Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2024


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

For the transition period from _______to_______

Commission File Number 001-03492

HALLIBURTON COMPANY

(Exact name of registrant as specified in its charter)


Delaware			75-2677995
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


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

(281) 871-2699

(Registrant's telephone number, including area code)

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


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $2.50 per share	HAL	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

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

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

☐ Yes ☒ No

As of July 22, 2024, there were 882,828,515 shares of Halliburton Company common stock, $2.50 par value per share, outstanding.

HALLIBURTON COMPANY

Index


		Page No.
PART I.	FINANCIAL INFORMATION	1

Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Operations	1
	Condensed Consolidated Statements of Comprehensive Income	2
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Cash Flows	4
	Notes to Condensed Consolidated Financial Statements	5
	Note 1. Basis of Presentation	5

	Note 2. Business Segment Information	5
	Note 3. Revenue	6
	Note 4. Inventories	8
	Note 5. Accounts Payable	8
	Note 6. Income Taxes	8
	Note 7. Shareholders' Equity	9
	Note 8. Commitments and Contingencies	10
	Note 9. Income per Share	11
	Note 10. Fair Value of Financial Instruments	11


	Note 11. Subsequent Event	11

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	12
	Executive Overview	12
	Liquidity and Capital Resources	15
	Business Environment and Results of Operations	17
	Results of Operations in 2024 Compared to 2023 (QTD)	19
	Results of Operations in 202 4 Compared to 202 3 (YTD)	22
	Forward-Looking Information	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24

PART II.	OTHER INFORMATION	25

Item 1.	Legal Proceedings	25
Item 1(a).	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	27
Item 6.	Exhibits	28

SIGNATURES		29


Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Unaudited)


		Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars and shares except per share data		2024		2023		2024		2023
Revenue:
Services		$	4,215	$	4,181	$	8,361	$	8,347
Product sales		1,618		1,617		3,276		3,128
Total revenue		5,833		5,798		11,637		11,475
Operating costs and expenses:
Cost of services		3,417		3,404		6,845		6,803
Cost of sales		1,293		1,316		2,587		2,563
General and administrative		62		54		123		108

SAP S4 upgrade expense		29		13		63		13
Total operating costs and expenses		4,801		4,787		9,618		9,487
Operating income		1,032		1,011		2,019		1,988
Interest expense, net of interest income of $22, $18, $44, and $35		(92)		(102)		(184)		(203)
Loss on Blue Chip Swap transactions		—		(104)		—		(104)


Other, net		(20)		(22)		(128)		(69)
Income before income taxes		920		783		1,707		1,612
Income tax provision		(207)		(167)		(385)		(341)


Net income		$	713	$	616	$	1,322	$	1,271
Net income attributable to noncontrolling interest		(4)		(6)		(7)		(10)
Net income attributable to company		$	709	$	610	$	1,315	$	1,261













Basic net income per share		$	0.80	$	0.68	$	1.48	$	1.40
Diluted net income per share		$	0.80	$	0.68	$	1.48	$	1.39
Basic weighted average common shares outstanding		884		901		886		902
Diluted weighted average common shares outstanding		886		903		888		905
	See notes to condensed consolidated financial statements.

HAL Q2 2024 FORM 10-Q | 1


Table of Contents

HALLIBURTON COMPANY

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


		Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars		2024		2023		2024		2023
Net income		$	713	$	616	$	1,322	$	1,271




Other comprehensive income, net of income taxes		—		1		—		2
Comprehensive income		$	713	$	617	$	1,322	$	1,273
Comprehensive income attributable to noncontrolling interest		(4)		(6)		(8)		(10)
Comprehensive income attributable to company shareholders		$	709	$	611	$	1,314	$	1,263
	See notes to condensed consolidated financial statements.

HAL Q2 2024 FORM 10-Q | 2


Table of Contents

HALLIBURTON COMPANY

Condensed Consolidated Balance Sheets

(Unaudited)


Millions of dollars and shares except per share data		June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and equivalents		$	2,138	$	2,264
Receivables (net of allowances for credit losses of $752 and $742)		5,327		4,860
Inventories		3,282		3,226


Other current assets		1,131		1,193
Total current assets		11,878		11,543
Property, plant, and equipment (net of accumulated depreciation of $12,371 and $12,064)		5,073		4,900
Goodwill		2,858		2,850
Deferred income taxes		2,420		2,505
Operating lease right-of-use assets		1,026		1,088
Other assets		1,897		1,797
Total assets		$	25,152	$	24,683
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$	3,295	$	3,147
Accrued employee compensation and benefits		619		689
Income tax payable		402		390
Taxes other than income		294		370
Current portion of operating lease liabilities		258		262

Other current liabilities		708		750
Total current liabilities		5,576		5,608
Long-term debt		7,638		7,636
Operating lease liabilities		832		911
Employee compensation and benefits		375		408
Other liabilities		685		687
Total liabilities		15,106		15,250
Shareholders’ equity:
Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,065 and 1,065 shares)		2,663		2,663
Paid-in capital in excess of par value		—		63
Accumulated other comprehensive loss		(332)		(331)
Retained earnings		13,450		12,536
Treasury stock, at cost (182 and 176 shares)		(5,781)		(5,540)
Company shareholders’ equity		10,000		9,391
Noncontrolling interest in consolidated subsidiaries		46		42
Total shareholders’ equity		10,046		9,433
Total liabilities and shareholders’ equity		$	25,152	$	24,683
	See notes to condensed consolidated financial statements.

HAL Q2 2024 FORM 10-Q | 3


Table of Contents

HALLIBURTON COMPANY

Condensed Consolidated Statements of Cash Flows

(Unaudited)


		Six Months Ended June 30,
Millions of dollars		2024		2023
Cash flows from operating activities:
Net income		$	1,322	$	1,271
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation, depletion, and amortization		534		486


Changes in assets and liabilities:
Receivables		(496)		(337)

Inventories		(45)		(318)
Accounts payable		176		66
Other operating activities		77		6
Total cash flows provided by operating activities		1,568		1,174
Cash flows from investing activities:
Capital expenditures		(677)		(571)

Purchases of investment securities		(282)		(270)
Payments to acquire businesses, net of cash acquired		(22)		(12)
Sales of investment securities		123		103
Proceeds from sales of property, plant, and equipment		108		90

Other investing activities		(24)		(36)
Total cash flows used in investing activities		(774)		(696)
Cash flows from financing activities:
Stock repurchase program		(500)		(348)
Dividends to shareholders		(302)		(289)



Other financing activities		(36)		(7)
Total cash flows used in financing activities		(838)		(644)
Effect of exchange rate changes on cash		(82)		(75)
Decrease in cash and equivalents		(126)		(241)
Cash and equivalents at beginning of period		2,264		2,346
Cash and equivalents at end of period		$	2,138	$	2,105
Supplemental disclosure of cash flow information:
Cash payments during the period for:
Interest		$	218	$	228
Income taxes		$	283	$	388
	See notes to condensed consolidated financial statements.

HAL Q2 2024 FORM 10-Q | 4


Table of Contents			Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements

HALLIBURTON COMPANY

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared using United States generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by U.S. GAAP for annual financial statements and should be read together with our 2023 Annual Report on Form 10-K.

Our accounting policies are in accordance with U.S. GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect:

•the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and

•the reported amounts of revenue and expenses during the reporting period.

Ultimate results could differ from our estimates.

In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of June 30, 2024 and the results of our operations for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. Such adjustments are of a normal recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.

The results of our operations for the three and six months ended June 30, 2024 may not be indicative of results for the full year.

Note 2. Business Segment Information

We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment.

HAL Q2 2024 FORM 10-Q | 5


Table of Contents			Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements

The following table presents information on our business segments.


		Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars		2024		2023		2024		2023
Revenue:
Completion and Production		$	3,401	$	3,476	$	6,774	$	6,885
Drilling and Evaluation		2,432		2,322		4,863		4,590
Total revenue		$	5,833	$	5,798	$	11,637	$	11,475
Operating income:
Completion and Production		$	723	$	707	$	1,411	$	1,373
Drilling and Evaluation		403		376		801		745
Total operations		1,126		1,083		2,212		2,118
Corporate and other (a)		(65)		(59)		(130)		(117)
SAP S4 upgrade expense		(29)		(13)		(63)		(13)

Total operating income		$	1,032	$	1,011	$	2,019	$	1,988
Interest expense, net of interest income		(92)		(102)		(184)		(203)
Loss on Blue Chip Swap transactions (b)		—		(104)		—		(104)


Other, net (c)		(20)		(22)		(128)		(69)
Income before income taxes		$	920	$	783	$	1,707	$	1,612

(a)	Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.

(b)	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. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the three and six months ended June 30, 2023.

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

Note 3. Revenue

Revenue is recognized based on the transfer of control or our customers’ ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers’ ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize.

Disaggregation of revenue

We disaggregate revenue from contracts with customers into types of services or products, consistent with our two reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 41% and 46% of our consolidated revenue was from the United States for the six months ended June 30, 2024 and 2023, respectively. No other country accounted for more than 10% of our revenue for those periods.

HAL Q2 2024 FORM 10-Q | 6


Table of Contents			Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements

The following table presents information on our disaggregated revenue.


	Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars	2024		2023		2024		2023
Revenue by segment:
Completion and Production	$	3,401	$	3,476	$	6,774	$	6,885
Drilling and Evaluation	2,432		2,322		4,863		4,590
Total revenue	$	5,833	$	5,798	$	11,637	$	11,475
Revenue by geographic region:
North America	$	2,481	$	2,696	$	5,027	$	5,461
Latin America	1,097		994		2,205		1,909
Europe/Africa/CIS	757		698		1,486		1,360
Middle East/Asia	1,498		1,410		2,919		2,745
Total revenue	$	5,833	$	5,798	$	11,637	$	11,475

Contract balances

We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customers’ payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our condensed consolidated financial statements.

Transaction price allocated to remaining performance obligations

Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over the duration of the contract period when the software is considered to be a right to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts is not material.

Receivables

As of June 30, 2024, 31% of our net trade receivables was from customers in the United States and 13% was from customers in Mexico. As of December 31, 2023, 33% of our net trade receivables was from customers in the United States and 9% was from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 11% and 6% of our total receivables as of June 30, 2024 and December 31, 2023, respectively. 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. No country other than the United States and Mexico or single customer accounted for more than 10% of our net trade receivables at those dates.

We have risk of delayed customer payments and payment defaults associated with customer liquidity issues. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves judgment and estimates, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.

HAL Q2 2024 FORM 10-Q | 7


Table of Contents			Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements

Note 4. Inventories

Inventories consisted of the following:


Millions of dollars	June 30, 2024		December 31, 2023
Finished products and parts	$	2,063	$	2,069
Raw materials and supplies	1,070		1,021
Work in process	149		136
Total inventories	$	3,282	$	3,226

Note 5. Accounts Payable

Effective January 1, 2023, we adopted new supplier finance program disclosure requirements contained in guidance issued by the Financial Accounting Standards Board (ASU 2022-04, “Disclosure of Supplier Finance Program Obligations”). The standards update also includes a prospective annual requirement to disclose a rollforward of the amount of the supplier finance program obligations during the annual reporting period. We will include the rollforward disclosure in our Annual Report on Form 10-K for the year ending December 31, 2024, as required.

We have agreements with third parties that allow our participating suppliers to finance payment obligations from us with designated third-party financial institutions who act as our paying agent. We have generally extended our payment terms with suppliers to 90 days. A participating supplier may request a participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institutions.

Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under these agreements were $302 million as of June 30, 2024, and $322 million as of December 31, 2023, and are included in accounts payable on the condensed consolidated balance sheets.

Note 6. Income Taxes

During the three months ended June 30, 2024, we recorded a total income tax provision of $207 million on a pre-tax income of $920 million, resulting in an effective tax rate of 22.5% for the quarter. During the three months ended June 30, 2023, we recorded a total income tax provision of $167 million on a pre-tax income of $783 million, resulting in an effective tax rate of 21.3% for the quarter.

During the six months ended June 30, 2024, we recorded a total income tax provision of $385 million on a pre-tax income of $1.7 billion, resulting in an effective tax rate of 22.6% for the period. During the six months ended June 30, 2023, we recorded a total income tax provision of $341 million on a pre-tax income of $1.6 billion, resulting in an effective tax rate of 21.1% for the period.

Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2012. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. The United States federal income tax filings for tax years 2016 through 2023 are currently under review or remain open for review by the Internal Revenue Service (the IRS).

As of June 30, 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. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the next twelve months.

Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies within the next twelve months.

HAL Q2 2024 FORM 10-Q | 8


Table of Contents			Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements

Note 7. Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2024 and June 30, 2023, respectively:


Millions of dollars		Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2023		$	2,663	$	63	$	(5,540)	$	12,536	$	(331)	$	42	$	9,433
Comprehensive income (loss):
Net income		—		—		—		606		—		3		609
Other comprehensive income (loss)		—		—		—		—		(1)		1		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		(63)		108		(3)		—		—		41
Other		—		—		—		—		—		—		—
Balance at March 31, 2024		$	2,662	$	—	$	(5,682)	$	12,988	$	(332)	$	46	$	9,682
Comprehensive income (loss):
Net income		—		—		—		709		—		4		713
Other comprehensive income (loss)		—		—		—		—		—		—		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		1		—		151		(96)		—		—		56
Other		—		—		—		—		—		(4)		(4)
Balance at June 30, 2024		$	2,663	$	—	$	(5,781)	$	13,450	$	(332)	$	46	$	10,046









(a)	In the first quarter and second quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $96 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

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Table of Contents			Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements


Millions of dollars		Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2022		$	2,664	$	50	$	(5,108)	$	10,572	$	(230)	$	29	$	7,977
Comprehensive income (loss):
Net income		—		—		—		651		—		4		655
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(145)		—		—		(145)
Stock repurchase program		—		—		(100)		—		—		—		(100)
Stock plans (a)		—		(50)		113		(3)		—		—		60
Other		—		—		—		—		—		(3)		(3)
Balance at March 31, 2023		$	2,664	$	—	$	(5,095)	$	11,075	$	(229)	$	30	$	8,445
Comprehensive income (loss):
Net income		—		—		—		610		—		6		616
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(144)		—		—		(144)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		—		144		(82)		—		—		61
Other		—		—		—		—		—		(2)		(2)
Balance at June 30, 2023		$	2,663	$	—	$	(5,201)	$	11,459	$	(228)	$	34	$	8,727









(a)	In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $82 million, respectively. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 6.9 million shares of our common stock under the program during the three months ended June 30, 2024 for approximately $250 million. Approximately $3.6 billion remained authorized for repurchases under the program as of June 30, 2024. From the inception of this program in February of 2006 through June 30, 2024, we repurchased approximately 267 million shares of our common stock for a total cost of approximately $10.6 billion. We repurchased 8.1 million shares of our common stock under the program during the three months ended June 30, 2023 for approximately $250 million.

Accumulated other comprehensive loss consisted of the following:


Millions of dollars	June 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(83)	$	(84)
Defined benefit and other postretirement liability adjustments	(210)		(207)

Other	(39)		(40)
Total accumulated other comprehensive loss	$	(332)	$	(331)

Note 8. Commitments and Contingencies

The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings.

HAL Q2 2024 FORM 10-Q | 10


Table of Contents			Part I. Item 1 \| Notes to Condensed Consolidated Financial Statements

Guarantee arrangements

In the normal course of business, we have agreements with financial institutions under which approximately $2.6 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of June 30, 2024. 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 June 30, 2024, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.

Note 9. Income per Share

Basic income or loss per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive.

A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
Millions of shares	2024	2023	2024	2023
Basic weighted average common shares outstanding	884	901	886	902
Dilutive effect of awards granted under our stock incentive plans	2	2	2	3
Diluted weighted average common shares outstanding	886	903	888	905

Antidilutive shares:
Options with exercise price greater than the average market price	10	13	10	14

Total antidilutive shares	10	13	10	14

Note 10. Fair Value of Financial Instruments

The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities of these instruments.

The carrying amount and fair value of our total debt is as follows:


	June 30, 2024								December 31, 2023
Millions of dollars	Level 1		Level 2		Total fair value		Carrying value		Level 1		Level 2		Total fair value		Carrying value
Total debt	$	7,352	$	99	$	7,451	$	7,638	$	7,419	$	378	$	7,797	$	7,636

In the first half of 2024, the fair value of our total debt decreased as a result of higher bond yields.

Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

Note 11. Subsequent Event

During July of 2024, we entered into a credit default swap (CDS) with a third-party financial institution. The CDS is related to a borrowing provided by the financial institution to one of our primary customers in Mexico, and a portion of the proceeds are expected to be utilized by this customer to pay certain of our outstanding receivables. The notional amount of the CDS could be as much as $260 million, and will reduce on a monthly basis over the 24-month term. We do not expect that the fair value of this derivative liability will be material to our consolidated financial statements.

HAL Q2 2024 FORM 10-Q | 11


Table of Contents						Part I. Item 2 \| Executive Overview

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

Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the condensed consolidated financial statements included in “Item 1. Financial Statements” contained herein.

EXECUTIVE OVERVIEW

Organization

We are one of the world’s largest providers of products and services to the energy industry. We help our customers maximize asset value throughout the lifecycle of the reservoir from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Activity levels within our operations are significantly impacted by spending on upstream exploration, development, and production programs by major, national, and independent oil and natural gas companies. We report our results under two segments, the Completion and Production segment and the Drilling and Evaluation segment.

•Completion and Production delivers cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift, and completion products and services. The segment consists of Artificial Lift, Cementing, Completion Tools, Multi-Chem, Pipeline and Process Services, Production Enhancement, and Production Solutions.

•Drilling and Evaluation provides field and reservoir modeling, drilling, fluids, evaluation, and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities. The segment consists of Baroid, Drill Bits and Services, Halliburton Project Management, Landmark Software and Services, Sperry Drilling, Testing and Subsea, and Wireline and Perforating.

The business operations of our segments are organized around four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. We have manufacturing operations in various locations, the most significant of which are in the United States, Malaysia, Singapore, and the United Kingdom. With approximately 49,000 employees, we operate in more than 70 countries around the world, and our corporate headquarters is in Houston, Texas.

Our value proposition is to collaborate and engineer solutions to maximize asset value for our customers. We work to achieve strong cash flows and returns for our shareholders by delivering technology and services that improve efficiency, increase recovery, and maximize production for our customers. Our strategic priorities are to:

- International: Allocate our capital to the highest return opportunities and increase our international growth in both onshore and offshore markets.

- North America: Maximize value by, among other things, utilizing our premium low-emissions Zeus electric fracturing systems, as well as automated and intelligent fracturing technologies, to drive higher margins through better pricing and increased efficiency.

- Digital: Continue to drive differentiation and efficiencies through the deployment and integration of digital and automation technologies, both internally and for our customers.

- Capital efficiency: Maintain our capital expenditures at approximately 6% of revenue while focusing on technological advancements and process changes that reduce our manufacturing and maintenance costs and improve how we move equipment and respond to market opportunities.

- Shareholder returns: Return over 50% of annual free cash flow to shareholders through dividends and share repurchases.

- Sustainability and energy mix transition: Continue to:

• Leverage the participants in Halliburton Labs to gain insight into developing value chains in the energy mix transition;

• Develop and deploy solutions to help lower the carbon intensity of our customers' businesses;

• Develop technologies and solutions to lower our emissions; and

• Participate in carbon capture, utilization, and storage, hydrogen, and geothermal projects globally.

HAL Q2 2024 FORM 10-Q | 12


Table of Contents						Part I. Item 2 \| Executive Overview

The following charts depict the revenue split between our two operating segments and our four primary geographic regions for the three months ended June 30, 2024.

Market conditions

Oil prices strengthened in the second quarter of 2024 as increased demand and OPEC+ production cuts tightened the oil market. While easing inflationary pressure has reduced macroeconomic uncertainty, risks associated with trade tensions and geopolitical unrest in the Middle East and the Russia-Ukraine conflict continue to be major sources of volatility for the oil and natural gas markets.

During the second quarter of 2024, the U.S. active rig count declined to its lowest level since the first quarter of 2022 as both oil and gas basins saw declines. The international rig count declined in the second quarter of 2024 from the first quarter of 2024 driven by Latin America, the Middle East, and Africa, after a sequential increase in the first quarter of 2024.

Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials. We monitor market trends and work to mitigate cost impacts through economies of scale in global procurement, technology modifications, and efficient sourcing practices. 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 results

The following graph illustrates our revenue and operating margins for each operating segment for the second quarter of 2023 and 2024.

During the second quarter of 2024, we generated total company revenue of $5.8 billion, flat as compared to the second quarter of 2023. We reported operating income of $1.0 billion in the second quarter of 2024, an increase of 2% when compared to the second quarter of 2023. Our Completion and Production segment revenue decreased 2% in the second quarter of 2024 as compared to the second quarter of 2023. The decrease in revenue was primarily driven by lower pressure pumping services in U.S. land, partially offset by improved completion tool sales in the Eastern Hemisphere. Operating income for the segment increased due to international activity growth for pressure pumping services and completion tool sales.

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Table of Contents						Part I. Item 2 \| Executive Overview

Our Drilling and Evaluation segment revenue increased 5% in the second quarter of 2024 as compared to the second quarter of 2023, primarily due to increased drilling services in U.S. land and the Middle East and improved testing services in Latin America and the Middle East. Partially offsetting these improvements were lower drilling-related services in Africa.

Our North America revenue decreased 8% in the second quarter of 2024, as compared to the second quarter of 2023. This decline was primarily driven by decreased pressure pumping services and lower artificial lift activity in U.S. land. Partially offsetting these declines were increased completion tool sales in the Gulf of Mexico and higher drilling services in U.S. land.

Internationally, revenue increased 8% in the second quarter of 2024, as compared to the second quarter of 2023, largely driven by improved pressure pumping services and increased well intervention services in the regions and higher drilling services in the Middle East. Partially offsetting these improvements were decreased fluid services and lower wireline activity in Middle East/Asia and lower drilling-related services in Africa.

Our operating performance and liquidity are described in more detail in “Liquidity and Capital Resources” and “Business Environment and Results of Operations.”

Sustainability and Energy Mix Transition

In 2021, we announced our target to achieve a 40% reduction in our Scope 1 and 2 emissions by 2035 from the 2018 baseline. At the same time, we support our customers in their emissions reduction efforts by continuously developing and deploying goods and services that are accretive to their goals as well as ours. As the energy mix transition unfolds, we seek to apply our expertise and resources in growth sectors adjacent to our traditional oilfield services space, including carbon capture, utilization, and storage, hydrogen, and geothermal. Finally, we will continue to focus on accelerating the success of clean tech start-ups via Halliburton Labs, which also allows us to participate in the energy mix transition at relatively low risk by investing our expertise, resources, and team without a significant outlay of capital while we learn where we can strategically engage new markets. As of June 30, 2024, Halliburton Labs had 33 participating companies and alumni.

HAL Q2 2024 FORM 10-Q | 14


Table of Contents						Part I. Item 2 \| Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2024, we had $2.1 billion of cash and equivalents, compared to $2.3 billion of cash and equivalents at December 31, 2023.

Significant sources and uses of cash during the first six months of 2024

Sources of cash:

•Cash flows from operating activities were $1.6 billion. Working capital, which consists of receivables, inventories, and accounts payable, had a negative impact of $365 million, primarily due to increased receivables.

Uses of cash:

•Capital expenditures were $677 million.

•We repurchased 13.9 million shares of our common stock for $500 million.

•We paid $302 million of dividends to our shareholders.

Future sources and uses of cash

We manufacture most of our own equipment, which provides us with some flexibility to increase or decrease our capital expenditures based on market conditions. We currently expect capital spending for 2024 to be approximately 6% of revenue. We believe this level of spend will allow us to invest in our key strategic technologies, including the construction and deployment of our Zeus electric fracturing systems in North America, our iStar Intelligent Drilling and Logging Platform, and our iCruise Intelligent Rotary Steerable System. We will continue to maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spend accordingly.

While we maintain focus on liquidity and debt reduction, we are also focused on providing cash returns to our shareholders. Our quarterly dividend rate is $0.17 per common share, or approximately $151 million. In 2023, our Board approved a capital return framework with a goal of returning at least 50% of our annual free cash flow to shareholders through dividends and share repurchases and we expect our returns to shareholders will be in line with our capital return framework for 2024.

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 6.9 million shares of common stock during the second quarter of 2024 under this program. Approximately $3.6 billion remained authorized for repurchases as of June 30, 2024 and may be used for open market and other share purchases.

During 2023, we began our migration to SAP S4, which we expect to complete by the end of 2025. During the six months ended June 30, 2024, we incurred $63 million in expense on our SAP S4 migration. The total project investment is estimated to cost approximately $250 million, of which we have incurred $114 million to date. 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.

Other factors affecting liquidity

Financial position in current market. As of June 30, 2024, we had $2.1 billion of cash and equivalents and $3.5 billion of available committed bank credit under a revolving credit facility with an expiration date of April 27, 2027. We believe we have a manageable debt maturity profile, with approximately $472 million coming due beginning in 2025 through 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.

Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which approximately $2.6 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of June 30, 2024. 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 June 30, 2024, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.

HAL Q2 2024 FORM 10-Q | 15


Table of Contents						Part I. Item 2 \| Liquidity and Capital Resources

During the fourth quarter of 2023, we entered into a CDS with a third-party financial institution. The CDS is related to a borrowing provided by the financial institution to one of our primary customers in Mexico, and a portion of the proceeds were utilized by this customer to pay certain of our outstanding receivables. The notional amount of the CDS, which was $248 million at the end of June 2024, will continue to reduce on a monthly basis over its remaining 20-month term.

Credit ratings. Our credit ratings with Standard & Poor’s (S&P) remain BBB+ for our long-term debt and A-2 for our short-term debt, with a positive outlook. Our credit ratings with Moody's Investors Service (Moody's) 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 11% of our total receivables as of June 30, 2024. 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 Q2 2024 FORM 10-Q | 16


Table of Contents						Part I. Item 2 \| Business Environment and Results of Operations

BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS

We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide. The industry we serve is highly competitive with many substantial competitors in each segment of our business. During the first six months of 2024, based on the location of the services provided and products sold, 41% of our consolidated revenue was from the United States, compared to 46% of our consolidated revenue from the United States in the first six months of 2023. 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 and our customers’ expectations about future prices, global oil supply and demand, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity. Additionally, during 2024, we generally 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.


		Three Months Ended June 30,				Year Ended December 31,
		2024		2023		2023
Oil price - WTI (1)		$	82.72	$	73.76	$	77.64
Oil price - Brent (1)		84.65		78.32		82.47
Natural gas price - Henry Hub (2)		2.08		2.16		2.54

(1)	Oil price 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:


	Three Months Ended June 30,		Six Months Ended June 30,		Year Ended December 31,
	2024	2023	2024	2023	2023
U.S. Land	583	699	593	722	669
U.S. Offshore	20	20	20	18	18
Canada	136	117	172	169	177
North America	739	836	785	909	864
International	963	959	964	937	948
Worldwide total	1,702	1,795	1,749	1,846	1,812

HAL Q2 2024 FORM 10-Q | 17


Table of Contents						Part I. Item 2 \| Business Environment and Results of Operations

Business outlook

As we consider the balance of 2024, we remain positive on the oil and natural gas markets and continue to see strength across our portfolio. We expect strong oil and natural gas demand growth for the rest of 2024 as concerns about a potential economic slowdown ease. We believe long-term demand growth will be driven by economic expansion, energy security concerns, and population growth. Oil and natural gas continue to demonstrate their critical roles in the global economy in meeting this long term demand, and necessitate sustained capital investment in existing and new sources of production. To meet this growing demand, production will be needed from conventional, unconventional, deep-water, shallow-water, and short and long-cycle projects. Capital discipline by major oil and natural gas producers continues to underpin a more durable and less volatile upstream spending cycle versus prior cycles.

As noted above, rig counts and, as a result, service activity in North America continued to decline in the second quarter of 2024. Consequently, we expect our revenues in North America to decline in 2024 as compared to 2023. Nevertheless, we expect our international business to deliver about 10% revenue growth for the full year. and we remain confident that over the longer run investment in upstream activity will grow (including in North America) in order to meet growing demand for oil and natural gas and that demand for our products and services will grow accordingly.

HAL Q2 2024 FORM 10-Q | 18


Table of Contents			Part I. Item 2 \| Results of Operations in 2024 Compared to 2023 (QTD)

RESULTS OF OPERATIONS IN 2024 COMPARED TO 2023

Three Months Ended June 30, 2024 Compared with Three Months Ended June 30, 2023


	Three Months Ended June 30,				Favorable		Percentage
Millions of dollars	2024		2023		(Unfavorable)		Change
Revenue:
By operating segment:
Completion and Production	$	3,401	$	3,476	$	(75)	(2)	%
Drilling and Evaluation	2,432		2,322		110		5
Total revenue	$	5,833	$	5,798	$	35	1	%
By geographic region:
North America	$	2,481	$	2,696	$	(215)	(8)	%
Latin America	1,097		994		103		10
Europe/Africa/CIS	757		698		59		8
Middle East/Asia	1,498		1,410		88		6
Total revenue	$	5,833	$	5,798	$	35	1	%

Operating income:
By operating segment:
Completion and Production	$	723	$	707	$	16	2	%
Drilling and Evaluation	403		376		27		7
Total operations	1,126		1,083		43		4
Corporate and other	(65)		(59)		(6)		(10)	%
SAP S4 upgrade expense	(29)		(13)		(16)		n/m

Total operating income	$	1,032	$	1,011	$	21	2	%
n/m = not meaningful

Operating Segments

Completion and Production

Completion and Production revenue in the second quarter of 2024 was $3.4 billion, a decrease of $75 million, or 2%, when compared to the second quarter of 2023. Operating income in the second quarter of 2024 was $723 million, an increase of $16 million, or 2%, when compared to the second quarter of 2023. The decrease in revenue was primarily driven by lower pressure pumping services in U.S. land, partially offset by improved completion tool sales in the Eastern Hemisphere. Operating income for the segment increased due to international activity growth for pressure pumping services and completion tool sales.

Drilling and Evaluation

Drilling and Evaluation revenue in the second quarter of 2024 was $2.4 billion, an increase of $110 million, or 5%, when compared to the second quarter of 2023. Operating income in the second quarter of 2024 was $403 million, an increase of $27 million, or 7%, when compared to the second quarter of 2023. These results were primarily driven by increased drilling services in U.S. land and the Middle East and improved testing services in Latin America and the Middle East. Partially offsetting these improvements were lower drilling-related services in Africa.

HAL Q2 2024 FORM 10-Q | 19


Table of Contents			Part I. Item 2 \| Results of Operations in 2024 Compared to 2023 (QTD)

Geographic Regions

North America

North America revenue in the second quarter of 2024 was $2.5 billion, an 8% decrease compared to the second quarter of 2023. This decline was primarily driven by decreased pressure pumping services and lower artificial lift activity in U.S. land. Partially offsetting these declines were increased completion tool sales in the Gulf of Mexico and higher drilling services in U.S. land.

Latin America

Latin America revenue in the second quarter of 2024 was $1.1 billion, a 10% increase compared to the second quarter of 2023. This increase was primarily driven by higher stimulation activity and improved wireline services in Argentina and Mexico, increased testing services in Mexico and the Caribbean, and improved project management activity in Ecuador. Partially offsetting these improvements were lower well construction activity, decreased software sales, and lower project management activity in Mexico, along with lower completion tool sales in Brazil.

Europe/Africa/CIS

Europe/Africa/CIS revenue in the second quarter of 2024 was $757 million, an 8% increase compared to the second quarter of 2023. This increase was primarily driven by higher well construction activity, increased wireline services, and improved project management activity in Norway and increased completion tool sales in the region. Partially offsetting these increases was lower well construction activity in Africa.

Middle East/Asia

Middle East/Asia revenue in the second quarter of 2024 was $1.5 billion, a 6% increase compared to the second quarter of 2023. This increase was primarily driven by higher drilling services in Saudi Arabia and Qatar, improved well construction activity in United Arab Emirates, improved project management activity in Kuwait, and increased completion tool sales in Saudi Arabia. Partially offsetting these improvements were decreased fluid services in Saudi Arabia, lower project management activity in Iraq, Saudi Arabia, and Asia, along with decreased wireline activity across the region.

Other Operating Items

SAP S4 Upgrade Expense. During 2023, we began our migration to SAP S4, which we expect to complete by the end of 2025. During the second quarter of 2024, we recognized $29 million of expense on our SAP S4 migration. During the second quarter of 2023, we recognized $13 million of expense on our SAP S4 migration.

Nonoperating Items

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. During the three months ended June 30, 2023, we entered into Blue Chip Swap transactions, which resulted in a $104 million pre-tax loss on investment.

Income Tax Provision. During the three months ended June 30, 2024, we recorded a total income tax provision of $207 million on a pre-tax income of $920 million, resulting in an effective tax rate of 22.5% for the quarter. During the three months ended June 30, 2023, we recorded a total income tax provision of $167 million on a pre-tax income of $783 million, resulting in an effective tax rate of 21.3% for the quarter.

Pillar Two. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation considering these model rules. These rules did not have a material impact on our taxes for the three months ended June 30, 2024.

HAL Q2 2024 FORM 10-Q | 20


Table of Contents			Part I. Item 2 \| Results of Operations in 2024 Compared to 2023 (QTD)

Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2012. 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 2023, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the IRS.

On September 28, 2023, we received a NOPA from the IRS covering our 2016 U.S. tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the acquisition does not go forward. The IRS’s long-understood position at the time of 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 December 2023, we initiated the IRS administrative appeals process, which may take more than twelve months to complete. 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 its appellate process and subsequent litigation, the proposed adjustment could result in cash taxes due of approximately $650 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.

HAL Q2 2024 FORM 10-Q | 21


Table of Contents			Part I. Item 2 \| Results of Operations in 2024 Compared to 2023 (YTD)

Six Months Ended June 30, 2024 Compared with Six Months Ended June 30, 2023


	Six Months Ended June 30,				Favorable		Percentage
Millions of dollars	2024		2023		(Unfavorable)		Change
Revenue:
By operating segment:
Completion and Production	$	6,774	$	6,885	$	(111)	(2)	%
Drilling and Evaluation	4,863		4,590		273		6
Total revenue	$	11,637	$	11,475	$	162	1	%
By geographic region:
North America	$	5,027	$	5,461	$	(434)	(8)	%
Latin America	2,205		1,909		296		16
Europe/Africa/CIS	1,486		1,360		126		9
Middle East/Asia	2,919		2,745		174		6
Total revenue	$	11,637	$	11,475	$	162	1	%

Operating income:
By operating segment:
Completion and Production	$	1,411	$	1,373	$	38	3	%
Drilling and Evaluation	801		745		56		8
Total operations	$	2,212	$	2,118	$	94	4
Corporate and other	(130)		(117)		(13)		(11)	%
SAP S4 upgrade expense	(63)		(13)		(50)		n/m

Total operating income	$	2,019	$	1,988	$	31	2	%
n/m = not meaningful

Operating Segments

Completion and Production

Completion and Production revenue in the first six months of 2024 was $6.8 billion, a decrease of $111 million, or 2%, compared to the first six months of 2023. Operating income for the segment in the first six months of 2024 was $1.4 billion, an increase of $38 million, or 3%, compared to the first six months of 2023. The decrease in revenue was largely driven by lower pressure pumping services in U.S. land. Partially offsetting this decline were higher completion tool sales and improved artificial lift activity globally, improved cementing services internationally, and higher stimulation activity in Latin America. Operating income for the segment increased due to pressure pumping and completion tools activity growth internationally, completion tools activity growth in the Gulf of Mexico, and artificial lift activity and pricing improvements in U.S. land.

Drilling and Evaluation

Drilling and Evaluation revenue in the first six months of 2024 was $4.9 billion, an increase of $273 million, or 6%, compared to the first six months of 2023. Operating income for the segment in the first six months of 2024 was $801 million, an increase of $56 million, or 8%, compared to the first six months of 2023. These results were primarily driven by improved drilling services in the Middle East and U.S. land, higher drilling services, improved wireline activity, and increased testing services in Latin America, and improved fluid services in Europe. These improvements were partially offset by lower project management activity and decreased fluid services in Saudi Arabia, lower drilling services in Africa and Asia, and decreased wireline activity in North America.

HAL Q2 2024 FORM 10-Q | 22


Table of Contents			Part I. Item 2 \| Results of Operations in 2024 Compared to 2023 (YTD)

Geographic Regions

North America

North America revenue in the first six months of 2024 was $5.0 billion, an 8% decrease compared to the first six months of 2023, resulting primarily from lower pressure pumping services in U.S. land. Partially offsetting this decline were improved completion tool sales, higher well construction activity and improved stimulation activity in the Gulf of Mexico, and increased drilling services in U.S. land.

Latin America

Latin America revenue in the first six months of 2024 was $2.2 billion, a 16% increase compared to the first six months of 2023, resulting primarily from increased activity across multiple product service lines in Argentina, Mexico, and the Caribbean, higher project management activity in Ecuador, and increased testing services in Brazil. Partially offsetting these improvements were lower pressure pumping services and decreased project management activity in Colombia and decreased drilling-related services in Brazil.

Europe/Africa/CIS

Europe/Africa/CIS revenue in the first six months of 2024 was $1.5 billion, a 9% increase compared to the first six months of 2023, resulting primarily from increased well construction activity, higher project management activity, and improved completion tool sales in Norway and higher completion tool sales in Africa. Partially offsetting these increases was drilling-related services in Africa.

Middle East/Asia

Middle East/Asia revenue in the first six months of 2024 was $2.9 billion, a 6% increase compared to the first six months of 2023, resulting primarily from increased project management activity and improved well construction activity in Kuwait, improved drilling services, higher completion tool sales, and increased cementing services in Saudi Arabia, higher well construction activity in United Arab Emirates, and improved drilling services in Qatar. Partially offsetting these improvements were lower project management activity and decreased fluid services in Saudi Arabia and Asia.

Other Operating Items

SAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect to complete by the end of 2025. During the six months ended June 30, 2024, we recognized $63 million of expense on our SAP S4 migration. During the six months ended June 30, 2023, we recognized $13 million of expense on our SAP S4 migration.

Nonoperating Items

Argentina Impairment on Investment. In 2022 and 2023, 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 six months ended June 30, 2024, we recorded a loss of $38 million in March of 2024 due to the fair value decrease in one of the notes, resulting from the deterioration in the outlook of the debtor’s liquidity and financial projections.

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 $38 million in the six months ended June 30, 2024, due to the devaluation of the currency in Egypt.

Argentina Blue Chip Swap. As noted above, during the six months ended June 30, 2023, we entered into Blue Chip Swap transactions, which resulted in a $104 million pre-tax loss on investment.

Income Tax Provision. During the six months ended June 30, 2024, we recorded a total income tax provision of $385 million on a pre-tax income of $1.7 billion, resulting in an effective tax rate of 22.6%. During the six months ended June 30, 2023, we recorded a total income tax provision of $341 million on pre-tax income of $1.6 billion, resulting in an effective tax rate of 21.1%.

Pillar Two. As previously mentioned, 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 six months ended June 30, 2024.

HAL Q2 2024 FORM 10-Q | 23


Table of Contents						Part I. Item 2 \| Forward-Looking Information

FORWARD-LOOKING INFORMATION

The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Forward-looking information is based on projections and estimates, not historical information. Some statements in this Form 10-Q 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. 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 SEC. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For quantitative and qualitative disclosures about market risk, see Part II, Item 7(a), “Quantitative and Qualitative Disclosures About Market Risk,” in our 2023 Annual Report on Form 10-K. Our exposure to market risk has not changed materially since December 31, 2023.

Item 4. Controls and Procedures

In accordance with the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2024 to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Our disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in our internal control over financial reporting that occurred during the quarter ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

HAL Q2 2024 FORM 10-Q | 24


Table of Contents						Part II. Item 1 \| Legal Proceedings

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Information related to Item 1. Legal Proceedings is included in Note 8 to the condensed consolidated financial statements.

Item 1(a). Risk Factors

The statements in this section describe the known material risks to our business and should be considered carefully. As of June 30, 2024, there have been no material changes in risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

HAL Q2 2024 FORM 10-Q | 25


Table of Contents			Part II. Item 2 \| Unregistered Sales of Equity Securities and Use of Proceeds

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

Following is a summary of our repurchases of our common stock during the three months ended June 30, 2024.


Period		Total Number of Shares Purchased (a)	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)	Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Program (b)
April 1 - 30		1,503,437	$39.42	1,480,150	$3,741,634,079
May 1 - 31		3,683,448	$37.01	3,046,153	$3,629,173,334
June 1 - 30		2,394,442	$33.95	2,337,622	$3,550,012,895
Total		7,581,327	$36.52	6,863,925

(a)	Of the 7,581,327 shares purchased during the three-month period ended June 30, 2024, 717,402 were acquired from employees in connection with the settlement of income tax and related benefit withholding obligations arising from vesting in restricted stock grants. These shares were not part of a publicly announced program to repurchase common stock.
(b)	Our Board of Directors has authorized a program to repurchase our common stock from time to time. Approximately $3.6 billion remained authorized for repurchases under the program as of June 30, 2024. From the inception of this program in February of 2006 through June 30, 2024, we repurchased approximately 267 million shares of our common stock for a total cost of approximately $10.6 billion.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Our barite and bentonite mining operations, in support of our fluid services business, are subject to regulation by the U.S. Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this quarterly report.

HAL Q2 2024 FORM 10-Q | 26


Table of Contents						Part II. Item 5 \| Other Information

Item 5. Other Information

During the three months ended June 30, 2024, the following officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, and no trading arrangements were adopted or terminated by directors of the Company.

Reporting Officer

Title

Reporting Action

Plan Start Date

Plan End Date

Aggregated Shares Covered

Intended to Satisfy Rule 10b5-1?

Jeffrey A. Miller

Chairman of the Board, President and Chief Executive Officer

Plan Adoption

5/13/2024

5/9/2025

1,023,032.00

Yes

HAL Q2 2024 FORM 10-Q | 27


Table of Contents						Part II. Item 6 \| Exhibits

Item 6. Exhibits


	3.1	By-laws of Halliburton Company revised effective May 2, 2024 (incorporated by reference to Exhibit 3.1 of Halliburton's Form 8-K filed May 3, 2024, File No. 001-03492).

†	10.1	Halliburton Company Stock and Incentive Plan, as amended and restated effective February 13, 2024 (incorporated by reference to Appendix A of Halliburton's proxy statement filed April 2, 2024, File No. 001-03492).

*	31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

*	31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

**	32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

**	32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

*	95	Mine Safety Disclosures.

*	101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
*	101.SCH	XBRL Taxonomy Extension Schema Document
*	101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
*	101.LAB	XBRL Taxonomy Extension Label Linkbase Document
*	101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
*	101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
*	104	Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

	*	Filed with this Form 10-Q.
	**	Furnished with this Form 10-Q.
	†	Management contracts or compensatory plans or arrangements.

HAL Q2 2024 FORM 10-Q | 28


Table of Contents

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

HALLIBURTON COMPANY


/s/ Eric J. Carre			/s/ Charles E. Geer, Jr.
Eric J. Carre			Charles E. Geer, Jr.
Executive Vice President and			Senior Vice President and
Chief Financial Officer			Chief Accounting Officer

Date: July 29, 2024

HAL Q2 2024 FORM 10-Q | 29

Exhibit 31.1

Section 302 Certification

I, Jeffrey A. Miller, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2024, of Halliburton Company;

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

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

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

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

/s/ Jeffrey A. Miller

Jeffrey A. Miller

Chairman, President and Chief Executive Officer

Halliburton Company

Date: July 29, 2024

Exhibit 31.2

Section 302 Certification

I, Eric J. Carre, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2024, of Halliburton Company;

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

/s/ Eric J. Carre

Eric J. Carre

Executive Vice President and Chief Financial Officer

Halliburton Company

Date: July 29, 2024

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This certification is provided pursuant to § 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the quarterly report on Form 10-Q for the quarter ended June 30, 2024, of Halliburton Company (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”).

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

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

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

/s/ Jeffrey A. Miller

Jeffrey A. Miller

Chairman, President and Chief Executive Officer

Date: July 29, 2024

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

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

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

/s/Eric J. Carre

Eric J. Carre

Executive Vice President and Chief Financial Officer

Date: July 29, 2024

Exhibit 95

Mine Safety Disclosures

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, each operator of a mine is required to include certain mine safety results in its periodic reports filed with the SEC. The operation of our mines is subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act). Below, we present the following items regarding certain mining safety and health matters for the quarter ended June 30, 2024:

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

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

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

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

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

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

▪total number of mining-related fatalities; and

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

HALLIBURTON COMPANY

Mine Safety Disclosures

Quarter Ended June 30, 2024

(Unaudited)

Operation/ MSHA Identification Number(1)

Section 104 S&S Citations
(#)

Section 104(b) Orders
(#)

104(d) Citations and Orders
(#)

Section 110(b)(2) Violations
(#)

Section 107(a) Orders
(#)

Total Dollar Value of MSHA Assessments Proposed(2)

($)

Total Number of Mining Related Fatalities
(#)

Pending Legal Actions
(#)

BPM Colony Mill/4800070

—

BPM Colony Mine/4800889

—

BPM Lovell Mill/4801405

—

BPM Lovell Mine/4801016

—

BPM 76 Creek Mine/4801845

—

Corpus Christi Grinding Plant/4104010

—

Dunphy Mill/2600412

—

Lake Charles Grinding Plant/1601032

—

Larose Grinding Plant/1601504

—

Rossi Jig Plant/2602239

—

Total

—


(1)			The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine.
(2)			Amounts included are the total dollar value of proposed or outstanding assessments received from MSHA on or before July 3, 2024 regardless of whether the assessment has been challenged or appealed, for citations and orders occurring during the quarter ended June 30, 2024.

In addition, as required by the reporting requirements regarding mine safety included in §1503(a)(2) of the Dodd-Frank Act, the following is a list for the quarter ended June 30, 2024, of each mine of which we or a subsidiary of ours is an operator, that has received written notice from MSHA of:

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

§104(e) of the Mine Act:

None; or

(b) the potential to have such a pattern:

None.

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

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 22, 2024
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Entity File Number	001-03492
Entity Registrant Name	HALLIBURTON COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2677995
Entity Address, Address Line One	3000 North Sam Houston Parkway East,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	281
Local Phone Number	871-2699
Title of 12(b) Security	Common Stock, par value $2.50 per share
Trading Symbol	HAL
Security Exchange Name	NYSE
Entity Central Index Key	0000045012
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		882,828,515
Entity Emerging Growth Company	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Revenue	$ 5,833	$ 5,798	$ 11,637	$ 11,475
Operating costs and expenses:
SAP S4 Upgrade Expense	29	13	63	13
General and administrative	62	54	123	108
Total operating costs and expenses	4,801	4,787	9,618	9,487
Operating income	1,032	1,011	2,019	1,988
Interest expense, net of interest income	(92)	(102)	(184)	(203)
Marketable Security, Gain (Loss)	0	(104)	0	(104)
Other, net	(20)	(22)	(128)	(69)
Income (loss) from continuing operations before income taxes	920	783	1,707	1,612
Income tax (provision) benefit	(207)	(167)	(385)	(341)
Net income (loss)	713	616	1,322	1,271
Net (income) loss attributable to noncontrolling interest	(4)	(6)	(7)	(10)
Net income (loss) attributable to company	$ 709	$ 610	$ 1,315	$ 1,261
Earnings Per Share, Basic	$ 800,000	$ 680,000	$ 1,480,000	$ 1,400,000
Earnings Per Share, Diluted	$ 800,000	$ 680,000	$ 1,480,000	$ 1,390,000
Weighted Average Number of Shares Outstanding, Basic	884	901	886	902
Weighted Average Number of Shares Outstanding, Diluted	886	903	888	905
MEXICO \| Accounts Receivable [Member] \| Customer Concentration Risk
Operating costs and expenses:
Concentration Risk, Percentage			11.00%
Noncontrolling Interest in Consolidated Subsidiaries
Operating costs and expenses:
Net income (loss)	$ 4	$ 6
Services [Member]
Revenue:
Revenue	4,215	4,181	$ 8,361	$ 8,347
Operating costs and expenses:
Cost of services and sales	3,417	3,404	6,845	6,803
Product sales [Member]
Revenue:
Revenue	1,618	1,617	3,276	3,128
Operating costs and expenses:
Cost of services and sales	$ 1,293	$ 1,316	$ 2,587	$ 2,563

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income	$ 22	$ 18	$ 44	$ 35

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss)	$ 713	$ 616	$ 1,322	$ 1,271
Other comprehensive income (loss), net of income taxes	0	1	0	2
Comprehensive income (loss)	713	617	1,322	1,273
Comprehensive (income) loss attributable to noncontrolling interest	(4)	(6)	(8)	(10)
Comprehensive income (loss) attributable to company shareholders	$ 709	$ 611	$ 1,314	$ 1,263

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and equivalents	$ 2,138	$ 2,264
Receivables net of allowances for bad debts	5,327	4,860
Inventories	3,282	3,226
Other current assets	1,131	1,193
Total current assets	11,878	11,543
Property, Plant and Equipment, Net	5,073	4,900
Goodwill	2,858	2,850
Deferred income taxes	2,420	2,505
Operating lease right-of-use assets	1,026	1,088
Other assets	1,897	1,797
Total assets	25,152	24,683
Current liabilities:
Accounts payable	3,295	3,147
Accrued employee compensation and benefits	619	689
Accrual for Taxes Other than Income Taxes, Current	294	370
Current portion of operating lease liabilities	258	262
Other current liabilities	708	750
Total current liabilities	5,576	5,608
Long-term debt	7,638	7,636
Operating lease liabilities	832	911
Employee compensation and benefits	375	408
Other liabilities	685	687
Total liabilities	15,106	15,250
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,663	$ 2,663
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	2,000	2,000
Common stock, shares issued (in shares)	1,065	1,065
Paid-in capital in excess of par value	$ 0	$ 63
Accumulated other comprehensive loss	(332)	(331)
Retained earnings	13,450	12,536
Treasury stock, at cost	$ (5,781)	$ (5,540)
Treasury shares (in shares)	182	176
Company shareholders' equity	$ 10,000	$ 9,391
Noncontrolling interest in consolidated subsidiaries	46	42
Total shareholders' equity	10,046	9,433
Total liabilities and shareholders' equity	25,152	24,683
Accrued Income Taxes, Current	$ 402	$ 390
UNITED STATES \| Revenue Benchmark [Member] \| Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	41.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 609	$ 655	$ 1,322	$ 1,271
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, depletion and amortization			534	486
Changes in assets and liabilities:
Receivables			(496)	(337)
Accounts payable			176	66
Inventories			(45)	(318)
Other operating activities			77	6
Total cash flows provided by operating activities			1,568	1,174
Cash flows from investing activities:
Capital expenditures			(677)	(571)
Payments to Acquire Marketable Securities			(282)	(270)
Payments to Acquire Businesses, Net of Cash Acquired			(22)	(12)
Proceeds from sales of property, plant and equipment			108	90
Other investing activities			(24)	(36)
Total cash flows used in investing activities			(774)	(696)
Cash flows from financing activities:
Dividends to shareholders			(302)	(289)
Payments for Repurchase of Common Stock			500	348
Other financing activities			(36)	(7)
Total cash flows used in financing activities			(838)	(644)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations			(82)	(75)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total			(126)	(241)
Cash and equivalents at beginning of period	$ 2,264	$ 2,346	2,264	2,346	$ 2,346
Cash and equivalents at end of period					2,264
Cash and equivalents at end of period			2,138	2,105	$ 2,264
Cash payments during the period for:
Interest			218	228
Income taxes			$ 283	388
Maximum Percentage Gross Trade Receivables From One Customer			10.00%		10.00%
Proceeds from Sale and Maturity of Marketable Securities			$ 123	$ 103
UNITED STATES \| Accounts Receivable [Member] \| Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage			31.00%		33.00%
MEXICO \| Accounts Receivable [Member] \| Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage			13.00%		9.00%

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 752	$ 742
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 12,371	$ 12,064

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using United States generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by U.S. GAAP for annual financial statements and should be read together with our 2023 Annual Report on Form 10-K. Our accounting policies are in accordance with U.S. GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect: •the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and •the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of June 30, 2024 and the results of our operations for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. Such adjustments are of a normal recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. The results of our operations for the three and six months ended June 30, 2024 may not be indicative of results for the full year.

Business Segment and Geographic Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure

Business Segment Information

The following table presents information on our business segments.


		Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars		2024		2023		2024		2023
Revenue:
Completion and Production		$	3,401	$	3,476	$	6,774	$	6,885
Drilling and Evaluation		2,432		2,322		4,863		4,590
Total revenue		$	5,833	$	5,798	$	11,637	$	11,475
Operating income:
Completion and Production		$	723	$	707	$	1,411	$	1,373
Drilling and Evaluation		403		376		801		745
Total operations		1,126		1,083		2,212		2,118
Corporate and other (a)		(65)		(59)		(130)		(117)
SAP S4 upgrade expense		(29)		(13)		(63)		(13)

Total operating income		$	1,032	$	1,011	$	2,019	$	1,988
Interest expense, net of interest income		(92)		(102)		(184)		(203)
Loss on Blue Chip Swap transactions (b)		—		(104)		—		(104)


Other, net (c)		(20)		(22)		(128)		(69)
Income before income taxes		$	920	$	783	$	1,707	$	1,612

(a)	Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.

(b)	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. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the three and six months ended June 30, 2023.

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

Revenue

6 Months Ended

Jun. 30, 2024

Revenue [Abstract]

Revenue

Disaggregation of revenue

The following table presents information on our disaggregated revenue.


	Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars	2024		2023		2024		2023
Revenue by segment:
Completion and Production	$	3,401	$	3,476	$	6,774	$	6,885
Drilling and Evaluation	2,432		2,322		4,863		4,590
Total revenue	$	5,833	$	5,798	$	11,637	$	11,475
Revenue by geographic region:
North America	$	2,481	$	2,696	$	5,027	$	5,461
Latin America	1,097		994		2,205		1,909
Europe/Africa/CIS	757		698		1,486		1,360
Middle East/Asia	1,498		1,410		2,919		2,745
Total revenue	$	5,833	$	5,798	$	11,637	$	11,475

Contract balances

Transaction price allocated to remaining performance obligations

Receivables

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


Millions of dollars	June 30, 2024		December 31, 2023
Finished products and parts	$	2,063	$	2,069
Raw materials and supplies	1,070		1,021
Work in process	149		136
Total inventories	$	3,282	$	3,226

Payables and Accruals	6 Months Ended
Payables and Accruals	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure	Accounts Payable Effective January 1, 2023, we adopted new supplier finance program disclosure requirements contained in guidance issued by the Financial Accounting Standards Board (ASU 2022-04, “Disclosure of Supplier Finance Program Obligations”). The standards update also includes a prospective annual requirement to disclose a rollforward of the amount of the supplier finance program obligations during the annual reporting period. We will include the rollforward disclosure in our Annual Report on Form 10-K for the year ending December 31, 2024, as required. We have agreements with third parties that allow our participating suppliers to finance payment obligations from us with designated third-party financial institutions who act as our paying agent. We have generally extended our payment terms with suppliers to 90 days. A participating supplier may request a participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institutions. Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under these agreements were $302 million as of June 30, 2024, and $322 million as of December 31, 2023, and are included in accounts payable on the condensed consolidated balance sheets.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended June 30, 2024, we recorded a total income tax provision of $207 million on a pre-tax income of $920 million, resulting in an effective tax rate of 22.5% for the quarter. During the three months ended June 30, 2023, we recorded a total income tax provision of $167 million on a pre-tax income of $783 million, resulting in an effective tax rate of 21.3% for the quarter. During the six months ended June 30, 2024, we recorded a total income tax provision of $385 million on a pre-tax income of $1.7 billion, resulting in an effective tax rate of 22.6% for the period. During the six months ended June 30, 2023, we recorded a total income tax provision of $341 million on a pre-tax income of $1.6 billion, resulting in an effective tax rate of 21.1% for the period. Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2012. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. The United States federal income tax filings for tax years 2016 through 2023 are currently under review or remain open for review by the Internal Revenue Service (the IRS). As of June 30, 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. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the next twelve months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies within the next twelve months.

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2024 and June 30, 2023, respectively:


Millions of dollars		Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2023		$	2,663	$	63	$	(5,540)	$	12,536	$	(331)	$	42	$	9,433
Comprehensive income (loss):
Net income		—		—		—		606		—		3		609
Other comprehensive income (loss)		—		—		—		—		(1)		1		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		(63)		108		(3)		—		—		41
Other		—		—		—		—		—		—		—
Balance at March 31, 2024		$	2,662	$	—	$	(5,682)	$	12,988	$	(332)	$	46	$	9,682
Comprehensive income (loss):
Net income		—		—		—		709		—		4		713
Other comprehensive income (loss)		—		—		—		—		—		—		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		1		—		151		(96)		—		—		56
Other		—		—		—		—		—		(4)		(4)
Balance at June 30, 2024		$	2,663	$	—	$	(5,781)	$	13,450	$	(332)	$	46	$	10,046









(a)	In the first quarter and second quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $96 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.


Millions of dollars		Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2022		$	2,664	$	50	$	(5,108)	$	10,572	$	(230)	$	29	$	7,977
Comprehensive income (loss):
Net income		—		—		—		651		—		4		655
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(145)		—		—		(145)
Stock repurchase program		—		—		(100)		—		—		—		(100)
Stock plans (a)		—		(50)		113		(3)		—		—		60
Other		—		—		—		—		—		(3)		(3)
Balance at March 31, 2023		$	2,664	$	—	$	(5,095)	$	11,075	$	(229)	$	30	$	8,445
Comprehensive income (loss):
Net income		—		—		—		610		—		6		616
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(144)		—		—		(144)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		—		144		(82)		—		—		61
Other		—		—		—		—		—		(2)		(2)
Balance at June 30, 2023		$	2,663	$	—	$	(5,201)	$	11,459	$	(228)	$	34	$	8,727









(a)	In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $82 million, respectively. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Accumulated other comprehensive loss consisted of the following:


Millions of dollars	June 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(83)	$	(84)
Defined benefit and other postretirement liability adjustments	(210)		(207)

Other	(39)		(40)
Total accumulated other comprehensive loss	$	(332)	$	(331)

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings. Guarantee arrangements In the normal course of business, we have agreements with financial institutions under which approximately $2.6 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of June 30, 2024. 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 June 30, 2024, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.

Income (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Income (Loss) per Share

Income per Share

A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
Millions of shares	2024	2023	2024	2023
Basic weighted average common shares outstanding	884	901	886	902
Dilutive effect of awards granted under our stock incentive plans	2	2	2	3
Diluted weighted average common shares outstanding	886	903	888	905

Antidilutive shares:
Options with exercise price greater than the average market price	10	13	10	14

Total antidilutive shares	10	13	10	14

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying amount and fair value of our total debt is as follows:


	June 30, 2024								December 31, 2023
Millions of dollars	Level 1		Level 2		Total fair value		Carrying value		Level 1		Level 2		Total fair value		Carrying value
Total debt	$	7,352	$	99	$	7,451	$	7,638	$	7,419	$	378	$	7,797	$	7,636

In the first half of 2024, the fair value of our total debt decreased as a result of higher bond yields.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event During July of 2024, we entered into a credit default swap (CDS) with a third-party financial institution. The CDS is related to a borrowing provided by the financial institution to one of our primary customers in Mexico, and a portion of the proceeds are expected to be utilized by this customer to pay certain of our outstanding receivables. The notional amount of the CDS could be as much as $260 million, and will reduce on a monthly basis over the 24-month term. We do not expect that the fair value of this derivative liability will be material to our consolidated financial statements.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 709	$ 610	$ 1,315	$ 1,261

Insider Trading Arrangements

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Reporting Officer

Title

Reporting Action

Plan Start Date

Plan End Date

Aggregated Shares Covered

Intended to Satisfy Rule 10b5-1?

Jeffrey A. Miller

Chairman of the Board, President and Chief Executive Officer

Plan Adoption

5/13/2024

5/9/2025

1,023,032.00

Yes

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

5/13/2024

Rule 10b5-1 Arrangement Terminated

true

Termination Date

5/9/2025

VHB [Member]

Trading Arrangements, by Individual

Name

Jeffrey A. Miller

Aggregate Available

1,023,032

Executive Vice President, Secretary and Chief Legal [Member]

Trading Arrangements, by Individual

Title

Chairman of the Board, President and Chief Executive Officer

Revenue (Policies)	6 Months Ended
Revenue (Policies)	Jun. 30, 2024
Revenue [Abstract]
Revenue Recognition, Policy	Revenue is recognized based on the transfer of control or our customers’ ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers’ ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize.

Business Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Information on business segments

The following table presents information on our business segments.


		Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars		2024		2023		2024		2023
Revenue:
Completion and Production		$	3,401	$	3,476	$	6,774	$	6,885
Drilling and Evaluation		2,432		2,322		4,863		4,590
Total revenue		$	5,833	$	5,798	$	11,637	$	11,475
Operating income:
Completion and Production		$	723	$	707	$	1,411	$	1,373
Drilling and Evaluation		403		376		801		745
Total operations		1,126		1,083		2,212		2,118
Corporate and other (a)		(65)		(59)		(130)		(117)
SAP S4 upgrade expense		(29)		(13)		(63)		(13)

Total operating income		$	1,032	$	1,011	$	2,019	$	1,988
Interest expense, net of interest income		(92)		(102)		(184)		(203)
Loss on Blue Chip Swap transactions (b)		—		(104)		—		(104)


Other, net (c)		(20)		(22)		(128)		(69)
Income before income taxes		$	920	$	783	$	1,707	$	1,612

(a)	Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.

(b)	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. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the three and six months ended June 30, 2023.

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

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue [Abstract]

Disaggregation of Revenue

The following table presents information on our disaggregated revenue.


	Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars	2024		2023		2024		2023
Revenue by segment:
Completion and Production	$	3,401	$	3,476	$	6,774	$	6,885
Drilling and Evaluation	2,432		2,322		4,863		4,590
Total revenue	$	5,833	$	5,798	$	11,637	$	11,475
Revenue by geographic region:
North America	$	2,481	$	2,696	$	5,027	$	5,461
Latin America	1,097		994		2,205		1,909
Europe/Africa/CIS	757		698		1,486		1,360
Middle East/Asia	1,498		1,410		2,919		2,745
Total revenue	$	5,833	$	5,798	$	11,637	$	11,475

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


Millions of dollars	June 30, 2024		December 31, 2023
Finished products and parts	$	2,063	$	2,069
Raw materials and supplies	1,070		1,021
Work in process	149		136
Total inventories	$	3,282	$	3,226

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Summary of shareholders' equity activity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2024 and June 30, 2023, respectively:


Millions of dollars		Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2023		$	2,663	$	63	$	(5,540)	$	12,536	$	(331)	$	42	$	9,433
Comprehensive income (loss):
Net income		—		—		—		606		—		3		609
Other comprehensive income (loss)		—		—		—		—		(1)		1		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		(63)		108		(3)		—		—		41
Other		—		—		—		—		—		—		—
Balance at March 31, 2024		$	2,662	$	—	$	(5,682)	$	12,988	$	(332)	$	46	$	9,682
Comprehensive income (loss):
Net income		—		—		—		709		—		4		713
Other comprehensive income (loss)		—		—		—		—		—		—		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		1		—		151		(96)		—		—		56
Other		—		—		—		—		—		(4)		(4)
Balance at June 30, 2024		$	2,663	$	—	$	(5,781)	$	13,450	$	(332)	$	46	$	10,046









(a)	In the first quarter and second quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $96 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.


Millions of dollars		Common Stock		Paid-in Capital in Excess of Par Value		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance at December 31, 2022		$	2,664	$	50	$	(5,108)	$	10,572	$	(230)	$	29	$	7,977
Comprehensive income (loss):
Net income		—		—		—		651		—		4		655
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(145)		—		—		(145)
Stock repurchase program		—		—		(100)		—		—		—		(100)
Stock plans (a)		—		(50)		113		(3)		—		—		60
Other		—		—		—		—		—		(3)		(3)
Balance at March 31, 2023		$	2,664	$	—	$	(5,095)	$	11,075	$	(229)	$	30	$	8,445
Comprehensive income (loss):
Net income		—		—		—		610		—		6		616
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(144)		—		—		(144)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		—		144		(82)		—		—		61
Other		—		—		—		—		—		(2)		(2)
Balance at June 30, 2023		$	2,663	$	—	$	(5,201)	$	11,459	$	(228)	$	34	$	8,727









(a)	In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $82 million, respectively. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Schedule of comprehensive income (loss)

Accumulated other comprehensive loss consisted of the following:


Millions of dollars	June 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(83)	$	(84)
Defined benefit and other postretirement liability adjustments	(210)		(207)

Other	(39)		(40)
Total accumulated other comprehensive loss	$	(332)	$	(331)

Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Weighted average shares outstanding and antidilutive shares

A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
Millions of shares	2024	2023	2024	2023
Basic weighted average common shares outstanding	884	901	886	902
Dilutive effect of awards granted under our stock incentive plans	2	2	2	3
Diluted weighted average common shares outstanding	886	903	888	905

Antidilutive shares:
Options with exercise price greater than the average market price	10	13	10	14

Total antidilutive shares	10	13	10	14

Fair value by balance sheet grouping table (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amount and fair value of our total debt is as follows:


	June 30, 2024								December 31, 2023
Millions of dollars	Level 1		Level 2		Total fair value		Carrying value		Level 1		Level 2		Total fair value		Carrying value
Total debt	$	7,352	$	99	$	7,451	$	7,638	$	7,419	$	378	$	7,797	$	7,636

Impairments and Other Charges (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Operating lease right-of-use assets	$ 1,026	$ 1,088
Current portion of operating lease liabilities	$ 258	$ 262

Business Segment and Geographic Information (Narrative) (Details)	Jun. 30, 2024 Division Customers	Dec. 31, 2023 Customers
Concentration Risk [Line Items]
Number of business segments \| Division	2
Maximum Percentage Gross Trade Receivables From One Customer	10.00%	10.00%
NumberOfCustomersExceedReceivablesThreshold \| Customers	0	0

Business Segment and Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Revenue	$ 5,833	$ 5,798	$ 11,637	$ 11,475
Operating income (loss):
Operating income	1,032	1,011	2,019	1,988
Interest expense, net of interest income	(92)	(102)	(184)	(203)
Other, net	(20)	(22)	(128)	(69)
Income (loss) from continuing operations before income taxes	920	783	1,707	1,612
SAP S4 Upgrade Expense	(29)	(13)	(63)	(13)
Argentina investment impairment and Egypt Devaluation			(82)
Total operations
Operating income (loss):
Operating income	1,126	1,083	2,212	2,118
Completion and Production
Revenue:
Revenue	3,401	3,476	6,774	6,885
Completion and Production \| Total operations
Operating income (loss):
Operating income	723	707	1,411	1,373
Drilling and Evaluation
Revenue:
Revenue	2,432	2,322	4,863	4,590
Drilling and Evaluation \| Total operations
Operating income (loss):
Operating income	403	376	801	745
Corporate and Other [Member]
Operating income (loss):
Operating income	$ (65)	$ (59)	$ (130)	$ (117)

Revenue (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
Revenue (Details) $ in Millions	Jun. 30, 2024 USD ($) Division Customers	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Division Customers	Jun. 30, 2023 USD ($)	Dec. 31, 2023 Customers
Disaggregation of Revenue [Line Items]
Number of business segments \| Division	2		2
Revenue	$ 5,833	$ 5,798	$ 11,637	$ 11,475
Revenue, Performance Obligation, Description of Timing			one year
NumberOfCustomersExceedReceivablesThreshold \| Customers	0		0		0
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,481	2,696	$ 5,027	5,461
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,097	994	2,205	1,909
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	757	698	1,486	1,360
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,498	1,410	2,919	2,745
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,401	3,476	6,774	6,885
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,432	$ 2,322	$ 4,863	$ 4,590
Minimum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms			20
Maximum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms			60
Revenue Benchmark [Member] \| UNITED STATES \| Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			41.00%	46.00%
Accounts Receivable [Member] \| UNITED STATES \| Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			31.00%		33.00%
Accounts Receivable [Member] \| MEXICO \| Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			13.00%		9.00%
Accounts Receivable [Member] \| MEXICO \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			11.00%		6.00%

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished products and parts	$ 2,063	$ 2,069
Raw materials and supplies	1,070	1,021
Work in process	149	136
Inventory, net	$ 3,282	$ 3,226

Payables and Accruals (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Outstanding Supplier Finance Payment Obligation	$ 302	$ 322

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 207	$ 167	$ 385	$ 341
Income (loss) from continuing operations before income taxes	$ 920	$ 783	$ 1,707	$ 1,612
Effective tax rate	22.50%	21.30%	22.60%	21.10%
2016 Baker Hughes Merger Termination Fee	$ 3,500		$ 3,500

Shareholders' Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2024

Jun. 30, 2023

Shareholders' equity activity [Roll Forward]

Beginning Balance

$ 9,682

$ 9,433

$ 8,445

$ 7,977

$ 9,433

$ 7,977

Net income (loss)

713

609

616

655

1,322

1,271

Other comprehensive income (loss)

Cash dividends

(151)

(144)

(145)

Stock Repurchased During Period, Value

(250)

(100)

Stock plans

Other

Ending Balance

$ 10,046

$ 9,682

$ 8,727

$ 8,445

10,046

8,727

Common Stock, Dividends, Per Share, Declared

$ 0.17

$ 0.16

Stock Repurchased During Period, Shares

6.9

8.1

Common Shares

Shareholders' equity activity [Roll Forward]

Beginning Balance

$ 2,662

$ 2,663

$ 2,664

2,663

2,664

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

Stock plans

Other

Ending Balance

2,663

2,662

2,663

2,664

2,663

Paid-in Capital in Excess of Par Value

Shareholders' equity activity [Roll Forward]

Beginning Balance

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

Shareholders' equity activity [Roll Forward]

Beginning Balance

12,988

12,536

11,075

10,572

12,536

10,572

Net income (loss)

709

606

610

651

Other comprehensive income (loss)

Cash dividends

(151)

(144)

(145)

Stock Repurchased During Period, Value

Stock plans

^[1]

^[2]

Other

Ending Balance

13,450

12,988

11,459

11,075

13,450

11,459

Accumulated Other Comprehensive Income (Loss)

Shareholders' equity activity [Roll Forward]

Beginning Balance

(332)

(331)

(229)

(230)

(331)

(230)

Net income (loss)

Other comprehensive income (loss)

(1)

Cash dividends

Stock Repurchased During Period, Value

Stock plans

Other

Ending Balance

(332)

(228)

(229)

(332)

(228)

Noncontrolling Interest in Consolidated Subsidiaries

Shareholders' equity activity [Roll Forward]

Beginning Balance

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

Stock plans

Other

Ending Balance

Treasury Stock, Common

Shareholders' equity activity [Roll Forward]

Beginning Balance

(5,682)

(5,540)

(5,095)

(5,108)

(5,540)

(5,108)

Net income (loss)

Other comprehensive income (loss)

Cash dividends

Stock Repurchased During Period, Value

250

100

Stock plans

151

108

144

113

Other

Ending Balance

$ (5,781)

$ (5,682)

$ (5,201)

$ (5,095)

$ (5,781)

$ (5,201)

[1]

In the first quarter and second quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $96 million. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

[2]

In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $3 million and $82 million, respectively. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (210)	$ (207)
Cumulative translation adjustments	(83)	(84)
Other	(39)	(40)
Total accumulated other comprehensive loss	$ (332)	$ (331)

Shareholders' Equity Repurchase Activity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Repurchase Activity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	$ 3,600
Treasury Stock Shares Acquired From Inception	267.0
Treasury Stock Value Acquired Cost Method From Inception	$ 10,600
Shareholders' Equity Activity Summarization [Line Items]
Stock Repurchased During Period, Shares	6.9		8.1
Stock Repurchased During Period, Value	$ (250)	$ (250)	$ (250)	$ (100)
Treasury Stock, Common
Shareholders' Equity Activity Summarization [Line Items]
Stock Repurchased During Period, Value	$ 250	$ 250	$ 250	$ 100

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Jun. 30, 2024 USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2.6

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	884	901	886	902
Dilutive effect of awards granted under our stock incentive plans	2	2	2	3
Diluted weighted average common shares outstanding (in shares)	886	903	888	905
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	10	13	10	14
Total antidilutive shares	10	13	10	14

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 7,451	$ 7,797
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	7,638	7,636
Level 1 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	7,352	7,419
Level 2 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	99	378
Level 3 \| Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0