |
| Drilling and Evaluation | 664 | 801 |
| Total operations | 1708 | 2212 |
| Corporate and other | (132) | (130) |
| SAP S4 upgrade expense | (62) | (63) |
| Impairments and other charges | (356) |  |
| **Total operating income** | $1158 | $2019 |

---

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

FOOTNOTE TABLE 1

HALLIBURTON COMPANY

Reconciliation of Operating Income to Adjusted Operating Income

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | June 30,  | June 30,  | March 31,  |
| | 2025 | 2024 | 2025 |
| Operating income | $727 | $1032 | $431 |
| Impairments and other charges: |  |  |  |
| Severance costs |  |  | 107 |
| Impairment of assets held for sale |  |  | 104 |
| Impairment of real estate facilities |  |  | 53 |
| Other |  |  | 92 |
| Total impairments and other charges (a) |  |  | 356 |
| Adjusted operating income (b) (c) | $727 | $1032 | $787 |

---

(a) During the three months ended March 31, 2025 , Halliburton recognized a pre-tax charge of $356 million as a result of severance costs, an impairment of assets held for sale, an impairment on real estate facilities, and other items, primarily related to legacy environmental remediation cost estimate increases.

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

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

FOOTNOTE TABLE 2

HALLIBURTON COMPANY

Reconciliation of Operating Income to Adjusted Operating Income

(Millions of dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended | Six Months Ended |
|  | June 30,  | June 30,  |
| | 2025 | 2024 |
| Operating income | $1158 | $2019 |
| Impairments and other charges: |  |  |
| Severance costs | 107 |  |
| Impairment of assets held for sale | 104 |  |
| Impairment of real estate facilities | 53 |  |
| Other | 92 |  |
| Total impairments and other charges (a) | 356 |  |
| Adjusted operating income (b) (c) | $1514 | $2019 |

---

(a) During the six months ended June 30, 2025 , Halliburton recognized a pre-tax charge of $356 million as a result of severance costs, an impairment of assets held for sale, an impairment on real estate facilities, and other items, primarily related to legacy environmental remediation cost estimate increases.

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

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

FOOTNOTE TABLE 3

HALLIBURTON COMPANY

Reconciliation of Net Income to Adjusted Net Income

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | June 30,  | June 30,  | March 31,  |
| | 2025 | 2024 | 2025 |
| Net income attributable to company | $472 | $709 | $204 |
| Adjustments: |  |  |  |
| Impairments and other charges (a) |  |  | 356 |
| Other, net  |  |  |  |
| Total adjustments, before taxes |  |  | 356 |
| Tax adjustment (b) |  |  | (43) |
| Total adjustments, net of taxes (c) |  |  | 313 |
| Adjusted net income attributable to company (c) | $472 | $709 | $517 |
| Diluted weighted average common shares outstanding | 857 | 886 | 866 |
| Net income per diluted share (d) | $0.55 | $0.80 | $0.24 |
| Adjusted net income per diluted share (d) | $0.55 | $0.80 | $0.60 |

---

(a) See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended March 31, 2025 .

(b) The tax adjustment in the table above includes the tax effect on the impairments and other charges recorded during the three months ended March 31, 2025 .

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

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

FOOTNOTE TABLE 4

HALLIBURTON COMPANY

Reconciliation of Net Income to Adjusted Net Income

(Millions of dollars and shares except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended | Six Months Ended |
|  | June 30,  | June 30,  |
| | 2025 | 2024 |
| Net income attributable to company | $676 | $1315 |
| Adjustments: |  |  |
| Impairments and other charges (a) | 356 |  |
| Other, net (b) |  | 82 |
| Total adjustments, before taxes | 356 | 82 |
| Tax adjustment (c) | (43) | (9) |
| Total adjustments, net of taxes (d) | 313 | 73 |
| Adjusted net income attributable to company (d) | $989 | $1388 |
| Diluted weighted average common shares outstanding | 862 | 888 |
| Net income per diluted share (e) | $0.78 | $1.48 |
| Adjusted net income per diluted share (e) | $1.15 | $1.56 |

---

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

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

(c) The tax adjustment in the table above includes the tax effect on the impairments and other charges recorded during the six months ended June 30, 2025 . During the six months ended June 30, 2024 , the tax adjustment includes the tax effect on the impairment of an investment in Argentina and Egypt currency impact.

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

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

FOOTNOTE TABLE 5

HALLIBURTON COMPANY

Reconciliation of Cash Flows from Operating Activities to Free Cash Flow

(Millions of dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Six Months Ended | Six Months Ended | Three Months Ended |
|  | June 30,  | June 30,  | June 30,  |
| | 2025 | 2024 | 2025 |
| Total cash flows provided by operating <br>activities<br>| $1273 | $1568 | $896 |
| Capital expenditures | (656) | (677) | (354) |
| Proceeds from sales of property, plant, <br>and equipment<br>| 89 | 108 | 40 |
| Free cash flow (a) | $706 | $999 | $582 |

---

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

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

Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, July 22,

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

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

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

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

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

obtain your dial in number and passcode by clicking here.

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

**Investor Relations Contact**

David Coleman

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

281-871-2688

**Media Relations**

Alexandra Franceschi

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

281-871-2601