What changed in Halliburton's 10-K — 2024 vs 2025

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.

For further discussion on our business strategies, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Business Environment and Results of Operations - Business Outlook. Operating segments 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.

Completion and Production delivers cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift, completion products and services .

The segment consists of the following product service lines: - Artificial Lift: provides services to maximize reservoir and wellbore recovery by applying lifting technology, intelligent field management solutions, and related services throughout the life of the well, including electrical submersible pumps. - Cementing: involves bonding the well and well casing while isolating fluid zones and maximizing wellbore stability.

Our cementing product service line also provides casing equipment.

HAL 2025 FORM 10-K | 2 Table of Contents Item 1 | Business - Completion Tools: provides downhole solutions and services to our customers to complete their wells, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, multilateral systems, and service tools. - Multi-Chem: provides customized specialty chemicals and services for completion, production, midstream, and downstream to optimize flow assurance and integrity.

We have made a strategic decision to market for sale a portion of our chemical business .

We expect the sale to be completed in the first half of 2026 . - Pipeline & Process Services: provides a complete range of pre-commissioning, commissioning, maintenance, and decommissioning services to the onshore and offshore pipeline and process plant construction commissioning and maintenance industries. - Production Enhancement: includes stimulation services and sand control services.

Stimulation services optimize reservoir production through a variety of pressure pumping services and chemical processes, commonly known as hydraulic fracturing and acidizing.

Sand control services include fluids and chemicals for the prevention of sand production of unconsolidated reservoirs. - Production Solutions: provides customized well intervention solutions to increase well performance, which includes coiled tubing, hydraulic workover units, downhole tools, pumping services, and nitrogen services.

Drilling and Evaluation provides field and reservoir modeling, drilling, fluids, evaluation and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities.

The segment consists of the following product service lines: - Baroid: provides drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services for drilling wells, completion, and workover operations. - Drill Bits and Services: provides roller cone bits, fixed cutter bits, hole enlargement and related downhole tools and services used in drilling wells.

In addition, coring equipment and services are provided to extract formation cores for rock properties evaluation. - Halliburton Project Management: provides integrated solutions by leveraging the full line of our well construction, well completion, and well intervention services to solve customer challenges throughout the entire well lifecycle, including project management and integrated asset management. - Landmark Software and Services: provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management. - Sperry Drilling: provides drilling systems and services that offer directional control for precise wellbore placement while providing important measurements about the characteristics of the drill string and geological formations while drilling wells.

These services include directional and horizontal drilling, measurement-while-drilling, logging-while- drilling, surface data logging, and rig site information systems. - Testing and Subsea: provides acquisition and analysis of dynamic reservoir information and reservoir optimization solutions through a broad portfolio of well testing tools, data acquisition services, fluid sampling, surface well testing, subsea safety systems via modular and scalable systems that simplify complex subsea operations and a range of managed pressure drilling solutions like underbalanced drilling, rotating control devices and continuous circulating systems. - Wireline and Perforating: provides open-hole logging services that supply information on formation evaluation and reservoir fluid analysis, including formation lithology, rock properties, and reservoir fluid properties.

Also offered are cased-hole and slickline services, including perforating, pipe recovery services, through-casing formation evaluation and reservoir monitoring, casing and cement integrity measurements, and well intervention services.

HAL 2025 FORM 10-K | 3 Table of Contents Item 1 | Business The following charts depict our revenue split between our two operating segments for the years ended December 31, 2025 and 2024 . 2025 Revenue By S egment 2024 Revenue By Segment See Notes to Consolidated Financial Statements, Note 3 for further financial information related to each of our business segments.

Markets and competition We are one of the world’s largest diversified energy services companies. Our services and products are sold in highly competitive markets throughout the world.

Competitive factors impacting sales of our services and products include: price; service delivery; health, safety, and environmental (HSE) standards and practices; service quality; global talent retention; understanding the geological characteristics of the reservoir; product quality; and technical proficiency. We conduct business worldwide in more than 70 countries.

The business operations of our divisions are organized around four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. In 2025 , 2024 , and 2023 , based on the location of services provided and products sold 39% , 40% , and 44% , respectively, of our consolidated revenue was from the United States (U.S.).

No other country accounted for more than 10% of our consolidated revenue during these periods. See

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.

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 .