Business Description

1 Item 1(a). Risk Factors 9 Item 1(b). Unresolved Staff Comments 19 Item 1(c). Cybersecurity 19 Item 2. Properties 20 Item 3. Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. ( Reserved ) 22 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Executive Overview 23 Liquidity and Capital Resources 25 Business Environment and Results of Operations 27 Results of Operations in 2025 Compared to 2024 29 Results of Operations in 2024 Compared to 2023 32 Critical Accounting Estimates 33 Financial Instrument Market Risk 36 Environmental Matters 37 Forward-Looking Information 37 New Accounting Standards Not Yet Adopted 37 Item 7(a). Quantitative and Qualitative Disclosures About Market Risk 38 Item 8. Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9(a). Controls and Procedures 75 Item 9(b). Other Information 75 Item 9(c). Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III Item 10. Directors, Executive Officers, and Corporate Governance 76 Item 11. Executive Compensation 76 Item 12(a). Security Ownership of Certain Beneficial Owners 76 Item 12(b). Security Ownership of Management 76 Item 12(c). Changes in Control 76 Item 12(d). Securities Authorized for Issuance Under Equity Compensation Plans 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accounting Fees and Services 77 PART IV Item 15. Exhibits and Financial Statement Schedules 77 Item 16. Form 10-K Summary 83 SIGNATURES 84 HAL 2025 FORM 10-K | 1 Table of Contents Item 1 | Business PART I Item 1. Business. Description of business and strategy Halliburton Company (Halliburton) is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. Inspired by the past and leading into the future, what started with a single product from a single location is now a global enterprise. Our value proposition is to collaborate and engineer solutions to maximize asset value for our customers. We strive to achieve strong cash flows and returns for our shareholders by delivering technology and services that improve efficiency, increase recovery, and maximize production for our customers. Halliburton has fostered a culture of unparalleled service to the world's major, national, and independent oil and natural gas producers. With over 46,000 employees, representing 146 nationalities in more than 70 countries, we help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. 2025 Highlights - Financial : Our total revenue decreased 3% in 2025 as compared to 2024 . Our International revenue decreased 2% and our North America revenue decreased 6% in 2025 compared to 2024 . Overall, our Completion and Production and Drilling and Evaluation operating segments finished the year with 17% and 15% operating margins, respectively. We generated $2.9 billion of cash flows from operations and retired $ 382 million of our 3.8% notes due November 2025. - Capital efficiency : We developed technologies and made strategic choices that kept our capital expenditures at approximately 6% of revenue, which matched our target. - Shareholder returns : We returned $1.6 billion of capital to shareholders through dividends and share repurchases, which is consistent with our capital returns framework. - Sustainability: We continued progress toward a sustainable energy future by maintaining Halliburton Labs’ 38 participant and alumni organizations , and achieving the milestone of 50% of our North American fracturing fleet transitioned to Zeus electric pumps. 2026 Focus - International : Consistently increase international growth in directional drilling, unconventionals, well intervention, and artificial lift businesses.…