---
ticker: HAL
company: Halliburton Company
filing_type: 10-K
year_current: 2026
year_prior: 2025
risks_added: 92
risks_removed: 2
risks_modified: 20
risks_unchanged: 2
source: SEC EDGAR
url: https://riskdiff.com/hal/2026-vs-2025/
markdown_url: https://riskdiff.com/hal/2026-vs-2025/index.md
generated: 2026-06-01
---

# Halliburton Company: 10-K Risk Factor Changes 2026 vs 2025

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-06-01  
> All data extracted directly from official filings. No hallucinated content.

## Summary

| Status | Count |
|--------|-------|
| New risks added | 92 |
| Risks removed | 2 |
| Risks modified | 20 |
| Unchanged | 2 |

---

## New in Current Filing: financial condition.

Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. HAL 2025 FORM 10-K | 14Table of ContentsItem 1(a) | Risk FactorsLiability for cleanup costs, natural resource damages and other damages arising as a result of environmental laws and regulations could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Failure on our part to comply with, and the costs of compliance with, applicable health, safety, and environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to a variety of laws and regulations in the United States and other countries relating to environmental protection and health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning:-the containment and disposal of hazardous substances, oilfield waste, and other waste materials;-the production, storage, transportation, and use of chemicals;-the production, storage, transportation and use of explosive materials;-the importation and use of radioactive materials;-the use of underground storage tanks;-the use of underground injection wells; and-the protection of worker safety both onshore and offshore.These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in:-administrative, civil, and criminal penalties;-revocation of permits to conduct business; and-corrective action orders, including orders to investigate and/or clean up contamination.Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Existing or future laws, regulations, treaties, or international agreements related to greenhouse gases, climate change, or alternative energy sources could have a negative impact on our business and may result in additional compliance obligations that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors Liability for cleanup costs, natural resource damages and other damages arising as a result of environmental laws and regulations could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Failure on our part to comply with, and the costs of compliance with, applicable health, safety, and environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to a variety of laws and regulations in the United States and other countries relating to environmental protection and health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning:-the containment and disposal of hazardous substances, oilfield waste, and other waste materials;-the production, storage, transportation, and use of chemicals;-the production, storage, transportation and use of explosive materials;-the importation and use of radioactive materials;-the use of underground storage tanks;-the use of underground injection wells; and-the protection of worker safety both onshore and offshore.These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in:-administrative, civil, and criminal penalties;-revocation of permits to conduct business; and-corrective action orders, including orders to investigate and/or clean up contamination.Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Existing or future laws, regulations, treaties, or international agreements related to greenhouse gases, climate change, or alternative energy sources could have a negative impact on our business and may result in additional compliance obligations that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases.

---

## New in Current Filing: results of operations, and consolidated financial condition.

We are increasingly dependent on digital technologies and services to conduct our business. We use these technologies for internal and operational purposes, including data storage, processing, and transmissions, as well as in our interactions with customers and suppliers. Examples of these digital technologies include analytics, automation, and cloud services. Our digital technologies and services, and those of our customers and suppliers, are subject to the risk of cybersecurity incidents and, given the nature of such incidents, some can remain undetected for a period of time despite efforts to detect and respond to them in a timely manner. The increased use of artificial intelligence by threat actors has heightened risks, as AI-driven cyberattacks can automate the discovery of vulnerabilities, generate highly convincing phishing attempts, and evade traditional detection methods. We routinely monitor our systems for cybersecurity threats and have processes in place aimed at detecting and remediating vulnerabilities and incidents. Nevertheless, we have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we previously disclosed in Form 8-Ks we filed with the SEC on August 23, 2024 and September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our workforce. Related to this incident, we face risks of unknown impacts or new events, regulatory actions, or potential litigation, which could affect our business, reputation, consolidated results of operations, or consolidated financial condition. Even if we successfully defend our own digital technologies and services, we also rely on our customers and suppliers, with whom we may share data and services, to protect their digital technologies and services from cybersecurity incidents. HAL 2025 FORM 10-K | 17Table of ContentsItem 1(a) | Risk FactorsIf our systems, or our customers' or suppliers' systems, for protecting against cybersecurity incidents prove not to be sufficient, we could be adversely affected by, among other things: loss of or damage to intellectual property, proprietary or confidential information, or customer, supplier, or employee data; interruption of our business operations; diversion of management or workforce attention; and increased costs required to prevent, respond to, or mitigate cybersecurity incidents. These risks could harm our reputation and our relationships with our customers, employees, suppliers and other third parties, and may result in claims against us. In addition, laws and regulations governing cybersecurity resiliency, governance, and incidents; data privacy; and the unauthorized disclosure of confidential or protected information pose increasingly complex compliance challenges, and failure to comply with these laws could result in penalties and legal liability. These risks could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Our ability to declare and pay dividends and repurchase shares is subject to certain considerations and we may be unable to meet our capital return framework goal of returning at least 50% of annual free cash flow to shareholders through dividends and share repurchases, which could decrease expected returns on an investment in our stock.Our capital return framework includes a goal of returning at least 50% of annual free cash flow (cash flow from operations less capital expenditures plus proceeds from sales of property, plant, and equipment) to our shareholders through dividends and share repurchases. Dividends and share repurchases are authorized and determined by our Board of Directors at its sole discretion and depend upon a number of factors, including our financial results, cash requirements, and future prospects, as well as such other factors deemed relevant by our Board of Directors. We can provide no assurance that we will pay dividends or make share repurchases in accordance with our capital return framework goal or at all. Any elimination of, or downward revision in, our dividend payout or share repurchase program could have an adverse effect on the market price of our common stock. Meeting our capital return framework goal requires us to generate consistent free cash flow and have available capital in the years ahead in an amount sufficient to enable us to continue investing in organic and inorganic growth as well as to return a significant portion of the cash generated to shareholders in the form of dividends and share repurchases. Also, our cash flow fluctuates over the course of the year, so, although our goal is to return at least 50% of annual free cash flow to shareholders, that is an average over a year and the dividends paid, the number of shares repurchased, and the amount of free cash flow returned in any quarter during the year will vary and may be more or less than 50%. We may not meet this goal if we use our available cash to satisfy other priorities, if we have insufficient funds available to pay dividends and to repurchase shares, if we pause our share repurchases due to unforeseen events, or if our Board of Directors determines to change or discontinue dividend payments or share repurchases.We are subject to foreign currency exchange risks and limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries or to repatriate assets from some countries.A sizable portion of our consolidated revenue and consolidated operating expenses is in foreign currencies. As a result, we are subject to significant risks, including:-foreign currency exchange risks resulting from changes in foreign currency exchange rates and the implementation of exchange controls; and-limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries.As an example, we conduct business in countries that have restricted or limited trading markets for their local currencies and restrict or limit cash repatriation. We may accumulate cash in those geographies, but we may be limited in our ability to convert our profits into U.S. dollars or to repatriate the profits from those countries. For example, we have experienced these conditions in Argentina and other countries and though we have utilized processes to repatriate cash when we believe it is appropriate to do so, we have incurred losses from devaluation of the local currency and from repatriating cash. We expect restrictions on currency repatriation to continue in certain countries during 2026.If we lose one or more of our significant customers or if our customers delay paying or fail to pay a significant amount of our outstanding receivables, it could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers or the consolidation of such customers could have a material adverse effect on our business and our consolidated results of operations. There have been significant business consolidations within the oil and natural gas industry in recent years. These and any future consolidations may result in reduced capital spending by our customers, which may lead to a lower demand for our services and products. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors If our systems, or our customers' or suppliers' systems, for protecting against cybersecurity incidents prove not to be sufficient, we could be adversely affected by, among other things: loss of or damage to intellectual property, proprietary or confidential information, or customer, supplier, or employee data; interruption of our business operations; diversion of management or workforce attention; and increased costs required to prevent, respond to, or mitigate cybersecurity incidents. These risks could harm our reputation and our relationships with our customers, employees, suppliers and other third parties, and may result in claims against us. In addition, laws and regulations governing cybersecurity resiliency, governance, and incidents; data privacy; and the unauthorized disclosure of confidential or protected information pose increasingly complex compliance challenges, and failure to comply with these laws could result in penalties and legal liability. These risks could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Our ability to declare and pay dividends and repurchase shares is subject to certain considerations and we may be unable to meet our capital return framework goal of returning at least 50% of annual free cash flow to shareholders through dividends and share repurchases, which could decrease expected returns on an investment in our stock.Our capital return framework includes a goal of returning at least 50% of annual free cash flow (cash flow from operations less capital expenditures plus proceeds from sales of property, plant, and equipment) to our shareholders through dividends and share repurchases. Dividends and share repurchases are authorized and determined by our Board of Directors at its sole discretion and depend upon a number of factors, including our financial results, cash requirements, and future prospects, as well as such other factors deemed relevant by our Board of Directors. We can provide no assurance that we will pay dividends or make share repurchases in accordance with our capital return framework goal or at all. Any elimination of, or downward revision in, our dividend payout or share repurchase program could have an adverse effect on the market price of our common stock. Meeting our capital return framework goal requires us to generate consistent free cash flow and have available capital in the years ahead in an amount sufficient to enable us to continue investing in organic and inorganic growth as well as to return a significant portion of the cash generated to shareholders in the form of dividends and share repurchases. Also, our cash flow fluctuates over the course of the year, so, although our goal is to return at least 50% of annual free cash flow to shareholders, that is an average over a year and the dividends paid, the number of shares repurchased, and the amount of free cash flow returned in any quarter during the year will vary and may be more or less than 50%. We may not meet this goal if we use our available cash to satisfy other priorities, if we have insufficient funds available to pay dividends and to repurchase shares, if we pause our share repurchases due to unforeseen events, or if our Board of Directors determines to change or discontinue dividend payments or share repurchases.We are subject to foreign currency exchange risks and limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries or to repatriate assets from some countries.A sizable portion of our consolidated revenue and consolidated operating expenses is in foreign currencies. As a result, we are subject to significant risks, including:-foreign currency exchange risks resulting from changes in foreign currency exchange rates and the implementation of exchange controls; and-limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries.As an example, we conduct business in countries that have restricted or limited trading markets for their local currencies and restrict or limit cash repatriation. We may accumulate cash in those geographies, but we may be limited in our ability to convert our profits into U.S. dollars or to repatriate the profits from those countries. For example, we have experienced these conditions in Argentina and other countries and though we have utilized processes to repatriate cash when we believe it is appropriate to do so, we have incurred losses from devaluation of the local currency and from repatriating cash. We expect restrictions on currency repatriation to continue in certain countries during 2026.If we lose one or more of our significant customers or if our customers delay paying or fail to pay a significant amount of our outstanding receivables, it could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers or the consolidation of such customers could have a material adverse effect on our business and our consolidated results of operations. There have been significant business consolidations within the oil and natural gas industry in recent years. These and any future consolidations may result in reduced capital spending by our customers, which may lead to a lower demand for our services and products. If our systems, or our customers' or suppliers' systems, for protecting against cybersecurity incidents prove not to be sufficient, we could be adversely affected by, among other things: loss of or damage to intellectual property, proprietary or confidential information, or customer, supplier, or employee data; interruption of our business operations; diversion of management or workforce attention; and increased costs required to prevent, respond to, or mitigate cybersecurity incidents. These risks could harm our reputation and our relationships with our customers, employees, suppliers and other third parties, and may result in claims against us. In addition, laws and regulations governing cybersecurity resiliency, governance, and incidents; data privacy; and the unauthorized disclosure of confidential or protected information pose increasingly complex compliance challenges, and failure to comply with these laws could result in penalties and legal liability. These risks could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

---

## New in Current Filing: Securities.

Halliburton Company's common stock is dually traded on the New York Stock Exchange and New York Stock Exchange Texas under the symbol "HAL." Information related to dividend payments is included in Item 8. Financial Statements and Supplementary Data. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will depend on, among other things, future earnings, general financial condition and liquidity, success in business activities, capital requirements, and general business conditions. The following graph and table compare total shareholder return on our common stock for the five-year period ended December 31, 2025, with the Philadelphia Oil Service Index (OSX) and the Standard & Poor's 500 ® Index over the same period. This comparison assumes the investment of $100 on December 31, 2020 and the reinvestment of all dividends. The shareholder return set forth is not necessarily indicative of future performance. The following graph and related information shall not be deemed "soliciting material" or to be "filed" with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that Halliburton specifically incorporates it by reference into such filing. December 31,202020212022202320242025Halliburton$100.00$121.99$212.88$199.13$152.98$163.76Philadelphia Oil Service Index (OSX)100.00120.74194.98198.71175.53181.72Standard & Poor's 500 ® Index100.00128.71105.40133.10166.40196.16 December 31,202020212022202320242025Halliburton$100.00$121.99$212.88$199.13$152.98$163.76Philadelphia Oil Service Index (OSX)100.00120.74194.98198.71175.53181.72Standard & Poor's 500 ® Index100.00128.71105.40133.10166.40196.16 December 31,202020212022202320242025Halliburton$100.00$121.99$212.88$199.13$152.98$163.76Philadelphia Oil Service Index (OSX)100.00120.74194.98198.71175.53181.72Standard & Poor's 500 ® Index100.00128.71105.40133.10166.40196.16 December 31, December 31, December 31, 2020 2020 2020 2021 2021 2021 2022 2022 2022 2023 2023 2023 2024 2024 2024 2025 2025 2025 Halliburton Halliburton Halliburton $100.00 $100.00 $100.00 $ 100.00 $121.99 $121.99 $121.99 $ 121.99 $212.88 $212.88 $212.88 $ 212.88 $199.13 $199.13 $199.13 $ 199.13 $152.98 $152.98 $152.98 $ 152.98 $163.76 $163.76 $163.76 $ 163.76 Philadelphia Oil Service Index (OSX) Philadelphia Oil Service Index (OSX) Philadelphia Oil Service Index (OSX) 100.00 100.00 100.00 100.00 120.74 120.74 120.74 120.74 194.98 194.98 194.98 194.98 198.71 198.71 198.71 198.71 175.53 175.53 175.53 175.53 181.72 181.72 181.72 181.72 Standard & Poor's 500 ® Index Standard & Poor's 500 ® Index Standard & Poor's 500 ® Index 100.00 100.00 100.00 100.00 128.71 128.71 128.71 128.71 105.40 105.40 105.40 105.40 133.10 133.10 133.10 133.10 166.40 166.40 166.40 166.40 196.16 196.16 196.16 196.16 HAL 2025 FORM 10-K | 22Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesAt January 30, 2026, we had 8,906 shareholders of record. In calculating the number of shareholders, we consider clearing agencies and security position listings as one shareholder for each agency or listing.The following table is a summary of repurchases of our common stock during the three-month period ended December 31, 2025.PeriodTotal Numberof Shares Purchased (a)AveragePrice Paid per ShareTotal Numberof SharesPurchased asPart of PubliclyAnnounced Plans or Programs (b)MaximumNumber (orApproximateDollar Value) ofShares that may yetbe Purchased Under the Program (b)October 1 - 314,056,882$24.374,000,984$2,201,987,042November 1 - 302,747,338$26.822,724,670$2,128,889,195December 1 - 312,899,614$28.082,836,385$2,049,168,144Total9,703,834$26.179,562,039(a)Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock.(b)Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date.Item 6. (Reserved) Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of Contents Table of Contents Table of Contents Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities At January 30, 2026, we had 8,906 shareholders of record. In calculating the number of shareholders, we consider clearing agencies and security position listings as one shareholder for each agency or listing.The following table is a summary of repurchases of our common stock during the three-month period ended December 31, 2025.PeriodTotal Numberof Shares Purchased (a)AveragePrice Paid per ShareTotal Numberof SharesPurchased asPart of PubliclyAnnounced Plans or Programs (b)MaximumNumber (orApproximateDollar Value) ofShares that may yetbe Purchased Under the Program (b)October 1 - 314,056,882$24.374,000,984$2,201,987,042November 1 - 302,747,338$26.822,724,670$2,128,889,195December 1 - 312,899,614$28.082,836,385$2,049,168,144Total9,703,834$26.179,562,039(a)Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock.(b)Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date.Item 6. (Reserved) At January 30, 2026, we had 8,906 shareholders of record. In calculating the number of shareholders, we consider clearing agencies and security position listings as one shareholder for each agency or listing. The following table is a summary of repurchases of our common stock during the three-month period ended December 31, 2025. PeriodTotal Numberof Shares Purchased (a)AveragePrice Paid per ShareTotal Numberof SharesPurchased asPart of PubliclyAnnounced Plans or Programs (b)MaximumNumber (orApproximateDollar Value) ofShares that may yetbe Purchased Under the Program (b)October 1 - 314,056,882$24.374,000,984$2,201,987,042November 1 - 302,747,338$26.822,724,670$2,128,889,195December 1 - 312,899,614$28.082,836,385$2,049,168,144Total9,703,834$26.179,562,039 PeriodTotal Numberof Shares Purchased (a)AveragePrice Paid per ShareTotal Numberof SharesPurchased asPart of PubliclyAnnounced Plans or Programs (b)MaximumNumber (orApproximateDollar Value) ofShares that may yetbe Purchased Under the Program (b)October 1 - 314,056,882$24.374,000,984$2,201,987,042November 1 - 302,747,338$26.822,724,670$2,128,889,195December 1 - 312,899,614$28.082,836,385$2,049,168,144Total9,703,834$26.179,562,039 PeriodTotal Numberof Shares Purchased (a)AveragePrice Paid per ShareTotal Numberof SharesPurchased asPart of PubliclyAnnounced Plans or Programs (b)MaximumNumber (orApproximateDollar Value) ofShares that may yetbe Purchased Under the Program (b)October 1 - 314,056,882$24.374,000,984$2,201,987,042November 1 - 302,747,338$26.822,724,670$2,128,889,195December 1 - 312,899,614$28.082,836,385$2,049,168,144Total9,703,834$26.179,562,039 Period Period Period Total Numberof Shares Purchased (a) Total Numberof Shares Purchased (a) Total Number of Shares Purchased (a) AveragePrice Paid per Share AveragePrice Paid per Share Average Price Paid per Share Total Numberof SharesPurchased asPart of PubliclyAnnounced Plans or Programs (b) Total Numberof SharesPurchased asPart of PubliclyAnnounced Plans or Programs (b) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) MaximumNumber (orApproximateDollar Value) ofShares that may yetbe Purchased Under the Program (b) MaximumNumber (orApproximateDollar Value) ofShares that may yetbe Purchased Under the Program (b) Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Program (b) October 1 - 31 October 1 - 31 October 1 - 31 4,056,882 4,056,882 4,056,882 $24.37 $24.37 $24.37 4,000,984 4,000,984 4,000,984 $2,201,987,042 $2,201,987,042 $2,201,987,042 November 1 - 30 November 1 - 30 November 1 - 30 2,747,338 2,747,338 2,747,338 $26.82 $26.82 $26.82 2,724,670 2,724,670 2,724,670 $2,128,889,195 $2,128,889,195 $2,128,889,195 December 1 - 31 December 1 - 31 December 1 - 31 2,899,614 2,899,614 2,899,614 $28.08 $28.08 $28.08 2,836,385 2,836,385 2,836,385 $2,049,168,144 $2,049,168,144 $2,049,168,144 Total Total Total 9,703,834 9,703,834 9,703,834 $26.17 $26.17 $26.17 9,562,039 9,562,039 9,562,039 (a)Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock.(b)Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date. (a)Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock.(b)Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date. (a)Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock.(b)Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date. (a) (a) (a) Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock. Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock. Of the 9,703,834 shares purchased during the three-month period ended December 31, 2025, 141,795 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to purchase common stock. (b) (b) (b) Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date. Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date. Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of our common stock for a total cost of approximately $12.1 billion. The program may be terminated or suspended at any time and does not have a specified expiration date. Item 6. (Reserved) HAL 2025 FORM 10-K | 23Table of ContentsItem 7 | Executive OverviewItem 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated and combined financial statements included in Item 8. Financial Statements and Supplementary Data contained herein.EXECUTIVE OVERVIEWMarket conditionsIn 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict. In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity. Lower commodity pricing and U.S. land rig counts generally contributed to softness in the market for energy products and services in North America. The international rig count decreased compared to 2024.The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of 2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025. Trade tensions and tariffs continue to shape the demand outlook amid varying market responses. We continue to monitor and assess the impact of tariffs on goods being imported into the United States. Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials. Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact.Financial resultsThe following graph illustrates our revenue and operating margins for each operating segment over the past three years.During 2025, we generated total company revenue of $22.2 billion, a 3% decrease from the $22.9 billion of revenue generated in 2024 with our Completion and Production (C&P) segment revenue decreasing by 4% and our Drilling and Evaluation (D&E) segment revenue decreasing by 3%. Total company operating income was $2.3 billion, including impairments and other charges of $831 million, in 2025, compared to $3.8 billion, including impairment and other charges of $116 million, in 2024. Due to new tariffs imposed during 2025 by the United States, the incremental expense was approximately $89 million.Driven in large part by a decrease in the average North America rig count in 2025 as compared to 2024, our North America revenue decreased 6% in 2025, resulting from lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of Contents Table of Contents Table of Contents Item 7 | Executive Overview Item 7 | Executive Overview Item 7 | Executive Overview Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated and combined financial statements included in Item 8. Financial Statements and Supplementary Data contained herein.EXECUTIVE OVERVIEWMarket conditionsIn 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict. In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity. Lower commodity pricing and U.S. land rig counts generally contributed to softness in the market for energy products and services in North America. The international rig count decreased compared to 2024.The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of 2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025. Trade tensions and tariffs continue to shape the demand outlook amid varying market responses. We continue to monitor and assess the impact of tariffs on goods being imported into the United States. Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials. Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact.Financial resultsThe following graph illustrates our revenue and operating margins for each operating segment over the past three years.During 2025, we generated total company revenue of $22.2 billion, a 3% decrease from the $22.9 billion of revenue generated in 2024 with our Completion and Production (C&P) segment revenue decreasing by 4% and our Drilling and Evaluation (D&E) segment revenue decreasing by 3%. Total company operating income was $2.3 billion, including impairments and other charges of $831 million, in 2025, compared to $3.8 billion, including impairment and other charges of $116 million, in 2024. Due to new tariffs imposed during 2025 by the United States, the incremental expense was approximately $89 million.Driven in large part by a decrease in the average North America rig count in 2025 as compared to 2024, our North America revenue decreased 6% in 2025, resulting from lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated and combined financial statements included in Item 8. Financial Statements and Supplementary Data contained herein.

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## New in Current Filing: Market conditions

In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict. In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity. Lower commodity pricing and U.S. land rig counts generally contributed to softness in the market for energy products and services in North America. The international rig count decreased compared to 2024. The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of 2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025. Trade tensions and tariffs continue to shape the demand outlook amid varying market responses. We continue to monitor and assess the impact of tariffs on goods being imported into the United States. Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials. Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact.

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## New in Current Filing: Financial results

The following graph illustrates our revenue and operating margins for each operating segment over the past three years. During 2025, we generated total company revenue of $22.2 billion, a 3% decrease from the $22.9 billion of revenue generated in 2024 with our Completion and Production (C&P) segment revenue decreasing by 4% and our Drilling and Evaluation (D&E) segment revenue decreasing by 3%. Total company operating income was $2.3 billion, including impairments and other charges of $831 million, in 2025, compared to $3.8 billion, including impairment and other charges of $116 million, in 2024. Due to new tariffs imposed during 2025 by the United States, the incremental expense was approximately $89 million. Driven in large part by a decrease in the average North America rig count in 2025 as compared to 2024, our North America revenue decreased 6% in 2025, resulting from lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. HAL 2025 FORM 10-K | 24Table of ContentsItem 7 | Executive OverviewInternationally, revenue decreased by 2% in 2025 compared to 2024, due to a decline in the international average rig count and decreased activity across multiple product service lines in Mexico and Saudi Arabia. Partially offsetting these decreases were higher activity across multiple services lines in Norway and Brazil, improved fluid services in the Middle East, Argentina, and the Caribbean, and increased stimulation activity in Middle East/Asia and Africa.Our operating performance and liquidity are described in more detail in "Liquidity and Capital Resources" and "Business Environment and Results of Operations." Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of ContentsItem 7 | Executive Overview Table of Contents Table of Contents Table of Contents Item 7 | Executive Overview Item 7 | Executive Overview Item 7 | Executive Overview Internationally, revenue decreased by 2% in 2025 compared to 2024, due to a decline in the international average rig count and decreased activity across multiple product service lines in Mexico and Saudi Arabia. Partially offsetting these decreases were higher activity across multiple services lines in Norway and Brazil, improved fluid services in the Middle East, Argentina, and the Caribbean, and increased stimulation activity in Middle East/Asia and Africa.Our operating performance and liquidity are described in more detail in "Liquidity and Capital Resources" and "Business Environment and Results of Operations." Internationally, revenue decreased by 2% in 2025 compared to 2024, due to a decline in the international average rig count and decreased activity across multiple product service lines in Mexico and Saudi Arabia. Partially offsetting these decreases were higher activity across multiple services lines in Norway and Brazil, improved fluid services in the Middle East, Argentina, and the Caribbean, and increased stimulation activity in Middle East/Asia and Africa. Our operating performance and liquidity are described in more detail in "Liquidity and Capital Resources" and "Business Environment and Results of Operations." HAL 2025 FORM 10-K | 25Table of ContentsItem 7 | Liquidity and Capital ResourcesLIQUIDITY AND CAPITAL RESOURCESAs of December 31, 2025, we had $2.2 billion of cash and equivalents, compared to $2.6 billion of cash and equivalents at December 31, 2024.Significant sources and uses of cash in 2025 Sources of cash:•Cash flows from operating activities were $2.9 billion. Working capital, which consists of receivables, inventories, and accounts payable, collectively had a positive impact of $196 million.•We received $444 million on the sale of investment securities.•We received $185 million on the sale of property, plant, and equipment.•We received $120 million on the sale of an equity investment.Uses of cash:•Capital expenditures were $1.3 billion.•We repurchased 42.4 million shares of our common stock for $1.0 billion, which includes excise tax payment due on 2024 share repurchases.•We paid $579 million of dividends to our shareholders.•We retired $382 million of our 3.8% senior notes due November 2025.•We paid $363 million related to a purchase of an equity investment.•We purchased $202 million of investment securities.•We paid $185 million to acquire businesses.Future sources and uses of cashWe manufacture most of our own equipment, which provides us with some flexibility to increase or decrease our capital expenditures based on market conditions. We currently expect capital spending for 2026 to be approximately $1.1 billion. Despite this reduction from 2025, we believe this level of spending will enable continued investment in our core strategic technologies and businesses, including the international expansion of our artificial lift, well intervention, unconventionals, and drilling technologies. We will continue to maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spend accordingly.In 2026, we expect to pay approximately $505 million for contractual purchase obligations, with another $315 million due through 2028, $378 million of interest on debt, and $418 million under our leasing arrangements. Payments for interest on our debt are expected to remain relatively flat for the foreseeable future. See Notes to Consolidated Financial Statements, Note 6 and Note 10 for additional information on expected future payments under our leasing arrangements and debt maturities.We are not able to reasonably estimate the timing of cash outflows associated with our uncertain tax positions, in part because we are unable to predict the timing of potential tax settlements with applicable taxing authorities. As of December 31, 2025, we had $170 million of gross unrecognized tax benefits, excluding penalties and interest, of which we estimate $155 million may require us to make a cash payment. We estimate that approximately $131 million of the cash payment will not be settled within the next 12 months.While we maintain focus on liquidity, we are also focused on providing cash returns to our shareholders. In 2023, our Board approved a capital return framework with a goal of returning at least 50% of our annual free cash flow to shareholders through dividends and share repurchases. We returned $1.6 billion of capital to shareholders in 2025 through dividends and share repurchases. During 2025, our quarterly dividend rate was $0.17 per common share, or approximately $145 million in aggregate.We may utilize share repurchases as part of our capital return framework. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 42.4 million shares of common stock during the year ended December 31, 2025 under this program. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025 and may be used for open market and other share purchases. Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of Contents Table of Contents Table of Contents Item 7 | Liquidity and Capital Resources Item 7 | Liquidity and Capital Resources Item 7 | Liquidity and Capital Resources LIQUIDITY AND CAPITAL RESOURCESAs of December 31, 2025, we had $2.2 billion of cash and equivalents, compared to $2.6 billion of cash and equivalents at December 31, 2024.Significant sources and uses of cash in 2025 Sources of cash:•Cash flows from operating activities were $2.9 billion. Working capital, which consists of receivables, inventories, and accounts payable, collectively had a positive impact of $196 million.•We received $444 million on the sale of investment securities.•We received $185 million on the sale of property, plant, and equipment.•We received $120 million on the sale of an equity investment.Uses of cash:•Capital expenditures were $1.3 billion.•We repurchased 42.4 million shares of our common stock for $1.0 billion, which includes excise tax payment due on 2024 share repurchases.•We paid $579 million of dividends to our shareholders.•We retired $382 million of our 3.8% senior notes due November 2025.•We paid $363 million related to a purchase of an equity investment.•We purchased $202 million of investment securities.•We paid $185 million to acquire businesses.Future sources and uses of cashWe manufacture most of our own equipment, which provides us with some flexibility to increase or decrease our capital expenditures based on market conditions. We currently expect capital spending for 2026 to be approximately $1.1 billion. Despite this reduction from 2025, we believe this level of spending will enable continued investment in our core strategic technologies and businesses, including the international expansion of our artificial lift, well intervention, unconventionals, and drilling technologies. We will continue to maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spend accordingly.In 2026, we expect to pay approximately $505 million for contractual purchase obligations, with another $315 million due through 2028, $378 million of interest on debt, and $418 million under our leasing arrangements. Payments for interest on our debt are expected to remain relatively flat for the foreseeable future. See Notes to Consolidated Financial Statements, Note 6 and Note 10 for additional information on expected future payments under our leasing arrangements and debt maturities.We are not able to reasonably estimate the timing of cash outflows associated with our uncertain tax positions, in part because we are unable to predict the timing of potential tax settlements with applicable taxing authorities. As of December 31, 2025, we had $170 million of gross unrecognized tax benefits, excluding penalties and interest, of which we estimate $155 million may require us to make a cash payment. We estimate that approximately $131 million of the cash payment will not be settled within the next 12 months.While we maintain focus on liquidity, we are also focused on providing cash returns to our shareholders. In 2023, our Board approved a capital return framework with a goal of returning at least 50% of our annual free cash flow to shareholders through dividends and share repurchases. We returned $1.6 billion of capital to shareholders in 2025 through dividends and share repurchases. During 2025, our quarterly dividend rate was $0.17 per common share, or approximately $145 million in aggregate.We may utilize share repurchases as part of our capital return framework. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 42.4 million shares of common stock during the year ended December 31, 2025 under this program. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025 and may be used for open market and other share purchases.

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## New in Current Filing: LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2025, we had $2.2 billion of cash and equivalents, compared to $2.6 billion of cash and equivalents at December 31, 2024.

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## New in Current Filing: Significant sources and uses of cash in 2025

Sources of cash: •Cash flows from operating activities were $2.9 billion. Working capital, which consists of receivables, inventories, and accounts payable, collectively had a positive impact of $196 million. •We received $444 million on the sale of investment securities. •We received $185 million on the sale of property, plant, and equipment. •We received $120 million on the sale of an equity investment. Uses of cash: •Capital expenditures were $1.3 billion. •We repurchased 42.4 million shares of our common stock for $1.0 billion, which includes excise tax payment due on 2024 share repurchases. •We paid $579 million of dividends to our shareholders. •We retired $382 million of our 3.8% senior notes due November 2025. •We paid $363 million related to a purchase of an equity investment. •We purchased $202 million of investment securities. •We paid $185 million to acquire businesses.

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## New in Current Filing: Future sources and uses of cash

We manufacture most of our own equipment, which provides us with some flexibility to increase or decrease our capital expenditures based on market conditions. We currently expect capital spending for 2026 to be approximately $1.1 billion. Despite this reduction from 2025, we believe this level of spending will enable continued investment in our core strategic technologies and businesses, including the international expansion of our artificial lift, well intervention, unconventionals, and drilling technologies. We will continue to maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spend accordingly. In 2026, we expect to pay approximately $505 million for contractual purchase obligations, with another $315 million due through 2028, $378 million of interest on debt, and $418 million under our leasing arrangements. Payments for interest on our debt are expected to remain relatively flat for the foreseeable future. See Notes to Consolidated Financial Statements, Note 6 and Note 10 for additional information on expected future payments under our leasing arrangements and debt maturities. We are not able to reasonably estimate the timing of cash outflows associated with our uncertain tax positions, in part because we are unable to predict the timing of potential tax settlements with applicable taxing authorities. As of December 31, 2025, we had $170 million of gross unrecognized tax benefits, excluding penalties and interest, of which we estimate $155 million may require us to make a cash payment. We estimate that approximately $131 million of the cash payment will not be settled within the next 12 months. While we maintain focus on liquidity, we are also focused on providing cash returns to our shareholders. In 2023, our Board approved a capital return framework with a goal of returning at least 50% of our annual free cash flow to shareholders through dividends and share repurchases. We returned $1.6 billion of capital to shareholders in 2025 through dividends and share repurchases. During 2025, our quarterly dividend rate was $0.17 per common share, or approximately $145 million in aggregate. We may utilize share repurchases as part of our capital return framework. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 42.4 million shares of common stock during the year ended December 31, 2025 under this program. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025 and may be used for open market and other share purchases. HAL 2025 FORM 10-K | 26Table of ContentsItem 7 | Liquidity and Capital ResourcesDuring 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026. During the year ended December 31, 2025, we incurred $154 million in expense on our SAP S4 migration. Due to the extension of the project we announced in the second quarter of 2025, we expect the estimated total cost will be approximately $45 million per quarter going forward. We believe the new system will provide important efficiency benefits, cost savings, enhanced visibility to our operations, and advanced analytics that will benefit us and our customers.We may, from time to time, redeem, repurchase, or otherwise acquire our outstanding debt through privately negotiated transactions, open market purchases, redemptions, tender offers or otherwise, but we are under no obligation to do so.Other factors affecting liquidityFinancial condition in current market. As of December 31, 2025, we had $2.2 billion of cash and equivalents and $3.5 billion of available committed bank credit under a new revolving credit facility executed on August 18, 2025, with an expiration date of August 16, 2030. We believe we have a manageable debt maturity profile, with approximately $90 million due February 2027. Furthermore, we have no financial covenants or material adverse change provisions in our bank agreements, and our debt maturities extend over a long period of time. We believe our cash on hand, cash flows generated from operations, and our available credit facility will provide sufficient liquidity to address the challenges and opportunities of the current market and our expected global cash needs, including capital expenditures, working capital investments, shareholder returns, if any, debt repurchases, if any, and scheduled interest and principal payments, in the short term and long term.Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which approximately $3.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2025. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization; however, none of these triggering events have occurred. As of December 31, 2025, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.We have entered into credit default swaps (CDSs) with third-party financial institutions that have an aggregate notional amount outstanding as of December 31, 2025 of $592 million, compared to an aggregate notional amount outstanding as of December 31, 2024 of $739 million, related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which portions of the proceeds were utilized by this customer to pay certain of our outstanding receivables. Approximately $455 million of the outstanding amount of the CDSs reduces monthly over its remaining 9-month term and $75 million reduces monthly over its remaining 6-month term. The remaining $62 million outstanding amount reduces monthly over its remaining 2-month term.Credit ratings. Our credit ratings with Standard & Poor's remain BBB+ for our long-term debt and A-2 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 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. Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of ContentsItem 7 | Liquidity and Capital Resources Table of Contents Table of Contents Table of Contents Item 7 | Liquidity and Capital Resources Item 7 | Liquidity and Capital Resources Item 7 | Liquidity and Capital Resources During 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026. During the year ended December 31, 2025, we incurred $154 million in expense on our SAP S4 migration. Due to the extension of the project we announced in the second quarter of 2025, we expect the estimated total cost will be approximately $45 million per quarter going forward. We believe the new system will provide important efficiency benefits, cost savings, enhanced visibility to our operations, and advanced analytics that will benefit us and our customers.We may, from time to time, redeem, repurchase, or otherwise acquire our outstanding debt through privately negotiated transactions, open market purchases, redemptions, tender offers or otherwise, but we are under no obligation to do so.Other factors affecting liquidityFinancial condition in current market. As of December 31, 2025, we had $2.2 billion of cash and equivalents and $3.5 billion of available committed bank credit under a new revolving credit facility executed on August 18, 2025, with an expiration date of August 16, 2030. We believe we have a manageable debt maturity profile, with approximately $90 million due February 2027. Furthermore, we have no financial covenants or material adverse change provisions in our bank agreements, and our debt maturities extend over a long period of time. We believe our cash on hand, cash flows generated from operations, and our available credit facility will provide sufficient liquidity to address the challenges and opportunities of the current market and our expected global cash needs, including capital expenditures, working capital investments, shareholder returns, if any, debt repurchases, if any, and scheduled interest and principal payments, in the short term and long term.Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which approximately $3.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2025. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization; however, none of these triggering events have occurred. As of December 31, 2025, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.We have entered into credit default swaps (CDSs) with third-party financial institutions that have an aggregate notional amount outstanding as of December 31, 2025 of $592 million, compared to an aggregate notional amount outstanding as of December 31, 2024 of $739 million, related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which portions of the proceeds were utilized by this customer to pay certain of our outstanding receivables. Approximately $455 million of the outstanding amount of the CDSs reduces monthly over its remaining 9-month term and $75 million reduces monthly over its remaining 6-month term. The remaining $62 million outstanding amount reduces monthly over its remaining 2-month term.Credit ratings. Our credit ratings with Standard & Poor's remain BBB+ for our long-term debt and A-2 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 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. During 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026. During the year ended December 31, 2025, we incurred $154 million in expense on our SAP S4 migration. Due to the extension of the project we announced in the second quarter of 2025, we expect the estimated total cost will be approximately $45 million per quarter going forward. We believe the new system will provide important efficiency benefits, cost savings, enhanced visibility to our operations, and advanced analytics that will benefit us and our customers. We may, from time to time, redeem, repurchase, or otherwise acquire our outstanding debt through privately negotiated transactions, open market purchases, redemptions, tender offers or otherwise, but we are under no obligation to do so.

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## New in Current Filing: Other factors affecting liquidity

Financial condition in current market. As of December 31, 2025, we had $2.2 billion of cash and equivalents and $3.5 billion of available committed bank credit under a new revolving credit facility executed on August 18, 2025, with an expiration date of August 16, 2030. We believe we have a manageable debt maturity profile, with approximately $90 million due February 2027. Furthermore, we have no financial covenants or material adverse change provisions in our bank agreements, and our debt maturities extend over a long period of time. We believe our cash on hand, cash flows generated from operations, and our available credit facility will provide sufficient liquidity to address the challenges and opportunities of the current market and our expected global cash needs, including capital expenditures, working capital investments, shareholder returns, if any, debt repurchases, if any, and scheduled interest and principal payments, in the short term and long term. Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which approximately $3.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2025. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization; however, none of these triggering events have occurred. As of December 31, 2025, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries. We have entered into credit default swaps (CDSs) with third-party financial institutions that have an aggregate notional amount outstanding as of December 31, 2025 of $592 million, compared to an aggregate notional amount outstanding as of December 31, 2024 of $739 million, related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which portions of the proceeds were utilized by this customer to pay certain of our outstanding receivables. Approximately $455 million of the outstanding amount of the CDSs reduces monthly over its remaining 9-month term and $75 million reduces monthly over its remaining 6-month term. The remaining $62 million outstanding amount reduces monthly over its remaining 2-month term. Credit ratings. Our credit ratings with Standard & Poor's remain BBB+ for our long-term debt and A-2 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 December 31, 2025. While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability of receivables from this customer. HAL 2025 FORM 10-K | 27Table of ContentsItem 7 | Business Environment and Results of OperationsBUSINESS ENVIRONMENT AND RESULTS OF OPERATIONSWe operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide. The industry we serve is highly competitive with many substantial competitors in each segment of our business. In 2025, 2024, and 2023, based on the location of the services provided and products sold, 39%, 40%, and 44%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue for those periods.Activity within our business segments is significantly impacted by spending on upstream exploration, development, and production programs by our customers. Also impacting our activity is the status of the global economy, which impacts oil and natural gas consumption.Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers' expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity. We expect that many of our customers in North America will continue their strategy of operating within their cash flows and generating returns rather than prioritizing production growth. Lower oil and natural gas prices usually translate into lower exploration and production budgets and lower rig count, while the opposite is usually true for higher oil and natural gas prices. Our financial performance is therefore significantly affected by oil and natural gas prices and worldwide rig activity, which are summarized in the tables below.The table below shows the average prices for West Texas Intermediate (WTI) crude oil, United Kingdom Brent crude oil, and Henry Hub natural gas.202520242023Oil Price - WTI (1)$65.46$76.55$77.64Oil Price - Brent (1)69.1080.5382.47Natural Gas Price - Henry Hub (2)3.532.192.54(1)Oil prices measured in dollars per barrel.(2)Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu.The historical average rig counts based on the weekly Baker Hughes rig count data were as follows: 202520242023US Land546580669US Offshore151918Canada175187177North America736786864International (1)1,0801,162948Worldwide Total1,8161,9481,812(1)Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of Contents Table of Contents Table of Contents Item 7 | Business Environment and Results of Operations Item 7 | Business Environment and Results of Operations Item 7 | Business Environment and Results of Operations BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONSWe operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide. The industry we serve is highly competitive with many substantial competitors in each segment of our business. In 2025, 2024, and 2023, based on the location of the services provided and products sold, 39%, 40%, and 44%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue for those periods.Activity within our business segments is significantly impacted by spending on upstream exploration, development, and production programs by our customers. Also impacting our activity is the status of the global economy, which impacts oil and natural gas consumption.Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers' expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity. We expect that many of our customers in North America will continue their strategy of operating within their cash flows and generating returns rather than prioritizing production growth. Lower oil and natural gas prices usually translate into lower exploration and production budgets and lower rig count, while the opposite is usually true for higher oil and natural gas prices. Our financial performance is therefore significantly affected by oil and natural gas prices and worldwide rig activity, which are summarized in the tables below.The table below shows the average prices for West Texas Intermediate (WTI) crude oil, United Kingdom Brent crude oil, and Henry Hub natural gas.202520242023Oil Price - WTI (1)$65.46$76.55$77.64Oil Price - Brent (1)69.1080.5382.47Natural Gas Price - Henry Hub (2)3.532.192.54(1)Oil prices measured in dollars per barrel.(2)Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu.The historical average rig counts based on the weekly Baker Hughes rig count data were as follows: 202520242023US Land546580669US Offshore151918Canada175187177North America736786864International (1)1,0801,162948Worldwide Total1,8161,9481,812(1)Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024.

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## New in Current Filing: BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS

We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide. The industry we serve is highly competitive with many substantial competitors in each segment of our business. In 2025, 2024, and 2023, based on the location of the services provided and products sold, 39%, 40%, and 44%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue for those periods. Activity within our business segments is significantly impacted by spending on upstream exploration, development, and production programs by our customers. Also impacting our activity is the status of the global economy, which impacts oil and natural gas consumption. Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers' expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity. We expect that many of our customers in North America will continue their strategy of operating within their cash flows and generating returns rather than prioritizing production growth. Lower oil and natural gas prices usually translate into lower exploration and production budgets and lower rig count, while the opposite is usually true for higher oil and natural gas prices. Our financial performance is therefore significantly affected by oil and natural gas prices and worldwide rig activity, which are summarized in the tables below. The table below shows the average prices for West Texas Intermediate (WTI) crude oil, United Kingdom Brent crude oil, and Henry Hub natural gas. 202520242023Oil Price - WTI (1)$65.46$76.55$77.64Oil Price - Brent (1)69.1080.5382.47Natural Gas Price - Henry Hub (2)3.532.192.54 202520242023Oil Price - WTI (1)$65.46$76.55$77.64Oil Price - Brent (1)69.1080.5382.47Natural Gas Price - Henry Hub (2)3.532.192.54 202520242023Oil Price - WTI (1)$65.46$76.55$77.64Oil Price - Brent (1)69.1080.5382.47Natural Gas Price - Henry Hub (2)3.532.192.54 2025 2025 2025 2024 2024 2024 2023 2023 2023 Oil Price - WTI (1) Oil Price - WTI (1) Oil Price - WTI (1) $65.46 $65.46 $65.46 $ 65.46 $76.55 $76.55 $76.55 $ 76.55 $77.64 $77.64 $77.64 $ 77.64 Oil Price - Brent (1) Oil Price - Brent (1) Oil Price - Brent (1) 69.10 69.10 69.10 69.10 80.53 80.53 80.53 80.53 82.47 82.47 82.47 82.47 Natural Gas Price - Henry Hub (2) Natural Gas Price - Henry Hub (2) Natural Gas Price - Henry Hub (2) 3.53 3.53 3.53 3.53 2.19 2.19 2.19 2.19 2.54 2.54 2.54 2.54 (1)Oil prices measured in dollars per barrel.(2)Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. (1)Oil prices measured in dollars per barrel.(2)Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. (1)Oil prices measured in dollars per barrel.(2)Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. (1) (1) (1) Oil prices measured in dollars per barrel. Oil prices measured in dollars per barrel. Oil prices measured in dollars per barrel. (2) (2) (2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. The historical average rig counts based on the weekly Baker Hughes rig count data were as follows: 202520242023US Land546580669US Offshore151918Canada175187177North America736786864International (1)1,0801,162948Worldwide Total1,8161,9481,812 202520242023US Land546580669US Offshore151918Canada175187177North America736786864International (1)1,0801,162948Worldwide Total1,8161,9481,812 202520242023US Land546580669US Offshore151918Canada175187177North America736786864International (1)1,0801,162948Worldwide Total1,8161,9481,812 2025 2025 2025 2024 2024 2024 2023 2023 2023 US Land US Land US Land 546 546 546 546 580 580 580 580 669 669 669 669 US Offshore US Offshore US Offshore 15 15 15 15 19 19 19 19 18 18 18 18 Canada Canada Canada 175 175 175 175 187 187 187 187 177 177 177 177 North America North America North America 736 736 736 736 786 786 786 786 864 864 864 864 International (1) International (1) International (1) 1,080 1,080 1,080 1,080 1,162 1,162 1,162 1,162 948 948 948 948 Worldwide Total Worldwide Total Worldwide Total 1,816 1,816 1,816 1,816 1,948 1,948 1,948 1,948 1,812 1,812 1,812 1,812 (1)Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. (1)Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. (1)Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. (1) (1) (1) Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. HAL 2025 FORM 10-K | 28Table of ContentsItem 7 | Business Environment and Results of OperationsBusiness outlookLooking ahead to 2026, we expect the global energy market to remain dynamic, with oil demand continuing to grow modestly while global supply is projected to outpace demand in the near term, contributing to price pressure and inventory builds. At the same time, natural gas demand is forecasted to strengthen in 2026 as LNG capacity expands and consumption in key markets increases. Absent geo-political disruptions, we expect commodity prices are unlikely to rise.We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025. This outlook reflects the full year impact of reduced customer activity in land operations, our decision to stack uneconomic fleets, and the timing of customer programs in the Gulf of America.Despite the market conditions described above, we believe the combination of long-cycle international investments and emerging structural demand for natural gas, driven by data centers, electrification, and power reliability, positions our business for growth opportunities over the medium and long term. This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere. Additionally, we believe increased investment in existing and new sources of oil and natural gas production is needed to address future demand. This will necessitate production from conventional and unconventional, deep-water and shallow-water, and short and long-cycle projects. We expect that increased oil and natural gas production requirements will in turn create demand for our products and services.We continue to monitor the recent developments in Venezuela and plan to grow our business once commercial and legal terms are resolved, including payment certainty. Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of ContentsItem 7 | Business Environment and Results of Operations Table of Contents Table of Contents Table of Contents Item 7 | Business Environment and Results of Operations Item 7 | Business Environment and Results of Operations Item 7 | Business Environment and Results of Operations Business outlookLooking ahead to 2026, we expect the global energy market to remain dynamic, with oil demand continuing to grow modestly while global supply is projected to outpace demand in the near term, contributing to price pressure and inventory builds. At the same time, natural gas demand is forecasted to strengthen in 2026 as LNG capacity expands and consumption in key markets increases. Absent geo-political disruptions, we expect commodity prices are unlikely to rise.We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025. This outlook reflects the full year impact of reduced customer activity in land operations, our decision to stack uneconomic fleets, and the timing of customer programs in the Gulf of America.Despite the market conditions described above, we believe the combination of long-cycle international investments and emerging structural demand for natural gas, driven by data centers, electrification, and power reliability, positions our business for growth opportunities over the medium and long term. This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere. Additionally, we believe increased investment in existing and new sources of oil and natural gas production is needed to address future demand. This will necessitate production from conventional and unconventional, deep-water and shallow-water, and short and long-cycle projects. We expect that increased oil and natural gas production requirements will in turn create demand for our products and services.We continue to monitor the recent developments in Venezuela and plan to grow our business once commercial and legal terms are resolved, including payment certainty.

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## New in Current Filing: Business outlook

Looking ahead to 2026, we expect the global energy market to remain dynamic, with oil demand continuing to grow modestly while global supply is projected to outpace demand in the near term, contributing to price pressure and inventory builds. At the same time, natural gas demand is forecasted to strengthen in 2026 as LNG capacity expands and consumption in key markets increases. Absent geo-political disruptions, we expect commodity prices are unlikely to rise. We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025. This outlook reflects the full year impact of reduced customer activity in land operations, our decision to stack uneconomic fleets, and the timing of customer programs in the Gulf of America. Despite the market conditions described above, we believe the combination of long-cycle international investments and emerging structural demand for natural gas, driven by data centers, electrification, and power reliability, positions our business for growth opportunities over the medium and long term. This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere. Additionally, we believe increased investment in existing and new sources of oil and natural gas production is needed to address future demand. This will necessitate production from conventional and unconventional, deep-water and shallow-water, and short and long-cycle projects. We expect that increased oil and natural gas production requirements will in turn create demand for our products and services. We continue to monitor the recent developments in Venezuela and plan to grow our business once commercial and legal terms are resolved, including payment certainty. HAL 2025 FORM 10-K | 29Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 RESULTS OF OPERATIONS IN 2025 COMPARED TO 2024FavorablePercentageMillions of dollars20252024(Unfavorable)ChangeRevenue:By operating segment:Completion and Production$12,782$13,251$(469)(4)%Drilling and Evaluation9,4029,693(291)(3)Total revenue$22,184$22,944$(760)(3)%By geographic region:North America$9,066$9,626$(560)(6)%Latin America3,9354,211(276)(7)Europe/Africa/CIS3,3513,00334812Middle East/Asia5,8326,104(272)(4)Total revenue$22,184$22,944$(760)(3)%Operating income:By operating segment:Completion and Production$2,128$2,709$(581)(21)%Drilling and Evaluation1,3791,608(229)(14)Total operations3,5074,317(810)(19)Corporate and other(262)(255)(7)(3)SAP S4 upgrade expense(154)(124)(30)(24)Impairments and other charges(831)(116)(715)n/mTotal operating income$2,260$3,822$(1,562)(41)%n/m = not meaningfulOperating SegmentsCompletion and ProductionCompletion and Production revenue in 2025 was $12.8 billion, a decrease of $469 million, or 4%, compared to 2024. Operating income for the segment in 2025 was $2.1 billion, a decrease of $581 million, or 21%, compared to 2024. These results were primarily driven by decreased pressure pumping services in U.S. Land, lower completion tool sales in the Western Hemisphere, the Middle East, and Africa, and decreased well intervention services in Middle East/Asia. Partially offsetting these decreases were higher year-end completion tool sales in Europe, and increased well intervention services in Latin America.Drilling and EvaluationDrilling and Evaluation revenue in 2025 was $9.4 billion, a decrease of $291 million, or 3%, compared to 2024. Operating income for the segment in 2025 was $1.4 billion, a decrease of $229 million, or 14%, compared to 2024. These results were primarily driven by lower drilling activity in the Middle East and Latin America, and lower wireline activity in Middle East/Asia, and decreased testing services internationally. Partially offsetting these decreases were improved fluids services and higher project management activity in Latin America, and increased drilling activity in Europe/Africa.Geographic RegionsNorth AmericaNorth America revenue in 2025 was $9.1 billion, a 6% decrease compared to 2024, largely driven by lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of Contents Table of Contents Table of Contents Item 7 | Results of Operations in 2025 Compared to 2024 Item 7 | Results of Operations in 2025 Compared to 2024 Item 7 | Results of Operations in 2025 Compared to 2024 RESULTS OF OPERATIONS IN 2025 COMPARED TO 2024FavorablePercentageMillions of dollars20252024(Unfavorable)ChangeRevenue:By operating segment:Completion and Production$12,782$13,251$(469)(4)%Drilling and Evaluation9,4029,693(291)(3)Total revenue$22,184$22,944$(760)(3)%By geographic region:North America$9,066$9,626$(560)(6)%Latin America3,9354,211(276)(7)Europe/Africa/CIS3,3513,00334812Middle East/Asia5,8326,104(272)(4)Total revenue$22,184$22,944$(760)(3)%Operating income:By operating segment:Completion and Production$2,128$2,709$(581)(21)%Drilling and Evaluation1,3791,608(229)(14)Total operations3,5074,317(810)(19)Corporate and other(262)(255)(7)(3)SAP S4 upgrade expense(154)(124)(30)(24)Impairments and other charges(831)(116)(715)n/mTotal operating income$2,260$3,822$(1,562)(41)%n/m = not meaningfulOperating SegmentsCompletion and ProductionCompletion and Production revenue in 2025 was $12.8 billion, a decrease of $469 million, or 4%, compared to 2024. Operating income for the segment in 2025 was $2.1 billion, a decrease of $581 million, or 21%, compared to 2024. These results were primarily driven by decreased pressure pumping services in U.S. Land, lower completion tool sales in the Western Hemisphere, the Middle East, and Africa, and decreased well intervention services in Middle East/Asia. Partially offsetting these decreases were higher year-end completion tool sales in Europe, and increased well intervention services in Latin America.Drilling and EvaluationDrilling and Evaluation revenue in 2025 was $9.4 billion, a decrease of $291 million, or 3%, compared to 2024. Operating income for the segment in 2025 was $1.4 billion, a decrease of $229 million, or 14%, compared to 2024. These results were primarily driven by lower drilling activity in the Middle East and Latin America, and lower wireline activity in Middle East/Asia, and decreased testing services internationally. Partially offsetting these decreases were improved fluids services and higher project management activity in Latin America, and increased drilling activity in Europe/Africa.Geographic RegionsNorth AmericaNorth America revenue in 2025 was $9.1 billion, a 6% decrease compared to 2024, largely driven by lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada.

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## New in Current Filing: RESULTS OF OPERATIONS IN 2025 COMPARED TO 2024

FavorablePercentageMillions of dollars20252024(Unfavorable)ChangeRevenue:By operating segment:Completion and Production$12,782$13,251$(469)(4)%Drilling and Evaluation9,4029,693(291)(3)Total revenue$22,184$22,944$(760)(3)%By geographic region:North America$9,066$9,626$(560)(6)%Latin America3,9354,211(276)(7)Europe/Africa/CIS3,3513,00334812Middle East/Asia5,8326,104(272)(4)Total revenue$22,184$22,944$(760)(3)%Operating income:By operating segment:Completion and Production$2,128$2,709$(581)(21)%Drilling and Evaluation1,3791,608(229)(14)Total operations3,5074,317(810)(19)Corporate and other(262)(255)(7)(3)SAP S4 upgrade expense(154)(124)(30)(24)Impairments and other charges(831)(116)(715)n/mTotal operating income$2,260$3,822$(1,562)(41)%n/m = not meaningful FavorablePercentageMillions of dollars20252024(Unfavorable)ChangeRevenue:By operating segment:Completion and Production$12,782$13,251$(469)(4)%Drilling and Evaluation9,4029,693(291)(3)Total revenue$22,184$22,944$(760)(3)%By geographic region:North America$9,066$9,626$(560)(6)%Latin America3,9354,211(276)(7)Europe/Africa/CIS3,3513,00334812Middle East/Asia5,8326,104(272)(4)Total revenue$22,184$22,944$(760)(3)%Operating income:By operating segment:Completion and Production$2,128$2,709$(581)(21)%Drilling and Evaluation1,3791,608(229)(14)Total operations3,5074,317(810)(19)Corporate and other(262)(255)(7)(3)SAP S4 upgrade expense(154)(124)(30)(24)Impairments and other charges(831)(116)(715)n/mTotal operating income$2,260$3,822$(1,562)(41)%n/m = not meaningful FavorablePercentageMillions of dollars20252024(Unfavorable)ChangeRevenue:By operating segment:Completion and Production$12,782$13,251$(469)(4)%Drilling and Evaluation9,4029,693(291)(3)Total revenue$22,184$22,944$(760)(3)%By geographic region:North America$9,066$9,626$(560)(6)%Latin America3,9354,211(276)(7)Europe/Africa/CIS3,3513,00334812Middle East/Asia5,8326,104(272)(4)Total revenue$22,184$22,944$(760)(3)%Operating income:By operating segment:Completion and Production$2,128$2,709$(581)(21)%Drilling and Evaluation1,3791,608(229)(14)Total operations3,5074,317(810)(19)Corporate and other(262)(255)(7)(3)SAP S4 upgrade expense(154)(124)(30)(24)Impairments and other charges(831)(116)(715)n/mTotal operating income$2,260$3,822$(1,562)(41)%n/m = not meaningful Favorable Favorable Favorable Percentage Percentage Percentage Millions of dollars Millions of dollars Millions of dollars 2025 2025 2025 2024 2024 2024 (Unfavorable) (Unfavorable) (Unfavorable) Change Change Change Revenue: Revenue: Revenue: By operating segment: By operating segment: By operating segment: Completion and Production Completion and Production Completion and Production $12,782 $12,782 $12,782 $ 12,782 $13,251 $13,251 $13,251 $ 13,251 $(469) $(469) $(469) $ (469) (4)% (4)% (4)% (4) % Drilling and Evaluation Drilling and Evaluation Drilling and Evaluation 9,402 9,402 9,402 9,402 9,693 9,693 9,693 9,693 (291) (291) (291) (291) (3) (3) (3) (3) Total revenue Total revenue Total revenue $22,184 $22,184 $22,184 $ 22,184 $22,944 $22,944 $22,944 $ 22,944 $(760) $(760) $(760) $ (760) (3)% (3)% (3)% (3) % By geographic region: By geographic region: By geographic region: North America North America North America $9,066 $9,066 $9,066 $ 9,066 $9,626 $9,626 $9,626 $ 9,626 $(560) $(560) $(560) $ (560) (6)% (6)% (6)% (6) % Latin America Latin America Latin America 3,935 3,935 3,935 3,935 4,211 4,211 4,211 4,211 (276) (276) (276) (276) (7) (7) (7) (7) Europe/Africa/CIS Europe/Africa/CIS Europe/Africa/CIS 3,351 3,351 3,351 3,351 3,003 3,003 3,003 3,003 348 348 348 348 12 12 12 12 Middle East/Asia Middle East/Asia Middle East/Asia 5,832 5,832 5,832 5,832 6,104 6,104 6,104 6,104 (272) (272) (272) (272) (4) (4) (4) (4) Total revenue Total revenue Total revenue $22,184 $22,184 $22,184 $ 22,184 $22,944 $22,944 $22,944 $ 22,944 $(760) $(760) $(760) $ (760) (3)% (3)% (3)% (3) %

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## New in Current Filing: Operating income:

By operating segment: By operating segment: By operating segment: Completion and Production Completion and Production Completion and Production $2,128 $2,128 $2,128 $ 2,128 $2,709 $2,709 $2,709 $ 2,709 $(581) $(581) $(581) $ (581) (21)% (21)% (21)% (21) % Drilling and Evaluation Drilling and Evaluation Drilling and Evaluation 1,379 1,379 1,379 1,379 1,608 1,608 1,608 1,608 (229) (229) (229) (229) (14) (14) (14) (14) Total operations Total operations Total operations 3,507 3,507 3,507 3,507 4,317 4,317 4,317 4,317 (810) (810) (810) (810) (19) (19) (19) (19) Corporate and other Corporate and other Corporate and other (262) (262) (262) (262) (255) (255) (255) (255) (7) (7) (7) (7) (3) (3) (3) (3) SAP S4 upgrade expense SAP S4 upgrade expense SAP S4 upgrade expense (154) (154) (154) (154) (124) (124) (124) (124) (30) (30) (30) (30) (24) (24) (24) (24) Impairments and other charges Impairments and other charges Impairments and other charges (831) (831) (831) (831) (116) (116) (116) (116) (715) (715) (715) (715) n/m n/m n/m Total operating income Total operating income Total operating income $2,260 $2,260 $2,260 $ 2,260 $3,822 $3,822 $3,822 $ 3,822 $(1,562) $(1,562) $(1,562) $ (1,562) (41)% (41)% (41)% (41) % n/m = not meaningful n/m = not meaningful n/m = not meaningful

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## New in Current Filing: Operating Segments

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

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## New in Current Filing: Geographic Regions

North America North America revenue in 2025 was $9.1 billion, a 6% decrease compared to 2024, largely driven by lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. HAL 2025 FORM 10-K | 30Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Latin AmericaLatin America revenue in 2025 was $3.9 billion, a 7% decrease compared to 2024, resulting from lower activity across multiple product service lines in Mexico and lower completion tool sales in Brazil. Partially offsetting these decreases were improved activity across multiple product service lines in Brazil, and higher drilling related services in Argentina and the Caribbean.Europe/Africa/CISEurope/Africa/CIS revenue in 2025 was $3.4 billion, a 12% increase compared to 2024, resulting from higher activity across multiple product service lines in Norway and Romania, increased stimulation activity in Congo, higher project management activity in Africa, and improved well construction activity in Namibia. Partially offsetting these increases were lower activity across multiple product service lines in Italy and Senegal, and lower completion tool sales and decreased pressure pumping services in Angola.Middle East/AsiaMiddle East/Asia revenue in 2025 was $5.8 billion, a 4% decrease compared to 2024, resulting from lower activity across multiple product service lines in Saudi Arabia and Malaysia. Partially offsetting these decreases were improved activity across multiple product service lines in Kuwait, higher stimulation activity in India, higher drilling related services in Indonesia, and increased fluids services in the United Arab Emirates.Other Operating ItemsSAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect to complete in the fourth quarter of 2026. During the years ended December 31, 2025 and 2024, we recognized $154 million and $124 million of expense on our SAP S4 migration, respectively.Impairments and Other Charges. During the year ended December 31, 2025, we recognized a pre-tax charge of $831 million primarily related to severance costs, an impairment of assets held for sale, fixed and other assets write-offs, an impairment of facility closures and lease terminations, an equity in earnings loss, and other items, primarily related to legacy environmental remediation cost estimate increases. During the year ended December 31, 2024, we recognized a pre-tax charge of $116 million, primarily related to severance costs, an impairment of assets held for sale, expenses related to a cybersecurity incident, a gain on a fair value adjustment of an equity investment, and other items. See Notes to Consolidated Financial Statements, Note 2 for further discussion of these charges.Nonoperating ItemsArgentina Impairment on Investment. In years 2022, 2023 and 2024, we executed a series of loans to a third party and received notes that are to be repaid in U.S. dollars upon maturity or earlier if certain conditions are met. During the year ended December 31, 2025 and 2024, we recorded a loss of $23 million and $38 million, respectively, resulting from the deterioration in the outlook of the debtor's liquidity and financial projections. This is included in "Other, net" on the Consolidated Statements of Operations.Argentina Blue Chip Swap. The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. The execution of certain trades known as Blue Chip Swaps effectively results in a parallel U.S. dollar exchange rate. For the years ended December 31, 2025, 2024, and 2023, we entered into Blue Chip Swap transactions, which resulted in a pre-tax loss on investment for $9 million, $8 million, and $110 million, respectively.Egypt Currency Impact. In the first quarter of 2024, the Egyptian pound devalued by approximately 35% relative to the U.S. dollar. Consequently, we incurred a loss of $34 million during the year ended December 31, 2024, due to the devaluation of the currency in Egypt. This is included in "Other, net" on the Consolidated Statements of Operations.Income Tax Provision. During the year ended December 31, 2025, we recorded a total income tax provision of $479 million on a pre-tax income of $1.8 billion, resulting in an effective tax rate of 27.0%. The effective tax rate for 2025 was primarily impacted by the pre-tax $831 million of impairments and other charges, the $23 million impairment of an investment in Argentina, the additional valuation allowance recognized in the amount of $125 million on our deferred tax assets which resulted from the impact on the realizability of our FTC carryforward due to the "One Big Beautiful Bill Act," and partially offset by an $86 million discrete tax benefit from the Foreign-Derived Intangible Income (FDII) deduction attributable to a royalty prepayment. During the year ended December 31, 2024, we recorded a total income tax provision of $718 million on pre-tax income of $3.2 billion, resulting in an effective tax rate of 22.2%. The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets. We recorded a tax benefit of $41 million during the year ended December 31, 2024, due to a partial release of a valuation allowance on our deferred tax assets based on market conditions. Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of Contents Table of Contents Table of Contents Item 7 | Results of Operations in 2025 Compared to 2024 Item 7 | Results of Operations in 2025 Compared to 2024 Item 7 | Results of Operations in 2025 Compared to 2024 Latin AmericaLatin America revenue in 2025 was $3.9 billion, a 7% decrease compared to 2024, resulting from lower activity across multiple product service lines in Mexico and lower completion tool sales in Brazil. Partially offsetting these decreases were improved activity across multiple product service lines in Brazil, and higher drilling related services in Argentina and the Caribbean.Europe/Africa/CISEurope/Africa/CIS revenue in 2025 was $3.4 billion, a 12% increase compared to 2024, resulting from higher activity across multiple product service lines in Norway and Romania, increased stimulation activity in Congo, higher project management activity in Africa, and improved well construction activity in Namibia. Partially offsetting these increases were lower activity across multiple product service lines in Italy and Senegal, and lower completion tool sales and decreased pressure pumping services in Angola.Middle East/AsiaMiddle East/Asia revenue in 2025 was $5.8 billion, a 4% decrease compared to 2024, resulting from lower activity across multiple product service lines in Saudi Arabia and Malaysia. Partially offsetting these decreases were improved activity across multiple product service lines in Kuwait, higher stimulation activity in India, higher drilling related services in Indonesia, and increased fluids services in the United Arab Emirates.Other Operating ItemsSAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect to complete in the fourth quarter of 2026. During the years ended December 31, 2025 and 2024, we recognized $154 million and $124 million of expense on our SAP S4 migration, respectively.Impairments and Other Charges. During the year ended December 31, 2025, we recognized a pre-tax charge of $831 million primarily related to severance costs, an impairment of assets held for sale, fixed and other assets write-offs, an impairment of facility closures and lease terminations, an equity in earnings loss, and other items, primarily related to legacy environmental remediation cost estimate increases. During the year ended December 31, 2024, we recognized a pre-tax charge of $116 million, primarily related to severance costs, an impairment of assets held for sale, expenses related to a cybersecurity incident, a gain on a fair value adjustment of an equity investment, and other items. See Notes to Consolidated Financial Statements, Note 2 for further discussion of these charges.Nonoperating ItemsArgentina Impairment on Investment. In years 2022, 2023 and 2024, we executed a series of loans to a third party and received notes that are to be repaid in U.S. dollars upon maturity or earlier if certain conditions are met. During the year ended December 31, 2025 and 2024, we recorded a loss of $23 million and $38 million, respectively, resulting from the deterioration in the outlook of the debtor's liquidity and financial projections. This is included in "Other, net" on the Consolidated Statements of Operations.Argentina Blue Chip Swap. The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. The execution of certain trades known as Blue Chip Swaps effectively results in a parallel U.S. dollar exchange rate. For the years ended December 31, 2025, 2024, and 2023, we entered into Blue Chip Swap transactions, which resulted in a pre-tax loss on investment for $9 million, $8 million, and $110 million, respectively.Egypt Currency Impact. In the first quarter of 2024, the Egyptian pound devalued by approximately 35% relative to the U.S. dollar. Consequently, we incurred a loss of $34 million during the year ended December 31, 2024, due to the devaluation of the currency in Egypt. This is included in "Other, net" on the Consolidated Statements of Operations.Income Tax Provision. During the year ended December 31, 2025, we recorded a total income tax provision of $479 million on a pre-tax income of $1.8 billion, resulting in an effective tax rate of 27.0%. The effective tax rate for 2025 was primarily impacted by the pre-tax $831 million of impairments and other charges, the $23 million impairment of an investment in Argentina, the additional valuation allowance recognized in the amount of $125 million on our deferred tax assets which resulted from the impact on the realizability of our FTC carryforward due to the "One Big Beautiful Bill Act," and partially offset by an $86 million discrete tax benefit from the Foreign-Derived Intangible Income (FDII) deduction attributable to a royalty prepayment. During the year ended December 31, 2024, we recorded a total income tax provision of $718 million on pre-tax income of $3.2 billion, resulting in an effective tax rate of 22.2%. The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets. We recorded a tax benefit of $41 million during the year ended December 31, 2024, due to a partial release of a valuation allowance on our deferred tax assets based on market conditions. Latin America Latin America revenue in 2025 was $3.9 billion, a 7% decrease compared to 2024, resulting from lower activity across multiple product service lines in Mexico and lower completion tool sales in Brazil. Partially offsetting these decreases were improved activity across multiple product service lines in Brazil, and higher drilling related services in Argentina and the Caribbean. Europe/Africa/CIS Europe/Africa/CIS revenue in 2025 was $3.4 billion, a 12% increase compared to 2024, resulting from higher activity across multiple product service lines in Norway and Romania, increased stimulation activity in Congo, higher project management activity in Africa, and improved well construction activity in Namibia. Partially offsetting these increases were lower activity across multiple product service lines in Italy and Senegal, and lower completion tool sales and decreased pressure pumping services in Angola. Middle East/Asia Middle East/Asia revenue in 2025 was $5.8 billion, a 4% decrease compared to 2024, resulting from lower activity across multiple product service lines in Saudi Arabia and Malaysia. Partially offsetting these decreases were improved activity across multiple product service lines in Kuwait, higher stimulation activity in India, higher drilling related services in Indonesia, and increased fluids services in the United Arab Emirates.

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## New in Current Filing: Other Operating Items

SAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect to complete in the fourth quarter of 2026. During the years ended December 31, 2025 and 2024, we recognized $154 million and $124 million of expense on our SAP S4 migration, respectively. Impairments and Other Charges. During the year ended December 31, 2025, we recognized a pre-tax charge of $831 million primarily related to severance costs, an impairment of assets held for sale, fixed and other assets write-offs, an impairment of facility closures and lease terminations, an equity in earnings loss, and other items, primarily related to legacy environmental remediation cost estimate increases. During the year ended December 31, 2024, we recognized a pre-tax charge of $116 million, primarily related to severance costs, an impairment of assets held for sale, expenses related to a cybersecurity incident, a gain on a fair value adjustment of an equity investment, and other items. See Notes to Consolidated Financial Statements, Note 2 for further discussion of these charges.

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## New in Current Filing: RESULTS OF OPERATIONS IN 2024 COMPARED TO 2023

Information related to the comparison of our operating results between the years 2024 and 2023 is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC and is incorporated by reference into this annual report on Form 10-K. HAL 2025 FORM 10-K | 33Table of ContentsItem 7 | Critical Accounting EstimatesCRITICAL ACCOUNTING ESTIMATESThe preparation of financial statements requires the use of judgments and estimates. Our critical accounting policies are described below to provide a better understanding of how we develop our assumptions and judgments about future events and related estimates and how they can impact our financial statements. A critical accounting estimate is one that requires our most difficult, subjective, or complex judgments and assessments and is fundamental to our results of operations. We identified our most critical accounting estimates to be:-forecasting our income tax (provision) benefit, including our future ability to utilize foreign tax credits and the realizability of deferred tax assets (including net operating loss carryforwards), and providing for uncertain tax positions;-legal and investigation matters;-valuations of long-lived assets, including intangible assets and goodwill; and-allowance for credit losses.We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the current facts and circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the following are the critical accounting policies used in the preparation of our consolidated financial statements, as well as the significant estimates and judgments affecting the application of these policies. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in this report.Income tax accountingWe recognize the amount of taxes payable or refundable for the current year and use an asset and liability approach in recognizing the amount of deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. We apply the following basic principles in accounting for our income taxes:-a current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year;-a deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards;-the measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law, and the effects of potential future changes in tax laws or rates are not considered; and-the value of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized.We determine deferred taxes separately for each tax-paying component (an entity or a group of entities that is consolidated for tax purposes) in each tax jurisdiction. That determination includes the following procedures:-identifying the types and amounts of existing temporary differences;-measuring the total deferred tax liability for taxable temporary differences using the applicable tax rate;-measuring the total deferred tax asset for deductible temporary differences and operating loss carryforwards using the applicable tax rate;-measuring the deferred tax assets for each type of tax credit carryforward; and-reducing the deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.Our methodology for recording income taxes requires a significant amount of judgment and the use of assumptions and estimates. Additionally, we use forecasts of certain tax elements, such as taxable income and foreign tax credit utilization, as well as evaluate the feasibility of implementing tax planning strategies. Given the inherent uncertainty involved with the use of such variables, there can be significant variation between anticipated and actual results that could have a material impact on our income tax accounts related to continuing operations. Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of Contents Table of Contents Table of Contents Item 7 | Critical Accounting Estimates Item 7 | Critical Accounting Estimates Item 7 | Critical Accounting Estimates CRITICAL ACCOUNTING ESTIMATESThe preparation of financial statements requires the use of judgments and estimates. Our critical accounting policies are described below to provide a better understanding of how we develop our assumptions and judgments about future events and related estimates and how they can impact our financial statements. A critical accounting estimate is one that requires our most difficult, subjective, or complex judgments and assessments and is fundamental to our results of operations. We identified our most critical accounting estimates to be:-forecasting our income tax (provision) benefit, including our future ability to utilize foreign tax credits and the realizability of deferred tax assets (including net operating loss carryforwards), and providing for uncertain tax positions;-legal and investigation matters;-valuations of long-lived assets, including intangible assets and goodwill; and-allowance for credit losses.We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the current facts and circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the following are the critical accounting policies used in the preparation of our consolidated financial statements, as well as the significant estimates and judgments affecting the application of these policies. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in this report.Income tax accountingWe recognize the amount of taxes payable or refundable for the current year and use an asset and liability approach in recognizing the amount of deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. We apply the following basic principles in accounting for our income taxes:-a current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year;-a deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards;-the measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law, and the effects of potential future changes in tax laws or rates are not considered; and-the value of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized.We determine deferred taxes separately for each tax-paying component (an entity or a group of entities that is consolidated for tax purposes) in each tax jurisdiction. That determination includes the following procedures:-identifying the types and amounts of existing temporary differences;-measuring the total deferred tax liability for taxable temporary differences using the applicable tax rate;-measuring the total deferred tax asset for deductible temporary differences and operating loss carryforwards using the applicable tax rate;-measuring the deferred tax assets for each type of tax credit carryforward; and-reducing the deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.Our methodology for recording income taxes requires a significant amount of judgment and the use of assumptions and estimates. Additionally, we use forecasts of certain tax elements, such as taxable income and foreign tax credit utilization, as well as evaluate the feasibility of implementing tax planning strategies. Given the inherent uncertainty involved with the use of such variables, there can be significant variation between anticipated and actual results that could have a material impact on our income tax accounts related to continuing operations.

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## New in Current Filing: CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements requires the use of judgments and estimates. Our critical accounting policies are described below to provide a better understanding of how we develop our assumptions and judgments about future events and related estimates and how they can impact our financial statements. A critical accounting estimate is one that requires our most difficult, subjective, or complex judgments and assessments and is fundamental to our results of operations. We identified our most critical accounting estimates to be: -forecasting our income tax (provision) benefit, including our future ability to utilize foreign tax credits and the - forecasting our income tax (provision) benefit, including our future ability to utilize foreign tax credits and the realizability of deferred tax assets (including net operating loss carryforwards), and providing for uncertain tax positions; -legal and investigation matters; - legal and investigation matters; -valuations of long-lived assets, including intangible assets and goodwill; and - valuations of long-lived assets, including intangible assets and goodwill; and -allowance for credit losses. - allowance for credit losses. We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the current facts and circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the following are the critical accounting policies used in the preparation of our consolidated financial statements, as well as the significant estimates and judgments affecting the application of these policies. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in this report.

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## New in Current Filing: Income tax accounting

We recognize the amount of taxes payable or refundable for the current year and use an asset and liability approach in recognizing the amount of deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. We apply the following basic principles in accounting for our income taxes: -a current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the - a current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year; -a deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences - a deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards; -the measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law, and - the measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law, and the effects of potential future changes in tax laws or rates are not considered; and -the value of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available - the value of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. We determine deferred taxes separately for each tax-paying component (an entity or a group of entities that is consolidated for tax purposes) in each tax jurisdiction. That determination includes the following procedures: -identifying the types and amounts of existing temporary differences; - identifying the types and amounts of existing temporary differences; -measuring the total deferred tax liability for taxable temporary differences using the applicable tax rate; - measuring the total deferred tax liability for taxable temporary differences using the applicable tax rate; -measuring the total deferred tax asset for deductible temporary differences and operating loss carryforwards using - measuring the total deferred tax asset for deductible temporary differences and operating loss carryforwards using the applicable tax rate; -measuring the deferred tax assets for each type of tax credit carryforward; and - measuring the deferred tax assets for each type of tax credit carryforward; and -reducing the deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not - reducing the deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our methodology for recording income taxes requires a significant amount of judgment and the use of assumptions and estimates. Additionally, we use forecasts of certain tax elements, such as taxable income and foreign tax credit utilization, as well as evaluate the feasibility of implementing tax planning strategies. Given the inherent uncertainty involved with the use of such variables, there can be significant variation between anticipated and actual results that could have a material impact on our income tax accounts related to continuing operations. HAL 2025 FORM 10-K | 34Table of ContentsItem 7 | Critical Accounting EstimatesWe have operations in more than 70 countries. Consequently, we are subject to the jurisdiction of a significant number of taxing authorities. The income earned in these various jurisdictions is taxed on differing bases, including net income actually earned, net income deemed earned, and revenue-based tax withholding. Our tax filings are routinely examined in the normal course of business by tax authorities. The final determination of our income tax liabilities involves the interpretation of local tax laws, tax treaties and related authorities in each jurisdiction, as well as the significant use of estimates and assumptions regarding the scope of future operations and results achieved, the timing and nature of income earned and expenditures incurred. The final determination of tax audits or changes in the operating environment, including changes in tax law and currency/repatriation controls, could impact the determination of our income tax liabilities for a tax year and have an adverse effect on our financial statements. For example, we received a NOPA from the IRS on September 28, 2023. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Nonoperating Items, Internal Revenue Service Notice of Proposed Adjustment and Notes to Consolidated Financial Statements, Note 12 for further information.Tax filings of our subsidiaries, unconsolidated affiliates and related entities are routinely examined in the normal course of business by tax authorities. These examinations may result in assessments of additional taxes, which we work to resolve with the tax authorities and through the judicial process. Predicting the outcome of disputed assessments involves some uncertainty. Factors such as the availability of settlement procedures, willingness of tax authorities to negotiate, and the operation and impartiality of judicial systems vary across the different tax jurisdictions and may significantly influence the ultimate outcome. We review the facts for each assessment, and then utilize assumptions and estimates to determine the most likely outcome and provide taxes, interest, and penalties, as needed based on this outcome. We provide for uncertain tax positions pursuant to current accounting standards, which prescribe a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. The standards also provide guidance for derecognition classification, interest and penalties, accounting in interim periods, disclosure, and transition.Legal and investigation mattersAs discussed in Notes to Consolidated Financial Statements, Note 11, we are subject to various legal and investigation matters arising in the ordinary course of business. As of December 31, 2025, we have accrued an estimate of the probable and estimable costs for the resolution of some of our legal and investigation matters, which is not material to our consolidated financial statements. For other matters for which the liability is not probable and reasonably estimable, we have not accrued any amounts. Attorneys in our legal department monitor and manage all claims filed against us and review all pending investigations. Generally, the estimate of probable costs related to these matters is developed in consultation with internal and outside legal counsel representing us. Our estimates are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. The accuracy of these estimates is impacted by, among other things, the complexity of the issues and the amount of due diligence we have been able to perform. We attempt to resolve these matters through settlements, mediation, and arbitration proceedings when possible. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, there may be a material adverse effect on our future financial results. We have in the past recorded significant adjustments to our initial estimates of these types of contingencies.Value of long-lived assets, including intangible assets and goodwillWe carry a variety of long-lived assets on our balance sheet including property, plant, and equipment, goodwill, and other intangibles. Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value, and any impairment charge that we record reduces our operating income. Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. We conduct impairment tests on goodwill annually, during the third quarter, or more frequently whenever events or changes in circumstances indicate an impairment may exist. We conduct impairment tests on long-lived assets, other than goodwill, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of Contents Table of Contents Table of Contents Item 7 | Critical Accounting Estimates Item 7 | Critical Accounting Estimates Item 7 | Critical Accounting Estimates We have operations in more than 70 countries. Consequently, we are subject to the jurisdiction of a significant number of taxing authorities. The income earned in these various jurisdictions is taxed on differing bases, including net income actually earned, net income deemed earned, and revenue-based tax withholding. Our tax filings are routinely examined in the normal course of business by tax authorities. The final determination of our income tax liabilities involves the interpretation of local tax laws, tax treaties and related authorities in each jurisdiction, as well as the significant use of estimates and assumptions regarding the scope of future operations and results achieved, the timing and nature of income earned and expenditures incurred. The final determination of tax audits or changes in the operating environment, including changes in tax law and currency/repatriation controls, could impact the determination of our income tax liabilities for a tax year and have an adverse effect on our financial statements. For example, we received a NOPA from the IRS on September 28, 2023. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Nonoperating Items, Internal Revenue Service Notice of Proposed Adjustment and Notes to Consolidated Financial Statements, Note 12 for further information.Tax filings of our subsidiaries, unconsolidated affiliates and related entities are routinely examined in the normal course of business by tax authorities. These examinations may result in assessments of additional taxes, which we work to resolve with the tax authorities and through the judicial process. Predicting the outcome of disputed assessments involves some uncertainty. Factors such as the availability of settlement procedures, willingness of tax authorities to negotiate, and the operation and impartiality of judicial systems vary across the different tax jurisdictions and may significantly influence the ultimate outcome. We review the facts for each assessment, and then utilize assumptions and estimates to determine the most likely outcome and provide taxes, interest, and penalties, as needed based on this outcome. We provide for uncertain tax positions pursuant to current accounting standards, which prescribe a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. The standards also provide guidance for derecognition classification, interest and penalties, accounting in interim periods, disclosure, and transition.Legal and investigation mattersAs discussed in Notes to Consolidated Financial Statements, Note 11, we are subject to various legal and investigation matters arising in the ordinary course of business. As of December 31, 2025, we have accrued an estimate of the probable and estimable costs for the resolution of some of our legal and investigation matters, which is not material to our consolidated financial statements. For other matters for which the liability is not probable and reasonably estimable, we have not accrued any amounts. Attorneys in our legal department monitor and manage all claims filed against us and review all pending investigations. Generally, the estimate of probable costs related to these matters is developed in consultation with internal and outside legal counsel representing us. Our estimates are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. The accuracy of these estimates is impacted by, among other things, the complexity of the issues and the amount of due diligence we have been able to perform. We attempt to resolve these matters through settlements, mediation, and arbitration proceedings when possible. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, there may be a material adverse effect on our future financial results. We have in the past recorded significant adjustments to our initial estimates of these types of contingencies.Value of long-lived assets, including intangible assets and goodwillWe carry a variety of long-lived assets on our balance sheet including property, plant, and equipment, goodwill, and other intangibles. Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value, and any impairment charge that we record reduces our operating income. Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. We conduct impairment tests on goodwill annually, during the third quarter, or more frequently whenever events or changes in circumstances indicate an impairment may exist. We conduct impairment tests on long-lived assets, other than goodwill, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We have operations in more than 70 countries. Consequently, we are subject to the jurisdiction of a significant number of taxing authorities. The income earned in these various jurisdictions is taxed on differing bases, including net income actually earned, net income deemed earned, and revenue-based tax withholding. Our tax filings are routinely examined in the normal course of business by tax authorities. The final determination of our income tax liabilities involves the interpretation of local tax laws, tax treaties and related authorities in each jurisdiction, as well as the significant use of estimates and assumptions regarding the scope of future operations and results achieved, the timing and nature of income earned and expenditures incurred. The final determination of tax audits or changes in the operating environment, including changes in tax law and currency/repatriation controls, could impact the determination of our income tax liabilities for a tax year and have an adverse effect on our financial statements. For example, we received a NOPA from the IRS on September 28, 2023. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Nonoperating Items, Internal Revenue Service Notice of Proposed Adjustment and Notes to Consolidated Financial Statements, Note 12 for further information. Tax filings of our subsidiaries, unconsolidated affiliates and related entities are routinely examined in the normal course of business by tax authorities. These examinations may result in assessments of additional taxes, which we work to resolve with the tax authorities and through the judicial process. Predicting the outcome of disputed assessments involves some uncertainty. Factors such as the availability of settlement procedures, willingness of tax authorities to negotiate, and the operation and impartiality of judicial systems vary across the different tax jurisdictions and may significantly influence the ultimate outcome. We review the facts for each assessment, and then utilize assumptions and estimates to determine the most likely outcome and provide taxes, interest, and penalties, as needed based on this outcome. We provide for uncertain tax positions pursuant to current accounting standards, which prescribe a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. The standards also provide guidance for derecognition classification, interest and penalties, accounting in interim periods, disclosure, and transition.

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## New in Current Filing: Legal and investigation matters

As discussed in Notes to Consolidated Financial Statements, Note 11, we are subject to various legal and investigation matters arising in the ordinary course of business. As of December 31, 2025, we have accrued an estimate of the probable and estimable costs for the resolution of some of our legal and investigation matters, which is not material to our consolidated financial statements. For other matters for which the liability is not probable and reasonably estimable, we have not accrued any amounts. Attorneys in our legal department monitor and manage all claims filed against us and review all pending investigations. Generally, the estimate of probable costs related to these matters is developed in consultation with internal and outside legal counsel representing us. Our estimates are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. The accuracy of these estimates is impacted by, among other things, the complexity of the issues and the amount of due diligence we have been able to perform. We attempt to resolve these matters through settlements, mediation, and arbitration proceedings when possible. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, there may be a material adverse effect on our future financial results. We have in the past recorded significant adjustments to our initial estimates of these types of contingencies.

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## New in Current Filing: Value of long-lived assets, including intangible assets and goodwill

We carry a variety of long-lived assets on our balance sheet including property, plant, and equipment, goodwill, and other intangibles. Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value, and any impairment charge that we record reduces our operating income. Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. We conduct impairment tests on goodwill annually, during the third quarter, or more frequently whenever events or changes in circumstances indicate an impairment may exist. We conduct impairment tests on long-lived assets, other than goodwill, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. HAL 2025 FORM 10-K | 35Table of ContentsItem 7 | Critical Accounting EstimatesWhen conducting an impairment test on long-lived assets, other than goodwill, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. This requires some judgment. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the undiscounted cash flows are less than the asset group's carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis. This analysis is based on estimates such as management's short-term and long-term forecast of operating performance, including revenue growth rates and expected profitability margins, estimates of the remaining useful life and service potential of the assets within the asset group, and a discount rate based on our weighted average cost of capital. An impairment loss is measured and recorded as the amount by which the asset group's carrying amount exceeds its fair value. See Notes to Consolidated Financial Statements, Note 2 for further discussion of impairments and other charges. We perform our goodwill impairment assessment for each reporting unit, which is the same as our reportable segments, the Completion and Production division and the Drilling and Evaluation division, comparing the estimated fair value of each reporting unit to the reporting unit's carrying value, including goodwill. We estimate the fair value for each reporting unit using a discounted cash flow analysis based on management's short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures, and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recorded.The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services, and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment charges in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If market conditions deteriorate, including crude oil prices significantly declining and remaining at low levels for a sustained period of time, we could be required to record additional impairments of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. See Notes to Consolidated Financial Statements, Note 1 for our accounting policies related to long-lived assets.Allowance for credit lossesWe evaluate our global accounts receivable through a continuous process of assessing our portfolio on an individual customer and overall basis. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, financial condition of our customers, and whether the receivables involve retainages. We also consider the economic environment of our customers, both from a marketplace and geographic perspective, in evaluating the need for an allowance. Based on our review of these factors, we establish or adjust allowances for specific customers. This process involves judgment and estimation, and frequently involves significant dollar amounts. Accordingly, our results of operations can be affected by adjustments to the allowance due to actual write-offs that differ from estimated amounts.At December 31, 2025, our allowance for credit losses totaled $805 million or 14.9% of notes and accounts receivable before the allowance. At December 31, 2024, our allowance for credit losses totaled $754 million, or 13.9% of notes and accounts receivable before the allowance. The allowance for credit losses in both years is primarily comprised of accounts receivable from our primary customer in Venezuela. A hypothetical 100 basis point change in our estimate of the collectability of our notes and accounts receivable balance as of December 31, 2025 would have resulted in a $54 million adjustment to 2025 total operating costs and expenses. See Notes to Consolidated Financial Statements, Note 5 for further information. Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of ContentsItem 7 | Critical Accounting Estimates Table of Contents Table of Contents Table of Contents Item 7 | Critical Accounting Estimates Item 7 | Critical Accounting Estimates Item 7 | Critical Accounting Estimates When conducting an impairment test on long-lived assets, other than goodwill, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. This requires some judgment. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the undiscounted cash flows are less than the asset group's carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis. This analysis is based on estimates such as management's short-term and long-term forecast of operating performance, including revenue growth rates and expected profitability margins, estimates of the remaining useful life and service potential of the assets within the asset group, and a discount rate based on our weighted average cost of capital. An impairment loss is measured and recorded as the amount by which the asset group's carrying amount exceeds its fair value. See Notes to Consolidated Financial Statements, Note 2 for further discussion of impairments and other charges. We perform our goodwill impairment assessment for each reporting unit, which is the same as our reportable segments, the Completion and Production division and the Drilling and Evaluation division, comparing the estimated fair value of each reporting unit to the reporting unit's carrying value, including goodwill. We estimate the fair value for each reporting unit using a discounted cash flow analysis based on management's short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures, and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recorded.The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services, and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment charges in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If market conditions deteriorate, including crude oil prices significantly declining and remaining at low levels for a sustained period of time, we could be required to record additional impairments of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. See Notes to Consolidated Financial Statements, Note 1 for our accounting policies related to long-lived assets.Allowance for credit lossesWe evaluate our global accounts receivable through a continuous process of assessing our portfolio on an individual customer and overall basis. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, financial condition of our customers, and whether the receivables involve retainages. We also consider the economic environment of our customers, both from a marketplace and geographic perspective, in evaluating the need for an allowance. Based on our review of these factors, we establish or adjust allowances for specific customers. This process involves judgment and estimation, and frequently involves significant dollar amounts. Accordingly, our results of operations can be affected by adjustments to the allowance due to actual write-offs that differ from estimated amounts.At December 31, 2025, our allowance for credit losses totaled $805 million or 14.9% of notes and accounts receivable before the allowance. At December 31, 2024, our allowance for credit losses totaled $754 million, or 13.9% of notes and accounts receivable before the allowance. The allowance for credit losses in both years is primarily comprised of accounts receivable from our primary customer in Venezuela. A hypothetical 100 basis point change in our estimate of the collectability of our notes and accounts receivable balance as of December 31, 2025 would have resulted in a $54 million adjustment to 2025 total operating costs and expenses. See Notes to Consolidated Financial Statements, Note 5 for further information. When conducting an impairment test on long-lived assets, other than goodwill, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. This requires some judgment. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the undiscounted cash flows are less than the asset group's carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis. This analysis is based on estimates such as management's short-term and long-term forecast of operating performance, including revenue growth rates and expected profitability margins, estimates of the remaining useful life and service potential of the assets within the asset group, and a discount rate based on our weighted average cost of capital. An impairment loss is measured and recorded as the amount by which the asset group's carrying amount exceeds its fair value. See Notes to Consolidated Financial Statements, Note 2 for further discussion of impairments and other charges. We perform our goodwill impairment assessment for each reporting unit, which is the same as our reportable segments, the Completion and Production division and the Drilling and Evaluation division, comparing the estimated fair value of each reporting unit to the reporting unit's carrying value, including goodwill. We estimate the fair value for each reporting unit using a discounted cash flow analysis based on management's short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures, and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recorded. The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services, and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment charges in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If market conditions deteriorate, including crude oil prices significantly declining and remaining at low levels for a sustained period of time, we could be required to record additional impairments of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. See Notes to Consolidated Financial Statements, Note 1 for our accounting policies related to long-lived assets.

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## New in Current Filing: Allowance for credit losses

We evaluate our global accounts receivable through a continuous process of assessing our portfolio on an individual customer and overall basis. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, financial condition of our customers, and whether the receivables involve retainages. We also consider the economic environment of our customers, both from a marketplace and geographic perspective, in evaluating the need for an allowance. Based on our review of these factors, we establish or adjust allowances for specific customers. This process involves judgment and estimation, and frequently involves significant dollar amounts. Accordingly, our results of operations can be affected by adjustments to the allowance due to actual write-offs that differ from estimated amounts. At December 31, 2025, our allowance for credit losses totaled $805 million or 14.9% of notes and accounts receivable before the allowance. At December 31, 2024, our allowance for credit losses totaled $754 million, or 13.9% of notes and accounts receivable before the allowance. The allowance for credit losses in both years is primarily comprised of accounts receivable from our primary customer in Venezuela. A hypothetical 100 basis point change in our estimate of the collectability of our notes and accounts receivable balance as of December 31, 2025 would have resulted in a $54 million adjustment to 2025 total operating costs and expenses. See Notes to Consolidated Financial Statements, Note 5 for further information. HAL 2025 FORM 10-K | 36Table of ContentsItem 7 | Financial Instrument Market RiskFINANCIAL INSTRUMENT MARKET RISKWe are exposed to market risks primarily associated with changes in foreign currency exchange rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts and foreign exchange options. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency. We do not use derivative instruments for trading purposes. The counterparties to our forward contracts and options are global commercial and investment banks.We use a sensitivity analysis model to measure the impact of potential adverse movements in foreign currency exchange rates. With respect to foreign exchange sensitivity, after consideration of the impact from our forward foreign exchange contracts and options, a hypothetical 10% adverse change in the value of all our foreign currency positions relative to the U.S. dollar as of December 31, 2025 would result in a $81 million, pre-tax loss for our net monetary assets denominated in currencies other than U.S. dollars. There are certain limitations inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change instantaneously in an equally adverse fashion. In addition, the analysis is unable to reflect the complex market reactions that normally would arise from the market shifts modeled. While this is our best estimate of the impact of the various scenarios, this estimate should not be viewed a forecast.For further information regarding foreign currency exchange risk, interest rate risk and credit risk, see Notes to Consolidated Financial Statements, Note 16. Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of Contents Table of Contents Table of Contents Item 7 | Financial Instrument Market Risk Item 7 | Financial Instrument Market Risk Item 7 | Financial Instrument Market Risk FINANCIAL INSTRUMENT MARKET RISKWe are exposed to market risks primarily associated with changes in foreign currency exchange rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts and foreign exchange options. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency. We do not use derivative instruments for trading purposes. The counterparties to our forward contracts and options are global commercial and investment banks.We use a sensitivity analysis model to measure the impact of potential adverse movements in foreign currency exchange rates. With respect to foreign exchange sensitivity, after consideration of the impact from our forward foreign exchange contracts and options, a hypothetical 10% adverse change in the value of all our foreign currency positions relative to the U.S. dollar as of December 31, 2025 would result in a $81 million, pre-tax loss for our net monetary assets denominated in currencies other than U.S. dollars. There are certain limitations inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change instantaneously in an equally adverse fashion. In addition, the analysis is unable to reflect the complex market reactions that normally would arise from the market shifts modeled. While this is our best estimate of the impact of the various scenarios, this estimate should not be viewed a forecast.For further information regarding foreign currency exchange risk, interest rate risk and credit risk, see Notes to Consolidated Financial Statements, Note 16.

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## New in Current Filing: FINANCIAL INSTRUMENT MARKET RISK

We are exposed to market risks primarily associated with changes in foreign currency exchange rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts and foreign exchange options. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency. We do not use derivative instruments for trading purposes. The counterparties to our forward contracts and options are global commercial and investment banks. We use a sensitivity analysis model to measure the impact of potential adverse movements in foreign currency exchange rates. With respect to foreign exchange sensitivity, after consideration of the impact from our forward foreign exchange contracts and options, a hypothetical 10% adverse change in the value of all our foreign currency positions relative to the U.S. dollar as of December 31, 2025 would result in a $81 million, pre-tax loss for our net monetary assets denominated in currencies other than U.S. dollars. There are certain limitations inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change instantaneously in an equally adverse fashion. In addition, the analysis is unable to reflect the complex market reactions that normally would arise from the market shifts modeled. While this is our best estimate of the impact of the various scenarios, this estimate should not be viewed a forecast. For further information regarding foreign currency exchange risk, interest rate risk and credit risk, see Notes to Consolidated Financial Statements, Note 16. HAL 2025 FORM 10-K | 37Table of ContentsItem 7 | Environmental MattersENVIRONMENTAL MATTERSWe are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. For information related to environmental matters, see Notes to Consolidated Financial Statements, Note 11 and Part I, Item 1(a). Risk Factors.FORWARD-LOOKING INFORMATIONThe Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Forward-looking information is based on projections and estimates, not historical information. Some statements in this Form 10-K, including those in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations -Business Environment and Results of Operations - Business Outlook, are forward-looking and use words like "may," "may not," "believe," "do not believe," "plan," "estimate," "intend," "expect," "do not expect," "anticipate," "do not anticipate," "should," "likely," and other expressions. We may also provide oral or written forward-looking information in our statements and other materials we release to the public. Forward-looking information involves risks and uncertainties and reflects our best judgment based on current information. Our results of operations can be affected by inaccurate assumptions we make or by known or unknown risks and uncertainties. In addition, other factors may affect the accuracy of our forward-looking information. As a result, no forward-looking information can be guaranteed. Actual events and the results of our operations may vary materially.We do not assume any responsibility to publicly update any of our forward-looking statements regardless of whether factors change as a result of new information, future events, or for any other reason, except as required by law. You should review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.NEW ACCOUNTING STANDARDS NOT YET ADOPTEDSee Notes to Consolidated Financial Statements, Note 18 for further discussion of accounting standards adopted during the year and to be adopted in future periods. Table of ContentsItem 7 | Environmental Matters Table of ContentsItem 7 | Environmental Matters Table of ContentsItem 7 | Environmental Matters Table of ContentsItem 7 | Environmental Matters Table of ContentsItem 7 | Environmental Matters Table of Contents Table of Contents Table of Contents Item 7 | Environmental Matters Item 7 | Environmental Matters Item 7 | Environmental Matters ENVIRONMENTAL MATTERSWe are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. For information related to environmental matters, see Notes to Consolidated Financial Statements, Note 11 and Part I, Item 1(a). Risk Factors.FORWARD-LOOKING INFORMATIONThe Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Forward-looking information is based on projections and estimates, not historical information. Some statements in this Form 10-K, including those in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations -Business Environment and Results of Operations - Business Outlook, are forward-looking and use words like "may," "may not," "believe," "do not believe," "plan," "estimate," "intend," "expect," "do not expect," "anticipate," "do not anticipate," "should," "likely," and other expressions. We may also provide oral or written forward-looking information in our statements and other materials we release to the public. Forward-looking information involves risks and uncertainties and reflects our best judgment based on current information. Our results of operations can be affected by inaccurate assumptions we make or by known or unknown risks and uncertainties. In addition, other factors may affect the accuracy of our forward-looking information. As a result, no forward-looking information can be guaranteed. Actual events and the results of our operations may vary materially.We do not assume any responsibility to publicly update any of our forward-looking statements regardless of whether factors change as a result of new information, future events, or for any other reason, except as required by law. You should review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.NEW ACCOUNTING STANDARDS NOT YET ADOPTEDSee Notes to Consolidated Financial Statements, Note 18 for further discussion of accounting standards adopted during the year and to be adopted in future periods.

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## New in Current Filing: ENVIRONMENTAL MATTERS

We are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. For information related to environmental matters, see Notes to Consolidated Financial Statements, Note 11 and Part I, Item 1(a). Risk Factors.

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## New in Current Filing: FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Forward-looking information is based on projections and estimates, not historical information. Some statements in this Form 10-K, including those in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Business Environment and Results of Operations - Business Outlook, are forward-looking and use words like "may," "may not," "believe," "do not believe," "plan," "estimate," "intend," "expect," "do not expect," "anticipate," "do not anticipate," "should," "likely," and other expressions. We may also provide oral or written forward-looking information in our statements and other materials we release to the public. Forward-looking information involves risks and uncertainties and reflects our best judgment based on current information. Our results of operations can be affected by inaccurate assumptions we make or by known or unknown risks and uncertainties. In addition, other factors may affect the accuracy of our forward-looking information. As a result, no forward-looking information can be guaranteed. Actual events and the results of our operations may vary materially. We do not assume any responsibility to publicly update any of our forward-looking statements regardless of whether factors change as a result of new information, future events, or for any other reason, except as required by law. You should review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.

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## New in Current Filing: NEW ACCOUNTING STANDARDS NOT YET ADOPTED

See Notes to Consolidated Financial Statements, Note 18 for further discussion of accounting standards adopted during the year and to be adopted in future periods. HAL 2025 FORM 10-K | 38Table of ContentsItem 7(a) | Quantitative and Qualitative Disclosures About Market RiskItem 7(a). Quantitative and Qualitative Disclosures About Market Risk.Information related to market risk is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Instrument Market Risk and Notes to Consolidated Financial Statements, Note 16. Table of ContentsItem 7(a) | Quantitative and Qualitative Disclosures About Market Risk Table of ContentsItem 7(a) | Quantitative and Qualitative Disclosures About Market Risk Table of ContentsItem 7(a) | Quantitative and Qualitative Disclosures About Market Risk Table of ContentsItem 7(a) | Quantitative and Qualitative Disclosures About Market Risk Table of ContentsItem 7(a) | Quantitative and Qualitative Disclosures About Market Risk Table of Contents Table of Contents Table of Contents Item 7(a) | Quantitative and Qualitative Disclosures About Market Risk Item 7(a) | Quantitative and Qualitative Disclosures About Market Risk Item 7(a) | Quantitative and Qualitative Disclosures About Market Risk Item 7(a). Quantitative and Qualitative Disclosures About Market Risk.Information related to market risk is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Instrument Market Risk and Notes to Consolidated Financial Statements, Note 16. Item 7(a). Quantitative and Qualitative Disclosures About Market Risk. Information related to market risk is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Instrument Market Risk and Notes to Consolidated Financial Statements, Note 16. HAL 2025 FORM 10-K | 39Item 8. Financial Statements and Supplementary Data.Financial StatementsPAGEManagement's Report on Internal Control Over Financial Reporting40Reports of Independent Registered Public Accounting Firm41Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 202344Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 202345Consolidated Balance Sheets at December 31, 2025 and 202446Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 202347Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 202348Notes to Consolidated Financial StatementsNote 1. Description of Company and Significant Accounting Policies49Note 2. Impairments and Other Charges51Note 3. Business Segment and Geographic Information53Note 4. Revenue55Note 5. Receivables57Note 6. Leases57Note 7. Inventories59Note 8. Accounts Payable59Note 9. Property, Plant, and Equipment60Note 10. Debt60Note 11. Commitments and Contingencies61Note 12. Income Taxes62Note 13. Shareholders' Equity67Note 14. Stock-based Compensation68Note 15. Income per Share70Note 16. Financial Instruments and Risk Management70Note 17. Retirement Plans72Note 18. New Accounting Pronouncements74 Item 8. Financial Statements and Supplementary Data.Financial StatementsPAGEManagement's Report on Internal Control Over Financial Reporting40Reports of Independent Registered Public Accounting Firm41Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 202344Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 202345Consolidated Balance Sheets at December 31, 2025 and 202446Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 202347Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 202348Notes to Consolidated Financial StatementsNote 1. Description of Company and Significant Accounting Policies49Note 2. Impairments and Other Charges51Note 3. Business Segment and Geographic Information53Note 4. Revenue55Note 5. Receivables57Note 6. Leases57Note 7. Inventories59Note 8. Accounts Payable59Note 9. Property, Plant, and Equipment60Note 10. Debt60Note 11. Commitments and Contingencies61Note 12. Income Taxes62Note 13. Shareholders' Equity67Note 14. Stock-based Compensation68Note 15. Income per Share70Note 16. Financial Instruments and Risk Management70Note 17. Retirement Plans72Note 18. New Accounting Pronouncements74 Item 8. Financial Statements and Supplementary Data. Financial StatementsPAGEManagement's Report on Internal Control Over Financial Reporting40Reports of Independent Registered Public Accounting Firm41Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 202344Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 202345Consolidated Balance Sheets at December 31, 2025 and 202446Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 202347Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 202348Notes to Consolidated Financial StatementsNote 1. Description of Company and Significant Accounting Policies49Note 2. Impairments and Other Charges51Note 3. Business Segment and Geographic Information53Note 4. Revenue55Note 5. Receivables57Note 6. Leases57Note 7. Inventories59Note 8. Accounts Payable59Note 9. Property, Plant, and Equipment60Note 10. Debt60Note 11. Commitments and Contingencies61Note 12. Income Taxes62Note 13. Shareholders' Equity67Note 14. Stock-based Compensation68Note 15. Income per Share70Note 16. Financial Instruments and Risk Management70Note 17. Retirement Plans72Note 18. New Accounting Pronouncements74 Financial StatementsPAGEManagement's Report on Internal Control Over Financial Reporting40Reports of Independent Registered Public Accounting Firm41Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 202344Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 202345Consolidated Balance Sheets at December 31, 2025 and 202446Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 202347Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 202348Notes to Consolidated Financial StatementsNote 1. Description of Company and Significant Accounting Policies49Note 2. Impairments and Other Charges51Note 3. Business Segment and Geographic Information53Note 4. Revenue55Note 5. Receivables57Note 6. Leases57Note 7. Inventories59Note 8. Accounts Payable59Note 9. Property, Plant, and Equipment60Note 10. Debt60Note 11. Commitments and Contingencies61Note 12. Income Taxes62Note 13. Shareholders' Equity67Note 14. Stock-based Compensation68Note 15. Income per Share70Note 16. Financial Instruments and Risk Management70Note 17. Retirement Plans72Note 18. New Accounting Pronouncements74 Financial StatementsPAGEManagement's Report on Internal Control Over Financial Reporting40Reports of Independent Registered Public Accounting Firm41Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 202344Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 202345Consolidated Balance Sheets at December 31, 2025 and 202446Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 202347Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 202348Notes to Consolidated Financial StatementsNote 1. Description of Company and Significant Accounting Policies49Note 2. Impairments and Other Charges51Note 3. Business Segment and Geographic Information53Note 4. Revenue55Note 5. Receivables57Note 6. Leases57Note 7. Inventories59Note 8. Accounts Payable59Note 9. Property, Plant, and Equipment60Note 10. Debt60Note 11. Commitments and Contingencies61Note 12. Income Taxes62Note 13. Shareholders' Equity67Note 14. Stock-based Compensation68Note 15. Income per Share70Note 16. Financial Instruments and Risk Management70Note 17. Retirement Plans72Note 18. New Accounting Pronouncements74

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## New in Current Filing: Financial Statements

PAGE PAGE PAGE Management's Report on Internal Control Over Financial Reporting Management's Report on Internal Control Over Financial Reporting Management's Report on Internal Control Over Financial Reporting 40 40 40 Reports of Independent Registered Public Accounting Firm Reports of Independent Registered Public Accounting Firm Reports of Independent Registered Public Accounting Firm 41 41 41 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 44 44 44 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 45 45 45 Consolidated Balance Sheets at December 31, 2025 and 2024 Consolidated Balance Sheets at December 31, 2025 and 2024 Consolidated Balance Sheets at December 31, 2025 and 2024 46 46 46 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 47 47 47 Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 2023 Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 2023 Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, and 2024 and 2023 48 48 48

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## New in Current Filing: Notes to Consolidated Financial Statements

Note 1. Description of Company and Significant Accounting Policies Note 1. Description of Company and Significant Accounting Policies Note 1. Description of Company and Significant Accounting Policies 49 49 49 Note 2. Impairments and Other Charges Note 2. Impairments and Other Charges Note 2. Impairments and Other Charges 51 51 51 Note 3. Business Segment and Geographic Information Note 3. Business Segment and Geographic Information Note 3. Business Segment and Geographic Information 53 53 53 Note 4. Revenue Note 4. Revenue Note 4. Revenue 55 55 55 Note 5. Receivables Note 5. Receivables Note 5. Receivables 57 57 57 Note 6. Leases Note 6. Leases Note 6. Leases 57 57 57 Note 7. Inventories Note 7. Inventories Note 7. Inventories 59 59 59 Note 8. Accounts Payable Note 8. Accounts Payable Note 8. Accounts Payable 59 59 59 Note 9. Property, Plant, and Equipment Note 9. Property, Plant, and Equipment Note 9. Property, Plant, and Equipment 60 60 60 Note 10. Debt Note 10. Debt Note 10. Debt 60 60 60 Note 11. Commitments and Contingencies Note 11. Commitments and Contingencies Note 11. Commitments and Contingencies 61 61 61 Note 12. Income Taxes Note 12. Income Taxes Note 12. Income Taxes 62 62 62 Note 13. Shareholders' Equity Note 13. Shareholders' Equity Note 13. Shareholders' Equity 67 67 67 Note 14. Stock-based Compensation Note 14. Stock-based Compensation Note 14. Stock-based Compensation 68 68 68 Note 15. Income per Share Note 15. Income per Share Note 15. Income per Share 70 70 70 Note 16. Financial Instruments and Risk Management Note 16. Financial Instruments and Risk Management Note 16. Financial Instruments and Risk Management 70 70 70 Note 17. Retirement Plans Note 17. Retirement Plans Note 17. Retirement Plans 72 72 72 Note 18. New Accounting Pronouncements Note 18. New Accounting Pronouncements Note 18. New Accounting Pronouncements 74 74 74 HAL 2025 FORM 10-K | 40Table of ContentsMANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGThe management of Halliburton Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Securities Exchange Act Rule 13a-15(f).Internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time.Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation to assess the effectiveness of our internal control over financial reporting as of December 31, 2025 based upon criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.Based on this assessment, management concluded that, as of December 31, 2025, our internal control over financial reporting was effective. The effectiveness of Halliburton's internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report that is included herein.HALLIBURTON COMPANYby/s/ Jeffrey A. Miller/s/ Eric J. CarreJeffrey A. MillerEric J. CarreChairman of the Board, President and Executive Vice President andChief Executive OfficerChief Financial Officer Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGThe management of Halliburton Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Securities Exchange Act Rule 13a-15(f).Internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time.Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation to assess the effectiveness of our internal control over financial reporting as of December 31, 2025 based upon criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.Based on this assessment, management concluded that, as of December 31, 2025, our internal control over financial reporting was effective. The effectiveness of Halliburton's internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report that is included herein.HALLIBURTON COMPANYby/s/ Jeffrey A. Miller/s/ Eric J. CarreJeffrey A. MillerEric J. CarreChairman of the Board, President and Executive Vice President andChief Executive OfficerChief Financial Officer

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## New in Current Filing: MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The management of Halliburton Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Securities Exchange Act Rule 13a-15(f). Internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time. Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation to assess the effectiveness of our internal control over financial reporting as of December 31, 2025 based upon criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that, as of December 31, 2025, our internal control over financial reporting was effective. The effectiveness of Halliburton's internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report that is included herein.

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## New in Current Filing: HALLIBURTON COMPANY

by /s/ Jeffrey A. Miller/s/ Eric J. CarreJeffrey A. MillerEric J. CarreChairman of the Board, President and Executive Vice President andChief Executive OfficerChief Financial Officer /s/ Jeffrey A. Miller/s/ Eric J. CarreJeffrey A. MillerEric J. CarreChairman of the Board, President and Executive Vice President andChief Executive OfficerChief Financial Officer /s/ Jeffrey A. Miller/s/ Eric J. CarreJeffrey A. MillerEric J. CarreChairman of the Board, President and Executive Vice President andChief Executive OfficerChief Financial Officer /s/ Jeffrey A. Miller /s/ Jeffrey A. Miller /s/ Jeffrey A. Miller /s/ Eric J. Carre /s/ Eric J. Carre /s/ Eric J. Carre Jeffrey A. Miller Jeffrey A. Miller Jeffrey A. Miller Eric J. Carre Eric J. Carre Eric J. Carre Chairman of the Board, President and Chairman of the Board, President and Chairman of the Board, President and Executive Vice President and Executive Vice President and Executive Vice President and Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Financial Officer Chief Financial Officer Chief Financial Officer HAL 2025 FORM 10-K | 41Table of ContentsReport of Independent Registered Public Accounting FirmTo the Shareholders and Board of DirectorsHalliburton Company:Opinion on the Consolidated Financial StatementsWe have audited the accompanying consolidated balance sheets of Halliburton Company and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 6, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.Basis for OpinionThese consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit MatterThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.Evaluation of the Realizability of Deferred Tax AssetsAs discussed in Notes 1 and 12 to the consolidated financial statements, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income. As of December 31, 2025, the Company had gross deferred tax assets of $3.6 billion and a related valuation allowance of $0.9 billion.We identified the evaluation of the realizability of domestic deferred tax assets as a critical audit matter. The evaluation of the realizability of domestic deferred tax assets, specifically related to foreign tax credits, required subjective auditor judgment to assess the forecasts of future taxable income over the periods in which those temporary differences become deductible. Changes in assumptions regarding forecasted taxable income, specifically revenue growth rates, could have an impact on the Company's evaluation of the realizability of the domestic deferred tax assets. Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Report of Independent Registered Public Accounting FirmTo the Shareholders and Board of DirectorsHalliburton Company:Opinion on the Consolidated Financial StatementsWe have audited the accompanying consolidated balance sheets of Halliburton Company and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 6, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.Basis for OpinionThese consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit MatterThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.Evaluation of the Realizability of Deferred Tax AssetsAs discussed in Notes 1 and 12 to the consolidated financial statements, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income. As of December 31, 2025, the Company had gross deferred tax assets of $3.6 billion and a related valuation allowance of $0.9 billion.We identified the evaluation of the realizability of domestic deferred tax assets as a critical audit matter. The evaluation of the realizability of domestic deferred tax assets, specifically related to foreign tax credits, required subjective auditor judgment to assess the forecasts of future taxable income over the periods in which those temporary differences become deductible. Changes in assumptions regarding forecasted taxable income, specifically revenue growth rates, could have an impact on the Company's evaluation of the realizability of the domestic deferred tax assets.

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## New in Current Filing: Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors Halliburton Company: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Halliburton Company and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 6, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Evaluation of the Realizability of Deferred Tax Assets As discussed in Notes 1 and 12 to the consolidated financial statements, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income. As of December 31, 2025, the Company had gross deferred tax assets of $3.6 billion and a related valuation allowance of $0.9 billion. We identified the evaluation of the realizability of domestic deferred tax assets as a critical audit matter. The evaluation of the realizability of domestic deferred tax assets, specifically related to foreign tax credits, required subjective auditor judgment to assess the forecasts of future taxable income over the periods in which those temporary differences become deductible. Changes in assumptions regarding forecasted taxable income, specifically revenue growth rates, could have an impact on the Company's evaluation of the realizability of the domestic deferred tax assets. HAL 2025 FORM 10-K | 42Table of ContentsThe following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company's history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits./s/ KPMG LLPWe have served as the Company's auditor since 2002.Houston, TexasFebruary 6, 2026 Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company's history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits./s/ KPMG LLPWe have served as the Company's auditor since 2002.Houston, TexasFebruary 6, 2026 The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company's history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits. /s/ KPMG LLP We have served as the Company's auditor since 2002. Houston, Texas February 6, 2026 HAL 2025 FORM 10-K | 43Table of ContentsReport of Independent Registered Public Accounting FirmTo the Shareholders and Board of DirectorsHalliburton Company:Opinion on Internal Control Over Financial ReportingWe have audited Halliburton Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 6, 2026 expressed an unqualified opinion on those consolidated financial statements.Basis for OpinionThe Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ KPMG LLPHouston, TexasFebruary 6, 2026 Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Report of Independent Registered Public Accounting FirmTo the Shareholders and Board of DirectorsHalliburton Company:Opinion on Internal Control Over Financial ReportingWe have audited Halliburton Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 6, 2026 expressed an unqualified opinion on those consolidated financial statements.Basis for OpinionThe Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ KPMG LLPHouston, TexasFebruary 6, 2026

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## New in Current Filing: Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors Halliburton Company: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Halliburton Company and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 6, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Evaluation of the Realizability of Deferred Tax Assets As discussed in Notes 1 and 12 to the consolidated financial statements, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income. As of December 31, 2025, the Company had gross deferred tax assets of $3.6 billion and a related valuation allowance of $0.9 billion. We identified the evaluation of the realizability of domestic deferred tax assets as a critical audit matter. The evaluation of the realizability of domestic deferred tax assets, specifically related to foreign tax credits, required subjective auditor judgment to assess the forecasts of future taxable income over the periods in which those temporary differences become deductible. Changes in assumptions regarding forecasted taxable income, specifically revenue growth rates, could have an impact on the Company's evaluation of the realizability of the domestic deferred tax assets. HAL 2025 FORM 10-K | 42Table of ContentsThe following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company's history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits./s/ KPMG LLPWe have served as the Company's auditor since 2002.Houston, TexasFebruary 6, 2026 Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company's history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits./s/ KPMG LLPWe have served as the Company's auditor since 2002.Houston, TexasFebruary 6, 2026 The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company's history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits. /s/ KPMG LLP We have served as the Company's auditor since 2002. Houston, Texas February 6, 2026 HAL 2025 FORM 10-K | 43Table of ContentsReport of Independent Registered Public Accounting FirmTo the Shareholders and Board of DirectorsHalliburton Company:Opinion on Internal Control Over Financial ReportingWe have audited Halliburton Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 6, 2026 expressed an unqualified opinion on those consolidated financial statements.Basis for OpinionThe Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ KPMG LLPHouston, TexasFebruary 6, 2026 Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Report of Independent Registered Public Accounting FirmTo the Shareholders and Board of DirectorsHalliburton Company:Opinion on Internal Control Over Financial ReportingWe have audited Halliburton Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 6, 2026 expressed an unqualified opinion on those consolidated financial statements.Basis for OpinionThe Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ KPMG LLPHouston, TexasFebruary 6, 2026

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## New in Current Filing: Consolidated Statements of Operations

Year Ended December 31,Millions of dollars and shares except per share data202520242023Revenue:Services$15,729$16,348$16,483Product sales6,4556,5966,535Total revenue22,18422,94423,018Operating costs and expenses:Cost of services13,61113,47013,402Cost of sales5,0895,1735,256Impairments and other charges831116 - General and administrative239239226SAP S4 upgrade expense15412451Total operating costs and expenses19,92419,12218,935Operating income2,2603,8224,083Interest expense, net of interest income of $88, $97, and $81(352)(353)(395)Argentina currency impact -  - (131)Loss on Blue Chip Swap transactions(9)(8)(110)Other, net(128)(227)(84)Income before income taxes1,7713,2343,363Income tax provision(479)(718)(701)Net income$1,292$2,516$2,662Net income attributable to noncontrolling interest(9)(15)(24)Net income attributable to company$1,283$2,501$2,638Basic net income per share$1.50$2.84$2.93Diluted net income per share$1.50$2.83$2.92Basic weighted average common shares outstanding853882899Diluted weighted average common shares outstanding853883902 Year Ended December 31,Millions of dollars and shares except per share data202520242023Revenue:Services$15,729$16,348$16,483Product sales6,4556,5966,535Total revenue22,18422,94423,018Operating costs and expenses:Cost of services13,61113,47013,402Cost of sales5,0895,1735,256Impairments and other charges831116 - General and administrative239239226SAP S4 upgrade expense15412451Total operating costs and expenses19,92419,12218,935Operating income2,2603,8224,083Interest expense, net of interest income of $88, $97, and $81(352)(353)(395)Argentina currency impact -  - (131)Loss on Blue Chip Swap transactions(9)(8)(110)Other, net(128)(227)(84)Income before income taxes1,7713,2343,363Income tax provision(479)(718)(701)Net income$1,292$2,516$2,662Net income attributable to noncontrolling interest(9)(15)(24)Net income attributable to company$1,283$2,501$2,638Basic net income per share$1.50$2.84$2.93Diluted net income per share$1.50$2.83$2.92Basic weighted average common shares outstanding853882899Diluted weighted average common shares outstanding853883902 Year Ended December 31,Millions of dollars and shares except per share data202520242023Revenue:Services$15,729$16,348$16,483Product sales6,4556,5966,535Total revenue22,18422,94423,018Operating costs and expenses:Cost of services13,61113,47013,402Cost of sales5,0895,1735,256Impairments and other charges831116 - General and administrative239239226SAP S4 upgrade expense15412451Total operating costs and expenses19,92419,12218,935Operating income2,2603,8224,083Interest expense, net of interest income of $88, $97, and $81(352)(353)(395)Argentina currency impact -  - (131)Loss on Blue Chip Swap transactions(9)(8)(110)Other, net(128)(227)(84)Income before income taxes1,7713,2343,363Income tax provision(479)(718)(701)Net income$1,292$2,516$2,662Net income attributable to noncontrolling interest(9)(15)(24)Net income attributable to company$1,283$2,501$2,638Basic net income per share$1.50$2.84$2.93Diluted net income per share$1.50$2.83$2.92Basic weighted average common shares outstanding853882899Diluted weighted average common shares outstanding853883902 Year Ended December 31, Year Ended December 31, Year Ended December 31, Millions of dollars and shares except per share data Millions of dollars and shares except per share data Millions of dollars and shares except per share data 2025 2025 2025 2024 2024 2024 2023 2023 2023 Revenue: Revenue: Revenue: Services Services Services $15,729 $15,729 $15,729 $ 15,729 $16,348 $16,348 $16,348 $ 16,348 $16,483 $16,483 $16,483 $ 16,483 Product sales Product sales Product sales 6,455 6,455 6,455 6,455 6,596 6,596 6,596 6,596 6,535 6,535 6,535 6,535 Total revenue Total revenue Total revenue 22,184 22,184 22,184 22,184 22,944 22,944 22,944 22,944 23,018 23,018 23,018 23,018

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## New in Current Filing: Operating costs and expenses:

Cost of services Cost of services Cost of services 13,611 13,611 13,611 13,611 13,470 13,470 13,470 13,470 13,402 13,402 13,402 13,402 Cost of sales Cost of sales Cost of sales 5,089 5,089 5,089 5,089 5,173 5,173 5,173 5,173 5,256 5,256 5,256 5,256 Impairments and other charges Impairments and other charges Impairments and other charges 831 831 831 831 116 116 116 116  -   -   -   -  General and administrative General and administrative General and administrative 239 239 239 239 239 239 239 239 226 226 226 226 SAP S4 upgrade expense SAP S4 upgrade expense SAP S4 upgrade expense 154 154 154 154 124 124 124 124 51 51 51 51 Total operating costs and expenses Total operating costs and expenses Total operating costs and expenses 19,924 19,924 19,924 19,924 19,122 19,122 19,122 19,122 18,935 18,935 18,935 18,935

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## New in Current Filing: Operating income

2,260 2,260 2,260 2,260 3,822 3,822 3,822 3,822 4,083 4,083 4,083 4,083 Interest expense, net of interest income of $88, $97, and $81 Interest expense, net of interest income of $88, $97, and $81 Interest expense, net of interest income of $88, $97, and $81 (352) (352) (352) (352) (353) (353) (353) (353) (395) (395) (395) (395) Argentina currency impact Argentina currency impact Argentina currency impact  -   -   -   -   -   -   -   -  (131) (131) (131) (131) Loss on Blue Chip Swap transactions Loss on Blue Chip Swap transactions Loss on Blue Chip Swap transactions (9) (9) (9) (9) (8) (8) (8) (8) (110) (110) (110) (110) Other, net Other, net Other, net (128) (128) (128) (128) (227) (227) (227) (227) (84) (84) (84) (84)

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## New in Current Filing: Income before income taxes

1,771 1,771 1,771 1,771 3,234 3,234 3,234 3,234 3,363 3,363 3,363 3,363 Income tax provision Income tax provision Income tax provision (479) (479) (479) (479) (718) (718) (718) (718) (701) (701) (701) (701) Net income Net income Net income $1,292 $1,292 $1,292 $ 1,292 $2,516 $2,516 $2,516 $ 2,516 $2,662 $2,662 $2,662 $ 2,662 Net income attributable to noncontrolling interest Net income attributable to noncontrolling interest Net income attributable to noncontrolling interest (9) (9) (9) (9) (15) (15) (15) (15) (24) (24) (24) (24)

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## New in Current Filing: Net income attributable to company

$1,283 $1,283 $1,283 $ 1,283 $2,501 $2,501 $2,501 $ 2,501 $2,638 $2,638 $2,638 $ 2,638 Basic net income per share Basic net income per share Basic net income per share $1.50 $1.50 $1.50 $ 1.50 $2.84 $2.84 $2.84 $ 2.84 $2.93 $2.93 $2.93 $ 2.93 Diluted net income per share Diluted net income per share Diluted net income per share $1.50 $1.50 $1.50 $ 1.50 $2.83 $2.83 $2.83 $ 2.83 $2.92 $2.92 $2.92 $ 2.92 Basic weighted average common shares outstanding Basic weighted average common shares outstanding Basic weighted average common shares outstanding 853 853 853 853 882 882 882 882 899 899 899 899 Diluted weighted average common shares outstanding Diluted weighted average common shares outstanding Diluted weighted average common shares outstanding 853 853 853 853 883 883 883 883 902 902 902 902 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 45Table of ContentsHALLIBURTON COMPANYConsolidated Statements of Comprehensive Income Year Ended December 31, Millions of dollars202520242023Net income$1,292$2,516$2,662Other comprehensive income (loss), net of income taxes: Defined benefit and other post retirement plans adjustment(11)(26)(106)Other155Other comprehensive loss, net of income taxes(10)(21)(101)Comprehensive income$1,282$2,495$2,561Comprehensive income attributable to noncontrolling interest(9)(16)(24)Comprehensive income attributable to company shareholders$1,273$2,479$2,537See Notes to Consolidated Financial Statements. Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents HALLIBURTON COMPANYConsolidated Statements of Comprehensive Income Year Ended December 31, Millions of dollars202520242023Net income$1,292$2,516$2,662Other comprehensive income (loss), net of income taxes: Defined benefit and other post retirement plans adjustment(11)(26)(106)Other155Other comprehensive loss, net of income taxes(10)(21)(101)Comprehensive income$1,282$2,495$2,561Comprehensive income attributable to noncontrolling interest(9)(16)(24)Comprehensive income attributable to company shareholders$1,273$2,479$2,537See Notes to Consolidated Financial Statements.

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## New in Current Filing: Consolidated Statements of Comprehensive Income

Year Ended December 31, Millions of dollars202520242023Net income$1,292$2,516$2,662Other comprehensive income (loss), net of income taxes: Defined benefit and other post retirement plans adjustment(11)(26)(106)Other155Other comprehensive loss, net of income taxes(10)(21)(101)Comprehensive income$1,282$2,495$2,561Comprehensive income attributable to noncontrolling interest(9)(16)(24)Comprehensive income attributable to company shareholders$1,273$2,479$2,537 Year Ended December 31, Millions of dollars202520242023Net income$1,292$2,516$2,662Other comprehensive income (loss), net of income taxes: Defined benefit and other post retirement plans adjustment(11)(26)(106)Other155Other comprehensive loss, net of income taxes(10)(21)(101)Comprehensive income$1,282$2,495$2,561Comprehensive income attributable to noncontrolling interest(9)(16)(24)Comprehensive income attributable to company shareholders$1,273$2,479$2,537 Year Ended December 31, Millions of dollars202520242023Net income$1,292$2,516$2,662Other comprehensive income (loss), net of income taxes: Defined benefit and other post retirement plans adjustment(11)(26)(106)Other155Other comprehensive loss, net of income taxes(10)(21)(101)Comprehensive income$1,282$2,495$2,561Comprehensive income attributable to noncontrolling interest(9)(16)(24)Comprehensive income attributable to company shareholders$1,273$2,479$2,537 Year Ended December 31, Year Ended December 31, Year Ended December 31, Millions of dollars Millions of dollars Millions of dollars 2025 2025 2025 2024 2024 2024 2023 2023 2023 Net income Net income Net income $1,292 $1,292 $1,292 $ 1,292 $2,516 $2,516 $2,516 $ 2,516 $2,662 $2,662 $2,662 $ 2,662

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## New in Current Filing: Other comprehensive income (loss), net of income taxes:

Defined benefit and other post retirement plans adjustment Defined benefit and other post retirement plans adjustment Defined benefit and other post retirement plans adjustment (11) (11) (11) (11) (26) (26) (26) (26) (106) (106) (106) (106) Other Other Other 1 1 1 1 5 5 5 5 5 5 5 5 Other comprehensive loss, net of income taxes Other comprehensive loss, net of income taxes Other comprehensive loss, net of income taxes (10) (10) (10) (10) (21) (21) (21) (21) (101) (101) (101) (101)

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## New in Current Filing: Comprehensive income

$1,282 $1,282 $1,282 $ 1,282 $2,495 $2,495 $2,495 $ 2,495 $2,561 $2,561 $2,561 $ 2,561 Comprehensive income attributable to noncontrolling interest Comprehensive income attributable to noncontrolling interest Comprehensive income attributable to noncontrolling interest (9) (9) (9) (9) (16) (16) (16) (16) (24) (24) (24) (24)

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## New in Current Filing: Comprehensive income attributable to company shareholders

$1,273 $1,273 $1,273 $ 1,273 $2,479 $2,479 $2,479 $ 2,479 $2,537 $2,537 $2,537 $ 2,537 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 46Table of ContentsHALLIBURTON COMPANYConsolidated Balance Sheets December 31,Millions of dollars and shares except per share data20252024AssetsCurrent assets:Cash and equivalents$2,206$2,618Receivables (net of allowances for credit losses of $805 and $754)4,9425,117Inventories2,9763,040Other current assets1,2741,607Total current assets11,39812,382Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461)5,2615,113Goodwill2,9382,838Deferred income taxes2,2982,339Operating lease right-of-use assets9381,022Other assets2,1771,893Total assets$25,010$25,587Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$3,133$3,189Accrued employee compensation and benefits767711Income taxes payable375449Taxes other than income291328Current portion of operating lease liabilities263263Current maturities of long-term debt - 381Other current liabilities759729Total current liabilities5,5886,050Long-term debt7,1587,160Operating lease liabilities712798Employee compensation and benefits428414Other liabilities619617Total liabilities14,50515,039Shareholders' equity:Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares)2,6592,662Paid-in capital in excess of par value11279Accumulated other comprehensive loss(363)(353)Retained earnings15,03614,332Treasury stock, at cost (229 and 197 shares)(6,983)(6,214)Company shareholders' equity10,46110,506Noncontrolling interest in consolidated subsidiaries4442Total shareholders' equity10,50510,548Total liabilities and shareholders' equity$25,010$25,587 See Notes to Consolidated Financial Statements. Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents HALLIBURTON COMPANYConsolidated Balance Sheets December 31,Millions of dollars and shares except per share data20252024AssetsCurrent assets:Cash and equivalents$2,206$2,618Receivables (net of allowances for credit losses of $805 and $754)4,9425,117Inventories2,9763,040Other current assets1,2741,607Total current assets11,39812,382Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461)5,2615,113Goodwill2,9382,838Deferred income taxes2,2982,339Operating lease right-of-use assets9381,022Other assets2,1771,893Total assets$25,010$25,587Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$3,133$3,189Accrued employee compensation and benefits767711Income taxes payable375449Taxes other than income291328Current portion of operating lease liabilities263263Current maturities of long-term debt - 381Other current liabilities759729Total current liabilities5,5886,050Long-term debt7,1587,160Operating lease liabilities712798Employee compensation and benefits428414Other liabilities619617Total liabilities14,50515,039Shareholders' equity:Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares)2,6592,662Paid-in capital in excess of par value11279Accumulated other comprehensive loss(363)(353)Retained earnings15,03614,332Treasury stock, at cost (229 and 197 shares)(6,983)(6,214)Company shareholders' equity10,46110,506Noncontrolling interest in consolidated subsidiaries4442Total shareholders' equity10,50510,548Total liabilities and shareholders' equity$25,010$25,587 See Notes to Consolidated Financial Statements.

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## New in Current Filing: Consolidated Balance Sheets

December 31,Millions of dollars and shares except per share data20252024AssetsCurrent assets:Cash and equivalents$2,206$2,618Receivables (net of allowances for credit losses of $805 and $754)4,9425,117Inventories2,9763,040Other current assets1,2741,607Total current assets11,39812,382Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461)5,2615,113Goodwill2,9382,838Deferred income taxes2,2982,339Operating lease right-of-use assets9381,022Other assets2,1771,893Total assets$25,010$25,587Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$3,133$3,189Accrued employee compensation and benefits767711Income taxes payable375449Taxes other than income291328Current portion of operating lease liabilities263263Current maturities of long-term debt - 381Other current liabilities759729Total current liabilities5,5886,050Long-term debt7,1587,160Operating lease liabilities712798Employee compensation and benefits428414Other liabilities619617Total liabilities14,50515,039Shareholders' equity:Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares)2,6592,662Paid-in capital in excess of par value11279Accumulated other comprehensive loss(363)(353)Retained earnings15,03614,332Treasury stock, at cost (229 and 197 shares)(6,983)(6,214)Company shareholders' equity10,46110,506Noncontrolling interest in consolidated subsidiaries4442Total shareholders' equity10,50510,548Total liabilities and shareholders' equity$25,010$25,587 December 31,Millions of dollars and shares except per share data20252024AssetsCurrent assets:Cash and equivalents$2,206$2,618Receivables (net of allowances for credit losses of $805 and $754)4,9425,117Inventories2,9763,040Other current assets1,2741,607Total current assets11,39812,382Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461)5,2615,113Goodwill2,9382,838Deferred income taxes2,2982,339Operating lease right-of-use assets9381,022Other assets2,1771,893Total assets$25,010$25,587Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$3,133$3,189Accrued employee compensation and benefits767711Income taxes payable375449Taxes other than income291328Current portion of operating lease liabilities263263Current maturities of long-term debt - 381Other current liabilities759729Total current liabilities5,5886,050Long-term debt7,1587,160Operating lease liabilities712798Employee compensation and benefits428414Other liabilities619617Total liabilities14,50515,039Shareholders' equity:Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares)2,6592,662Paid-in capital in excess of par value11279Accumulated other comprehensive loss(363)(353)Retained earnings15,03614,332Treasury stock, at cost (229 and 197 shares)(6,983)(6,214)Company shareholders' equity10,46110,506Noncontrolling interest in consolidated subsidiaries4442Total shareholders' equity10,50510,548Total liabilities and shareholders' equity$25,010$25,587 December 31,Millions of dollars and shares except per share data20252024AssetsCurrent assets:Cash and equivalents$2,206$2,618Receivables (net of allowances for credit losses of $805 and $754)4,9425,117Inventories2,9763,040Other current assets1,2741,607Total current assets11,39812,382Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461)5,2615,113Goodwill2,9382,838Deferred income taxes2,2982,339Operating lease right-of-use assets9381,022Other assets2,1771,893Total assets$25,010$25,587Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$3,133$3,189Accrued employee compensation and benefits767711Income taxes payable375449Taxes other than income291328Current portion of operating lease liabilities263263Current maturities of long-term debt - 381Other current liabilities759729Total current liabilities5,5886,050Long-term debt7,1587,160Operating lease liabilities712798Employee compensation and benefits428414Other liabilities619617Total liabilities14,50515,039Shareholders' equity:Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares)2,6592,662Paid-in capital in excess of par value11279Accumulated other comprehensive loss(363)(353)Retained earnings15,03614,332Treasury stock, at cost (229 and 197 shares)(6,983)(6,214)Company shareholders' equity10,46110,506Noncontrolling interest in consolidated subsidiaries4442Total shareholders' equity10,50510,548Total liabilities and shareholders' equity$25,010$25,587

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## New in Current Filing: December 31,

Millions of dollars and shares except per share data Millions of dollars and shares except per share data Millions of dollars and shares except per share data 2025 2025 2025 2024 2024 2024 Assets Assets Assets

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## New in Current Filing: Current assets:

Cash and equivalents Cash and equivalents Cash and equivalents $2,206 $2,206 $2,206 $ 2,206 $2,618 $2,618 $2,618 $ 2,618 Receivables (net of allowances for credit losses of $805 and $754) Receivables (net of allowances for credit losses of $805 and $754) Receivables (net of allowances for credit losses of $805 and $754) 4,942 4,942 4,942 4,942 5,117 5,117 5,117 5,117 Inventories Inventories Inventories 2,976 2,976 2,976 2,976 3,040 3,040 3,040 3,040 Other current assets Other current assets Other current assets 1,274 1,274 1,274 1,274 1,607 1,607 1,607 1,607

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## New in Current Filing: Total current assets

11,398 11,398 11,398 11,398 12,382 12,382 12,382 12,382 Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461) Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461) Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461) 5,261 5,261 5,261 5,261 5,113 5,113 5,113 5,113 Goodwill Goodwill Goodwill 2,938 2,938 2,938 2,938 2,838 2,838 2,838 2,838 Deferred income taxes Deferred income taxes Deferred income taxes 2,298 2,298 2,298 2,298 2,339 2,339 2,339 2,339 Operating lease right-of-use assets Operating lease right-of-use assets Operating lease right-of-use assets 938 938 938 938 1,022 1,022 1,022 1,022 Other assets Other assets Other assets 2,177 2,177 2,177 2,177 1,893 1,893 1,893 1,893

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## New in Current Filing: Total assets

$25,010 $25,010 $25,010 $ 25,010 $25,587 $25,587 $25,587 $ 25,587

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## New in Current Filing: Current liabilities:

Accounts payable Accounts payable Accounts payable $3,133 $3,133 $3,133 $ 3,133 $3,189 $3,189 $3,189 $ 3,189 Accrued employee compensation and benefits Accrued employee compensation and benefits Accrued employee compensation and benefits 767 767 767 767 711 711 711 711 Income taxes payable Income taxes payable Income taxes payable 375 375 375 375 449 449 449 449 Taxes other than income Taxes other than income Taxes other than income 291 291 291 291 328 328 328 328 Current portion of operating lease liabilities Current portion of operating lease liabilities Current portion of operating lease liabilities 263 263 263 263 263 263 263 263 Current maturities of long-term debt Current maturities of long-term debt Current maturities of long-term debt  -   -   -   -  381 381 381 381 Other current liabilities Other current liabilities Other current liabilities 759 759 759 759 729 729 729 729

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## New in Current Filing: Total current liabilities

5,588 5,588 5,588 5,588 6,050 6,050 6,050 6,050 Long-term debt Long-term debt Long-term debt 7,158 7,158 7,158 7,158 7,160 7,160 7,160 7,160 Operating lease liabilities Operating lease liabilities Operating lease liabilities 712 712 712 712 798 798 798 798 Employee compensation and benefits Employee compensation and benefits Employee compensation and benefits 428 428 428 428 414 414 414 414 Other liabilities Other liabilities Other liabilities 619 619 619 619 617 617 617 617

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## New in Current Filing: Total liabilities

14,505 14,505 14,505 14,505 15,039 15,039 15,039 15,039

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## New in Current Filing: Shareholders' equity:

Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares) Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares) Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares) 2,659 2,659 2,659 2,659 2,662 2,662 2,662 2,662 Paid-in capital in excess of par value Paid-in capital in excess of par value Paid-in capital in excess of par value 112 112 112 112 79 79 79 79 Accumulated other comprehensive loss Accumulated other comprehensive loss Accumulated other comprehensive loss (363) (363) (363) (363) (353) (353) (353) (353) Retained earnings Retained earnings Retained earnings 15,036 15,036 15,036 15,036 14,332 14,332 14,332 14,332 Treasury stock, at cost (229 and 197 shares) Treasury stock, at cost (229 and 197 shares) Treasury stock, at cost (229 and 197 shares) (6,983) (6,983) (6,983) (6,983) (6,214) (6,214) (6,214) (6,214)

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## New in Current Filing: Company shareholders' equity

10,461 10,461 10,461 10,461 10,506 10,506 10,506 10,506 Noncontrolling interest in consolidated subsidiaries Noncontrolling interest in consolidated subsidiaries Noncontrolling interest in consolidated subsidiaries 44 44 44 44 42 42 42 42

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## New in Current Filing: Total shareholders' equity

10,505 10,505 10,505 10,505 10,548 10,548 10,548 10,548

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## New in Current Filing: Total liabilities and shareholders' equity

$25,010 $25,010 $25,010 $ 25,010 $25,587 $25,587 $25,587 $ 25,587 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 47Table of ContentsHALLIBURTON COMPANYConsolidated Statements of Cash Flows Year Ended December 31, Millions of dollars202520242023Cash flows from operating activities:Net income$1,292$2,516$2,662Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization1,1361,079998 Impairments and other charges831116 -  Deferred income tax provision23148196Changes in assets and liabilities: Receivables188(312)(257) Inventories80147(303) Accounts payable(72)6249Other operating activities(552)109113Total cash flows provided by operating activities2,9263,8653,458Cash flows from investing activities:Capital expenditures(1,254)(1,442)(1,379)Purchase of an equity investment(363)(139) - Purchase of investment securities(202)(438)(492)Payments to acquire businesses, net of cash acquired(185)(27)(13)Sales of investment securities444214131Proceeds from sales of property, plant, and equipment185223195Sale of an equity investment120 -  - Other investing activities(70)(45)(101)Total cash flows used in investing activities(1,325)(1,654)(1,659)Cash flows from financing activities:Stock repurchase program(1,007)(1,005)(800)Dividends to shareholders(579)(600)(576)Payments on long-term borrowings(389)(100)(305)Proceeds from issuance of common stock 98105136Other financing activities(110)(130)(126)Total cash flows used in financing activities(1,987)(1,730)(1,671)Effect of exchange rate changes on cash(26)(127)(210)Increase (decrease) in cash and cash equivalents(412)354(82)Cash and equivalents at beginning of period2,6182,2642,346Cash and equivalents at end of period$2,206$2,618$2,264Supplemental disclosure of cash flow information:Cash payments during the period for: Interest$432$441$460 Income taxes$639$538$616See Notes to Consolidated Financial Statements. Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents HALLIBURTON COMPANYConsolidated Statements of Cash Flows Year Ended December 31, Millions of dollars202520242023Cash flows from operating activities:Net income$1,292$2,516$2,662Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization1,1361,079998 Impairments and other charges831116 -  Deferred income tax provision23148196Changes in assets and liabilities: Receivables188(312)(257) Inventories80147(303) Accounts payable(72)6249Other operating activities(552)109113Total cash flows provided by operating activities2,9263,8653,458Cash flows from investing activities:Capital expenditures(1,254)(1,442)(1,379)Purchase of an equity investment(363)(139) - Purchase of investment securities(202)(438)(492)Payments to acquire businesses, net of cash acquired(185)(27)(13)Sales of investment securities444214131Proceeds from sales of property, plant, and equipment185223195Sale of an equity investment120 -  - Other investing activities(70)(45)(101)Total cash flows used in investing activities(1,325)(1,654)(1,659)Cash flows from financing activities:Stock repurchase program(1,007)(1,005)(800)Dividends to shareholders(579)(600)(576)Payments on long-term borrowings(389)(100)(305)Proceeds from issuance of common stock 98105136Other financing activities(110)(130)(126)Total cash flows used in financing activities(1,987)(1,730)(1,671)Effect of exchange rate changes on cash(26)(127)(210)Increase (decrease) in cash and cash equivalents(412)354(82)Cash and equivalents at beginning of period2,6182,2642,346Cash and equivalents at end of period$2,206$2,618$2,264Supplemental disclosure of cash flow information:Cash payments during the period for: Interest$432$441$460 Income taxes$639$538$616See Notes to Consolidated Financial Statements.

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## New in Current Filing: Consolidated Statements of Cash Flows

Year Ended December 31, Millions of dollars202520242023Cash flows from operating activities:Net income$1,292$2,516$2,662Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization1,1361,079998 Impairments and other charges831116 -  Deferred income tax provision23148196Changes in assets and liabilities: Receivables188(312)(257) Inventories80147(303) Accounts payable(72)6249Other operating activities(552)109113Total cash flows provided by operating activities2,9263,8653,458Cash flows from investing activities:Capital expenditures(1,254)(1,442)(1,379)Purchase of an equity investment(363)(139) - Purchase of investment securities(202)(438)(492)Payments to acquire businesses, net of cash acquired(185)(27)(13)Sales of investment securities444214131Proceeds from sales of property, plant, and equipment185223195Sale of an equity investment120 -  - Other investing activities(70)(45)(101)Total cash flows used in investing activities(1,325)(1,654)(1,659)Cash flows from financing activities:Stock repurchase program(1,007)(1,005)(800)Dividends to shareholders(579)(600)(576)Payments on long-term borrowings(389)(100)(305)Proceeds from issuance of common stock 98105136Other financing activities(110)(130)(126)Total cash flows used in financing activities(1,987)(1,730)(1,671)Effect of exchange rate changes on cash(26)(127)(210)Increase (decrease) in cash and cash equivalents(412)354(82)Cash and equivalents at beginning of period2,6182,2642,346Cash and equivalents at end of period$2,206$2,618$2,264Supplemental disclosure of cash flow information:Cash payments during the period for: Interest$432$441$460 Income taxes$639$538$616 Year Ended December 31, Millions of dollars202520242023Cash flows from operating activities:Net income$1,292$2,516$2,662Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization1,1361,079998 Impairments and other charges831116 -  Deferred income tax provision23148196Changes in assets and liabilities: Receivables188(312)(257) Inventories80147(303) Accounts payable(72)6249Other operating activities(552)109113Total cash flows provided by operating activities2,9263,8653,458Cash flows from investing activities:Capital expenditures(1,254)(1,442)(1,379)Purchase of an equity investment(363)(139) - Purchase of investment securities(202)(438)(492)Payments to acquire businesses, net of cash acquired(185)(27)(13)Sales of investment securities444214131Proceeds from sales of property, plant, and equipment185223195Sale of an equity investment120 -  - Other investing activities(70)(45)(101)Total cash flows used in investing activities(1,325)(1,654)(1,659)Cash flows from financing activities:Stock repurchase program(1,007)(1,005)(800)Dividends to shareholders(579)(600)(576)Payments on long-term borrowings(389)(100)(305)Proceeds from issuance of common stock 98105136Other financing activities(110)(130)(126)Total cash flows used in financing activities(1,987)(1,730)(1,671)Effect of exchange rate changes on cash(26)(127)(210)Increase (decrease) in cash and cash equivalents(412)354(82)Cash and equivalents at beginning of period2,6182,2642,346Cash and equivalents at end of period$2,206$2,618$2,264Supplemental disclosure of cash flow information:Cash payments during the period for: Interest$432$441$460 Income taxes$639$538$616 Year Ended December 31, Millions of dollars202520242023Cash flows from operating activities:Net income$1,292$2,516$2,662Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization1,1361,079998 Impairments and other charges831116 -  Deferred income tax provision23148196Changes in assets and liabilities: Receivables188(312)(257) Inventories80147(303) Accounts payable(72)6249Other operating activities(552)109113Total cash flows provided by operating activities2,9263,8653,458Cash flows from investing activities:Capital expenditures(1,254)(1,442)(1,379)Purchase of an equity investment(363)(139) - Purchase of investment securities(202)(438)(492)Payments to acquire businesses, net of cash acquired(185)(27)(13)Sales of investment securities444214131Proceeds from sales of property, plant, and equipment185223195Sale of an equity investment120 -  - Other investing activities(70)(45)(101)Total cash flows used in investing activities(1,325)(1,654)(1,659)Cash flows from financing activities:Stock repurchase program(1,007)(1,005)(800)Dividends to shareholders(579)(600)(576)Payments on long-term borrowings(389)(100)(305)Proceeds from issuance of common stock 98105136Other financing activities(110)(130)(126)Total cash flows used in financing activities(1,987)(1,730)(1,671)Effect of exchange rate changes on cash(26)(127)(210)Increase (decrease) in cash and cash equivalents(412)354(82)Cash and equivalents at beginning of period2,6182,2642,346Cash and equivalents at end of period$2,206$2,618$2,264Supplemental disclosure of cash flow information:Cash payments during the period for: Interest$432$441$460 Income taxes$639$538$616

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## New in Current Filing: Year Ended December 31,

Millions of dollars Millions of dollars Millions of dollars 2025 2025 2025 2024 2024 2024 2023 2023 2023

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## New in Current Filing: Cash flows from operating activities:

Net income Net income Net income $1,292 $1,292 $1,292 $ 1,292 $2,516 $2,516 $2,516 $ 2,516 $2,662 $2,662 $2,662 $ 2,662 Adjustments to reconcile net income to cash flows from operating activities: Adjustments to reconcile net income to cash flows from operating activities: Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization Depreciation, depletion, and amortization Depreciation, depletion, and amortization 1,136 1,136 1,136 1,136 1,079 1,079 1,079 1,079 998 998 998 998 Impairments and other charges Impairments and other charges Impairments and other charges 831 831 831 831 116 116 116 116  -   -   -   -  Deferred income tax provision Deferred income tax provision Deferred income tax provision 23 23 23 23 148 148 148 148 196 196 196 196 Changes in assets and liabilities: Changes in assets and liabilities: Changes in assets and liabilities: Receivables Receivables Receivables 188 188 188 188 (312) (312) (312) (312) (257) (257) (257) (257) Inventories Inventories Inventories 80 80 80 80 147 147 147 147 (303) (303) (303) (303) Accounts payable Accounts payable Accounts payable (72) (72) (72) (72) 62 62 62 62 49 49 49 49 Other operating activities Other operating activities Other operating activities (552) (552) (552) (552) 109 109 109 109 113 113 113 113

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## New in Current Filing: Total cash flows provided by operating activities

2,926 2,926 2,926 2,926 3,865 3,865 3,865 3,865 3,458 3,458 3,458 3,458

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## New in Current Filing: Cash flows from investing activities:

Capital expenditures Capital expenditures Capital expenditures (1,254) (1,254) (1,254) (1,254) (1,442) (1,442) (1,442) (1,442) (1,379) (1,379) (1,379) (1,379) Purchase of an equity investment Purchase of an equity investment Purchase of an equity investment (363) (363) (363) (363) (139) (139) (139) (139)  -   -   -   -  Purchase of investment securities Purchase of investment securities Purchase of investment securities (202) (202) (202) (202) (438) (438) (438) (438) (492) (492) (492) (492) Payments to acquire businesses, net of cash acquired Payments to acquire businesses, net of cash acquired Payments to acquire businesses, net of cash acquired (185) (185) (185) (185) (27) (27) (27) (27) (13) (13) (13) (13) Sales of investment securities Sales of investment securities Sales of investment securities 444 444 444 444 214 214 214 214 131 131 131 131 Proceeds from sales of property, plant, and equipment Proceeds from sales of property, plant, and equipment Proceeds from sales of property, plant, and equipment 185 185 185 185 223 223 223 223 195 195 195 195 Sale of an equity investment Sale of an equity investment Sale of an equity investment 120 120 120 120  -   -   -   -   -   -   -   -  Other investing activities Other investing activities Other investing activities (70) (70) (70) (70) (45) (45) (45) (45) (101) (101) (101) (101)

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## New in Current Filing: Total cash flows used in investing activities

(1,325) (1,325) (1,325) (1,325) (1,654) (1,654) (1,654) (1,654) (1,659) (1,659) (1,659) (1,659)

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## New in Current Filing: Cash flows from financing activities:

Stock repurchase program Stock repurchase program Stock repurchase program (1,007) (1,007) (1,007) (1,007) (1,005) (1,005) (1,005) (1,005) (800) (800) (800) (800) Dividends to shareholders Dividends to shareholders Dividends to shareholders (579) (579) (579) (579) (600) (600) (600) (600) (576) (576) (576) (576) Payments on long-term borrowings Payments on long-term borrowings Payments on long-term borrowings (389) (389) (389) (389) (100) (100) (100) (100) (305) (305) (305) (305) Proceeds from issuance of common stock Proceeds from issuance of common stock Proceeds from issuance of common stock 98 98 98 98 105 105 105 105 136 136 136 136 Other financing activities Other financing activities Other financing activities (110) (110) (110) (110) (130) (130) (130) (130) (126) (126) (126) (126)

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## New in Current Filing: Total cash flows used in financing activities

(1,987) (1,987) (1,987) (1,987) (1,730) (1,730) (1,730) (1,730) (1,671) (1,671) (1,671) (1,671) Effect of exchange rate changes on cash Effect of exchange rate changes on cash Effect of exchange rate changes on cash (26) (26) (26) (26) (127) (127) (127) (127) (210) (210) (210) (210) Increase (decrease) in cash and cash equivalents Increase (decrease) in cash and cash equivalents Increase (decrease) in cash and cash equivalents (412) (412) (412) (412) 354 354 354 354 (82) (82) (82) (82) Cash and equivalents at beginning of period Cash and equivalents at beginning of period Cash and equivalents at beginning of period 2,618 2,618 2,618 2,618 2,264 2,264 2,264 2,264 2,346 2,346 2,346 2,346

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## New in Current Filing: Cash and equivalents at end of period

$2,206 $2,206 $2,206 $ 2,206 $2,618 $2,618 $2,618 $ 2,618 $2,264 $2,264 $2,264 $ 2,264

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## New in Current Filing: Supplemental disclosure of cash flow information:

Cash payments during the period for: Cash payments during the period for: Cash payments during the period for: Interest Interest Interest $432 $432 $432 $ 432 $441 $441 $441 $ 441 $460 $460 $460 $ 460 Income taxes Income taxes Income taxes $639 $639 $639 $ 639 $538 $538 $538 $ 538 $616 $616 $616 $ 616 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 48Table of ContentsHALLIBURTON COMPANY Consolidated Statements of Shareholders' EquityCompany Shareholders' EquityMillions of dollarsCommon StockPaid-in Capital in Excess of Par ValueTreasury StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling Interest in Consolidated SubsidiariesTotalBalance at December 31, 2022$2,664$50$(5,108)$10,572$(230)$29$7,977Comprehensive income (loss):Net income -  -  - 2,638 - 242,662Other comprehensive loss -  -  -  - (101) - (101)Cash dividends ($0.64 per share) -  -  - (576) -  - (576)Stock plans(1)13372(98) -  - 286Stock repurchase program -  - (804) -  -  - (804)Other -  -  -  -  - (11)(11)Balance at December 31, 2023$2,663$63$(5,540)$12,536$(331)$42$9,433Comprehensive income (loss):Net income -  -  - 2,501 - 152,516Other comprehensive loss -  -  -  - (22)1(21)Cash dividends ($0.68 per share) -  -  - (600) -  - (600)Stock plans(1)16333(105) -  - 243Stock repurchase program -  - (1,007) -  -  - (1,007)Other -  -  -  -  - (16)(16)Balance at December 31, 2024$2,662$79$(6,214)$14,332$(353)$42$10,548Comprehensive income (loss):Net income -  -  - 1,283 - 91,292Other comprehensive loss -  -  -  - (10) - (10)Cash dividends ($0.68 per share) -  -  - (579) -  - (579)Stock plans(3)29239 -  -  - 265Stock repurchase program -  - (1,008) -  -  - (1,008)Other - 4 -  -  - (7)(3)Balance at December 31, 2025$2,659$112$(6,983)$15,036$(363)$44$10,505 See Notes to Consolidated Financial Statements. Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents Table of Contents HALLIBURTON COMPANY Consolidated Statements of Shareholders' EquityCompany Shareholders' EquityMillions of dollarsCommon StockPaid-in Capital in Excess of Par ValueTreasury StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling Interest in Consolidated SubsidiariesTotalBalance at December 31, 2022$2,664$50$(5,108)$10,572$(230)$29$7,977Comprehensive income (loss):Net income -  -  - 2,638 - 242,662Other comprehensive loss -  -  -  - (101) - (101)Cash dividends ($0.64 per share) -  -  - (576) -  - (576)Stock plans(1)13372(98) -  - 286Stock repurchase program -  - (804) -  -  - (804)Other -  -  -  -  - (11)(11)Balance at December 31, 2023$2,663$63$(5,540)$12,536$(331)$42$9,433Comprehensive income (loss):Net income -  -  - 2,501 - 152,516Other comprehensive loss -  -  -  - (22)1(21)Cash dividends ($0.68 per share) -  -  - (600) -  - (600)Stock plans(1)16333(105) -  - 243Stock repurchase program -  - (1,007) -  -  - (1,007)Other -  -  -  -  - (16)(16)Balance at December 31, 2024$2,662$79$(6,214)$14,332$(353)$42$10,548Comprehensive income (loss):Net income -  -  - 1,283 - 91,292Other comprehensive loss -  -  -  - (10) - (10)Cash dividends ($0.68 per share) -  -  - (579) -  - (579)Stock plans(3)29239 -  -  - 265Stock repurchase program -  - (1,008) -  -  - (1,008)Other - 4 -  -  - (7)(3)Balance at December 31, 2025$2,659$112$(6,983)$15,036$(363)$44$10,505 See Notes to Consolidated Financial Statements.

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## New in Current Filing: Consolidated Statements of Shareholders' Equity

Company Shareholders' EquityMillions of dollarsCommon StockPaid-in Capital in Excess of Par ValueTreasury StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling Interest in Consolidated SubsidiariesTotalBalance at December 31, 2022$2,664$50$(5,108)$10,572$(230)$29$7,977Comprehensive income (loss):Net income -  -  - 2,638 - 242,662Other comprehensive loss -  -  -  - (101) - (101)Cash dividends ($0.64 per share) -  -  - (576) -  - (576)Stock plans(1)13372(98) -  - 286Stock repurchase program -  - (804) -  -  - (804)Other -  -  -  -  - (11)(11)Balance at December 31, 2023$2,663$63$(5,540)$12,536$(331)$42$9,433Comprehensive income (loss):Net income -  -  - 2,501 - 152,516Other comprehensive loss -  -  -  - (22)1(21)Cash dividends ($0.68 per share) -  -  - (600) -  - (600)Stock plans(1)16333(105) -  - 243Stock repurchase program -  - (1,007) -  -  - (1,007)Other -  -  -  -  - (16)(16)Balance at December 31, 2024$2,662$79$(6,214)$14,332$(353)$42$10,548Comprehensive income (loss):Net income -  -  - 1,283 - 91,292Other comprehensive loss -  -  -  - (10) - (10)Cash dividends ($0.68 per share) -  -  - (579) -  - (579)Stock plans(3)29239 -  -  - 265Stock repurchase program -  - (1,008) -  -  - (1,008)Other - 4 -  -  - (7)(3)Balance at December 31, 2025$2,659$112$(6,983)$15,036$(363)$44$10,505 Company Shareholders' EquityMillions of dollarsCommon StockPaid-in Capital in Excess of Par ValueTreasury StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling Interest in Consolidated SubsidiariesTotalBalance at December 31, 2022$2,664$50$(5,108)$10,572$(230)$29$7,977Comprehensive income (loss):Net income -  -  - 2,638 - 242,662Other comprehensive loss -  -  -  - (101) - (101)Cash dividends ($0.64 per share) -  -  - (576) -  - (576)Stock plans(1)13372(98) -  - 286Stock repurchase program -  - (804) -  -  - (804)Other -  -  -  -  - (11)(11)Balance at December 31, 2023$2,663$63$(5,540)$12,536$(331)$42$9,433Comprehensive income (loss):Net income -  -  - 2,501 - 152,516Other comprehensive loss -  -  -  - (22)1(21)Cash dividends ($0.68 per share) -  -  - (600) -  - (600)Stock plans(1)16333(105) -  - 243Stock repurchase program -  - (1,007) -  -  - (1,007)Other -  -  -  -  - (16)(16)Balance at December 31, 2024$2,662$79$(6,214)$14,332$(353)$42$10,548Comprehensive income (loss):Net income -  -  - 1,283 - 91,292Other comprehensive loss -  -  -  - (10) - (10)Cash dividends ($0.68 per share) -  -  - (579) -  - (579)Stock plans(3)29239 -  -  - 265Stock repurchase program -  - (1,008) -  -  - (1,008)Other - 4 -  -  - (7)(3)Balance at December 31, 2025$2,659$112$(6,983)$15,036$(363)$44$10,505 Company Shareholders' EquityMillions of dollarsCommon StockPaid-in Capital in Excess of Par ValueTreasury StockRetained EarningsAccumulated Other Comprehensive LossNoncontrolling Interest in Consolidated SubsidiariesTotalBalance at December 31, 2022$2,664$50$(5,108)$10,572$(230)$29$7,977Comprehensive income (loss):Net income -  -  - 2,638 - 242,662Other comprehensive loss -  -  -  - (101) - (101)Cash dividends ($0.64 per share) -  -  - (576) -  - (576)Stock plans(1)13372(98) -  - 286Stock repurchase program -  - (804) -  -  - (804)Other -  -  -  -  - (11)(11)Balance at December 31, 2023$2,663$63$(5,540)$12,536$(331)$42$9,433Comprehensive income (loss):Net income -  -  - 2,501 - 152,516Other comprehensive loss -  -  -  - (22)1(21)Cash dividends ($0.68 per share) -  -  - (600) -  - (600)Stock plans(1)16333(105) -  - 243Stock repurchase program -  - (1,007) -  -  - (1,007)Other -  -  -  -  - (16)(16)Balance at December 31, 2024$2,662$79$(6,214)$14,332$(353)$42$10,548Comprehensive income (loss):Net income -  -  - 1,283 - 91,292Other comprehensive loss -  -  -  - (10) - (10)Cash dividends ($0.68 per share) -  -  - (579) -  - (579)Stock plans(3)29239 -  -  - 265Stock repurchase program -  - (1,008) -  -  - (1,008)Other - 4 -  -  - (7)(3)Balance at December 31, 2025$2,659$112$(6,983)$15,036$(363)$44$10,505 Company Shareholders' Equity Company Shareholders' Equity Company Shareholders' Equity Millions of dollars Millions of dollars Millions of dollars Common Stock Common Stock Common Stock Paid-in Capital in Excess of Par Value Paid-in Capital in Excess of Par Value Paid-in Capital in Excess of Par Value Treasury Stock Treasury Stock Treasury Stock Retained Earnings Retained Earnings Retained Earnings Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Noncontrolling Interest in Consolidated Subsidiaries Noncontrolling Interest in Consolidated Subsidiaries Noncontrolling Interest in Consolidated Subsidiaries Total Total Total

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## New in Current Filing: Balance at December 31, 2022

$2,664 $2,664 $2,664 $ 2,664 $50 $50 $50 $ 50 $(5,108) $(5,108) $(5,108) $ (5,108) $10,572 $10,572 $10,572 $ 10,572 $(230) $(230) $(230) $ (230) $29 $29 $29 $ 29 $7,977 $7,977 $7,977 $ 7,977

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## New in Current Filing: Comprehensive income (loss):

Net income Net income Net income  -   -   -   -   -   -   -   -   -   -   -   -  2,638 2,638 2,638 2,638  -   -   -   -  24 24 24 24 2,662 2,662 2,662 2,662 Other comprehensive loss Other comprehensive loss Other comprehensive loss  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -  (101) (101) (101) (101)  -   -   -   -  (101) (101) (101) (101) Cash dividends ($0.64 per share) Cash dividends ($0.64 per share) Cash dividends ($0.64 per share)  -   -   -   -   -   -   -   -   -   -   -   -  (576) (576) (576) (576)  -   -   -   -   -   -   -   -  (576) (576) (576) (576) Stock plans Stock plans Stock plans (1) (1) (1) (1) 13 13 13 13 372 372 372 372 (98) (98) (98) (98)  -   -   -   -   -   -   -   -  286 286 286 286 Stock repurchase program Stock repurchase program Stock repurchase program  -   -   -   -   -   -   -   -  (804) (804) (804) (804)  -   -   -   -   -   -   -   -   -   -   -   -  (804) (804) (804) (804) Other Other Other  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -  (11) (11) (11) (11) (11) (11) (11) (11)

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## New in Current Filing: Balance at December 31, 2023

$2,663 $2,663 $2,663 $ 2,663 $63 $63 $63 $ 63 $(5,540) $(5,540) $(5,540) $ (5,540) $12,536 $12,536 $12,536 $ 12,536 $(331) $(331) $(331) $ (331) $42 $42 $42 $ 42 $9,433 $9,433 $9,433 $ 9,433

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## New in Current Filing: Comprehensive income (loss):

Net income Net income Net income  -   -   -   -   -   -   -   -   -   -   -   -  2,638 2,638 2,638 2,638  -   -   -   -  24 24 24 24 2,662 2,662 2,662 2,662 Other comprehensive loss Other comprehensive loss Other comprehensive loss  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -  (101) (101) (101) (101)  -   -   -   -  (101) (101) (101) (101) Cash dividends ($0.64 per share) Cash dividends ($0.64 per share) Cash dividends ($0.64 per share)  -   -   -   -   -   -   -   -   -   -   -   -  (576) (576) (576) (576)  -   -   -   -   -   -   -   -  (576) (576) (576) (576) Stock plans Stock plans Stock plans (1) (1) (1) (1) 13 13 13 13 372 372 372 372 (98) (98) (98) (98)  -   -   -   -   -   -   -   -  286 286 286 286 Stock repurchase program Stock repurchase program Stock repurchase program  -   -   -   -   -   -   -   -  (804) (804) (804) (804)  -   -   -   -   -   -   -   -   -   -   -   -  (804) (804) (804) (804) Other Other Other  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -  (11) (11) (11) (11) (11) (11) (11) (11)

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## New in Current Filing: Balance at December 31, 2024

$2,662 $2,662 $2,662 $ 2,662 $79 $79 $79 $ 79 $(6,214) $(6,214) $(6,214) $ (6,214) $14,332 $14,332 $14,332 $ 14,332 $(353) $(353) $(353) $ (353) $42 $42 $42 $ 42 $10,548 $10,548 $10,548 $ 10,548

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## New in Current Filing: Comprehensive income (loss):

Net income Net income Net income  -   -   -   -   -   -   -   -   -   -   -   -  2,638 2,638 2,638 2,638  -   -   -   -  24 24 24 24 2,662 2,662 2,662 2,662 Other comprehensive loss Other comprehensive loss Other comprehensive loss  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -  (101) (101) (101) (101)  -   -   -   -  (101) (101) (101) (101) Cash dividends ($0.64 per share) Cash dividends ($0.64 per share) Cash dividends ($0.64 per share)  -   -   -   -   -   -   -   -   -   -   -   -  (576) (576) (576) (576)  -   -   -   -   -   -   -   -  (576) (576) (576) (576) Stock plans Stock plans Stock plans (1) (1) (1) (1) 13 13 13 13 372 372 372 372 (98) (98) (98) (98)  -   -   -   -   -   -   -   -  286 286 286 286 Stock repurchase program Stock repurchase program Stock repurchase program  -   -   -   -   -   -   -   -  (804) (804) (804) (804)  -   -   -   -   -   -   -   -   -   -   -   -  (804) (804) (804) (804) Other Other Other  -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -   -  (11) (11) (11) (11) (11) (11) (11) (11)

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## New in Current Filing: Balance at December 31, 2025

$2,659 $2,659 $2,659 $ 2,659 $112 $112 $112 $ 112 $(6,983) $(6,983) $(6,983) $ (6,983) $15,036 $15,036 $15,036 $ 15,036 $(363) $(363) $(363) $ (363) $44 $44 $44 $ 44 $10,505 $10,505 $10,505 $ 10,505 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 49Table of ContentsItem 8 | Notes to Consolidated Financial StatementsHALLIBURTON COMPANYNotes to Consolidated Financial Statements Note 1. Description of Company and Significant Accounting PoliciesDescription of CompanyHalliburton Company is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. We serve major, national, and independent oil and natural gas companies throughout the world and operate under two divisions, which form the basis for the two operating segments we report, the Completion and Production segment and the Drilling and Evaluation segment.Use of estimatesOur financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect:-the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and-the reported amounts of revenue and expenses during the reporting period.We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, legal reserves, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates.Basis of presentationThe consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.Revenue recognitionOur services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis. See Notes to Consolidated Financial Statements, Note 4 for further information on revenue recognition.Research and developmentWe maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $411 million in 2025, $426 million in 2024, and $408 million in 2023.Cash equivalentsWe consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.InventoriesInventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments. Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of Contents Table of Contents Table of Contents Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements HALLIBURTON COMPANYNotes to Consolidated Financial Statements Note 1. Description of Company and Significant Accounting PoliciesDescription of CompanyHalliburton Company is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. We serve major, national, and independent oil and natural gas companies throughout the world and operate under two divisions, which form the basis for the two operating segments we report, the Completion and Production segment and the Drilling and Evaluation segment.Use of estimatesOur financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect:-the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and-the reported amounts of revenue and expenses during the reporting period.We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, legal reserves, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates.Basis of presentationThe consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.Revenue recognitionOur services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis. See Notes to Consolidated Financial Statements, Note 4 for further information on revenue recognition.Research and developmentWe maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $411 million in 2025, $426 million in 2024, and $408 million in 2023.Cash equivalentsWe consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.InventoriesInventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments.

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## New in Current Filing: Description of Company

Halliburton Company is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. We serve major, national, and independent oil and natural gas companies throughout the world and operate under two divisions, which form the basis for the two operating segments we report, the Completion and Production segment and the Drilling and Evaluation segment.

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## New in Current Filing: Use of estimates

Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect: -the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the - 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. - the reported amounts of revenue and expenses during the reporting period. We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, legal reserves, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates.

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## New in Current Filing: Basis of presentation

The consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.

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## New in Current Filing: Revenue recognition

Our services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis. See Notes to Consolidated Financial Statements, Note 4 for further information on revenue recognition.

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## New in Current Filing: Research and development

We maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $411 million in 2025, $426 million in 2024, and $408 million in 2023.

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## New in Current Filing: Cash equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

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## New in Current Filing: Inventories

Inventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments. HAL 2025 FORM 10-K | 50Table of ContentsItem 8 | Notes to Consolidated Financial StatementsAllowance for credit lossesWe establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible.Property, plant, and equipmentOther than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset.Goodwill and other intangible assets We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment.Millions of dollarsCompletion and ProductionDrilling and EvaluationTotalBalance at December 31, 2023:$2,032$818$2,850Current year acquisitions8 - 8Other(20) - (20)Balance at December 31, 2024:$2,020$818$2,838Current year acquisitions87684Other16 - 16Balance at December 31, 2025:$2,044$894$2,938The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2025, 2024, and 2023, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary.We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to thirty years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts.Evaluating impairment of long-lived assetsWhen events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group's undiscounted cash flows are less than its carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset's book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Notes to Consolidated Financial Statements, Note 2 for further information on impairments and other charges.Income taxesWe recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized. Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of Contents Table of Contents Table of Contents Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements Allowance for credit lossesWe establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible.Property, plant, and equipmentOther than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset.Goodwill and other intangible assets We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment.Millions of dollarsCompletion and ProductionDrilling and EvaluationTotalBalance at December 31, 2023:$2,032$818$2,850Current year acquisitions8 - 8Other(20) - (20)Balance at December 31, 2024:$2,020$818$2,838Current year acquisitions87684Other16 - 16Balance at December 31, 2025:$2,044$894$2,938The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2025, 2024, and 2023, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary.We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to thirty years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts.Evaluating impairment of long-lived assetsWhen events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group's undiscounted cash flows are less than its carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset's book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Notes to Consolidated Financial Statements, Note 2 for further information on impairments and other charges.Income taxesWe recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized.

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## New in Current Filing: Allowance for credit losses

We evaluate our global accounts receivable through a continuous process of assessing our portfolio on an individual customer and overall basis. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, financial condition of our customers, and whether the receivables involve retainages. We also consider the economic environment of our customers, both from a marketplace and geographic perspective, in evaluating the need for an allowance. Based on our review of these factors, we establish or adjust allowances for specific customers. This process involves judgment and estimation, and frequently involves significant dollar amounts. Accordingly, our results of operations can be affected by adjustments to the allowance due to actual write-offs that differ from estimated amounts. At December 31, 2025, our allowance for credit losses totaled $805 million or 14.9% of notes and accounts receivable before the allowance. At December 31, 2024, our allowance for credit losses totaled $754 million, or 13.9% of notes and accounts receivable before the allowance. The allowance for credit losses in both years is primarily comprised of accounts receivable from our primary customer in Venezuela. A hypothetical 100 basis point change in our estimate of the collectability of our notes and accounts receivable balance as of December 31, 2025 would have resulted in a $54 million adjustment to 2025 total operating costs and expenses. See Notes to Consolidated Financial Statements, Note 5 for further information. HAL 2025 FORM 10-K | 36Table of ContentsItem 7 | Financial Instrument Market RiskFINANCIAL INSTRUMENT MARKET RISKWe are exposed to market risks primarily associated with changes in foreign currency exchange rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts and foreign exchange options. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency. We do not use derivative instruments for trading purposes. The counterparties to our forward contracts and options are global commercial and investment banks.We use a sensitivity analysis model to measure the impact of potential adverse movements in foreign currency exchange rates. With respect to foreign exchange sensitivity, after consideration of the impact from our forward foreign exchange contracts and options, a hypothetical 10% adverse change in the value of all our foreign currency positions relative to the U.S. dollar as of December 31, 2025 would result in a $81 million, pre-tax loss for our net monetary assets denominated in currencies other than U.S. dollars. There are certain limitations inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change instantaneously in an equally adverse fashion. In addition, the analysis is unable to reflect the complex market reactions that normally would arise from the market shifts modeled. While this is our best estimate of the impact of the various scenarios, this estimate should not be viewed a forecast.For further information regarding foreign currency exchange risk, interest rate risk and credit risk, see Notes to Consolidated Financial Statements, Note 16. Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of ContentsItem 7 | Financial Instrument Market Risk Table of Contents Table of Contents Table of Contents Item 7 | Financial Instrument Market Risk Item 7 | Financial Instrument Market Risk Item 7 | Financial Instrument Market Risk FINANCIAL INSTRUMENT MARKET RISKWe are exposed to market risks primarily associated with changes in foreign currency exchange rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts and foreign exchange options. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency. We do not use derivative instruments for trading purposes. The counterparties to our forward contracts and options are global commercial and investment banks.We use a sensitivity analysis model to measure the impact of potential adverse movements in foreign currency exchange rates. With respect to foreign exchange sensitivity, after consideration of the impact from our forward foreign exchange contracts and options, a hypothetical 10% adverse change in the value of all our foreign currency positions relative to the U.S. dollar as of December 31, 2025 would result in a $81 million, pre-tax loss for our net monetary assets denominated in currencies other than U.S. dollars. There are certain limitations inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change instantaneously in an equally adverse fashion. In addition, the analysis is unable to reflect the complex market reactions that normally would arise from the market shifts modeled. While this is our best estimate of the impact of the various scenarios, this estimate should not be viewed a forecast.For further information regarding foreign currency exchange risk, interest rate risk and credit risk, see Notes to Consolidated Financial Statements, Note 16.

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## New in Current Filing: Property, plant, and equipment

Other than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset.

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## New in Current Filing: Goodwill and other intangible assets

We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment. Changes in the carrying amount of goodwill are detailed below by reportable segment. Millions of dollarsCompletion and ProductionDrilling and EvaluationTotalBalance at December 31, 2023:$2,032$818$2,850Current year acquisitions8 - 8Other(20) - (20)Balance at December 31, 2024:$2,020$818$2,838Current year acquisitions87684Other16 - 16Balance at December 31, 2025:$2,044$894$2,938 Millions of dollarsCompletion and ProductionDrilling and EvaluationTotalBalance at December 31, 2023:$2,032$818$2,850Current year acquisitions8 - 8Other(20) - (20)Balance at December 31, 2024:$2,020$818$2,838Current year acquisitions87684Other16 - 16Balance at December 31, 2025:$2,044$894$2,938 Millions of dollarsCompletion and ProductionDrilling and EvaluationTotalBalance at December 31, 2023:$2,032$818$2,850Current year acquisitions8 - 8Other(20) - (20)Balance at December 31, 2024:$2,020$818$2,838Current year acquisitions87684Other16 - 16Balance at December 31, 2025:$2,044$894$2,938 Millions of dollars Millions of dollars Millions of dollars Completion and Production Completion and Production Completion and Production Drilling and Evaluation Drilling and Evaluation Drilling and Evaluation Total Total Total Balance at December 31, 2023: Balance at December 31, 2023: Balance at December 31, 2023: $2,032 $2,032 $2,032 $ 2,032 $818 $818 $818 $ 818 $2,850 $2,850 $2,850 $ 2,850 Current year acquisitions Current year acquisitions Current year acquisitions 8 8 8 8  -   -   -   -  8 8 8 8 Other Other Other (20) (20) (20) (20)  -   -   -   -  (20) (20) (20) (20) Balance at December 31, 2024: Balance at December 31, 2024: Balance at December 31, 2024: $2,020 $2,020 $2,020 $ 2,020 $818 $818 $818 $ 818 $2,838 $2,838 $2,838 $ 2,838 Current year acquisitions Current year acquisitions Current year acquisitions 8 8 8 8 76 76 76 76 84 84 84 84 Other Other Other 16 16 16 16  -   -   -   -  16 16 16 16 Balance at December 31, 2025: Balance at December 31, 2025: Balance at December 31, 2025: $2,044 $2,044 $2,044 $ 2,044 $894 $894 $894 $ 894 $2,938 $2,938 $2,938 $ 2,938 The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2025, 2024, and 2023, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary. We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to thirty years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts.

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## New in Current Filing: Evaluating impairment of long-lived assets

When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group's undiscounted cash flows are less than its carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset's book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Notes to Consolidated Financial Statements, Note 2 for further information on impairments and other charges.

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## New in Current Filing: Income taxes

We recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized. HAL 2025 FORM 10-K | 51Table of ContentsItem 8 | Notes to Consolidated Financial StatementsIn assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances.We recognize interest and penalties related to unrecognized tax benefits within the "Income tax provision" in our Consolidated Statements of Operations.Derivative instrumentsAt times, we enter into derivative financial transactions to hedge existing or projected exposures to changing foreign currency exchange rates, interest rates, and credit risk. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value which are reflected within "Other, net" on our Consolidated Statements of Operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against:-the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or-recognized in other comprehensive income until the hedged item is recognized in earnings.The ineffective portion of a derivative's change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk and credit risk are included in "Other, net" on the Consolidated Statements of Operations. Gains or losses on interest rate derivatives are included in "Interest expense, net."Foreign currency translationForeign entities whose functional currency is the U.S. dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our Consolidated Statements of Operations in "Other, net" in the year of occurrence.Stock-based compensationStock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee's service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Notes to Consolidated Financial Statements, Note 14 for additional information related to stock-based compensation.Note 2. Impairments and Other ChargesThe following table presents various pre-tax charges we recorded during the years ended December 31, 2025 and 2024, which are reflected within "Impairments and other charges" on our Consolidated Statements of Operations.Year Ended December 31, Millions of dollars202520242023Severance costs$299$63$ - Impairment of assets held for sale22449 - Fixed and Other assets write-offs115 -  - Impairment of real estate facilities53 -  - Equity in earnings loss50 -  - Gain on investment(6)(43) - Cybersecurity incident(10)35 - Other10612 - Total impairments and other charges$831$116$ -  Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of Contents Table of Contents Table of Contents Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances.We recognize interest and penalties related to unrecognized tax benefits within the "Income tax provision" in our Consolidated Statements of Operations.Derivative instrumentsAt times, we enter into derivative financial transactions to hedge existing or projected exposures to changing foreign currency exchange rates, interest rates, and credit risk. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value which are reflected within "Other, net" on our Consolidated Statements of Operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against:-the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or-recognized in other comprehensive income until the hedged item is recognized in earnings.The ineffective portion of a derivative's change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk and credit risk are included in "Other, net" on the Consolidated Statements of Operations. Gains or losses on interest rate derivatives are included in "Interest expense, net."Foreign currency translationForeign entities whose functional currency is the U.S. dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our Consolidated Statements of Operations in "Other, net" in the year of occurrence.Stock-based compensationStock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee's service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Notes to Consolidated Financial Statements, Note 14 for additional information related to stock-based compensation.Note 2. Impairments and Other ChargesThe following table presents various pre-tax charges we recorded during the years ended December 31, 2025 and 2024, which are reflected within "Impairments and other charges" on our Consolidated Statements of Operations.Year Ended December 31, Millions of dollars202520242023Severance costs$299$63$ - Impairment of assets held for sale22449 - Fixed and Other assets write-offs115 -  - Impairment of real estate facilities53 -  - Equity in earnings loss50 -  - Gain on investment(6)(43) - Cybersecurity incident(10)35 - Other10612 - Total impairments and other charges$831$116$ -  In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances. We recognize interest and penalties related to unrecognized tax benefits within the "Income tax provision" in our Consolidated Statements of Operations.

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## New in Current Filing: Derivative instruments

At times, we enter into derivative financial transactions to hedge existing or projected exposures to changing foreign currency exchange rates, interest rates, and credit risk. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value which are reflected within "Other, net" on our Consolidated Statements of Operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against: -the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or - the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or -recognized in other comprehensive income until the hedged item is recognized in earnings. - recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk and credit risk are included in "Other, net" on the Consolidated Statements of Operations. Gains or losses on interest rate derivatives are included in "Interest expense, net."

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## New in Current Filing: Foreign currency translation

Foreign entities whose functional currency is the U.S. dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our Consolidated Statements of Operations in "Other, net" in the year of occurrence.

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## New in Current Filing: Stock-based compensation

Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee's service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Notes to Consolidated Financial Statements, Note 14 for additional information related to stock-based compensation.

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## New in Current Filing: Impairments and Other Charges

The following table presents various pre-tax charges we recorded during the years ended December 31, 2025 and The following table presents various pre-tax charges we recorded during the years ended December 31, 2025 and 2024, which are reflected within "Impairments and other charges" on our Consolidated Statements of Operations. Year Ended December 31, Millions of dollars202520242023Severance costs$299$63$ - Impairment of assets held for sale22449 - Fixed and Other assets write-offs115 -  - Impairment of real estate facilities53 -  - Equity in earnings loss50 -  - Gain on investment(6)(43) - Cybersecurity incident(10)35 - Other10612 - Total impairments and other charges$831$116$ -  Year Ended December 31, Millions of dollars202520242023Severance costs$299$63$ - Impairment of assets held for sale22449 - Fixed and Other assets write-offs115 -  - Impairment of real estate facilities53 -  - Equity in earnings loss50 -  - Gain on investment(6)(43) - Cybersecurity incident(10)35 - Other10612 - Total impairments and other charges$831$116$ -  Year Ended December 31, Millions of dollars202520242023Severance costs$299$63$ - Impairment of assets held for sale22449 - Fixed and Other assets write-offs115 -  - Impairment of real estate facilities53 -  - Equity in earnings loss50 -  - Gain on investment(6)(43) - Cybersecurity incident(10)35 - Other10612 - Total impairments and other charges$831$116$ -  Year Ended December 31, Year Ended December 31, Year Ended December 31, Millions of dollars Millions of dollars Millions of dollars 2025 2025 2025 2024 2024 2024 2023 2023 2023 Severance costs Severance costs Severance costs $299 $299 $299 $ 299 $63 $63 $63 $ 63 $ -  $ -  $ -  $  -  Impairment of assets held for sale Impairment of assets held for sale Impairment of assets held for sale 224 224 224 224 49 49 49 49  -   -   -   -  Fixed and Other assets write-offs Fixed and Other assets write-offs Fixed and Other assets write-offs 115 115 115 115  -   -   -   -   -   -   -   -  Impairment of real estate facilities Impairment of real estate facilities Impairment of real estate facilities 53 53 53 53  -   -   -   -   -   -   -   -  Equity in earnings loss Equity in earnings loss Equity in earnings loss 50 50 50 50  -   -   -   -   -   -   -   -  Gain on investment Gain on investment Gain on investment (6) (6) (6) (6) (43) (43) (43) (43)  -   -   -   -  Cybersecurity incident Cybersecurity incident Cybersecurity incident (10) (10) (10) (10) 35 35 35 35  -   -   -   -  Other Other Other 106 106 106 106 12 12 12 12  -   -   -   -  Total impairments and other charges Total impairments and other charges Total impairments and other charges $831 $831 $831 $ 831 $116 $116 $116 $ 116 $ -  $ -  $ -  $  -  HAL 2025 FORM 10-K | 52Table of ContentsItem 8 | Notes to Consolidated Financial StatementsFor the year ended December 31, 2025, the charges included $299 million of severance costs, $224 million of an impairment of assets held for sale related to our chemical business, fixed and other asset write-offs of $115 million, a $53 million impairment associated with facility closures and lease terminations, $50 million equity in earnings loss, and $106 million of other charges, primarily related to legacy environmental remediation cost estimate increases. Offsetting these charges were a release of accruals related to a cybersecurity incident from the third quarter of 2024 for $10 million and a gain of $6 million related to an equity investment.For the year ended December 31, 2024, the charges included $63 million of severance costs, a $49 million impairment of assets held for sale, $35 million in expenses related to a cybersecurity incident, and $12 million of other charges, and were partially offset by a $43 million gain related to a fair value adjustment on an equity investment. For the year ended December 31, 2023, there were no amounts recorded in impairment and other charges. Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of Contents Table of Contents Table of Contents Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements For the year ended December 31, 2025, the charges included $299 million of severance costs, $224 million of an impairment of assets held for sale related to our chemical business, fixed and other asset write-offs of $115 million, a $53 million impairment associated with facility closures and lease terminations, $50 million equity in earnings loss, and $106 million of other charges, primarily related to legacy environmental remediation cost estimate increases. Offsetting these charges were a release of accruals related to a cybersecurity incident from the third quarter of 2024 for $10 million and a gain of $6 million related to an equity investment.For the year ended December 31, 2024, the charges included $63 million of severance costs, a $49 million impairment of assets held for sale, $35 million in expenses related to a cybersecurity incident, and $12 million of other charges, and were partially offset by a $43 million gain related to a fair value adjustment on an equity investment. For the year ended December 31, 2023, there were no amounts recorded in impairment and other charges. For the year ended December 31, 2025, the charges included $299 million of severance costs, $224 million of an For the year ended December 31, 2025 , the charges included $299 million of severance costs, $224 million of an impairment of assets held for sale related to our chemical business, fixed and other asset write-offs of $115 million, a $53 million impairment associated with facility closures and lease terminations, $50 million equity in earnings loss, and $106 million of other charges, primarily related to legacy environmental remediation cost estimate increases. Offsetting these charges were a release of accruals related to a cybersecurity incident from the third quarter of 2024 for $10 million and a gain of $6 million related to an equity investment. For the year ended December 31, 2024, the charges included $63 million of severance costs, a $49 million impairment of assets held for sale, $35 million in expenses related to a cybersecurity incident, and $12 million of other charges, and were partially offset by a $43 million gain related to a fair value adjustment on an equity investment. For the year ended December 31, 2023, there were no amounts recorded in impairment and other charges. HAL 2025 FORM 10-K | 53Table of ContentsItem 8 | Notes to Consolidated Financial StatementsNote 3. Business Segment and Geographic InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment.Our company's chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief Executive Officer. Our CODM assesses the performance of the two segments and makes resource allocation decisions based on segment revenue and operating income.Operations by business segmentThe following table presents information on our business segments. Year Ended December 31, Millions of dollars202520242023Revenue:Completion and Production$12,782$13,251$13,689Drilling and Evaluation9,4029,6939,329Total revenue$22,184$22,944$23,018Operating income:Completion and Production$2,128$2,709$2,835Drilling and Evaluation1,3791,6081,543Total operations3,5074,3174,378Corporate and other (a)(262)(255)(244)SAP S4 upgrade expense(154)(124)(51)Impairments and other charges (b)(831)(116) - Total operating income$2,260$3,822$4,083Interest expense, net of interest income$(352)$(353)$(395)Loss on Blue Chip Swap transactions(9)(8)(110)Argentina currency impact -  - (131)Other, net (c)(128)(227)(84)Income before income taxes$1,771$3,234$3,363Capital expenditures:Completion and Production$741$775$765Drilling and Evaluation513665613Corporate and other - 21Total capital expenditures$1,254$1,442$1,379Depreciation, depletion, and amortization:Completion and Production$618$588$553Drilling and Evaluation496475430Corporate and other221615Total depreciation, depletion, and amortization$1,136$1,079$998(a)Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.(b)Impairments and other charges are as follows:-For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other.(c)During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of ContentsItem 8 | Notes to Consolidated Financial Statements Table of Contents Table of Contents Table of Contents Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements Item 8 | Notes to Consolidated Financial Statements Note 3. Business Segment and Geographic InformationWe operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment.Our company's chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief Executive Officer. Our CODM assesses the performance of the two segments and makes resource allocation decisions based on segment revenue and operating income.Operations by business segmentThe following table presents information on our business segments. Year Ended December 31, Millions of dollars202520242023Revenue:Completion and Production$12,782$13,251$13,689Drilling and Evaluation9,4029,6939,329Total revenue$22,184$22,944$23,018Operating income:Completion and Production$2,128$2,709$2,835Drilling and Evaluation1,3791,6081,543Total operations3,5074,3174,378Corporate and other (a)(262)(255)(244)SAP S4 upgrade expense(154)(124)(51)Impairments and other charges (b)(831)(116) - Total operating income$2,260$3,822$4,083Interest expense, net of interest income$(352)$(353)$(395)Loss on Blue Chip Swap transactions(9)(8)(110)Argentina currency impact -  - (131)Other, net (c)(128)(227)(84)Income before income taxes$1,771$3,234$3,363Capital expenditures:Completion and Production$741$775$765Drilling and Evaluation513665613Corporate and other - 21Total capital expenditures$1,254$1,442$1,379Depreciation, depletion, and amortization:Completion and Production$618$588$553Drilling and Evaluation496475430Corporate and other221615Total depreciation, depletion, and amortization$1,136$1,079$998(a)Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.(b)Impairments and other charges are as follows:-For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other.(c)During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

---

## New in Current Filing: Business Segment and Geographic Information

We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment. Our company's chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief Executive Officer. Our CODM assesses the performance of the two segments and makes resource allocation decisions based on segment revenue and operating income.

---

## New in Current Filing: Operations by business segment

The following table presents information on our business segments. The follow ing table presents information on our business segments. Year Ended December 31, Millions of dollars202520242023Revenue:Completion and Production$12,782$13,251$13,689Drilling and Evaluation9,4029,6939,329Total revenue$22,184$22,944$23,018Operating income:Completion and Production$2,128$2,709$2,835Drilling and Evaluation1,3791,6081,543Total operations3,5074,3174,378Corporate and other (a)(262)(255)(244)SAP S4 upgrade expense(154)(124)(51)Impairments and other charges (b)(831)(116) - Total operating income$2,260$3,822$4,083Interest expense, net of interest income$(352)$(353)$(395)Loss on Blue Chip Swap transactions(9)(8)(110)Argentina currency impact -  - (131)Other, net (c)(128)(227)(84)Income before income taxes$1,771$3,234$3,363Capital expenditures:Completion and Production$741$775$765Drilling and Evaluation513665613Corporate and other - 21Total capital expenditures$1,254$1,442$1,379Depreciation, depletion, and amortization:Completion and Production$618$588$553Drilling and Evaluation496475430Corporate and other221615Total depreciation, depletion, and amortization$1,136$1,079$998 Year Ended December 31, Millions of dollars202520242023Revenue:Completion and Production$12,782$13,251$13,689Drilling and Evaluation9,4029,6939,329Total revenue$22,184$22,944$23,018Operating income:Completion and Production$2,128$2,709$2,835Drilling and Evaluation1,3791,6081,543Total operations3,5074,3174,378Corporate and other (a)(262)(255)(244)SAP S4 upgrade expense(154)(124)(51)Impairments and other charges (b)(831)(116) - Total operating income$2,260$3,822$4,083Interest expense, net of interest income$(352)$(353)$(395)Loss on Blue Chip Swap transactions(9)(8)(110)Argentina currency impact -  - (131)Other, net (c)(128)(227)(84)Income before income taxes$1,771$3,234$3,363Capital expenditures:Completion and Production$741$775$765Drilling and Evaluation513665613Corporate and other - 21Total capital expenditures$1,254$1,442$1,379Depreciation, depletion, and amortization:Completion and Production$618$588$553Drilling and Evaluation496475430Corporate and other221615Total depreciation, depletion, and amortization$1,136$1,079$998 Year Ended December 31, Millions of dollars202520242023Revenue:Completion and Production$12,782$13,251$13,689Drilling and Evaluation9,4029,6939,329Total revenue$22,184$22,944$23,018Operating income:Completion and Production$2,128$2,709$2,835Drilling and Evaluation1,3791,6081,543Total operations3,5074,3174,378Corporate and other (a)(262)(255)(244)SAP S4 upgrade expense(154)(124)(51)Impairments and other charges (b)(831)(116) - Total operating income$2,260$3,822$4,083Interest expense, net of interest income$(352)$(353)$(395)Loss on Blue Chip Swap transactions(9)(8)(110)Argentina currency impact -  - (131)Other, net (c)(128)(227)(84)Income before income taxes$1,771$3,234$3,363Capital expenditures:Completion and Production$741$775$765Drilling and Evaluation513665613Corporate and other - 21Total capital expenditures$1,254$1,442$1,379Depreciation, depletion, and amortization:Completion and Production$618$588$553Drilling and Evaluation496475430Corporate and other221615Total depreciation, depletion, and amortization$1,136$1,079$998 Year Ended December 31, Year Ended December 31, Year Ended December 31, Millions of dollars Millions of dollars Millions of dollars 2025 2025 2025 2024 2024 2024 2023 2023 2023 Revenue: Revenue: Revenue: Completion and Production Completion and Production Completion and Production $12,782 $12,782 $12,782 $ 12,782 $13,251 $13,251 $13,251 $ 13,251 $13,689 $13,689 $13,689 $ 13,689 Drilling and Evaluation Drilling and Evaluation Drilling and Evaluation 9,402 9,402 9,402 9,402 9,693 9,693 9,693 9,693 9,329 9,329 9,329 9,329 Total revenue Total revenue Total revenue $22,184 $22,184 $22,184 $ 22,184 $22,944 $22,944 $22,944 $ 22,944 $23,018 $23,018 $23,018 $ 23,018

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## New in Current Filing: Operating income:

By operating segment: By operating segment: By operating segment: Completion and Production Completion and Production Completion and Production $2,128 $2,128 $2,128 $ 2,128 $2,709 $2,709 $2,709 $ 2,709 $(581) $(581) $(581) $ (581) (21)% (21)% (21)% (21) % Drilling and Evaluation Drilling and Evaluation Drilling and Evaluation 1,379 1,379 1,379 1,379 1,608 1,608 1,608 1,608 (229) (229) (229) (229) (14) (14) (14) (14) Total operations Total operations Total operations 3,507 3,507 3,507 3,507 4,317 4,317 4,317 4,317 (810) (810) (810) (810) (19) (19) (19) (19) Corporate and other Corporate and other Corporate and other (262) (262) (262) (262) (255) (255) (255) (255) (7) (7) (7) (7) (3) (3) (3) (3) SAP S4 upgrade expense SAP S4 upgrade expense SAP S4 upgrade expense (154) (154) (154) (154) (124) (124) (124) (124) (30) (30) (30) (30) (24) (24) (24) (24) Impairments and other charges Impairments and other charges Impairments and other charges (831) (831) (831) (831) (116) (116) (116) (116) (715) (715) (715) (715) n/m n/m n/m Total operating income Total operating income Total operating income $2,260 $2,260 $2,260 $ 2,260 $3,822 $3,822 $3,822 $ 3,822 $(1,562) $(1,562) $(1,562) $ (1,562) (41)% (41)% (41)% (41) % n/m = not meaningful n/m = not meaningful n/m = not meaningful

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## New in Current Filing: Capital expenditures:

Completion and Production Completion and Production Completion and Production $741 $741 $741 $ 741 $775 $775 $775 $ 775 $765 $765 $765 $ 765 Drilling and Evaluation Drilling and Evaluation Drilling and Evaluation 513 513 513 513 665 665 665 665 613 613 613 613 Corporate and other Corporate and other Corporate and other  -   -   -   -  2 2 2 2 1 1 1 1 Total capital expenditures Total capital expenditures Total capital expenditures $1,254 $1,254 $1,254 $ 1,254 $1,442 $1,442 $1,442 $ 1,442 $1,379 $1,379 $1,379 $ 1,379

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## New in Current Filing: Depreciation, depletion, and amortization:

Completion and Production Completion and Production Completion and Production $618 $618 $618 $ 618 $588 $588 $588 $ 588 $553 $553 $553 $ 553 Drilling and Evaluation Drilling and Evaluation Drilling and Evaluation 496 496 496 496 475 475 475 475 430 430 430 430 Corporate and other Corporate and other Corporate and other 22 22 22 22 16 16 16 16 15 15 15 15 Total depreciation, depletion, and amortization Total depreciation, depletion, and amortization Total depreciation, depletion, and amortization $1,136 $1,136 $1,136 $ 1,136 $1,079 $1,079 $1,079 $ 1,079 $998 $998 $998 $ 998 (a)Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.(b)Impairments and other charges are as follows:-For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other.(c)During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. (a)Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.(b)Impairments and other charges are as follows:-For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other.(c)During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. (a)Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.(b)Impairments and other charges are as follows:-For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other.(c)During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. (a) (a) (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. 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. 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) (b) (b) Impairments and other charges are as follows:-For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. Impairments and other charges are as follows:-For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. Impairments and other charges are as follows: -For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other. -For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. (c) (c) (c) During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.

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## No Match in Current: Trends in oil and natural gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services and products, which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

*This section from the 2025 filing does not have a high-confidence textual match in 2026. It may have been removed, merged, or substantially reworded.*

Demand for our services and products is particularly sensitive to the level of exploration, development, and production activity of, and the corresponding capital spending by, oil and natural gas companies. The level of exploration, development, and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control. Given the long-term nature of many large-scale development projects, even the perception of longer-term lower oil and natural gas prices by oil and natural gas companies can cause them to reduce or defer major expenditures. Any prolonged reductions of commodity prices or expectations of such reductions could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Factors affecting the prices of oil and natural gas include: - the level of supply and demand for oil and natural gas; - the ability or willingness of the Organization of Petroleum Exporting Countries and the expanded alliance collectively known as OPEC+ to set and maintain oil production levels; - the level of oil production in the U.S. and by other non-OPEC+ countries; - oil refining capacity and shifts in end-customer preferences toward fuel efficiency and the use of natural gas; - the cost of, and constraints associated with, producing and delivering oil and natural gas; - governmental regulations and other actions, or proposed changes in respect thereof, including tariffs, economic sanctions and policies of governments regarding the exploration for and production and development of their oil and natural gas reserves; - weather conditions, natural disasters, and health or similar issues, such as COVID-19 and other pandemics or epidemics; - worldwide political and military actions, and economic conditions, including potential recessions; and - increased demand for alternative energy and use of electric vehicles, increased emphasis on decarbonization (including government initiatives, such as tax credits and government subsidies to promote the use of renewable energy sources), and public sentiment around alternatives to oil and natural gas. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

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## No Match in Current: Our business could be materially and adversely affected by severe or unseasonable weather where we have operations.

*This section from the 2025 filing does not have a high-confidence textual match in 2026. It may have been removed, merged, or substantially reworded.*

Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of Mexico, and the North Sea. Many experts believe global climate change could increase the frequency and severity of extreme weather conditions. Repercussions of severe or unseasonable weather conditions may include: - evacuation of personnel and inoperability of equipment resulting in curtailment of services; - damage to offshore drilling rigs resulting in suspension of operations; - damage to our facilities and project work sites; - inability to deliver materials to job sites in accordance with contract schedules; - fluctuations in demand for oil and natural gas, including possible decreases during unseasonably warm winters; and - loss of productivity.

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## Modified: results of operations of our joint ventures and, in turn, our business and consolidated results of operations.

**Prior (2025):**

We conduct some operations through joint ventures in which unaffiliated third parties may control the operations of the joint venture or we may share control. As with any joint venture arrangement, differences in views among the joint venture participants may result in delayed decisions, the joint venture operating in a manner that is contrary to our preference, or failures to agree on major issues. We also cannot control the actions of our joint venture partners, including any violation of law, nonperformance, or default by, or bankruptcy of our joint venture partners. These factors could have a material adverse effect on the business and results of operations of our joint ventures and, in turn, our business and consolidated results of operations.

**Current (2026):**

We conduct some operations through joint ventures in which unaffiliated third parties may control the operations of the joint venture or we may share control. As with any joint venture arrangement, differences in views among the joint venture participants may result in delayed decisions, the joint venture operating in a manner that is contrary to our preference, or failures to agree on major issues. We also cannot control the actions of our joint venture partners, including any violation of law, nonperformance, or default by, or bankruptcy of our joint venture partners. These factors could have a material adverse effect on the business and results of operations of our joint ventures and, in turn, our business and consolidated results of operations.

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## Modified: through dividends and share repurchases, which could decrease expected returns on an investment in our stock.

**Key changes:**

- Reworded sentence: "We may not meet this goal if we use our available cash to satisfy other priorities, if we have insufficient funds available to pay dividends and to repurchase shares, if we pause our share repurchases due to unforeseen events, or if our Board of Directors determines to change or discontinue dividend payments or share repurchases."

**Prior (2025):**

Our capital return framework includes a goal of returning at least 50% of annual free cash flow (cash flow from operations less capital expenditures plus proceeds from sales of property, plant, and equipment) to our shareholders through dividends and share repurchases. Dividends and share repurchases are authorized and determined by our Board of Directors at its sole discretion and depend upon a number of factors, including our financial results, cash requirements, and future prospects, as well as such other factors deemed relevant by our Board of Directors. We can provide no assurance that we will pay dividends or make share repurchases in accordance with our capital return framework goal or at all. Any elimination of, or downward revision in, our dividend payout or share repurchase program could have an adverse effect on the market price of our common stock. Meeting our capital return framework goal requires us to generate consistent free cash flow and have available capital in the years ahead in an amount sufficient to enable us to continue investing in organic and inorganic growth as well as to return a significant portion of the cash generated to shareholders in the form of dividends and share repurchases. Also, our cash flow fluctuates over the course of the year, so, although our goal is to return at least 50% of annual free cash flow to shareholders, that is an average over a year and the dividends paid, the number of shares repurchased, and the amount of free cash flow returned in any quarter during the year will vary and may be more or less than 50%. We may not meet this goal if we use our available cash to satisfy other priorities, if we have insufficient funds available to pay dividends and to repurchase shares, if we pause our repurchases due to unforeseen events, or if our Board of Directors determines to change or discontinue dividend payments or share repurchases. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

**Current (2026):**

Our capital return framework includes a goal of returning at least 50% of annual free cash flow (cash flow from operations less capital expenditures plus proceeds from sales of property, plant, and equipment) to our shareholders through dividends and share repurchases. Dividends and share repurchases are authorized and determined by our Board of Directors at its sole discretion and depend upon a number of factors, including our financial results, cash requirements, and future prospects, as well as such other factors deemed relevant by our Board of Directors. We can provide no assurance that we will pay dividends or make share repurchases in accordance with our capital return framework goal or at all. Any elimination of, or downward revision in, our dividend payout or share repurchase program could have an adverse effect on the market price of our common stock. Meeting our capital return framework goal requires us to generate consistent free cash flow and have available capital in the years ahead in an amount sufficient to enable us to continue investing in organic and inorganic growth as well as to return a significant portion of the cash generated to shareholders in the form of dividends and share repurchases. Also, our cash flow fluctuates over the course of the year, so, although our goal is to return at least 50% of annual free cash flow to shareholders, that is an average over a year and the dividends paid, the number of shares repurchased, and the amount of free cash flow returned in any quarter during the year will vary and may be more or less than 50%. We may not meet this goal if we use our available cash to satisfy other priorities, if we have insufficient funds available to pay dividends and to repurchase shares, if we pause our share repurchases due to unforeseen events, or if our Board of Directors determines to change or discontinue dividend payments or share repurchases.

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## Modified: productivity, supplier and contractor pricing and performance, and potential claims for liquidated damages.

**Key changes:**

- Reworded sentence: "These customers may provide us with inaccurate or limited information, which may result in cost over-runs, delays, and project losses."

**Prior (2025):**

We sometimes provide integrated project management services outside our normal discrete business in the form of long-term, fixed price contracts. Some of these contracts are required by our customers, primarily national oil companies. These services include acting as project managers as well as service providers and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate or limited information, that may result in cost over-runs, delays, and project losses. In addition, our customers often operate in countries with unsettled political conditions, war, civil unrest, or other types of community issues. These issues may also result in cost over-runs, delays, and project losses. Providing services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We rely on third-party subcontractors and equipment providers to help us complete these contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.

**Current (2026):**

We sometimes provide integrated project management services outside our normal discrete business in the form of long-term, fixed price contracts. Some of these contracts are required by our customers, primarily national oil companies. These services include acting as project managers as well as service providers and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate or limited information, which may result in cost over-runs, delays, and project losses. In addition, our customers often operate in countries with unsettled political conditions, war, civil unrest, or other types of community issues. These issues may also result in cost over-runs, delays, and project losses. Providing services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We rely on third-party subcontractors and equipment providers to help us complete these contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.

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## Modified: operations, and consolidated financial condition.

**Key changes:**

- Reworded sentence: "We are periodically notified of potential liabilities at federal and state cleanup sites."
- Reworded sentence: "Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites."
- Removed sentence: "Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents"

**Prior (2025):**

We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state superfund sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both in the final remediation costs and with respect to the final allocation among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any superfund site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

**Current (2026):**

We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

---

## Modified: consolidated results of operations, and consolidated financial condition.

**Key changes:**

- Reworded sentence: "Damages that are not indemnified or released may not be insured or could greatly exceed available insurance coverage and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition."

**Prior (2025):**

Events can occur at sites where our products and equipment are produced, stored, transported, or installed, or where we conduct our operations or provide our services, or at chemical blending or manufacturing facilities, including well blowouts and equipment or materials failures, which could result in explosions, fires, personal injuries, property damage (including surface and subsurface damage), pollution, and potential legal responsibility. Generally, we rely on contractual indemnities, releases, and limitations of liability with our customers and on liability insurance coverage to mitigate our potential liability related to such occurrences. However, we do not have these contractual provisions in all contracts, and even where we do, it is possible that the respective customer or insurer could seek to avoid or be financially unable to meet its obligations, or a court may decline to enforce such provisions. Damages that are not indemnified or released could greatly exceed available insurance coverage and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

**Current (2026):**

Events can occur at sites where our products and equipment are produced, stored, transported, or installed, or where we conduct our operations or provide our services, or at chemical blending or manufacturing facilities, including well blowouts and equipment or materials failures, which could result in explosions, fires, personal injuries, property damage (including surface and subsurface damage), pollution, and potential legal responsibility. Generally, we rely on contractual indemnities, releases, and limitations of liability with our customers and on liability insurance coverage to mitigate our potential liability related to such occurrences. However, we do not have these contractual provisions in all contracts, and even where we do, it is possible that the respective customer or insurer could seek to avoid or be financially unable to meet its obligations, or a court may decline to enforce such provisions. Damages that are not indemnified or released may not be insured or could greatly exceed available insurance coverage and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

---

## Modified: infringement proceedings against us could materially and adversely affect our competitive position.

**Key changes:**

- Added sentence: "These rights have been, and we expect that they will continue to be, subject to legal challenges from time to time."
- Added sentence: "Further, our application for certain intellectual property rights may not be granted entirely, as to key features, or at all."
- Removed sentence: "Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents"

**Prior (2025):**

We rely on a variety of intellectual property rights that we use in our services and products. We may not be able to successfully preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged. In addition, the laws of some foreign countries in which our services and products may be sold do not protect intellectual property rights to the same extent as the laws of the United States. Courts could find that others infringe our patent or other intellectual property rights or that our products and services may infringe the intellectual property rights of others. Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect us. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

**Current (2026):**

We rely on a variety of intellectual property rights that we use in our services and products. These rights have been, and we expect that they will continue to be, subject to legal challenges from time to time. We may not be able to successfully preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged. Further, our application for certain intellectual property rights may not be granted entirely, as to key features, or at all. In addition, the laws of some foreign countries in which our services and products may be sold do not protect intellectual property rights to the same extent as the laws of the United States. Courts could find that others infringe our patent or other intellectual property rights or that our products and services may infringe the intellectual property rights of others. Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect us.

---

## Modified: material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

**Key changes:**

- Reworded sentence: "Some of the items that may impact our customers' capital spending include: -oil and natural gas prices, which are impacted by the factors described in the preceding risk factor; - -the inability of our customers to access capital on economically advantageous terms, which may be impacted by, - the inability of our customers to access capital on economically advantageous terms, which may be impacted by, among other things, a decrease of investors' interest in hydrocarbon producers because of environmental and sustainability initiatives; -changes in customers' capital allocation, including increased cash returns to shareholders or an increased allocation - changes in customers to the production of renewable energy or other sustainability efforts, leading to less focus on oil and natural gas production growth; -restrictions on our customers' ability to get their produced oil and natural gas to market due to infrastructure - restrictions on our customers limitations or other governmental limitations on transportation of produced oil and natural gas; -consolidation of our customers; - consolidation of our customers; -customer personnel changes; and - customer personnel changes; and -adverse developments in the business or operations of our customers, including write-downs of oil and natural gas - adverse developments in the business or operations of our customers, including write-downs of oil and natural gas reserves and borrowing base reductions under customers' credit facilities."

**Prior (2025):**

Our business is directly affected by changes in capital expenditures by our customers, and reductions in their capital spending could reduce demand for our services and products and have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Some of the items that may impact our customers' capital spending include: - oil and natural gas prices, which are impacted by the factors described in the preceding risk factor; - the inability of our customers to access capital on economically advantageous terms, which may be impacted by, among other things, a decrease of investors' interest in hydrocarbon producers because of environmental and sustainability initiatives; - changes in customers' capital allocation, including an increased allocation to the production of renewable energy or other sustainability efforts, leading to less focus on oil and natural gas production growth; - restrictions on our customers' ability to get their produced oil and natural gas to market due to infrastructure limitations or other governmental limitations on transportation of produced oil and natural gas; - consolidation of our customers; - customer personnel changes; and - adverse developments in the business or operations of our customers, including write-downs of oil and natural gas reserves and borrowing base reductions under customers' credit facilities.

**Current (2026):**

Our business is directly affected by changes in capital expenditures by our customers, and reductions in their capital spending could reduce demand for our services and products and have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Some of the items that may impact our customers' capital spending include: -oil and natural gas prices, which are impacted by the factors described in the preceding risk factor; - -the inability of our customers to access capital on economically advantageous terms, which may be impacted by, - the inability of our customers to access capital on economically advantageous terms, which may be impacted by, among other things, a decrease of investors' interest in hydrocarbon producers because of environmental and sustainability initiatives; -changes in customers' capital allocation, including increased cash returns to shareholders or an increased allocation - changes in customers to the production of renewable energy or other sustainability efforts, leading to less focus on oil and natural gas production growth; -restrictions on our customers' ability to get their produced oil and natural gas to market due to infrastructure - restrictions on our customers limitations or other governmental limitations on transportation of produced oil and natural gas; -consolidation of our customers; - consolidation of our customers; -customer personnel changes; and - customer personnel changes; and -adverse developments in the business or operations of our customers, including write-downs of oil and natural gas - adverse developments in the business or operations of our customers, including write-downs of oil and natural gas reserves and borrowing base reductions under customers' credit facilities.

---

## Modified: countries and could have a material adverse effect on our business and consolidated results of operations.

**Prior (2025):**

In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.

**Current (2026):**

In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.

---

## Modified: be reduced.

**Key changes:**

- Reworded sentence: "If we are not able to design, develop, and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns, and technology trends, including artificial intelligence and machine learning, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced."

**Prior (2025):**

The market for our services and products is characterized by continual technological developments to provide better and more reliable performance and services. If we are not able to design, develop, and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, including artificial intelligence and machine learning, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced. Likewise, if our proprietary technologies, equipment, facilities, or work processes become obsolete, we may no longer be competitive, and our business and consolidated results of operations could be materially and adversely affected.

**Current (2026):**

The market for our services and products is characterized by continual technological developments to provide better and more reliable performance and services. If we are not able to design, develop, and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns, and technology trends, including artificial intelligence and machine learning, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced. Likewise, if our proprietary technologies, equipment, facilities, or work processes become obsolete, we may no longer be competitive, and our business and consolidated results of operations could be materially and adversely affected.

---

## Modified: have a material adverse effect on our business and consolidated results of operations.

**Key changes:**

- Reworded sentence: "Our business depends on the supply and availability of raw and essential materials."
- Reworded sentence: "Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations."
- Reworded sentence: "For example, the imposition of such sanctions by the United States, European Union or others in countries such as Venezuela, Russia, and elsewhere have impacted our business.Changes in U.S."
- Reworded sentence: "Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors Our ability to operate and our growth potential could be materially and adversely affected if we cannot attract, employ, and retain technical personnel at a competitive cost.Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions."

**Prior (2025):**

Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition. In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by the unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. The imposition of such sanctions on Russia in connection with Russia's invasion of Ukraine led to our decision to dispose of our Russian operations during the third quarter of 2022. Changes in U.S. foreign trade policies, including as a result of the new presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity. The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges. Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

**Current (2026):**

Our business depends on the supply and availability of raw and essential materials. Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges or tariffs can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource. Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems. These constraints on raw materials and electric power could have a material adverse effect on our business and consolidated results of operations. In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business could have a material adverse effect on our business and consolidated results of operations if we are unable to pass these increases through to our customers. HAL 2025 FORM 10-K | 12Table of ContentsItem 1(a) | Risk FactorsOur ability to operate and our growth potential could be materially and adversely affected if we cannot attract, employ, and retain technical personnel at a competitive cost.Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions. We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structure could increase, our margins could decrease, and any growth potential could be impaired.Laws and Regulations RelatedOur operations outside the United States require us to comply with a number of United States and international regulations, violations of which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. For example, the imposition of such sanctions by the United States, European Union or others in countries such as Venezuela, Russia, and elsewhere have impacted our business.Changes in U.S. foreign trade policies, including as a result of the presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. In April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. The United States Supreme Court has agreed to review lower court decisions regarding certain tariffs imposed by the Trump Administration and the Court has stayed the effect of decisions including the August 2025 decision of the U.S. Court of Appeals for the Federal Circuit finding that certain tariffs exceeded presidential authority and are therefore invalid. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors Our ability to operate and our growth potential could be materially and adversely affected if we cannot attract, employ, and retain technical personnel at a competitive cost.Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions. We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structure could increase, our margins could decrease, and any growth potential could be impaired.Laws and Regulations RelatedOur operations outside the United States require us to comply with a number of United States and international regulations, violations of which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. For example, the imposition of such sanctions by the United States, European Union or others in countries such as Venezuela, Russia, and elsewhere have impacted our business.Changes in U.S. foreign trade policies, including as a result of the presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. In April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. The United States Supreme Court has agreed to review lower court decisions regarding certain tariffs imposed by the Trump Administration and the Court has stayed the effect of decisions including the August 2025 decision of the U.S. Court of Appeals for the Federal Circuit finding that certain tariffs exceeded presidential authority and are therefore invalid. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity.

---

## Modified: employ, and retain technical personnel at a competitive cost.

**Prior (2025):**

Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions. We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structure could increase, our margins could decrease, and any growth potential could be impaired.

**Current (2026):**

Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions. We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structure could increase, our margins could decrease, and any growth potential could be impaired.

---

## Modified: financial condition.

**Key changes:**

- Reworded sentence: "We are subject to a variety of laws and regulations in the United States and other countries relating to environmental protection and health and safety."
- Reworded sentence: "Applicable regulatory requirements include those concerning: -the containment and disposal of hazardous substances, oilfield waste, and other waste materials; - the containment and disposal of hazardous substances, oilfield waste, and other waste materials; -the production, storage, transportation, and use of chemicals; - the production, storage, transportation, and use of chemicals; -the production, storage, transportation and use of explosive materials; - the production, storage, transportation and use of explosive materials; -the importation and use of radioactive materials; - the importation and use of radioactive materials; -the use of underground storage tanks; - the use of underground storage tanks; -the use of underground injection wells; and - the use of underground injection wells; and -the protection of worker safety both onshore and offshore."
- Reworded sentence: "The failure to comply with the requirements, many of which may be applied retroactively, may result in: -administrative, civil, and criminal penalties; - administrative, civil, and criminal penalties; -revocation of permits to conduct business; and - revocation of permits to conduct business; and -corrective action orders, including orders to investigate and/or clean up contamination."

**Prior (2025):**

In addition to the numerous environmental laws and regulations that apply to our operations, we are subject to a variety of laws and regulations in the United States and other countries relating to health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning: - the containment and disposal of hazardous substances, oilfield waste, and other waste materials; - the production, storage, transportation and use of chemicals; - the production, storage, transportation and use of explosive materials; - the importation and use of radioactive materials; - the use of underground storage tanks; - the use of underground injection wells; and - the protection of worker safety both onshore and offshore. These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in: - administrative, civil, and criminal penalties; - revocation of permits to conduct business; and - corrective action orders, including orders to investigate and/or clean up contamination. Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

**Current (2026):**

Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. HAL 2025 FORM 10-K | 14Table of ContentsItem 1(a) | Risk FactorsLiability for cleanup costs, natural resource damages and other damages arising as a result of environmental laws and regulations could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Failure on our part to comply with, and the costs of compliance with, applicable health, safety, and environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to a variety of laws and regulations in the United States and other countries relating to environmental protection and health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning:-the containment and disposal of hazardous substances, oilfield waste, and other waste materials;-the production, storage, transportation, and use of chemicals;-the production, storage, transportation and use of explosive materials;-the importation and use of radioactive materials;-the use of underground storage tanks;-the use of underground injection wells; and-the protection of worker safety both onshore and offshore.These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in:-administrative, civil, and criminal penalties;-revocation of permits to conduct business; and-corrective action orders, including orders to investigate and/or clean up contamination.Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Existing or future laws, regulations, treaties, or international agreements related to greenhouse gases, climate change, or alternative energy sources could have a negative impact on our business and may result in additional compliance obligations that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors Liability for cleanup costs, natural resource damages and other damages arising as a result of environmental laws and regulations could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Failure on our part to comply with, and the costs of compliance with, applicable health, safety, and environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to a variety of laws and regulations in the United States and other countries relating to environmental protection and health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning:-the containment and disposal of hazardous substances, oilfield waste, and other waste materials;-the production, storage, transportation, and use of chemicals;-the production, storage, transportation and use of explosive materials;-the importation and use of radioactive materials;-the use of underground storage tanks;-the use of underground injection wells; and-the protection of worker safety both onshore and offshore.These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in:-administrative, civil, and criminal penalties;-revocation of permits to conduct business; and-corrective action orders, including orders to investigate and/or clean up contamination.Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Existing or future laws, regulations, treaties, or international agreements related to greenhouse gases, climate change, or alternative energy sources could have a negative impact on our business and may result in additional compliance obligations that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases.

---

## Modified: consolidated financial condition.

**Key changes:**

- Reworded sentence: "These transactions are intended to, but may not, result in the realization of savings, the creation of efficiencies, the offering of new products or services, the generation of cash or income, or the reduction of risk."
- Reworded sentence: "These transactions also involve risks, and we cannot ensure that: -any acquisitions we attempt would be completed on the terms announced, or at all; - any acquisitions we attempt would be completed on the terms announced, or at all; -any acquisitions would result in an increase in income or provide an adequate return of capital or other anticipated - any acquisitions would result in an increase in income or provide an adequate return of capital or other anticipated benefits; -any acquisitions would be successfully integrated into our operations and internal controls; - any acquisitions would be successfully integrated into our operations and internal controls; -the due diligence conducted prior to an acquisition would uncover situations that could result in financial or legal - the due diligence conducted prior to an acquisition would uncover situations that could result in financial or legal exposure, including under the FCPA, or that we will appropriately quantify the exposure from known risks; -any disposition would not result in decreased earnings, revenue, or cash flow; - any disposition would not result in decreased earnings, revenue, or cash flow; -use of cash for acquisitions would not adversely affect our cash available for capital expenditures and other uses; or - use of cash for acquisitions would not adversely affect our cash available for capital expenditures and other uses; or -any dispositions, investments, or acquisitions, including integration efforts, would not divert management resources."

**Prior (2025):**

We continually seek opportunities to maximize efficiency and value through various transactions, including purchases or sales of assets, businesses, investments, or joint venture interests. These transactions are intended to (but may not) result in the realization of savings, the creation of efficiencies, the offering of new products or services, the generation of cash or income, or the reduction of risk. Acquisition transactions may use cash on hand or be financed by additional borrowings or by the issuance of our common stock. These transactions may also adversely affect our business, consolidated results of operations, and consolidated financial condition. These transactions also involve risks, and we cannot ensure that: - any acquisitions we attempt would be completed on the terms announced, or at all; - any acquisitions would result in an increase in income or provide an adequate return of capital or other anticipated benefits; - any acquisitions would be successfully integrated into our operations and internal controls; - the due diligence conducted prior to an acquisition would uncover situations that could result in financial or legal exposure, including under the FCPA, or that we will appropriately quantify the exposure from known risks; - any disposition would not result in decreased earnings, revenue, or cash flow; - use of cash for acquisitions would not adversely affect our cash available for capital expenditures and other uses; or - any dispositions, investments, or acquisitions, including integration efforts, would not divert management resources. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

**Current (2026):**

Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition. In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. For example, the imposition of such sanctions by the United States, European Union or others in countries such as Venezuela, Russia, and elsewhere have impacted our business. Changes in U.S. foreign trade policies, including as a result of the presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. In April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. The United States Supreme Court has agreed to review lower court decisions regarding certain tariffs imposed by the Trump Administration and the Court has stayed the effect of decisions including the August 2025 decision of the U.S. Court of Appeals for the Federal Circuit finding that certain tariffs exceeded presidential authority and are therefore invalid. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity. HAL 2025 FORM 10-K | 13Table of ContentsItem 1(a) | Risk FactorsThe laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges. Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

---

## Modified: effect on our business.

**Key changes:**

- Reworded sentence: "Further, any failure to adequately plan for succession of executive officers or the failure of key employees to successfully transition into new roles could result in a loss of institutional knowledge and have a material adverse effect on our business."
- Reworded sentence: "We also engage third party firms to identify, assess, and manage cybersecurity risks in alignment with cybersecurity standards, including the National Institute of Standards and Technology (NIST) Cyber Security Framework, NIST 800-53, NIST 800-82, and International Electrotechnical Commission 62443.In managing material risks from cybersecurity threats, we require a security and technical architecture review for all new software and applications, and for all changes to the underlying IT infrastructure that manages, processes, stores, or transmits our data or data of our customers, vendors, suppliers, joint ventures, or employees."
- Reworded sentence: "Our policy requires that each third-party service provider go through a mandatory IT & Information Security Governance processes review and obtain formal approval from our IT & Information Security Governance groups before it can be used.We have an Incident Response Plan that defines and documents procedures for assessing, identifying, and managing a cybersecurity incident."
- Reworded sentence: "Aside from more immediate reporting of material incidents to our Board of Directors as described above, our CISO provides our Board of Directors with an update on cybersecurity during each of its quarterly meetings."
- Reworded sentence: "In addition, our Audit Committee receives a detailed update annually from the CISO, which includes in-depth updates on our cybersecurity program and strategy including cybersecurity risks.The CIO leads all components of our IT functions."

**Prior (2025):**

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

**Current (2026):**

We depend greatly on the efforts of our executive officers and other key employees to manage our operations. The loss or unavailability of any of our executive officers or other key employees could have a material adverse effect on our business. Further, any failure to adequately plan for succession of executive officers or the failure of key employees to successfully transition into new roles could result in a loss of institutional knowledge and have a material adverse effect on our business. HAL 2025 FORM 10-K | 19Table of ContentsItem 1(b) | Unresolved Staff CommentsItem 1(b). Unresolved Staff Comments.None.Item 1(c). Cybersecurity.We maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. An analysis of the impact, likelihood, and management preparedness of cybersecurity threats to our strategic priorities is integrated into our enterprise risk management program and enterprise risk assessment process. This provides cross-functional and geographical visibility, as well as executive leadership oversight, to address and mitigate associated risks. We engage our internal information technology (IT) audit group to audit our information security programs, and the results are reported to our executive management and the Audit Committee of our Board of Directors. We also engage third party firms to identify, assess, and manage cybersecurity risks in alignment with cybersecurity standards, including the National Institute of Standards and Technology (NIST) Cyber Security Framework, NIST 800-53, NIST 800-82, and International Electrotechnical Commission 62443.In managing material risks from cybersecurity threats, we require a security and technical architecture review for all new software and applications, and for all changes to the underlying IT infrastructure that manages, processes, stores, or transmits our data or data of our customers, vendors, suppliers, joint ventures, or employees. Any deviations from our policies and standards are assessed by our IT & Information Security Governance processes. Any critical and high-risk levels that are identified are then documented and reported to relevant key stakeholders. Our policies and procedures also address the oversight, identification, and mitigation of cybersecurity risks associated with our use of third-party service providers. Our policy requires that each third-party service provider go through a mandatory IT & Information Security Governance processes review and obtain formal approval from our IT & Information Security Governance groups before it can be used.We have an Incident Response Plan that defines and documents procedures for assessing, identifying, and managing a cybersecurity incident. In the event there is a cyber security incident, an Incident Response Team will assess the cybersecurity incident's impact as the basis for assigning a preliminary severity rating. This team then provides the Chief Information Security Officer (CISO) with a summary and preliminary severity rating and the CISO subsequently notifies the Chief Information Officer (CIO) as appropriate. The CISO and CIO will assess situational information and business impact to finalize the severity rating. The CISO is then responsible for communicating incidents to other members of management as appropriate. Were a cybersecurity incident to occur that was determined to be material by our management and Cyber Incident Response Leadership, our Chief Executive Officer would notify our Board of Directors. Should any incidents occur that have a preliminary severity rating of high or critical, our Cyber Incident Response Leadership would confer with our Cybersecurity Disclosure Committee to determine whether to report the cybersecurity incident in our public filings. Aside from more immediate reporting of material incidents to our Board of Directors as described above, our CISO provides our Board of Directors with an update on cybersecurity during each of its quarterly meetings. This update includes data on certain cybersecurity metrics, information on internal and third-party cybersecurity incidents, and general discussion of cybersecurity risks. In addition, our Audit Committee receives a detailed update annually from the CISO, which includes in-depth updates on our cybersecurity program and strategy including cybersecurity risks.The CIO leads all components of our IT functions. Our CIO has over 20 years of experience with Halliburton and has had numerous global assignments across all areas of IT delivery, operations, and management. Our CISO, who reports directly to our Executive Vice President and Chief Administrative Officer, has over 25 years of experience in the areas of operations, infrastructure and applications, solution and demand design.We have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we determined was a material cybersecurity incident as previously disclosed in a Form 8-K we filed with the SEC on September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our workforce. Related to this incident, we face risks of unknown impacts or new events, regulatory actions, or potential litigation, which could affect our business, reputation, or consolidated financial condition. Further, if our systems, or our customers' or suppliers' systems, for protecting against cybersecurity incidents prove to be insufficient, a future cybersecurity incident could have a material adverse effect on our business, operations, or consolidated financial condition. See additional information about our cybersecurity risks under General Risk Factors in Item 1(a) Risk Factors. Table of ContentsItem 1(b) | Unresolved Staff Comments Table of ContentsItem 1(b) | Unresolved Staff Comments Table of ContentsItem 1(b) | Unresolved Staff Comments Table of ContentsItem 1(b) | Unresolved Staff Comments Table of ContentsItem 1(b) | Unresolved Staff Comments Table of Contents Table of Contents Table of Contents Item 1(b) | Unresolved Staff Comments Item 1(b) | Unresolved Staff Comments Item 1(b) | Unresolved Staff Comments Item 1(b). Unresolved Staff Comments.None.Item 1(c). Cybersecurity.We maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. An analysis of the impact, likelihood, and management preparedness of cybersecurity threats to our strategic priorities is integrated into our enterprise risk management program and enterprise risk assessment process. This provides cross-functional and geographical visibility, as well as executive leadership oversight, to address and mitigate associated risks. We engage our internal information technology (IT) audit group to audit our information security programs, and the results are reported to our executive management and the Audit Committee of our Board of Directors. We also engage third party firms to identify, assess, and manage cybersecurity risks in alignment with cybersecurity standards, including the National Institute of Standards and Technology (NIST) Cyber Security Framework, NIST 800-53, NIST 800-82, and International Electrotechnical Commission 62443.In managing material risks from cybersecurity threats, we require a security and technical architecture review for all new software and applications, and for all changes to the underlying IT infrastructure that manages, processes, stores, or transmits our data or data of our customers, vendors, suppliers, joint ventures, or employees. Any deviations from our policies and standards are assessed by our IT & Information Security Governance processes. Any critical and high-risk levels that are identified are then documented and reported to relevant key stakeholders. Our policies and procedures also address the oversight, identification, and mitigation of cybersecurity risks associated with our use of third-party service providers. Our policy requires that each third-party service provider go through a mandatory IT & Information Security Governance processes review and obtain formal approval from our IT & Information Security Governance groups before it can be used.We have an Incident Response Plan that defines and documents procedures for assessing, identifying, and managing a cybersecurity incident. In the event there is a cyber security incident, an Incident Response Team will assess the cybersecurity incident's impact as the basis for assigning a preliminary severity rating. This team then provides the Chief Information Security Officer (CISO) with a summary and preliminary severity rating and the CISO subsequently notifies the Chief Information Officer (CIO) as appropriate. The CISO and CIO will assess situational information and business impact to finalize the severity rating. The CISO is then responsible for communicating incidents to other members of management as appropriate. Were a cybersecurity incident to occur that was determined to be material by our management and Cyber Incident Response Leadership, our Chief Executive Officer would notify our Board of Directors. Should any incidents occur that have a preliminary severity rating of high or critical, our Cyber Incident Response Leadership would confer with our Cybersecurity Disclosure Committee to determine whether to report the cybersecurity incident in our public filings. Aside from more immediate reporting of material incidents to our Board of Directors as described above, our CISO provides our Board of Directors with an update on cybersecurity during each of its quarterly meetings. This update includes data on certain cybersecurity metrics, information on internal and third-party cybersecurity incidents, and general discussion of cybersecurity risks. In addition, our Audit Committee receives a detailed update annually from the CISO, which includes in-depth updates on our cybersecurity program and strategy including cybersecurity risks.The CIO leads all components of our IT functions. Our CIO has over 20 years of experience with Halliburton and has had numerous global assignments across all areas of IT delivery, operations, and management. Our CISO, who reports directly to our Executive Vice President and Chief Administrative Officer, has over 25 years of experience in the areas of operations, infrastructure and applications, solution and demand design.We have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we determined was a material cybersecurity incident as previously disclosed in a Form 8-K we filed with the SEC on September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our workforce. Related to this incident, we face risks of unknown impacts or new events, regulatory actions, or potential litigation, which could affect our business, reputation, or consolidated financial condition. Further, if our systems, or our customers' or suppliers' systems, for protecting against cybersecurity incidents prove to be insufficient, a future cybersecurity incident could have a material adverse effect on our business, operations, or consolidated financial condition. See additional information about our cybersecurity risks under General Risk Factors in Item 1(a) Risk Factors. Item 1(b). Unresolved Staff Comments. None. Item 1(c). Cybersecurity. We maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to We maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. An analysis of the impact, likelihood, and management preparedness of cybersecurity threats to our strategic priorities is integrated into our enterprise risk management program and enterprise risk assessment process. This strategic priorities is integrated into our enterprise risk management program and enterprise risk assessment process. provides cross-functional and geographical visibility, as well as executive leadership oversight, to address and mitigate associated risks. We engage our internal information technology (IT) audit group to audit our information security programs, and the results are reported to our executive management and the Audit Committee of our Board of Directors. We also engage We also engage third party firms to identify, assess, and manage cybersecurity risks in alignment with cybersecurity standards, including the National Institute of Standards and Technology (NIST) Cyber Security Framework, NIST 800-53, NIST 800-82, and International Electrotechnical Commission 62443. In managing material risks from cybersecurity threats, we require a security and technical architecture review for all new software and applications, and for all changes to the underlying IT infrastructure that manages, processes, stores, or transmits our data or data of our customers, vendors, suppliers, joint ventures, or employees. Any deviations from our policies and standards are assessed by our IT & Information Security Governance processes. Any critical and high-risk levels that are identified are then documented and reported to relevant key stakeholders. Our policies and procedures also address the oversight, identification, and mitigation of cybersecurity risks associated with our use of third-party service providers. Our policy requires that each third-party service provider go through a mandatory IT & Information Security Governance processes review and obtain formal approval from our IT & Information Security Governance groups before it can be used. We have an Incident Response Plan that defines and documents procedures for assessing, identifying, and managing a We have an Incident Response Plan that defines and documents procedures for assessing, identifying, and managing a cybersecurity incident. In the event there is a cyber security incident, an Incident Response Team will assess the cybersecurity incident's impact as the basis for assigning a preliminary severity rating. This team then provides the Chief Information Security Officer (CISO) with a summary and preliminary severity rating and the CISO subsequently notifies the Chief Information Officer (CIO) as appropriate. The CISO and CIO will assess situational information and business impact to finalize Information Officer (CIO) as appropriate. the severity rating. The CISO is then responsible for communicating incidents to other members of management as appropriate. Were a cybersecurity incident to occur that was determined to be material by our management and Cyber Incident Response Were a cybersecurity incident to occur that was determined to be material by our management and Cyber Incident Response Leadership, our Chief Executive Officer would notify our Board of Directors. Should any incidents occur that have a preliminary severity rating of high or critical, our Cyber Incident Response Leadership would confer with our Cybersecurity Disclosure Committee to determine whether to report the cybersecurity incident in our public filings. Aside from more immediate reporting of material incidents to our Board of Directors as described above, our CISO Aside from more immediate reporting of material incidents to our Board of Directors as described above, our CISO provides our Board of Directors with an update on cybersecurity during each of its quarterly meetings. This update includes provides our Board of Directors with an update on cybersecurity during each of its quarterly meetings. This update includes data on certain cybersecurity metrics, information on internal and third-party cybersecurity incidents, and general discussion of cybersecurity risks. In addition, our Audit Committee receives a detailed update annually from the CISO, which includes in- depth updates on our cybersecurity program and strategy including cybersecurity risks. The CIO leads all components of our IT functions. Our CIO has over 20 years of experience with Halliburton and has The CIO leads all components of our IT functions. Our CIO has over 20 years of experience with Halliburton and has had numerous global assignments across all areas of IT delivery, operations, and management. Our CISO, who reports directly to our Executive Vice President and Chief Administrative Officer, has over 25 years of experience in the areas of operations, infrastructure and applications, solution and demand design. We have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an We have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we determined was a material cybersecurity incident as previously disclosed in a Form 8-K we filed with the SEC on September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our 2024. operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our workforce. Related to this incident, we face risks of unknown impacts or new events, regulatory actions, we face risks of unknown impacts or new events, regulatory actions, or potential litigation, which could affect our business, reputation, or consolidated financial condition. Further, if our systems, or our customers' or suppliers' systems, for protecting against cybersecurity incidents prove to be insufficient, a future cybersecurity incident could have a material adverse effect on our business, operations, or consolidated financial condition. See additional information about our cybersecurity risks under General Risk Factors in Item 1(a) Risk Factors. HAL 2025 FORM 10-K | 20Table of ContentsItem 2 | PropertiesItem 2. Properties.We own or lease numerous properties in domestic and foreign locations. Our principal properties include manufacturing facilities, research and development laboratories, technology centers, and corporate offices. We also have numerous small facilities that include sales, project, support offices, and bulk storage facilities throughout the world. Our owned properties have no material encumbrances. We believe all properties that we currently occupy are suitable for their intended use.The following locations represent our major facilities by segment:-Completion and Production: Arbroath, United Kingdom; Duncan, Oklahoma; Johor Bahru, Malaysia; Jubail, Saudi Arabia; Lafayette, Louisiana; Tulsa, Oklahoma; and Singapore-Drilling and Evaluation: Alvarado, Texas and The Woodlands, Texas-Shared/corporate facilities: Bangalore, India; Carrollton, Texas; Dhahran, Saudi Arabia; Dubai, United Arab Emirates; Houston, Texas (corporate executive offices); Kuala Lumpur, Malaysia; London, England; Panama City, Panama; Pune, India; Rio de Janeiro, Brazil; and Tananger, NorwayItem 3. Legal Proceedings.On January 12, 2024, Plaintiff Eric Gilbert ("Plaintiff"), on behalf of himself and similarly situated stockholders of Halliburton Company (the "Company"), filed a Verified Class Action Complaint (the "Action") against, among others, the Company in the Court of Chancery of the State of Delaware (the "Court"), challenging the validity of certain aspects of the advance notice and stockholder nomination provisions of the By-laws of the Company, dated as of December 8, 2022.On May 2, 2024, the Company modified the challenged provisions by amending the By-laws of the Company in the form filed as Exhibit 3.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the "SEC") on May 3, 2024 (the "Amendments").Plaintiff and the Company agreed that the Amendments rendered Plaintiff's claims moot. To avoid the time and expense of continued litigation and without any admissions, the parties agreed to resolve Plaintiff's counsel fee application with a payment by the Company to Plaintiff's counsel of $150,000 in full satisfaction of the claim for attorneys' fees and expenses in the Action. On October 16, 2025, the Court entered a stipulation and order closing the Action, subject to the Company filing an affidavit with the Court confirming that the disclosure in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which would constitute notice to stockholders for purposes of Court of Chancery Rule 23, had been filed with the SEC. In entering such order, the Court did not pass judgment on the amount of the attorneys' fees and expenses. The Company filed such affidavit with the Court on October 29, 2025.See Notes to Consolidated Financial Statements, Note 11 for further information regarding legal proceedings.Item 4. Mine Safety Disclosures.Our barite and bentonite mining operations, in support of our fluid services business, are subject to regulation by the U.S. Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this annual report. Table of ContentsItem 2 | Properties Table of ContentsItem 2 | Properties Table of ContentsItem 2 | Properties Table of ContentsItem 2 | Properties Table of ContentsItem 2 | Properties Table of Contents Table of Contents Table of Contents Item 2 | Properties Item 2 | Properties Item 2 | Properties Item 2. Properties.We own or lease numerous properties in domestic and foreign locations. Our principal properties include manufacturing facilities, research and development laboratories, technology centers, and corporate offices. We also have numerous small facilities that include sales, project, support offices, and bulk storage facilities throughout the world. Our owned properties have no material encumbrances. We believe all properties that we currently occupy are suitable for their intended use.The following locations represent our major facilities by segment:-Completion and Production: Arbroath, United Kingdom; Duncan, Oklahoma; Johor Bahru, Malaysia; Jubail, Saudi Arabia; Lafayette, Louisiana; Tulsa, Oklahoma; and Singapore-Drilling and Evaluation: Alvarado, Texas and The Woodlands, Texas-Shared/corporate facilities: Bangalore, India; Carrollton, Texas; Dhahran, Saudi Arabia; Dubai, United Arab Emirates; Houston, Texas (corporate executive offices); Kuala Lumpur, Malaysia; London, England; Panama City, Panama; Pune, India; Rio de Janeiro, Brazil; and Tananger, NorwayItem 3. Legal Proceedings.On January 12, 2024, Plaintiff Eric Gilbert ("Plaintiff"), on behalf of himself and similarly situated stockholders of Halliburton Company (the "Company"), filed a Verified Class Action Complaint (the "Action") against, among others, the Company in the Court of Chancery of the State of Delaware (the "Court"), challenging the validity of certain aspects of the advance notice and stockholder nomination provisions of the By-laws of the Company, dated as of December 8, 2022.On May 2, 2024, the Company modified the challenged provisions by amending the By-laws of the Company in the form filed as Exhibit 3.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the "SEC") on May 3, 2024 (the "Amendments").Plaintiff and the Company agreed that the Amendments rendered Plaintiff's claims moot. To avoid the time and expense of continued litigation and without any admissions, the parties agreed to resolve Plaintiff's counsel fee application with a payment by the Company to Plaintiff's counsel of $150,000 in full satisfaction of the claim for attorneys' fees and expenses in the Action. On October 16, 2025, the Court entered a stipulation and order closing the Action, subject to the Company filing an affidavit with the Court confirming that the disclosure in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which would constitute notice to stockholders for purposes of Court of Chancery Rule 23, had been filed with the SEC. In entering such order, the Court did not pass judgment on the amount of the attorneys' fees and expenses. The Company filed such affidavit with the Court on October 29, 2025.See Notes to Consolidated Financial Statements, Note 11 for further information regarding legal proceedings.Item 4. Mine Safety Disclosures.Our barite and bentonite mining operations, in support of our fluid services business, are subject to regulation by the U.S. Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this annual report. Item 2. Properties. We own or lease numerous properties in domestic and foreign locations. Our principal properties include manufacturing facilities, research and development laboratories, technology centers, and corporate offices. We also have numerous small facilities that include sales, project, support offices, and bulk storage facilities throughout the world. Our owned properties have no material encumbrances. We believe all properties that we currently occupy are suitable for their intended use. The following locations represent our major facilities by segment: -Completion and Production: Arbroath, United Kingdom; Duncan, Oklahoma; Johor Bahru, Malaysia; Jubail, Saudi Arabia; Lafayette, Louisiana; Tulsa, Oklahoma; and Singapore -Drilling and Evaluation: Alvarado, Texas and The Woodlands, Texas -Shared/corporate facilities: Bangalore, India; Carrollton, Texas; Dhahran, Saudi Arabia; Dubai, United Arab Emirates; Houston, Texas (corporate executive offices); Kuala Lumpur, Malaysia; London, England; Panama City, Panama; Pune, India; Rio de Janeiro, Brazil; and Tananger, Norway Item 3. Legal Proceedings. On January 12, 2024, Plaintiff Eric Gilbert ("Plaintiff"), on behalf of himself and similarly situated stockholders of Halliburton Company (the "Company"), filed a Verified Class Action Complaint (the "Action") against, among others, the Company in the Court of Chancery of the State of Delaware (the "Court"), challenging the validity of certain aspects of the advance notice and stockholder nomination provisions of the By-laws of the Company, dated as of December 8, 2022. On May 2, 2024, the Company modified the challenged provisions by amending the By-laws of the Company in the form filed as Exhibit 3.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (the "SEC") on May 3, 2024 (the "Amendments"). Plaintiff and the Company agreed that the Amendments rendered Plaintiff's claims moot. To avoid the time and expense of continued litigation and without any admissions, the parties agreed to resolve Plaintiff's counsel fee application with a payment by the Company to Plaintiff's counsel of $150,000 in full satisfaction of the claim for attorneys' fees and expenses in the Action. On October 16, 2025, the Court entered a stipulation and order closing the Action, subject to the Company filing an affidavit with the Court confirming that the disclosure in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which would constitute notice to stockholders for purposes of Court of Chancery Rule 23, had been filed with the SEC. In entering such order, the Court did not pass judgment on the amount of the attorneys' fees and expenses. The Company filed such affidavit with the Court on October 29, 2025. See Notes to Consolidated Financial Statements, Note 11 for further information regarding legal proceedings. Item 4. Mine Safety Disclosures. Our barite and bentonite mining operations, in support of our fluid services business, are subject to regulation by the U.S. Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this annual report. HAL 2025 FORM 10-K | 21Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesPART II.Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Halliburton Company's common stock is dually traded on the New York Stock Exchange and New York Stock Exchange Texas under the symbol "HAL." Information related to dividend payments is included in Item 8. Financial Statements and Supplementary Data. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will depend on, among other things, future earnings, general financial condition and liquidity, success in business activities, capital requirements, and general business conditions.The following graph and table compare total shareholder return on our common stock for the five-year period ended December 31, 2025, with the Philadelphia Oil Service Index (OSX) and the Standard & Poor's 500 ® Index over the same period. This comparison assumes the investment of $100 on December 31, 2020 and the reinvestment of all dividends. The shareholder return set forth is not necessarily indicative of future performance. The following graph and related information shall not be deemed "soliciting material" or to be "filed" with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that Halliburton specifically incorporates it by reference into such filing. December 31,202020212022202320242025Halliburton$100.00$121.99$212.88$199.13$152.98$163.76Philadelphia Oil Service Index (OSX)100.00120.74194.98198.71175.53181.72Standard & Poor's 500 ® Index100.00128.71105.40133.10166.40196.16 Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of ContentsItem 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Table of Contents Table of Contents Table of Contents Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities PART II.Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Halliburton Company's common stock is dually traded on the New York Stock Exchange and New York Stock Exchange Texas under the symbol "HAL." Information related to dividend payments is included in Item 8. Financial Statements and Supplementary Data. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will depend on, among other things, future earnings, general financial condition and liquidity, success in business activities, capital requirements, and general business conditions.The following graph and table compare total shareholder return on our common stock for the five-year period ended December 31, 2025, with the Philadelphia Oil Service Index (OSX) and the Standard & Poor's 500 ® Index over the same period. This comparison assumes the investment of $100 on December 31, 2020 and the reinvestment of all dividends. The shareholder return set forth is not necessarily indicative of future performance. The following graph and related information shall not be deemed "soliciting material" or to be "filed" with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that Halliburton specifically incorporates it by reference into such filing. December 31,202020212022202320242025Halliburton$100.00$121.99$212.88$199.13$152.98$163.76Philadelphia Oil Service Index (OSX)100.00120.74194.98198.71175.53181.72Standard & Poor's 500 ® Index100.00128.71105.40133.10166.40196.16 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

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## Modified: financial condition.

**Key changes:**

- Added sentence: "HAL 2025 FORM 10-K | 15Table of ContentsItem 1(a) | Risk FactorsWe closely follow developments in this area, including changes in the regulatory landscape in the United States at both the federal and state levels and in the international markets in which we operate."
- Added sentence: "We cannot predict, however, how or when such changes may take effect or ultimately impact our business."
- Added sentence: "In the United States, presidents have certain powers to issue executive orders that can have the effect of the enactment of new laws."
- Added sentence: "For example, in January 2025, President Trump allowed for future leasing by the federal government and therefore, oil and gas exploration, of the lands underlying federal waters offshore the U.S."
- Added sentence: "East Coast, the eastern Gulf of America, the Pacific Ocean off the coasts of Washington, Oregon, and California, and additional portions of the Northern Bering Sea in Alaska."

**Prior (2025):**

Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases. We closely follow developments in this area, including changes in the regulatory landscape in the United States at both the federal and state levels and in the international markets in which we operate. We cannot predict, however, how or when such changes may be effected or ultimately impact our business. For example, in the United States, presidents have certain powers to issue executive orders that can have the effect of the enactment of new laws. In January 2025, President Biden issued a Memorandum of Withdrawal that could have had the effect of preventing future leasing by the federal government (and therefore oil and gas exploration) of the lands underlying federal waters offshore the U.S. East Coast, the eastern Gulf of Mexico, the Pacific Ocean off the coasts of Washington, Oregon, and California, and additional portions of the Northern Bering Sea in Alaska. Also in January 2025, President Trump in turn overturned President Biden's Memorandum of Withdrawal and issued a series of executive orders that signal a shift in the United States' energy and climate change policies. Future administrations may, however, pursue executive orders similar to, or more restrictive than, those put in place by predecessor administrations. Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business. The efforts we have taken, and may undertake in the future, to respond to these evolving or new regulations and to environmental initiatives of customers, investors, and others may increase our costs. These and other environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

**Current (2026):**

Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. HAL 2025 FORM 10-K | 14Table of ContentsItem 1(a) | Risk FactorsLiability for cleanup costs, natural resource damages and other damages arising as a result of environmental laws and regulations could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Failure on our part to comply with, and the costs of compliance with, applicable health, safety, and environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to a variety of laws and regulations in the United States and other countries relating to environmental protection and health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning:-the containment and disposal of hazardous substances, oilfield waste, and other waste materials;-the production, storage, transportation, and use of chemicals;-the production, storage, transportation and use of explosive materials;-the importation and use of radioactive materials;-the use of underground storage tanks;-the use of underground injection wells; and-the protection of worker safety both onshore and offshore.These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in:-administrative, civil, and criminal penalties;-revocation of permits to conduct business; and-corrective action orders, including orders to investigate and/or clean up contamination.Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Existing or future laws, regulations, treaties, or international agreements related to greenhouse gases, climate change, or alternative energy sources could have a negative impact on our business and may result in additional compliance obligations that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors Liability for cleanup costs, natural resource damages and other damages arising as a result of environmental laws and regulations could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Failure on our part to comply with, and the costs of compliance with, applicable health, safety, and environmental requirements could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.We are subject to a variety of laws and regulations in the United States and other countries relating to environmental protection and health and safety. Among those laws and regulations are those covering hazardous materials and requiring emission performance standards for facilities. For example, our well service operations routinely involve the handling of significant amounts of waste materials, some of which are classified as hazardous substances. We also store, transport, and use radioactive and explosive materials in certain of our operations. Applicable regulatory requirements include those concerning:-the containment and disposal of hazardous substances, oilfield waste, and other waste materials;-the production, storage, transportation, and use of chemicals;-the production, storage, transportation and use of explosive materials;-the importation and use of radioactive materials;-the use of underground storage tanks;-the use of underground injection wells; and-the protection of worker safety both onshore and offshore.These and other requirements generally are becoming increasingly strict. The failure to comply with the requirements, many of which may be applied retroactively, may result in:-administrative, civil, and criminal penalties;-revocation of permits to conduct business; and-corrective action orders, including orders to investigate and/or clean up contamination.Failure on our part to comply with applicable health, safety, and environmental laws and regulations or costs arising from regulatory compliance, including compliance with changes in or expansion of applicable regulatory requirements, could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Existing or future laws, regulations, treaties, or international agreements related to greenhouse gases, climate change, or alternative energy sources could have a negative impact on our business and may result in additional compliance obligations that could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Changes in or the adoption or enactment of laws, regulations, treaties or international agreements related to greenhouse gases, climate change, or alternative energy sources, including changes that may make it more expensive to explore for and produce oil and natural gas, may negatively impact demand for our services and products. International, national, state, and local governments and agencies in areas in which we conduct business continue to evaluate, and in some instances adopt, climate-related legislation and other regulatory initiatives that would restrict emissions of greenhouse gases.

---

## Modified: consolidated financial condition.

**Key changes:**

- Reworded sentence: "We are subject to taxes in the United States and numerous jurisdictions where we operate and our subsidiaries are organized."
- Added sentence: "The increased use of artificial intelligence by threat actors has heightened risks, as AI-driven cyberattacks can automate the discovery of vulnerabilities, generate highly convincing phishing attempts, and evade traditional detection methods."
- Reworded sentence: "The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our workforce."

**Prior (2025):**

We are increasingly dependent on digital technologies and services to conduct our business. We use these technologies for internal and operational purposes, including data storage, processing, and transmissions, as well as in our interactions with customers and suppliers. Examples of these digital technologies include analytics, automation, and cloud services. Our digital technologies and services, and those of our customers and suppliers, are subject to the risk of cybersecurity incidents and, given the nature of such incidents, some can remain undetected for a period of time despite efforts to detect and respond to them in a timely manner. We routinely monitor our systems for cybersecurity threats and have processes in place aimed at detecting and remediating vulnerabilities and incidents. Nevertheless, we have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we previously disclosed in Form 8-Ks we filed with the SEC on August 23, 2024 and September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our work force. Related to this incident, we face risks of unknown impacts or new events, regulatory actions, or potential litigation, which could affect our business, reputation, consolidated results of operations, or consolidated financial condition. Even if we successfully defend our own digital technologies and services, we also rely on our customers and suppliers, with whom we may share data and services, to protect their digital technologies and services from cybersecurity incidents. If our systems, or our customers' or suppliers' systems, for protecting against cybersecurity incidents prove not to be sufficient, we could be adversely affected by, among other things: loss of or damage to intellectual property, proprietary or confidential information, or customer, supplier, or employee data; interruption of our business operations; diversion of management or work force attention; and increased costs required to prevent, respond to, or mitigate cybersecurity incidents. These risks could harm our reputation and our relationships with our customers, employees, suppliers and other third parties, and may result in claims against us. In addition, laws and regulations governing cybersecurity resiliency, governance, and incidents; data privacy; and the unauthorized disclosure of confidential or protected information pose increasingly complex compliance challenges, and failure to comply with these laws could result in penalties and legal liability. These risks could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

**Current (2026):**

Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition. In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. For example, the imposition of such sanctions by the United States, European Union or others in countries such as Venezuela, Russia, and elsewhere have impacted our business. Changes in U.S. foreign trade policies, including as a result of the presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. In April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. The United States Supreme Court has agreed to review lower court decisions regarding certain tariffs imposed by the Trump Administration and the Court has stayed the effect of decisions including the August 2025 decision of the U.S. Court of Appeals for the Federal Circuit finding that certain tariffs exceeded presidential authority and are therefore invalid. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity. HAL 2025 FORM 10-K | 13Table of ContentsItem 1(a) | Risk FactorsThe laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges. Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

---

## Modified: consolidated financial condition.

**Key changes:**

- Reworded sentence: "Our operations outside the United States require us to comply with a number of United States and international regulations."
- Reworded sentence: "Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity."
- Added sentence: "Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing."
- Added sentence: "These laws and regulations can cause delays in shipments and unscheduled operational downtime."
- Added sentence: "Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations."

**Prior (2025):**

Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations (such as limits on operations in the event of certain levels of seismic activity). Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements (such as prohibitions on hydraulic fracturing operations in certain areas) that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

**Current (2026):**

Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition. In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. For example, the imposition of such sanctions by the United States, European Union or others in countries such as Venezuela, Russia, and elsewhere have impacted our business. Changes in U.S. foreign trade policies, including as a result of the presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. In April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. The United States Supreme Court has agreed to review lower court decisions regarding certain tariffs imposed by the Trump Administration and the Court has stayed the effect of decisions including the August 2025 decision of the U.S. Court of Appeals for the Federal Circuit finding that certain tariffs exceeded presidential authority and are therefore invalid. This ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity. HAL 2025 FORM 10-K | 13Table of ContentsItem 1(a) | Risk FactorsThe laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations, such as limits on operations in the event of certain levels of seismic activity. Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements, such as prohibitions on hydraulic fracturing operations in certain areas, that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges. Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

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## Modified: operations.

**Key changes:**

- Reworded sentence: "Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of America, and the North Sea."
- Reworded sentence: "Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges or tariffs can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource."
- Reworded sentence: "In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business could have a material adverse effect on our business and consolidated results of operations if we are unable to pass these increases through to our customers."

**Prior (2025):**

Our business depends on the supply and availability of raw and essential materials. Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource. Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems. These constraints on raw materials and electric power could have a material adverse effect on our business and consolidated results of operations. In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business could have a material adverse effect on our business and consolidated results of operations if we are unable pass these increases through to our customers. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents

**Current (2026):**

Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of America, and the North Sea. Many experts believe global climate change could increase the frequency and severity of extreme weather conditions, including coastal storm surges, inland flooding from intense rainfall, hurricane-strength winds, and extreme temperature. Repercussions of severe or unseasonable weather conditions may include: -evacuation of personnel and inoperability of equipment resulting in curtailment of services; - evacuation of personnel and inoperability of equipment resulting in curtailment of services; -damage to offshore drilling rigs resulting in suspension of operations; - damage to offshore drilling rigs resulting in suspension of operations; -damage to our facilities and project work sites; - damage to our facilities and project work sites; -inability to deliver materials to job sites in accordance with contract schedules; - inability to deliver materials to job sites in accordance with contract schedules; -fluctuations in demand for oil and natural gas, including possible decreases during unseasonably warm winters; - fluctuations in demand for oil and natural gas, including possible decreases during unseasonably warm winters; -loss of productivity; and - loss of productivity; and -disruption or suspension of our customers' operations, thereby reducing demand for our services and products. - disruption or suspension of our customers' operations, thereby reducing demand for our services and products. HAL 2025 FORM 10-K | 11Table of ContentsItem 1(a) | Risk FactorsOur failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect our competitive position.We rely on a variety of intellectual property rights that we use in our services and products. These rights have been, and we expect that they will continue to be, subject to legal challenges from time to time. We may not be able to successfully preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged. Further, our application for certain intellectual property rights may not be granted entirely, as to key features, or at all. In addition, the laws of some foreign countries in which our services and products may be sold do not protect intellectual property rights to the same extent as the laws of the United States. Courts could find that others infringe our patent or other intellectual property rights or that our products and services may infringe the intellectual property rights of others. Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect us. If we are not able to design, develop and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns, and technology trends, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced.The market for our services and products is characterized by continual technological developments to provide better and more reliable performance and services. If we are not able to design, develop, and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns, and technology trends, including artificial intelligence and machine learning, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced. Likewise, if our proprietary technologies, equipment, facilities, or work processes become obsolete, we may no longer be competitive, and our business and consolidated results of operations could be materially and adversely affected.We sometimes provide integrated project management services in the form of long-term, fixed price contracts that may require us to assume additional risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing and performance, and potential claims for liquidated damages.We sometimes provide integrated project management services outside our normal discrete business in the form of long-term, fixed price contracts. Some of these contracts are required by our customers, primarily national oil companies. These services include acting as project managers as well as service providers and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate or limited information, which may result in cost over-runs, delays, and project losses. In addition, our customers often operate in countries with unsettled political conditions, war, civil unrest, or other types of community issues. These issues may also result in cost over-runs, delays, and project losses.Providing services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We rely on third-party subcontractors and equipment providers to help us complete these contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.Constraints in the supply of, prices for, and availability of transportation of raw materials and electric power could have a material adverse effect on our business and consolidated results of operations.Our business depends on the supply and availability of raw and essential materials. Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges or tariffs can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource. Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems. These constraints on raw materials and electric power could have a material adverse effect on our business and consolidated results of operations. In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business could have a material adverse effect on our business and consolidated results of operations if we are unable to pass these increases through to our customers. Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of ContentsItem 1(a) | Risk Factors Table of Contents Table of Contents Table of Contents Item 1(a) | Risk Factors Item 1(a) | Risk Factors Item 1(a) | Risk Factors Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect our competitive position.We rely on a variety of intellectual property rights that we use in our services and products. These rights have been, and we expect that they will continue to be, subject to legal challenges from time to time. We may not be able to successfully preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged. Further, our application for certain intellectual property rights may not be granted entirely, as to key features, or at all. In addition, the laws of some foreign countries in which our services and products may be sold do not protect intellectual property rights to the same extent as the laws of the United States. Courts could find that others infringe our patent or other intellectual property rights or that our products and services may infringe the intellectual property rights of others. Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect us. If we are not able to design, develop and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns, and technology trends, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced.The market for our services and products is characterized by continual technological developments to provide better and more reliable performance and services. If we are not able to design, develop, and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns, and technology trends, including artificial intelligence and machine learning, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced. Likewise, if our proprietary technologies, equipment, facilities, or work processes become obsolete, we may no longer be competitive, and our business and consolidated results of operations could be materially and adversely affected.We sometimes provide integrated project management services in the form of long-term, fixed price contracts that may require us to assume additional risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing and performance, and potential claims for liquidated damages.We sometimes provide integrated project management services outside our normal discrete business in the form of long-term, fixed price contracts. Some of these contracts are required by our customers, primarily national oil companies. These services include acting as project managers as well as service providers and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate or limited information, which may result in cost over-runs, delays, and project losses. In addition, our customers often operate in countries with unsettled political conditions, war, civil unrest, or other types of community issues. These issues may also result in cost over-runs, delays, and project losses.Providing services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We rely on third-party subcontractors and equipment providers to help us complete these contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.Constraints in the supply of, prices for, and availability of transportation of raw materials and electric power could have a material adverse effect on our business and consolidated results of operations.Our business depends on the supply and availability of raw and essential materials. Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges or tariffs can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource. Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems. These constraints on raw materials and electric power could have a material adverse effect on our business and consolidated results of operations. In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business could have a material adverse effect on our business and consolidated results of operations if we are unable to pass these increases through to our customers.

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## Modified: operations, and consolidated financial condition.

**Key changes:**

- Reworded sentence: "While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers or the consolidation of such customers could have a material adverse effect on our business and our consolidated results of operations."

**Prior (2025):**

We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers could have a material adverse effect on our business and our consolidated results of operations. In most cases, we bill our customers for our services in arrears and are, therefore, subject to our customers delaying or failing to pay our invoices. We may experience increased delays and failures due to, among other reasons, a reduction in our customers' cash flow from operations and their access to the credit markets, particularly in weak economic or commodity price environments. If our customers delay paying or fail to pay us a significant amount of our outstanding receivables, it could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.

**Current (2026):**

We are subject to numerous environmental laws and regulations in the United States and the other countries where we do business. We evaluate and address the environmental impact of our operations by assessing and remediating contaminated properties to avoid future liabilities and comply with legal and regulatory requirements. From time to time, claims have been made against us under environmental laws and regulations. In the United States, environmental laws and regulations typically impose strict liability. Strict liability means that in some situations we could be exposed to liability for cleanup costs, natural resource damages, and other damages as a result of our conduct that was lawful at the time it occurred or the conduct of prior operators or other third parties. We are periodically notified of potential liabilities at federal and state cleanup sites. These potential liabilities may arise from both historical Halliburton operations and the historical operations of companies that we have acquired. Our exposure at these sites may be materially impacted by unforeseen adverse developments both with respect to the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The relevant regulatory agency may bring suit against us for amounts in excess of what we have accrued and what we believe is our proportionate share of remediation costs at any cleanup site. We also could be subject to third-party claims, including punitive damages, with respect to environmental matters for which we have been named as a potentially responsible party. Liability for damages arising as a result of environmental laws or related third-party claims could be substantial and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

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## Modified: Nonoperating Items

**Key changes:**

- Reworded sentence: "Argentina Impairment on Investment."
- Reworded sentence: "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."

**Prior (2025):**

We are subject to taxes in the U.S. and numerous jurisdictions where we operate and our subsidiaries are organized. Due to economic and political conditions, tax rates in the U.S. and other jurisdictions may be subject to significant change. Our tax returns are subject to examination by the U.S. Internal Revenue Service (IRS) and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes. Our U.S. federal income tax filings for tax years 2016 through 2023 are currently under review or remain open for review by the IRS. As of December 31, 2024, the primary unresolved issue for the IRS audit for 2016 relates to the classification of the $3.5 billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 for which we received a Notice of Proposed Adjustment (NOPA) from the IRS on September 28, 2023. In 2023, we initiated the IRS administrative appeals process, which is ongoing. There can be no assurance as to the outcome of the NOPA or other tax examinations and audits. Adverse outcomes resulting from examinations of our tax returns, including the NOPA, an increase in tax rates in a jurisdiction where we generate substantial income, particularly in the U.S., or changes in our ability to realize our deferred tax assets could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.

**Current (2026):**

Argentina Impairment on Investment. In years 2022, 2023 and 2024, we executed a series of loans to a third party and received notes that are to be repaid in U.S. dollars upon maturity or earlier if certain conditions are met. During the year ended December 31, 2025 and 2024, we recorded a loss of $23 million and $38 million, respectively, resulting from the deterioration in the outlook of the debtor's liquidity and financial projections. This is included in "Other, net" on the Consolidated Statements of Operations. Argentina Blue Chip Swap. The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. The execution of certain trades known as Blue Chip Swaps effectively results in a parallel U.S. dollar exchange rate. For the years ended December 31, 2025, 2024, and 2023, we entered into Blue Chip Swap transactions, which resulted in a pre-tax loss on investment for $9 million, $8 million, and $110 million, respectively. Egypt Currency Impact. In the first quarter of 2024, the Egyptian pound devalued by approximately 35% relative to the U.S. dollar. Consequently, we incurred a loss of $34 million during the year ended December 31, 2024, due to the devaluation of the currency in Egypt. This is included in "Other, net" on the Consolidated Statements of Operations. Income Tax Provision. During the year ended December 31, 2025, we recorded a total income tax provision of $479 million on a pre-tax income of $1.8 billion, resulting in an effective tax rate of 27.0%. The effective tax rate for 2025 was primarily impacted by the pre-tax $831 million of impairments and other charges, the $23 million impairment of an investment in Argentina, the additional valuation allowance recognized in the amount of $125 million on our deferred tax assets which resulted from the impact on the realizability of our FTC carryforward due to the "One Big Beautiful Bill Act," and partially offset by an $86 million discrete tax benefit from the Foreign-Derived Intangible Income (FDII) deduction attributable to a royalty prepayment. During the year ended December 31, 2024, we recorded a total income tax provision of $718 million on pre-tax income of $3.2 billion, resulting in an effective tax rate of 22.2%. The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets. We recorded a tax benefit of $41 million during the year ended December 31, 2024, due to a partial release of a valuation allowance on our deferred tax assets based on market conditions. HAL 2025 FORM 10-K | 31Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Pillar Two. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation considering these model rules. These rules did not have a material impact on our taxes for the year ended December 31, 2025 and 2024.Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2014. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through 2024, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the IRS.On September 28, 2023, we received a Notice of Proposed Adjustment (NOPA) from the IRS covering our 2016 U.S. tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the acquisition does not go forward. The IRS's long-understood position at the time of the payment had been to treat such payments as an ordinary and necessary business expense. We strongly disagree with the proposed adjustment on both a factual and legal basis, and we plan to vigorously contest it.We expect that resolving this dispute will take substantial time. In 2023, we initiated the IRS administrative appeals process, which is ongoing. Failing a resolution through that process, the matter would ultimately be resolved by the United States federal courts.We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We cannot assure you that the matter will be determined in our favor or against us, and if the matter is ultimately determined unfavorably to us, it could have a material adverse impact on our results of operations and cash flows. Based on tax attributes currently available, we estimate that, should the IRS's position prevail through the appellate process and subsequent litigation, the proposed adjustment could result in cash taxes due of approximately $640 million (plus interest thereon in the case of amounts due for previous tax years). Our estimates are calculated under current tax law and on the bases of our assumptions regarding taxable income and loss and other tax attributes over the relevant period, which law could change and which assumptions could and likely will differ materially from actual results. In any event, no payment of any additional tax is currently required, nor do we anticipate that the proposed adjustment would materially and adversely impact our ability to meet our expected uses of cash, including future capital expenditures, working capital investments, and scheduled debt repayments, or our ability to return cash to shareholders, even if a final determination of the matter is reached that is adverse to us. Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of ContentsItem 7 | Results of Operations in 2025 Compared to 2024 Table of Contents Table of Contents Table of Contents Item 7 | Results of Operations in 2025 Compared to 2024 Item 7 | Results of Operations in 2025 Compared to 2024 Item 7 | Results of Operations in 2025 Compared to 2024 Pillar Two. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation considering these model rules. These rules did not have a material impact on our taxes for the year ended December 31, 2025 and 2024.Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2014. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through 2024, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the IRS.On September 28, 2023, we received a Notice of Proposed Adjustment (NOPA) from the IRS covering our 2016 U.S. tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the acquisition does not go forward. The IRS's long-understood position at the time of the payment had been to treat such payments as an ordinary and necessary business expense. We strongly disagree with the proposed adjustment on both a factual and legal basis, and we plan to vigorously contest it.We expect that resolving this dispute will take substantial time. In 2023, we initiated the IRS administrative appeals process, which is ongoing. Failing a resolution through that process, the matter would ultimately be resolved by the United States federal courts.We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We cannot assure you that the matter will be determined in our favor or against us, and if the matter is ultimately determined unfavorably to us, it could have a material adverse impact on our results of operations and cash flows. Based on tax attributes currently available, we estimate that, should the IRS's position prevail through the appellate process and subsequent litigation, the proposed adjustment could result in cash taxes due of approximately $640 million (plus interest thereon in the case of amounts due for previous tax years). Our estimates are calculated under current tax law and on the bases of our assumptions regarding taxable income and loss and other tax attributes over the relevant period, which law could change and which assumptions could and likely will differ materially from actual results. In any event, no payment of any additional tax is currently required, nor do we anticipate that the proposed adjustment would materially and adversely impact our ability to meet our expected uses of cash, including future capital expenditures, working capital investments, and scheduled debt repayments, or our ability to return cash to shareholders, even if a final determination of the matter is reached that is adverse to us. Pillar Two. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation considering these model rules. These rules did not have a material impact on our taxes for the year ended December 31, 2025 and 2024. Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2014. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through 2024, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the IRS. On September 28, 2023, we received a Notice of Proposed Adjustment (NOPA) from the IRS covering our 2016 U.S. tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the acquisition does not go forward. The IRS's long-understood position at the time of the payment had been to treat such payments as an ordinary and necessary business expense. We strongly disagree with the proposed adjustment on both a factual and legal basis, and we plan to vigorously contest it. We expect that resolving this dispute will take substantial time. In 2023, we initiated the IRS administrative appeals process, which is ongoing. Failing a resolution through that process, the matter would ultimately be resolved by the United States federal courts. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We cannot assure you that the matter will be determined in our favor or against us, and if the matter is ultimately determined unfavorably to us, it could have a material adverse impact on our results of operations and cash flows. Based on tax attributes currently available, we estimate that, should the IRS's position prevail through the appellate process and subsequent litigation, the proposed adjustment could result in cash taxes due of approximately $640 million (plus interest thereon in the case of amounts due for previous tax $640 million years). Our estimates are calculated under current tax law and on the bases of our assumptions regarding taxable income and loss and other tax attributes over the relevant period, which law could change and which assumptions could and likely will differ materially from actual results. In any event, no payment of any additional tax is currently required, nor do we anticipate that the proposed adjustment would materially and adversely impact our ability to meet our expected uses of cash, including future capital expenditures, working capital investments, and scheduled debt repayments, or our ability to return cash to shareholders, even if a final determination of the matter is reached that is adverse to us. HAL 2025 FORM 10-K | 32Table of ContentsItem 7 | Results of Operations in 2024 Compared to 2023RESULTS OF OPERATIONS IN 2024 COMPARED TO 2023Information related to the comparison of our operating results between the years 2024 and 2023 is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC and is incorporated by reference into this annual report on Form 10-K. Table of ContentsItem 7 | Results of Operations in 2024 Compared to 2023 Table of ContentsItem 7 | Results of Operations in 2024 Compared to 2023 Table of ContentsItem 7 | Results of Operations in 2024 Compared to 2023 Table of ContentsItem 7 | Results of Operations in 2024 Compared to 2023 Table of ContentsItem 7 | Results of Operations in 2024 Compared to 2023 Table of Contents Table of Contents Table of Contents Item 7 | Results of Operations in 2024 Compared to 2023 Item 7 | Results of Operations in 2024 Compared to 2023 Item 7 | Results of Operations in 2024 Compared to 2023 RESULTS OF OPERATIONS IN 2024 COMPARED TO 2023Information related to the comparison of our operating results between the years 2024 and 2023 is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC and is incorporated by reference into this annual report on Form 10-K.

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*Data sourced from SEC EDGAR. Last updated 2026-06-01.*