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© 2025 Halliburton. All rights reserved. NYSE Stock Symbol: HAL Common Dividend: $0.17 in the fourth quarter 2025 Shares Outstanding: 838 million as of 1/30/2026 Fourth Quarter 2025 Update Investor Relations Contacts David Coleman, Sr. Director Lyn Labahn, Director (281) 871-2688 investors@halliburton.com 1
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Safe Harbor The statements in this presentation that are not historical statements are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: changes in the demand for or price of oil and/or natural gas, including as a result of development of alternative energy sources, general economic conditions such as inflation and recession, the ability of the OPEC+ countries to agree on and comply with production quotas, and other causes; changes in capital spending by our customers; the modification, continuation or suspension of our shareholder return framework, including the payment of dividends and purchases of our stock, which will be subject to the discretion of our Board of Directors and may depend on a variety of factors, including our results of operations and financial condition, growth plans, capital requirements and other conditions existing when any payment or purchase decision is made; potential catastrophic events related to our operations, and related indemnification and insurance; protection of intellectual property rights; cyber- attacks and data security; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, the environment, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate- related initiatives; assumptions regarding the generation of future taxable income, and compliance with laws related to and disputes with taxing authorities regarding income taxes; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls, tariffs and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; delays or failures by customers to make payments owed to us; infrastructure issues in the oil and natural gas industry; availability and cost of highly skilled labor and raw materials; completion of potential dispositions, and acquisitions and integration and success of acquired businesses and joint ventures. Halliburton's Form 10-K for the year ended December 31, 2025, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law. © 2025 Halliburton. All rights reserved. 2
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Agenda Company Overview ▪ Deliver Profitable International Growth ▪ Maximize Value in North America ▪ Improve Capital Efficiency ▪ Accelerate Digital and Automation ▪ Advance Sustainable Energy Future Strategic Priorities Financial Results 4 8 23 © 2025 Halliburton. All rights reserved. 3
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© 2025 Halliburton. All rights reserved. Company Overview 4 We collaborate and engineer solutions to maximize asset value for our customers
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Halliburton Global Footprint TC Locations Technology Centers Corporate Headquarters TCTC TC TC TC TC TC TC TC TC TC TC *approximately Founded 1919 46,000* Employees of over 145 Nationalities Operational Countries 70+ Research Centers 12 Corporate Headquarters Houston © 2025 Halliburton. All rights reserved. 5
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Halliburton Participates in Every Stage of Oilfield Life Cycle Exploration Well Construction Completions Production Abandonment © 2025 Halliburton. All rights reserved. 6
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Production Solutions Pipeline & Process Services Artificial Lift & Multi Chem Completion Tools Production Enhancement Cementing Halliburton Product Service Lines Drilling and Evaluation (D&E) Completion and Production (C&P) Drill Bits & Services Wireline & Perforating Sperry Drilling Integrating All Product Service Lines* BaroidTesting & Subsea Project Management Landmark & Consulting © 2025 Halliburton. All rights reserved. 7 * Financial results reported as part of Drilling and Evaluation division.
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Halliburton Has Set Its Key Strategic Priorities Deliver industry- leading returns and strong free cash flow* for our shareholders We have a clear sense of purpose – to help our customers satisfy the world’s need for the affordable and reliable energy provided by oil and gas – in a more effective, efficient, safe, and ethical manner – while minimizing environmental impact. Our key strategic priorities are to: Advance a Sustainable Energy Future ▪ Support decarbonizing our customers' production base ▪ Committed to science informed targets ▪ Advance clean energy solutions through Halliburton Labs Accelerate Digital and Automation ▪ Leading software provider ▪ Automation of the value chain ▪ Drive internal efficiencies * See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow. © 2025 Halliburton. All rights reserved. 8 Improve Capital Efficiency ▪ The right global footprint ▪ Competitive technology portfolio ▪ Grow integrated offerings ▪ The leader in North America ▪ Integrated premium provider ▪ Differentiated technology portfolio Deliver Profitable International Growth Maximize Value in North America ▪ Structurally lower capital intensity ▪ Driven by advances in technology ▪ Strong free cash flow* generation
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© 2025 Halliburton. All rights reserved. Balance growth with improved margins and returns Deliver Profitable International Growth 9
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80 85 90 95 100 105 110 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 HAL Int'l Revenue Index Int'l Rig Index 39% North America 61% International Profitable International Growth Portfolio Strength Drives Market Outperformance 4Q 2025 Revenue International Revenue Performance >60% of Halliburton’s 4Q 2025 revenue was generated internationally 1Q 2024 = 100 106 91 © 2025 Halliburton. All rights reserved. 10
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Leading Drilling Technology Platforms Intelligent Rotary Steerable System ▪ High mechanical specifications enable faster drilling ▪ Modern electronics allow for accurate steering and improved reliability ▪ Automated drilling delivers predictable results ▪ Industry leading subsurface insights for better reservoir understanding ▪ Superior drilling performance ▪ Consistent well delivery ▪ Fully autonomous closed loop system, integrated with geo- steering ▪ Combines physics-based models and machine learning to drill wells autonomously, consistently, and on-target Intelligent Drilling & Logging Platform Autonomous Drilling Platform © 2025 Halliburton. All rights reserved. LOGIX®iStar iCruise® 11
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© 2025 Halliburton. All rights reserved. Maximize free cash flow and returns on capital Maximize Value in North America 12
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Zeus Electric Fracturing System Power System • Grid Power Solutions • Natural Gas Reciprocating Engines – VoltaGrid® Patent Portfolio • 50+ patents and applications Performance • Q10 pump • Over 4 years operating at scale • Proven Service Quality • All-Electric Location • Robust Supply Chain © 2025 Halliburton. All rights reserved. 13
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Sensori Fracture Monitoring Service © 2025 Halliburton. All rights reserved. 14 Monitoring at Scale ▪ Continuous subsurface feedback Optimizes Fracture Effectiveness ▪ Controls fracture behavior and improves output predictability Improves Asset Recovery ▪ Enables dynamic completion designs Unlocks additional value through adaptive frac designs
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© 2025 Halliburton. All rights reserved. Structurally lower capital intensity supports stronger free cash flow generation Improve Capital Efficiency 15
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Capital Efficiency Lower Capital Intensity 11.4% 7.2% 2009-14 2015-19 2020 to Present CAPEX as % of Revenue 5-6% * See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow. Strengthen FCF Profile CAPEX at 5-6% of revenue ▪ Equipment design enhancements ▪ New materials ▪ Higher asset velocity ▪ Digital technologies ▪ Changing portfolio mix ~$2.1B average annual FCF* (2022-2025) © 2025 Halliburton. All rights reserved. 16
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© 2025 Halliburton. All rights reserved. Transform the way we work to make a quantum leap in productivity Accelerate Digital and Automation 17
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Internal Processes Workflows, Execution, Controls Service delivery excellence and customer experience Open Architecture Infrastructure iEnergy®, AI, ML, Partnership Collaboration, innovation, comprehensive solutions Software DS365® Asset performance Automation and Remote Operations Reliability, consistency and efficiency in operations LOGIX® Well Construction Intelevate Artificial Lift OCTIV® Fracturing Operational foundations and solution offerings that further enable Halliburton’s value propositionDigital 18 © 2025 Halliburton. All rights reserved.
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© 2025 Halliburton. All rights reserved. DecisionSpace®365 powered by iEnergy® Subscription based suite of E&P cloud services Open architecture, plug and play solutions, with intelligent business processes for efficiency and data driven decisions. Subsurface ▪ Gain invaluable insights to reduce subsurface risk and uncertainty. Sustainability ▪ Provide tools for more effective carbon management. DS365.ai ▪ Augment subsurface, drilling and production decisions with precision AI and ML. Reservoir and Production ▪ Optimize production and reservoir recovery. Well Construction ▪ Plan, design and construct safe, cost effective, and productive wells. Agile Field Management ▪ Optimal asset decisions to reduce exploration to production timeline. 19
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© 2025 Halliburton. All rights reserved. Deliver affordable and reliable energy while lowering overall emissions Advance Sustainable Energy Future 20
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© 2025 Halliburton. All rights reserved. Commitments SocialEnvironmental Governance ▪ Engage customers on the emissions reduction journey ▪ Develop low environmental impact solutions and technology ▪ Provide reliable and data-based approach to reduce emissions ▪ Provide a diverse and inclusive environment for our employees ▪ Target to outperform our sector in HSE performance ▪ Progress our Journey To Zero initiatives ▪ Streamline our risk management ▪ Cultivate a sustainable supply chain ▪ Maintain qualified and diverse Board of Directors 21
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© 2025 Halliburton. All rights reserved. 00 40% GHG Inventory System Reduction Initiatives Transition Opportunities Emissions Reduction Target: reduce Scope 1 and Scope 2 emissions by 40% by 2035 from our baseline year of 2018 Environmental Focus ▪ Standardize and operationalize GHG data capture ▪ Process and governance of emissions sources and calculation ▪ Emissions data quality assurance and reporting in our Annual & Sustainability Report ▪ Use data-based approach to reduce Halliburton’s emissions and environmental impact ▪ Reduce customers’ operational emissions by providing lower environmental impact solutions (ex. Zeus electric frac) ▪ Build on progressively achieving emissions target ▪ Customer-focused transition solutions ▪ Collaborate in carbon capture and storage and geothermal projects ▪ Halliburton Labs - clean energy accelerator program for early-stage companies 22
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Financial Results Fourth Quarter 2025 © 2025 Halliburton. All rights reserved. 23
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4Q25 Revenue Breakdown 39% 19%16% 26% Middle East/Asia Europe/Africa North America Latin America ▪ 4Q25 revenue of $1.5 billion, a 3% increase sequentially. ▪ Primarily driven by increased well intervention services and higher stimulation activity in Saudi Arabia, improved well construction activity in Indonesia, higher completion tool sales in Asia, and improved stimulation activity in United Arab Emirates. ▪ Partially offset by lower completion tool sales and decreased drilling activity in Saudi Arabia, and lower stimulation activity in Qatar and Australia. ▪ 4Q25 revenue of $928 million, a 12% increase sequentially. ▪ Primarily driven by higher completion tool sales in the North Sea, improved well construction activity and increased wireline activity in Africa, and higher stimulation activity in Angola. ▪ 4Q25 revenue of $2.2 billion, a 7% decrease sequentially. ▪ Primarily driven by lower stimulation activity in US Land and Canada, decreased fluid services in the Gulf of America, and lower well intervention services in US Land. ▪ Partially offset by improved cementing activity and higher completion tool sales in US Land and the Gulf of America. ▪ 4Q25 revenue of $1.1 billion, a 7% increase sequentially. ▪ Driven by higher completion tool sales in Brazil and the Caribbean, and higher software sales in Mexico. ▪ Partially offset by lower activity across multiple product service lines in Mexico and decreased stimulation activity in Argentina. © 2025 Halliburton. All rights reserved. 24
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Segment and Geographic Results © 2025 Halliburton. All rights reserved. 25
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90 100 110 120 130 140 150 160 170 180 Peer Group HAL Financial Metrics Total Revenue(a) Adjusted Return on Capital Employed(d) 1Q21 = 100 8% 15% 19% 17% 13% 5% 9% 12% 14% 12% 2021 2022 2023 2024 2025 HAL Peer Group Debt Maturity Profile(c) ($M) Cash Flow Performance(e) ($M) (b) (b) © 2025 Halliburton. All rights reserved. 26 (a) Company and peer group revenue is indexed to 100 for Q1 2021. (b) Peer Group includes SLB and Baker Hughes Company. Data for peers is from published financial documents. (c) As of December 31st, 2025, par value of total debt outstanding beyond 2030 is $6,132MM. (d) Excludes certain charges. Average capital employed is a statistical mean of the combined values of debt and shareholders’ equity for the beginning and end of the period. Adjusted ROCE is calculated as: “Adjusted operating profit, net of taxes” divided by “Adjusted average capital employed.” Adjusted ROCE is a non-GAAP measure; see slide 28 for reconciliation of our Net Income to Return on Capital Employed and Adjusted Return on Capital Employed. (e) See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow. $1,911 $2,242 $3,458 $3,865 $2,926 $1,369 $1,431 $2,274 $2,646 $1,857 2021 2022 2023 2024 2025 Operating Cash Flow Free Cash Flow $90 $1,000 2026 2027 2028 2029 2030
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Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (a) Free Cash Flow is a non-GAAP financial measure which is calculated as “Total cash flows provided by operating activities” less “Capital expenditures” plus “Proceeds from sales of property, plant, and equipment.” Management believes that Free Cash Flow is a key measure to assess liquidity of the business and is consistent with the disclosures of Halliburton's direct, large-cap competitors. ($millions) 2021 2022 2023 2024 2025 Total cash flows provided by operating activities $1,911 $2,242 $3,458 $3,865 $2,926 Capital expenditures (799) (1,011) (1,379) (1,442) (1,254) Proceeds from sales of property, plant, and equipment 257 200 195 223 185 Free cash flow (a) $1,369 $1,431 $2,274 $2,646 $1,857 © 2025 Halliburton. All rights reserved. 27
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(a) Operating profit, net of taxes is calculated as: "Net income attributable to company" plus "Interest expense, net of taxes." (b) Adjusted operating profit, net of taxes is calculated as: “Operating profit (loss), net of taxes” plus "Adjustments, net of taxes." "Adjustments, net of taxes" are items comprising "impairments and other charges" and other items for the period, please see our quarterly and year end earnings releases for details on the adjustments for each period. (c) Average capital employed is a statistical mean of the combined values of debt and shareholders’ equity for the beginning and end of the period. (d) Adjusted average capital employed is calculated as "Average capital employed" plus "Average Adjustments, net of taxes." "Average adjustments, net of taxes" is calculated as the sum of the average of "Adjustments, net of taxes" at the beginning and end of the respective period. (e) Management believes that net income attributable to the company adjusted for “Interest expense, net of taxes” is useful to investors to assess and understand operating performance, especially when comparing results with previous and subsequent periods or forecasting performance for future periods, primarily because management views this expense to be outside of the company's normal operating results. Management analyzes net income without the impact of this expense as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. Return on capital employed (ROCE) is a non-GAAP financial measure Halliburton uses to determine how efficiently it uses capital to generate profits. ROCE is calculated as: “Operating profit, net of taxes” divided by “Average capital employed.” (f) Adjusted ROCE is calculated as: “Adjusted operating profit, net of taxes” divided by “Adjusted average capital employed." ($millions) 2021 2022 2023 2024 2025 Net income attributable to company $1,457 $1,572 $2,638 $2,501 $1,283 Interest expense, net of taxes 407 404 378 350 321 Operating profit, net of taxes (a) $1,864 $1,976 $3,016 $2,851 $1,604 Adjustments, net of taxes (b) (492) 384 189 143 804 Adjusted operating profit, net of taxes (b) $1,372 $2,360 $3,205 $2,993 $2,408 Average capital employed (c) $15,320 $15,858 $16,451 $17,537 $17,833 Average adjustments, net of taxes (d) 1,515 (54) 287 166 460 Adjusted average capital employed (d) $16,835 $15,804 $16,738 $17,703 $18,293 ROCE (e) 12% 12% 18% 16% 9% Adjusted ROCE (f) 8% 15% 19% 17% 13% Reconciliation of Net Income to ROCE and Adjusted ROCE © 2025 Halliburton. All rights reserved. 28
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© 2025 Halliburton. All rights reserved. Capital Returns 29
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© 2025 Halliburton. All rights reserved. Shareholder Returns At Least 50% of Annual Free Cash Flowa returned to shareholders going forward Dividends • Dividend of $0.17 / share in Q4 2025 Share Repurchases • Repurchased ~$800M of securities in 2023b • Repurchased ~$1B of securities in 2024c • Repurchased ~$1B of securities in 2025d • ~$2.0 billion repurchase authorization remaininge Announced Capital Return Framework Form of Distribution a) See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow. b) Repurchased ~23M shares. c) Repurchased ~31M shares. d) Repurchased ~42M shares. e) As of December 31st, 2025. 30
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Only integrated services company with a strong presence in both North America and International markets Strong culture of execution Differentiated technology to drive efficiency Financial outperformance Advancing a sustainable energy future Why Halliburton © 2025 Halliburton. All rights reserved. 31
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© 2025 Halliburton. All rights reserved. THANK YOU 32 David Coleman Senior Director, Investor Relations (281) 871-2688 investors@halliburton.com