Halliburton Q3 2026 operating income rises 75% to $624M
HAL's Drilling and Evaluation revenue rose 10%, while Completion and Production revenue fell 4% in the quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Halliburton Company reported third-quarter 2026 revenue of $5.703 billion, compared with $5.600 billion a year earlier, and operating income of $624 million versus $356 million. Net income attributable to the company was $417 million, versus $18 million; third-quarter impairments and other charges were $107 million, compared with $392 million a year earlier.
Drilling and Evaluation revenue increased 10% to $2.614 billion and operating income increased 12% to $391 million. Completion and Production revenue fell 4% to $3.089 billion, and operating income fell 11% to $457 million. North America revenue decreased 9%, while international revenue increased 9%.
Operating cash flow for the first nine months was $1.465 billion, versus $1.761 billion a year earlier. Halliburton held $1.843 billion in cash as of September 30, 2026, repurchased 15.2 million shares for $558 million, including excise tax paid on prior-year repurchases, and paid $426 million in dividends. The company expects 2026 capital spending of approximately $1.1 billion. Jill D. Sharp, Senior Vice President, Internal Assurance Services, adopted a Rule 10b5-1 trading arrangement covering 50,930 shares on August 5, 2026, with a plan end date of May 19, 2027.
2 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter operating income rose 75% to $624 million.
- Minor pointDrilling and Evaluation operating income increased 12% to $391 million.
Negative
- Moderate pointNine-month operating cash flow fell to $1.465 billion from $1.761 billion.
- Minor pointCompletion and Production operating income fell 11% to $457 million.
Filing Explained
No additional tax is due now; Halliburton estimates a possible $640 million cash-tax bill plus interest if the IRS ultimately prevails.
The filing says the IRS is challenging Halliburton’s treatment of a 2016
The filing says that if the administrative appeals process does not resolve the dispute, it will ultimately be resolved in federal court.
Separately, about
Key Figures
Revenue: $5.703 billion; $5.600 billion in 2025
Operating income: $624 million; $356 million in 2025
Net income attributable to the company: $417 million; $18 million in 2025
+5 more
8 metrics
Revenue
$5.703 billion; $5.600 billion in 2025
Three months ended September 30, 2026; 2025 comparison
Operating income
$624 million; $356 million in 2025
Three months ended September 30, 2026; 2025 comparison
Net income attributable to the company
$417 million; $18 million in 2025
Three months ended September 30, 2026; 2025 comparison
Completion and Production operating income
$457 million; $514 million in 2025
Three months ended September 30, 2026; 2025 comparison
Drilling and Evaluation operating income
$391 million; $348 million in 2025
Three months ended September 30, 2026; 2025 comparison
Cash flows provided by operating activities
$1.465 billion; $1.761 billion in 2025
Nine months ended September 30, 2026; 2025 comparison
Cash and equivalents
$1.843 billion
As of September 30, 2026
Nine-month stock repurchases
$558 million; 15.2 million shares
Nine months ended September 30, 2026; amount includes excise tax payment for prior-year share repurchases
Key Terms
Impairments and other charges, Working capital, credit default swaps (CDSs), remaining performance obligations, +1 more
5 terms
Impairments and other charges financial
"reflected within “Impairments and other charges” on our Condensed Consolidated Statements of Operations"
Impairments and other charges are one-time reductions and costs a company records when assets or expected profits are worth less than previously shown on the books, or when it incurs unusual expenses like restructuring, lawsuits, or inventory write-offs. They matter to investors because they lower reported profits and can signal that past assumptions were wrong — like realizing a tool in your garage is broken and writing off its value — which affects future earnings, cash outlook and valuation.
Working capital financial
"Working capital, which consists of receivables, inventories, and accounts payable"
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
credit default swaps (CDSs) financial
"credit default swaps (CDSs) that we had previously entered into"
remaining performance obligations financial
"Remaining performance obligations represent firm contracts for which work has not been performed"
Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.
valuation allowance financial
"release of a valuation allowance in the amount of $32 million"
A valuation allowance is a reserve set aside to reduce the value of certain assets on a company's financial records when there is uncertainty about whether they will generate the expected benefits. It acts like a caution sign, indicating that some assets might not be fully recoverable or worth their recorded amount. This matters to investors because it provides a more realistic picture of a company's financial health and potential risks.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and operating income did HAL report in Q3 2026?
Halliburton reported $5.703 billion in revenue and $624 million in operating income for the three months ended September 30, 2026. The comparable 2025 figures were $5.600 billion and $356 million, respectively.
What does HAL expect to spend on capital expenditures in 2026?
Halliburton expects 2026 capital spending to be approximately $1.1 billion. The company said the spending supports investment in core strategic technologies and businesses, including international expansion of artificial lift, unconventionals, production services, and drilling technologies.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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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 September 30, 2026
or
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
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(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 |
NYSE Texas |
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.
☒ | 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).
As of October 16, 2026, there were 827,126,342 shares of Halliburton Company common stock, $2.50 par value per share,
outstanding.
i
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. Impairments and Other Charges | 5 | |
Note 3. Business Segment Information | 7 | |
Note 4. Revenue | 9 | |
Note 5. Inventories | 10 | |
Note 6. Accounts Payable | 10 | |
Note 7. Income Taxes | 10 | |
Note 8. Shareholders' Equity | 11 | |
Note 9. Commitments and Contingencies | 13 | |
Note 10. Income per Share | 13 | |
Note 11. Fair Value of Financial Instruments | 13 | |
Note 12. New Accounting Pronouncements | 14 | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 15 |
Executive Overview | 15 | |
Liquidity and Capital Resources | 18 | |
Business Environment and Results of Operations | 20 | |
Results of Operations in 2026 Compared to 2025 (QTD) | 22 | |
Results of Operations in 2026 Compared to 2025 (YTD) | 25 | |
Forward-Looking Information | 28 | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 28 |
Item 4. | Controls and Procedures | 28 |
PART II. | OTHER INFORMATION | 29 |
Item 1. | Legal Proceedings | 29 |
Item 1(a). | Risk Factors | 29 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 29 |
Item 3. | Defaults Upon Senior Securities | 29 |
Item 4. | Mine Safety Disclosures | 29 |
Item 5. | Other Information | 29 |
Item 6. | Exhibits | 30 |
SIGNATURES | 31 |
HAL Q3 2026 FORM 10-Q | 1
Table of Contents |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
HALLIBURTON COMPANY
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
Millions of dollars and shares except per share data | 2026 | 2025 | 2026 | 2025 |
Revenue: | ||||
Services | $ | $ | $ | $ |
Product sales | ||||
Total revenue | ||||
Operating costs and expenses: | ||||
Cost of services | ||||
Cost of sales | ||||
Impairments and other charges | ||||
General and administrative | ||||
SAP S4 upgrade expense | ||||
Total operating costs and expenses | ||||
Operating income | ||||
Interest expense, net of interest income of $18, $23, $61, and $66 | ( | ( | ( | ( |
Other, net | ( | ( | ( | ( |
Income before income taxes | ||||
Income tax provision | ( | ( | ( | ( |
Net income | $ | $ | $ | $ |
Net income attributable to noncontrolling interest | ( | ( | ( | ( |
Net income attributable to company | $ | $ | $ | $ |
Basic and diluted net income per share | $ | $ | $ | $ |
Basic weighted average common shares outstanding | ||||
Diluted weighted average common shares outstanding | ||||
See Notes to Condensed Consolidated Financial Statements.
HAL Q3 2026 FORM 10-Q | 2
Table of Contents |
HALLIBURTON COMPANY
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
Millions of dollars | 2026 | 2025 | 2026 | 2025 |
Net income | $ | $ | $ | $ |
Other comprehensive income (loss), net of income taxes | ( | |||
Comprehensive income | $ | $ | $ | $ |
Comprehensive income attributable to noncontrolling interest | ( | ( | ( | ( |
Comprehensive income attributable to company shareholders | $ | $ | $ | $ |
See Notes to Condensed Consolidated Financial Statements.
HAL Q3 2026 FORM 10-Q | 3
Table of Contents |
HALLIBURTON COMPANY
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, | December 31, | |
Millions of dollars and shares except per share data | 2026 | 2025 |
Assets | ||
Current assets: | ||
Cash and equivalents | $ | $ |
Receivables (net of allowances for credit losses of $788 and $805) | ||
Inventories | ||
Other current assets | ||
Total current assets | ||
Property, plant, and equipment (net of accumulated depreciation of $12,979 and $12,616) | ||
Goodwill | ||
Deferred income taxes | ||
Operating lease right-of-use assets | ||
Other assets | ||
Total assets | $ | $ |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payable | $ | $ |
Accrued employee compensation and benefits | ||
Income taxes payable | ||
Taxes other than income | ||
Current portion of operating lease liabilities | ||
Current maturities of long-term debt | ||
Other current liabilities | ||
Total current liabilities | ||
Long-term debt | ||
Operating lease liabilities | ||
Employee compensation and benefits | ||
Other liabilities | ||
Total liabilities | ||
Shareholders' equity: | ||
Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,063 and 1,064 shares) | ||
Paid-in capital in excess of par value | ||
Accumulated other comprehensive loss | ( | ( |
Retained earnings | ||
Treasury stock, at cost (236 and 229 shares) | ( | ( |
Company shareholders' equity | ||
Noncontrolling interest in consolidated subsidiaries | ||
Total shareholders' equity | ||
Total liabilities and shareholders' equity | $ | $ |
See Notes to Condensed Consolidated Financial Statements.
HAL Q3 2026 FORM 10-Q | 4
Table of Contents |
HALLIBURTON COMPANY
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30, | ||
Millions of dollars | 2026 | 2025 |
Cash flows from operating activities: | ||
Net income | $ | $ |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation, depletion, and amortization | ||
Impairments and other charges | ||
Changes in assets and liabilities: | ||
Receivables | ( | ( |
Inventories | ( | ( |
Accounts payable | ( | |
Other operating activities | ( | ( |
Total cash flows provided by operating activities | ||
Cash flows from investing activities: | ||
Capital expenditures | ( | ( |
Purchases of investment securities | ( | ( |
Payments to acquire businesses, net of cash acquired | ( | ( |
Purchases of equity investments | ( | ( |
Proceeds from sales of property, plant, and equipment | ||
Sales of investment securities | ||
Sale of an equity investment | ||
Other investing activities | ( | ( |
Total cash flows used in investing activities | ( | ( |
Cash flows from financing activities: | ||
Stock repurchase program | ( | ( |
Dividends to shareholders | ( | ( |
Other financing activities | ( | ( |
Total cash flows used in financing activities | ( | ( |
Effect of exchange rate changes on cash | ( | ( |
Decrease in cash and cash equivalents | ( | ( |
Cash and equivalents at beginning of period | ||
Cash and equivalents at end of period | $ | $ |
Supplemental disclosure of cash flow information: | ||
Cash payments during the period for: | ||
Interest | $ | $ |
Income taxes | $ | $ |
See Notes to Condensed Consolidated Financial Statements.
HAL Q3 2026 FORM 10-Q | 5
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 2025 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 September 30, 2026, the results of our operations for the three and nine months ended
September 30, 2026 and 2025, and our cash flows for the nine months ended September 30, 2026 and 2025. 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 nine months ended September 30, 2026 may not be indicative of results
for the full year.
Note 2. Impairments and Other Charges
September 30, 2026 and 2025, which are reflected within “Impairments and other charges” on our Condensed Consolidated
Statements of Operations.
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
Millions of dollars | 2026 | 2025 | 2026 | 2025 |
Severance costs | $ | $ | $ | $ |
Inventory costs and write-downs | ||||
Fixed and other assets write-offs | ||||
Impairment of assets held for sale | ||||
Loss on sale of a business | ||||
Impairment of real estate facilities | ||||
Cybersecurity incident | ( | ( | ||
Gain on investments | ( | ( | ( | ( |
Other | ( | ( | ||
Total impairments and other charges | $ | $ | $ | $ |
$107 million of severance costs associated with the rationalization of our global headcount, $25 million of inventory costs and
write-downs, and $14 million of fixed and other assets write-offs. These charges were partially offset by a $36 million gain
resulting from the sale of a portion of our shares in an equity investment.
HAL Q3 2026 FORM 10-Q | 6
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
During the nine months ended September 30, 2026, we recorded a pre-tax charge of $12 million. The charge primarily
reflected $107 million in severance costs, $25 million of inventory costs and write-downs, and $14 million of fixed and other
assets write-offs. These charges were substantially offset by gains of $100 million, primarily related to a $54 million gain
resulting from changes in our ownership interest in an equity investment and a $36 million gain resulting from the sale of a
portion of our shares in an equity investment, and $51 million of other gains, primarily due to a government refund recovery.
During the three months ended September 30, 2025, we recorded a pre-tax charge of $392 million primarily related to
$169 million of severance costs, $115 million of fixed and other assets write-offs primarily related to our North America Land
operations, and $96 million in impairment of assets held for sale related to our chemical business, partially offset by a $10
million release of cybersecurity related accruals and a $6 million gain on an equity investment.
For the nine months ended September 30, 2025, we recorded a pre-tax charge of $748 million, which included $276
million of severance costs, a $200 million impairment of assets held for sale related to our chemical business, $115 million of
fixed and other assets write-offs, a $53 million impairment associated with facility closures and lease terminations, and $120
million of other charges, primarily related to increases in legacy environmental remediation cost estimates.
HAL Q3 2026 FORM 10-Q | 7
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
Note 3. Business Segment Information
We operate under two two
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 is included within cost of services and cost of sales on our statements
of operations, which is part of operating income of the applicable segment.
Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief
Executive Officer. Throughout the year, our CODM assesses the performance of the two
and operating income, in comparison with forecast and plan and overall results, to make capital and resource allocation
decisions.
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
Millions of dollars | 2026 | 2025 | 2026 | 2025 |
Revenue: | ||||
Completion and Production | $ | $ | $ | $ |
Drilling and Evaluation | ||||
Total revenue | $ | $ | $ | $ |
Operating income: | ||||
Completion and Production | $ | $ | $ | $ |
Drilling and Evaluation | ||||
Total operations | ||||
Corporate and other (a) | ( | ( | ( | ( |
SAP S4 upgrade expense | ( | ( | ( | ( |
Impairments and other charges (b) | ( | ( | ( | ( |
Total operating income | $ | $ | $ | $ |
Interest expense, net of interest income | $( | $( | $( | $( |
Other, net (c) | ( | ( | ( | ( |
Income before income taxes | $ | $ | $ | $ |
Capital expenditures: | ||||
Completion and Production | $ | $ | $ | $ |
Drilling and Evaluation | ||||
Corporate and other | ||||
Total capital expenditures | $ | $ | $ | $ |
Depreciation, depletion, and amortization: | ||||
Completion and Production | $ | $ | $ | $ |
Drilling and Evaluation | ||||
Corporate and other | ||||
Total depreciation, depletion, and amortization | $ | $ | $ | $ |
(a) | The amount included certain expenses not attributable to a business segment, such as costs related to certain support functions, corporate executives, and operating lease assets, and included amortization expense associated with intangible assets recorded as a result of acquisitions. | ||
(b) | For the three months ended September 30, 2026, the amount included a $ $ ended September 30, 2026, the amount included a $ to Drilling and Evaluation, and a $ amount included a $ Evaluation. For the nine months ended September 30, 2025, the amount included a $ Production, a $ to Condensed Consolidated Financial Statements, Note 2 for further discussion on impairments and other charges. | ||
(c) | During the three and nine months ended September 30, 2025, we incurred a charge of $23 million due to the impairment of an investment in Argentina. | ||
HAL Q3 2026 FORM 10-Q | 8
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
and segment operating income and are regularly reviewed by our CODM.
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
2026 | 2026 | |||
Millions of dollars | Completion and Production | Drilling and Evaluation | Completion and Production | Drilling and Evaluation |
Segment operating expenses: | ||||
Cost of products, materials, and supplies | $ | $ | $ | $ |
Compensation | ||||
Depreciation, depletion, and amortization | ||||
Other | ||||
Total segment operating expenses | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
2025 | 2025 | |||
Millions of dollars | Completion and Production | Drilling and Evaluation | Completion and Production | Drilling and Evaluation |
Segment operating expenses: | ||||
Cost of products, materials, and supplies | $ | $ | $ | $ |
Compensation | ||||
Depreciation, depletion, and amortization | ||||
Other | ||||
Total segment operating expenses | $ | $ | $ | $ |
miscellaneous costs.
Millions of dollars | September 30, 2026 | December 31, 2025 |
Total assets: | ||
Completion and Production (a) | $ | $ |
Drilling and Evaluation (a) | ||
Corporate and other (b) | ||
Total assets | $ | $ |
(a) | Assets associated with specific segments primarily included receivables, inventories, property, plant, and equipment, operating lease right- of-use assets, equity in and advances to related companies, and goodwill. | ||
(b) | The amount included primarily cash and equivalents and deferred tax assets. | ||
HAL Q3 2026 FORM 10-Q | 9
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
Note 4. Revenue
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 60
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
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, 37 % and
respectively. No other country accounted for more than 10% of our revenue for those periods.
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
Millions of dollars | 2026 | 2025 | 2026 | 2025 |
Revenue by segment: | ||||
Completion and Production | $ | $ | $ | $ |
Drilling and Evaluation | ||||
Total revenue | $ | $ | $ | $ |
Revenue by geographic region: | ||||
North America | $ | $ | $ | $ |
Latin America | ||||
Europe/Africa/CIS | ||||
Middle East/Asia | ||||
Total revenue | $ | $ | $ | $ |
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 consideration received in advance from customers
for contracts where revenue will be recognized as future services are performed. Deferred revenue balances as of September 30,
2026 and December 31, 2025 were not material to our condensed consolidated financial statements. Revenue recognized during
the three and nine months ended September 30, 2026, and 2025 from amounts included in deferred revenue 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
was not material.
HAL Q3 2026 FORM 10-Q | 10
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
As of September 30, 2026, 28 % of our net trade receivables were from customers in the United States and 10 % were
from customers in Mexico. As of December 31, 2025, 31 % of our net trade receivables were from customers in the United
States and 8 % were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately
delays from this 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. The credit default swaps (CDSs) that we had
previously entered into with third-party financial institutions related to borrowings provided by the financial institutions to one
of our primary customers in Mexico matured during the third quarter of 2026. Accordingly, there were no outstanding notional
amounts under these CDSs as of September 30, 2026, compared to $592 million as of December 31, 2025. No country other
than the United States and Mexico, and no single customer, accounted for more than 10% of our net trade receivables.
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.
Note 5. Inventories
September 30, | December 31, | |
Millions of dollars | 2026 | 2025 |
Finished products and parts | $ | $ |
Raw materials and supplies | ||
Work in process | ||
Total inventories | $ | $ |
Note 6. Accounts Payable
We have an agreement with a third party that allows our participating suppliers to finance payment obligations from us
with a designated third-party financial institution that acts as our paying agent. We have generally extended our payment terms
with suppliers to 90
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 institution.
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
this agreement were $294 million as of September 30, 2026, and $280 million as of December 31, 2025, and are included in
“Accounts payable” on the Condensed Consolidated Balance Sheets.
Note 7. Income Taxes
tax income of $513 million, resulting in an effective tax rate of 18.3 % for the quarter. During the three months ended
September 30, 2025, we recorded a total income tax provision of $199 million on a pre-tax income of $219 million, resulting in
an effective tax rate of 90.9 % for the quarter.
tax income of $1.7 billion, resulting in an effective tax rate of 18.6 % for the period. The effective tax rate for this period was
primarily impacted by the release of a valuation allowance in the amount of $32 million related to changes in deferred tax asset
realizability. During the nine months ended September 30, 2025, we recorded a total income tax provision of $433 million on a
pre-tax income of $1.1 billion, resulting in an effective tax rate of 38.1 % for the period.
HAL Q3 2026 FORM 10-Q | 11
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
Note 8. Shareholders' Equity
2026 and 2025, 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 Shareholders' Equity |
Balance at December 31, 2025 | $ | $ | $( | $ | $( | $ | $ |
Comprehensive income: | |||||||
Net income | |||||||
Other comprehensive income | |||||||
Cash dividends ($0.17 per share) | ( | ( | |||||
Stock repurchase program | ( | ( | |||||
Stock plans (a) | ( | ||||||
Other | ( | ( | |||||
Balance at March 31, 2026 | $ | $ | $( | $ | $( | $ | $ |
Comprehensive income: | |||||||
Net income | |||||||
Other comprehensive income | |||||||
Cash dividends ($0.17 per share) | ( | ( | |||||
Stock repurchase program | ( | ( | |||||
Stock plans (a) | ( | ( | ( | ||||
Other | ( | ( | ( | ||||
Balance at June 30, 2026 | $ | $ | $( | $ | $( | $ | $ |
Comprehensive income: | |||||||
Net income | |||||||
Other comprehensive income | |||||||
Cash dividends ($0.17 per share) | ( | ( | |||||
Stock repurchase program | ( | ( | |||||
Stock plans (a) | |||||||
Other | ( | ( | |||||
Balance at September 30, 2026 | $ | $ | $( | $ | $( | $ | $ |
(a) | In the first, second, and third quarters of 2026, 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. |
HAL Q3 2026 FORM 10-Q | 12
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 Shareholders' Equity |
Balance at December 31, 2024 | $ | $ | $( | $ | $( | $ | $ |
Comprehensive income (loss): | |||||||
Net income (loss) | ( | ||||||
Other comprehensive income (loss) | ( | ( | |||||
Cash dividends ($0.17 per share) | ( | ( | |||||
Stock repurchase program | ( | ( | |||||
Stock plans (a) | ( | ( | |||||
Other | |||||||
Balance at March 31, 2025 | $ | $ | $( | $ | $( | $ | $ |
Comprehensive income: | |||||||
Net income | |||||||
Other comprehensive income | |||||||
Cash dividends ($0.17 per share) | ( | ( | |||||
Stock repurchase program | ( | ( | |||||
Stock plans (a) | ( | ||||||
Other | ( | ( | |||||
Balance at June 30, 2025 | $ | $ | $( | $ | $( | $ | $ |
Comprehensive income: | |||||||
Net income | |||||||
Other comprehensive income | |||||||
Cash dividends ($0.17 per share) | ( | ( | |||||
Stock repurchase program | ( | ( | |||||
Stock plans (a) | ( | ||||||
Other | ( | ( | |||||
Balance at September 30, 2025 | $ | $ | $( | $ | $( | $ | $ |
(a) | In the first, second, and third quarters of 2025, 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. |
Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased
Approximately $1.5 billion remained authorized for repurchases under the program as of September 30, 2026. From the
inception of this program in February of 2006 through September 30, 2026, we repurchased 342 million shares of our common
stock for a total cost of approximately $12.6 billion. We repurchased 11.3 million shares of our common stock under the
program during the three months ended September 30, 2025 for approximately $252 million.
September 30, | December 31, | |
Millions of dollars | 2026 | 2025 |
Cumulative translation adjustments | $( | $( |
Defined benefit and other postretirement liability adjustments | ( | ( |
Other | ( | ( |
Total accumulated other comprehensive loss | $( | $( |
HAL Q3 2026 FORM 10-Q | 13
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
Note 9. Commitments and Contingencies
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 in place agreements with financial institutions under which approximately
$3.5 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of September 30, 2026. Some of the
outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off-
Note 10. 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.
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
Millions of shares | 2026 | 2025 | 2026 | 2025 |
Basic weighted average common shares outstanding | ||||
Dilutive effect of awards granted under our stock incentive plans | ||||
Diluted weighted average common shares outstanding | ||||
Antidilutive shares: | ||||
Weighted average options with exercise price greater than the average market price | ||||
Total antidilutive shares | ||||
Note 11. 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.
September 30, 2026 | December 31, 2025 | ||||||||
Millions of dollars | Level 1 | Level 2 | Total fair value | Carrying value | Level 1 | Level 2 | Total fair value | Carrying value | |
Total debt | $ | $ | $ | $ | $ | $ | $ | $ | |
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
HAL Q3 2026 FORM 10-Q | 14
Table of Contents | Part I. Item 1 | Notes to Condensed Consolidated Financial Statements |
The remaining CDSs we had previously entered into with third-party financial institutions related to borrowings
provided by the financial institutions to one of our primary customers in Mexico matured during the third quarter of 2026.
Accordingly, there were no outstanding notional amounts as of September 30, 2026, compared to $592 million as of
December 31, 2025.
No derivative liabilities were outstanding as of September 30, 2026, and the fair value of the derivative liabilities as of
Note 12. New Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03
(Subtopic 220-40), “Disaggregation of Income Statement Expenses”, which requires additional disclosure of certain expense
captions presented on the face of the Company’s income statement as well as disclosures about selling expenses. ASU 2024-03
is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods
beginning after December 15, 2027, and should be applied on a prospective or retrospective basis, with early adoption
permitted. We continue to evaluate the effect that adoption of ASU 2024-03 will have on our disclosures.
HAL Q3 2026 FORM 10-Q | 15
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, Pipeline and Process Services, Production Enhancement, and Production Solutions. We completed the sale
of a portion of our chemical business in the second quarter of 2026.
•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 46,000
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 strive to
achieve strong cash flows and returns for our shareholders by delivering technology and services that improve efficiency,
increase recovery, and maximize production for our customers. Our strategic priorities are to:
- International: Consistently increase international growth in our directional drilling, unconventionals, well
intervention, and artificial lift businesses. Develop behind-the-meter power generation, independently or through
collaboration with VoltaGrid.
- North America: Maximize value by, among other things, utilizing our Zeus IQ electric fracturing platform, our
iCruise rotary steerable systems and LOGIX automation.
- Digital: Continue to drive differentiation and efficiencies through the deployment of digital and automation
technologies, both internally and for our customers.
- Capital efficiency: Maintain our capital expenditures at about $1.1 billion, while leveraging technology and targeted
process improvements to enhance utilization of existing capital.
- Shareholder returns: Return over 50% of annual free cash flow to shareholders through dividends and share
repurchases.
- Advance a Sustainable Energy Future: Continue to develop technologies and solutions to help lower our customers’
and our emissions intensity, grow our low carbon energy business, and support Halliburton Labs early-stage
company participants.
HAL Q3 2026 FORM 10-Q | 16
Table of Contents | Part I. Item 2 | Executive Overview |
Market conditions
During the third quarter of 2026, oil and natural gas markets remained volatile due to geopolitical developments and
global economic uncertainty. These factors continued to disrupt global oil supply and contribute to supply constraints.
Oil prices decreased in the third quarter of 2026 compared to the second quarter of 2026. The West Texas Intermediate
(WTI) crude oil price averaged approximately $87 per barrel during the third quarter of 2026, compared to approximately $96
per barrel during the second quarter of 2026, or a 9% decrease. The Brent crude oil price averaged approximately $96 per barrel
during the third quarter of 2026, compared to approximately $103 per barrel during the second quarter, or a 7% decrease.
Higher commodity prices generally support customer activity and capital spending in the markets we serve, as operator
investment decisions are often influenced by expectations regarding future commodity prices.
Trade tensions and tariffs continue to influence the global demand outlook, with varying impacts across end markets.
We continue to monitor and evaluate the effects of these on goods imported into the United States, developments related to
trade policy and the potential effects of future tariff actions on our business, financial position, results of operations, and cash
flows.
Globally, we continue to be impacted by inflationary cost increases, primarily related to logistics, chemicals, and
cement, which we expect to persist for sometime. We manage these pressures through global procurement strategies,
technology modifications, and sourcing efficiencies. As a standard practice, we generally seek to pass a portion of these cost
increases on to our customers and believe we have effective solutions in place to minimize their operational impact.
Customers remained focused on capital discipline, production optimization, operating efficiency, and expected returns
on investment. Customer activity and spending decisions were influenced by the geopolitical conflict in the Middle East, higher
commodity prices, uncertainty related to global trade policies and tariffs, and inflationary cost pressures. As a result, customers
continued to evaluate investment opportunities while balancing growth objectives, operating priorities, and return expectations.
HAL Q3 2026 FORM 10-Q | 17
Table of Contents | Part I. Item 2 | Executive Overview |
Financial results
The following graph illustrates our revenue and operating margins for each operating segment for the third quarter of
2025 and 2026.
The following charts depict the revenue split between our two operating segments and our four primary geographic
regions for the three months ended September 30, 2026.
During the third quarter of 2026, we generated total company revenue of $5.7 billion, an increase of 2% as compared
to the third quarter of 2025. We reported operating income of $624 million, including a pre-tax charge for impairments and
other charges of $107 million, in the third quarter of 2026, as compared to operating income of $356 million in the third quarter
of 2025, including impairments and other charges of $392 million.
Our Completion and Production segment revenue decreased 4% in the third quarter of 2026 as compared to the third
quarter of 2025. This decrease was primarily driven by decreased stimulation activity in North America and lower completion
tool sales in Middle East/Asia.
Our Drilling and Evaluation segment revenue increased 10% in the third quarter of 2026 as compared to the third
quarter of 2025. This increase was primarily driven by improved drilling related services in North America and Europe and
higher activity across multiple product service lines in Latin America.
Our North America revenue decreased 9% in the third quarter of 2026 as compared to the third quarter of 2025. This
decrease was primarily driven by lower stimulation activity in the region and reduced specialty chemicals in U.S. Land as a
result of the sale of a portion of our chemical business.
Internationally, revenue increased 9% in the third quarter of 2026 as compared to the third quarter of 2025, largely
driven by multiple product service lines in Europe/Africa/CIS and Latin America.
Our operating performance and liquidity are described in more detail in “Liquidity and Capital Resources” and
“Business Environment and Results of Operations.”
HAL Q3 2026 FORM 10-Q | 18
Table of Contents | Part I. Item 2 | Liquidity and Capital Resources |
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2026, we had $1.8 billion of cash and equivalents, compared to $2.2 billion of cash and
equivalents at December 31, 2025.
Significant sources and uses of cash during the first nine months of 2026
Sources of cash:
•Cash flows from operating activities were $1.5 billion. Working capital, which consists of receivables, inventories,
and accounts payable, had a negative impact of $517 million.
Uses of cash:
•Capital expenditures were $693 million.
•We repurchased 15.2 million shares of our common stock for $558 million, which includes the excise tax payment
for prior year share repurchases.
•We paid $426 million of dividends to our shareholders.
•We paid $111 million on the purchase of investment securities.
•We paid $107 million to acquire businesses.
•We paid $101 million primarily in connection with the purchase of an equity investment.
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 still expect capital spending for 2026 to be approximately $1.1 billion. We
believe this level of spending will enable continued investment in our core strategic technologies and businesses, including the
international expansion of our artificial lift, unconventionals, production services, and drilling technologies. We will continue to
maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spending
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 $141 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 that framework for 2026.
Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased
7.3 million shares of common stock during the third quarter of 2026 under this program. Approximately $1.5 billion remained
authorized for repurchases as of September 30, 2026 and may be used for open market and other share purchases.
During 2023, we began our migration to SAP S4, which will be completed in the fourth quarter of 2026. For the nine
months ended September 30, 2026, we incurred $130 million in expense on our SAP S4 migration and expect the estimated cost
to be approximately $34 million in the fourth quarter of 2026. We believe the new system will provide important efficiency
benefits, cost savings, enhanced visibility to our operations, and advanced analytics that will benefit us and our customers.
We may, from time to time, redeem, repurchase, or otherwise acquire our outstanding debt through privately
negotiated transactions, open market purchases, redemptions, tender offers or otherwise, but we are under no obligation to do
so.
Other factors affecting liquidity
Financial condition in current market. As of September 30, 2026, we had $1.8 billion of cash and equivalents and $3.5
billion of available committed bank credit under our revolving credit facility, with an expiration date of August 16, 2030. We
believe we have a manageable debt maturity profile, with approximately $90 million due February 2027. Furthermore, we have
no financial covenants or material adverse change provisions in our bank agreements, and our debt maturities extend over a
long period of time. We believe our cash on hand, cash flows generated from operations, and our available credit facility will
provide sufficient liquidity to address expected global cash needs, including capital expenditures, working capital investments,
shareholder returns, if any, debt repurchases, if any, and scheduled interest and principal payments, in the short term and long
term.
HAL Q3 2026 FORM 10-Q | 19
Table of Contents | Part I. Item 2 | Liquidity and Capital Resources |
Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which
approximately $3.5 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of September 30, 2026.
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 September 30, 2026, we had no material off-balance sheet
liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.
The remaining CDSs we had previously entered into with third-party financial institutions related to borrowings
provided by the financial institutions to one of our primary customers in Mexico matured during the third quarter of 2026,
resulting in no outstanding notional amounts as of September 30, 2026, compared to $592 million as of December 31, 2025.
Credit ratings. Our credit ratings with Standard & Poor’s remain BBB+ for our long-term debt and A-2 for our short-
term debt, with a stable outlook. Our credit ratings with Moody's Investors Service remain A3 for our long-term debt and P-2
for our short-term debt, with a stable outlook.
Customer receivables. In line with industry practice, we bill our customers for our services in arrears and are,
therefore, subject to our customers delaying or failing to pay our invoices. In weak economic environments, we may experience
increased delays and failures to pay our invoices due to, among other reasons, a reduction in our customers’ cash flow from
operations and their access to the credit markets, as well as unsettled political conditions.
Receivables from our primary customer in Mexico accounted for approximately 8% of our total receivables as of
September 30, 2026 and 7% as of December 31, 2025. While we have experienced payment delays from this 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 Q3 2026 FORM 10-Q | 20
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 and provide a broad 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 numerous competitors across each of our
business segments. Based on the location of services provided and products sold, 37% and 39% of our consolidated revenue
was attributable to the United States during the nine months ended September 30, 2026 and 2025, respectively. No other
country accounted for more than 10% of our revenue for those periods.
Demand for our services and products is largely dependent on our customers' spending for the exploration,
development, and production of oil and natural gas reserves. Customer spending is influenced by a variety of factors, including
commodity prices and expectations regarding future prices, global oil and natural gas supply and demand fundamentals, the
availability of capital, government policies and regulations, geopolitical developments, and overall economic conditions.
Activity levels in certain markets may also be influenced by longer-term trends affecting energy demand, including
increasing electricity consumption associated with digital infrastructure and data center growth. These factors collectively
influence global drilling, completions, intervention, and production-related activity levels.
Because a significant portion of our business supports our customers' capital spending programs, our financial
performance is closely tied to oil and natural gas prices and worldwide drilling and completions activity. Lower commodity
prices generally result in reduced customer spending and lower activity levels, while higher commodity prices typically support
increased investment and activity. Accordingly, our operating results are significantly affected by changes in commodity prices
and global 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 | Year Ended | ||
September 30, | December 31, | ||
2026 | 2025 | 2025 | |
Oil Price - WTI (1) | $87.22 | $65.74 | $65.46 |
Oil Price - Brent (1) | 96.33 | 68.97 | 69.10 |
Natural Gas Price - Henry Hub (2) | 2.87 | 3.03 | 3.53 |
(1) | Oil prices measured in dollars per barrel. | ||||
(2) | Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. | ||||
The historical average rig counts based on the weekly Baker Hughes rig count data were as follows:
Three Months Ended | Nine Months Ended | Year Ended | |||
September 30, | September 30, | December 31, | |||
2026 | 2025 | 2026 | 2025 | 2025 | |
US Land | 577 | 526 | 550 | 552 | 546 |
US Offshore | 12 | 14 | 14 | 14 | 15 |
Canada | 205 | 178 | 188 | 174 | 175 |
North America | 794 | 718 | 752 | 740 | 736 |
International | 1,107 | 1,080 | 1,082 | 1,086 | 1,080 |
Worldwide Total | 1,901 | 1,798 | 1,834 | 1,826 | 1,816 |
HAL Q3 2026 FORM 10-Q | 21
Table of Contents | Part I. Item 2 | Business Environment and Results of Operations |
Business outlook
With the volatility of the oil and natural gas markets, we expect customer spending to remain focused on capital
discipline, production optimization, and operational efficiency across both international and North America markets. At the
same time, efforts to restore production, rebuild inventories and strengthen energy security are expected to drive growth for
oilfield services.
Outside of the Middle East, our international businesses continue to demonstrate strong performance relative to recent
years. We expect activity growth to be led by production services, drilling, unconventionals, and artificial lift. We believe these
markets will grow faster than the industry as a whole, supported by customer investment in development projects, production
capacity maintenance, and selected offshore and strategic energy projects. We remain focused on optimizing asset utilization
and generating appropriate returns on our investments. During the third quarter, we re-established our operations in Venezuela
and expect customer activity to increase as opportunities develop.
Operations in certain Middle East markets continue to be affected by ongoing geopolitical developments, including
periodic operational disruptions, persistent inflationary pressures that we expect to continue for some time, reduced activity in
some areas, and higher logistics and supply chain costs. While activity levels have shown signs of recovery in certain Middle
East markets, the pace and breadth of that recovery remain uncertain and continue to be influenced by geopolitical
developments across the region.
In North America, customer activity remains focused on maximizing returns and improving operating efficiency
within existing capital budgets. We remain focused on reducing exposure to commoditized activity and differentiating through
technology. Over the long term, we expect North America to remain critical for global energy security, which will require
performance-driven technology and greater service intensity.
While current industry fundamentals remain generally supportive of customer activity, the outlook for our business
remains subject to uncertainty. Customer spending and activity levels may be affected by volatility in oil and natural gas prices,
changes in global supply and demand balances, inflationary pressures, supply chain constraints, the availability of capital,
geopolitical developments, trade policies, sanctions, and regulatory actions. These factors may impact the timing and scope of
customer projects and demand for our services and products.
HAL Q3 2026 FORM 10-Q | 22
Table of Contents | Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (QTD) |
RESULTS OF OPERATIONS IN 2026 COMPARED TO 2025
Three Months Ended September 30, 2026 Compared with Three Months Ended September 30, 2025
Three Months Ended | ||||
September 30, | Favorable | Percentage | ||
Millions of dollars | 2026 | 2025 | (Unfavorable) | Change |
Revenue: | ||||
By operating segment: | ||||
Completion and Production | $3,089 | $3,223 | $(134) | (4)% |
Drilling and Evaluation | 2,614 | 2,377 | 237 | 10 |
Total revenue | $5,703 | $5,600 | $103 | 2% |
By geographic region: | ||||
North America | $2,160 | $2,364 | $(204) | (9)% |
Latin America | 1,122 | 996 | 126 | 13 |
Europe/Africa/CIS | 1,016 | 828 | 188 | 23 |
Middle East/Asia | 1,405 | 1,412 | (7) | — |
Total revenue | $5,703 | $5,600 | $103 | 2% |
Operating income: | ||||
By operating segment: | ||||
Completion and Production | $457 | $514 | $(57) | (11)% |
Drilling and Evaluation | 391 | 348 | 43 | 12 |
Total operations | 848 | 862 | (14) | (2) |
Corporate and other | (75) | (64) | (11) | (17) |
SAP S4 upgrade expense | (42) | (50) | 8 | 16 |
Impairments and other charges | (107) | (392) | 285 | n/m |
Total operating income | $624 | $356 | $268 | 75% |
n/m = not meaningful | ||||
Operating Segments
Completion and Production
Completion and Production revenue in the third quarter of 2026 was $3.1 billion, a decrease of $134 million, or 4%,
when compared to the third quarter of 2025. Operating income in the third quarter of 2026 was $457 million, a decrease of $57
million, or 11%, when compared to the third quarter of 2025. These decreases were primarily driven by decreased stimulation
activity in North America and lower completion tool sales in Middle East/Asia. Partially offsetting these decreases were higher
completion tool sales in Europe and improved activity across multiple product service lines in Africa.
Drilling and Evaluation
Drilling and Evaluation revenue in the third quarter of 2026 was $2.6 billion, an increase of $237 million, or 10%,
when compared to the third quarter of 2025. Operating income in the third quarter of 2026 was $391 million, an increase of $43
million, or 12%, when compared to the third quarter of 2025. These increases were primarily driven by higher activity across
multiple product service lines in Latin America and improved drilling related services in North America and Europe.
In the third quarter of 2026, results in both of our operating segments reflected continued recovery in activity
following disruptions related to the geopolitical conflict in the Middle East, partially offset by ongoing inflationary pressures on
operating costs in the region.
HAL Q3 2026 FORM 10-Q | 23
Table of Contents | Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (QTD) |
Geographic Regions
North America
North America revenue in the third quarter of 2026 was $2.2 billion, a 9% decrease compared to the third quarter of
2025. This decrease was primarily driven by lower stimulation activity in the region and decreased specialty chemicals in U.S.
Land as a result of the sale of a portion of our chemical business. Partially offsetting these decreases was higher well
construction activity in U.S. Land.
Latin America
Latin America revenue in the third quarter of 2026 was $1.1 billion, a 13% increase compared to the third quarter of
2025. This increase was primarily driven by higher activity across multiple product service lines in Mexico, increased
stimulation activity in Argentina, and improved project management activity in Ecuador.
Europe/Africa/CIS
Europe/Africa/CIS revenue in the third quarter of 2026 was $1.0 billion, a 23% increase compared to the third quarter
of 2025. This increase was primarily driven by improved completion tool sales and drilling related services in Norway, higher
activity across multiple product service lines in Nigeria, and increased pipeline services and stimulation activity in Angola.
Middle East/Asia
Middle East/Asia revenue in the third quarter of 2026 was $1.4 billion, flat compared to the third quarter of 2025.
These results were primarily driven by decreased activity across multiple product service lines in Iraq and Qatar, and lower
completion tool sales in Saudi Arabia. Offsetting these decreases was higher activity across multiple product service lines in
Saudi Arabia and the United Arab Emirates (UAE).
Other Operating Items
Corporate and Other. During the three months ended September 30, 2026, Corporate and Other expense totaled $75
million, which was an increase of $11 million, or 17%, as compared to the three months ended September 30, 2025. This
increase was primarily attributable to higher executive compensation costs and increased amortization expense related to recent
acquisitions.
SAP S4 Upgrade Expense. As previously mentioned, during 2023, we began our migration to SAP S4, which will be
completed in the fourth quarter of 2026. During the third quarter of 2026 and 2025, we recognized $42 million and $50 million
of expense on our SAP S4 migration, respectively.
Impairments and Other Charges. During the three months ended September 30, 2026, we recognized a pre-tax charge
of $107 million recorded in impairments and other charges due to severance costs, inventory costs and write-downs, and fixed
and other assets write-offs, partially offset by a gain resulting from the sale of a portion of our shares in an equity investment.
During the three months ended September 30, 2025, there were pre-tax charges of $392 million recorded in impairments and
other charges due to severance costs, fixed and other assets write-offs, an impairment of assets held for sale, a reserve release
related to a cybersecurity incident, a gain on an equity investment and other items. See Notes to Condensed Consolidated
Financial Statements, Note 2. Impairments and Other Charges for further discussion of these charges.
Nonoperating Items
Argentina Impairment on Investment. In years 2022, 2023 and 2024, we executed a series of loans to a third party and
received notes that are to be repaid in U.S. dollars upon maturity or earlier if certain conditions are met. During the three
months ended September 30, 2025, we recorded a loss of $23 million resulting from the deterioration in the outlook of the
debtor’s liquidity and financial projections. This is included in “Other, net” on the Condensed Consolidated Statements of
Operations.
Income Tax Provision. During the three months ended September 30, 2026, we recorded a total income tax provision
of $94 million on a pre-tax income of $513 million, resulting in an effective tax rate of 18.3% for the quarter. During the three
months ended September 30, 2025, we recorded a total income tax provision of $199 million on a pre-tax income of $219
million, resulting in an effective tax rate of 90.9% for the quarter.
HAL Q3 2026 FORM 10-Q | 24
Table of Contents | Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (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 2014. The only significant operating jurisdiction that has tax filings under review or subject to
examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through
2024, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the
Internal Revenue Service (IRS).
On September 28, 2023, we received a Notice of Proposed Adjustment (NOPA) from the IRS covering our 2016 U.S.
tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker
Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the
merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common
commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the
acquisition does not go forward. The IRS’s long-understood position at the time of payment had been to treat such payments as
an ordinary and necessary business expense. We strongly disagree with the proposed adjustment on both a factual and legal
basis, and we plan to vigorously contest it.
We expect that resolving this dispute will take substantial time. In 2023, we initiated the IRS administrative appeals
process, which is ongoing. Failing a resolution through that process, the matter will ultimately be resolved by the United States
federal courts.
We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of
our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We cannot assure
you that the matter will be determined in our favor or against us, and if the matter is ultimately determined unfavorably to us, it
could have a material adverse impact on our results of operations and cash flows. Based on tax attributes currently available, we
estimate that, should the IRS's position prevail through the appellate process and subsequent litigation, the proposed adjustment
could result in cash taxes due of approximately $640 million (plus interest thereon in the case of amounts due for previous tax
years). Our estimates are calculated under current tax law and on the basis of our assumptions regarding taxable income and
loss and other tax attributes over the relevant period, of which the 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 Q3 2026 FORM 10-Q | 25
Table of Contents | Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (YTD) |
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Nine Months Ended | ||||
September 30, | Favorable | Percentage | ||
Millions of dollars | 2026 | 2025 | (Unfavorable) | Change |
Revenue: | ||||
By operating segment: | ||||
Completion and Production | $9,307 | $9,514 | $(207) | (2)% |
Drilling and Evaluation | 7,512 | 7,013 | 499 | 7 |
Total revenue | $16,819 | $16,527 | $292 | 2% |
By geographic region: | ||||
North America | $6,572 | $6,859 | $(287) | (4)% |
Latin America | 3,335 | 2,869 | 466 | 16 |
Europe/Africa/CIS | 2,891 | 2,423 | 468 | 19 |
Middle East/Asia | 4,021 | 4,376 | (355) | (8) |
Total revenue | $16,819 | $16,527 | $292 | 2% |
Operating income: | ||||
By operating segment: | ||||
Completion and Production | $1,370 | $1,558 | $(188) | (12)% |
Drilling and Evaluation | 1,080 | 1,012 | 68 | 7 |
Total operations | 2,450 | 2,570 | (120) | (5) |
Corporate and other | (227) | (196) | (31) | (16) |
SAP S4 upgrade expense | (130) | (112) | (18) | (16) |
Impairments and other charges | (12) | (748) | 736 | n/m |
Total operating income | $2,081 | $1,514 | $567 | 37% |
n/m = not meaningful | ||||
Operating Segments
Completion and Production
Completion and Production revenue in the first nine months of 2026 was $9.3 billion, a decrease of $207 million, or
2%, when compared to the first nine months of 2025. Operating income for the segment in the first nine months of 2026 was
$1.4 billion, a decrease of $188 million, or 12%, when compared to the first nine months of 2025. These decreases were
primarily related to lower stimulation activity in North America and decreased activity across multiple product service lines in
the Middle East. Partially offsetting these decreases were higher completion tool sales and pressure pumping services in
Europe/Africa/CIS and increased stimulation activity in Latin America.
Drilling and Evaluation
Drilling and Evaluation revenue in the first nine months of 2026 was $7.5 billion, an increase of $499 million, or 7%,
when compared to the first nine months of 2025. Operating income for the segment in the first nine months of 2026 was $1.1
billion, an increase of $68 million, or 7%, when compared to the first nine months of 2025. These increases were primarily
driven by improved activity across multiple product service lines in Latin America and increased drilling related services in
North America and Europe. Partially offsetting these increases was decreased activity across multiple product service lines in
the Middle East.
In the first nine months of 2026, results in both of our operating segments were impacted by disruptions related to the
geopolitical conflict in the Middle East and ongoing inflationary pressures on operating costs in the region.
HAL Q3 2026 FORM 10-Q | 26
Table of Contents | Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (YTD) |
Geographic Regions
North America
North America revenue in the first nine months of 2026 was $6.6 billion, a 4% decrease compared to the first nine
months of 2025. This decrease was primarily driven by lower stimulation activity in the region and decreased specialty
chemicals in U.S. Land as a result of the sale of a portion of our chemical business. Partially offsetting these decreases was
higher well construction activity in U.S. Land.
Latin America
Latin America revenue in the first nine months of 2026 was $3.3 billion, a 16% increase compared to the first nine
months of 2025. This increase was primarily driven by higher activity across multiple product service lines in Ecuador and the
Caribbean and increased stimulation activity in Argentina. Partially offsetting these increases was lower well construction
activity in Mexico.
Europe/Africa/CIS
Europe/Africa/CIS revenue in the first nine months of 2026 was $2.9 billion, a 19% increase compared to the first nine
months of 2025. This increase was primarily driven by higher activity across multiple product service lines in Angola and
Nigeria and increased drilling related services and completion tool sales in Norway.
Middle East/Asia
Middle East/Asia revenue in the first nine months of 2026 was $4.0 billion, an 8% decrease compared to the first nine
months of 2025. This decrease was primarily driven by lower activity across multiple product service lines in Saudi Arabia,
Qatar, and Iraq due to conflict-related disruptions. Partially offsetting these decreases was improved activity across multiple
product service lines in the UAE.
Other Operating Items
Corporate and Other. During the nine months ended September 30, 2026, Corporate and Other expense totaled $227
million, which was an increase of $31 million, or 16%, as compared to the nine months ended September 30, 2025. This
increase was primarily attributable to higher executive compensation costs and increased amortization expense related to recent
acquisitions.
SAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which will be
completed in the fourth quarter of 2026. During the nine months ended September 30, 2026 and 2025, we recognized $130
million and $112 million of expense on our SAP S4 migration, respectively.
Impairments and Other Charges. During the nine months ended September 30, 2026, we recognized a pre-tax charge
of $12 million in impairments and other charges due to severance costs, inventory costs and write-downs, fixed and other assets
write-offs, substantially offset by gains on equity investments, and other credits primarily due to government refund recovery.
During the nine months ended September 30, 2025, we took a pre-tax charge of $748 million primarily related to severance
costs, fixed and other assets write-offs, an impairment of assets held for sale, an impairment of facility closures and lease
terminations, a reserve release related to a cybersecurity incident, a gain on an equity investment and other items, primarily
related to legacy environmental remediation cost estimate increases. See Notes to Condensed Consolidated Financial
Statements, Note 2. Impairments and Other Charges for further discussion of these charges.
Nonoperating Items
Pension Settlement Charges from Plan Terminations. During the nine months ended September 30, 2026, the
Company entered into agreements to transfer certain defined benefit pension obligations to third-party insurers in connection
with plan terminations. As a result, the Company recognized approximately $23 million of non-cash pension settlement
charges, primarily related to the acceleration of actuarial losses previously recorded in accumulated other comprehensive
income. This is included in “Other, net” on the Condensed Consolidated Statements of Operations.
Argentina Impairment on Investment. In years 2022, 2023 and 2024, we executed a series of loans to a third party and
received notes that are to be repaid in U.S. dollars upon maturity or earlier if certain conditions are met. During the nine months
ended September 30, 2025, we recorded a loss of $23 million resulting from the deterioration in the outlook of the debtor’s
liquidity and financial projections. This is included in “Other, net” on the Condensed Consolidated Statements of Operations.
HAL Q3 2026 FORM 10-Q | 27
Table of Contents | Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (YTD) |
Income Tax Provision. During the nine months ended September 30, 2026, we recorded a total income tax provision of
$325 million on a pre-tax income of $1.7 billion, resulting in an effective tax rate of 18.6%. The effective tax rate for this
period was primarily impacted by the release of a valuation allowance in the amount of $32 million related to changes in
deferred tax asset realizability. During the nine months ended September 30, 2025, we recorded a total income tax provision of
$433 million on pre-tax income of $1.1 billion, resulting in an effective tax rate of 38.1%. The effective tax rate for this period
was primarily impacted by the additional valuation allowance recognized on our deferred tax assets, the pre-tax charge for
impairments and other charges, and an impairment of an investment in Argentina.
HAL Q3 2026 FORM 10-Q | 28
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, including those in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations –
Business Environment and Results of Operations – Business Outlook, are forward-looking and use words like “may,” “may
not,” “believe,” “do not believe,” “plan,” “estimate,” “intend,” “expect,” “do not expect,” “anticipate,” “do not anticipate,”
“should,” “likely,” and other expressions. We may also provide oral or written forward-looking information in our statements
and other materials we release to the public. Forward-looking information involves risks and uncertainties and reflects our best
judgment based on current information. Our results of operations can be affected by inaccurate assumptions we make or by
known or unknown risks and uncertainties. In addition, other factors may affect the accuracy of our forward-looking
information. As a result, no forward-looking information can be guaranteed. Actual events and the results of our operations may
vary materially.
We do not assume any responsibility to publicly update any of our forward-looking statements regardless of whether
factors change as a result of new information, future events, or for any other reason, except as required by law. You should
review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the
Securities and Exchange Commission. We also suggest that you listen to our quarterly earnings release conference calls with
financial analysts.
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 2025 Annual Report on Form 10-K. Our exposure to market risk has not changed
materially since December 31, 2025.
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 September 30, 2026 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
September 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial
reporting.
HAL Q3 2026 FORM 10-Q | 29
Table of Contents | Part II. Item 1 | Legal Proceedings |
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
See Notes to Condensed Consolidated Financial Statements, Note 9 for further information regarding legal
proceedings.
Item 1(a). Risk Factors.
As of September 30, 2026, 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, 2025.
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 September 30, 2026.
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) |
July 1 - 31 | 3,119,924 | $33.52 | 2,945,500 | $1,650,496,902 |
August 1 - 31 | 2,405,441 | $33.85 | 2,376,701 | $1,570,031,337 |
September 1 - 30 | 2,046,484 | $35.06 | 2,027,719 | $1,498,954,889 |
Total | 7,571,849 | $34.04 | 7,349,920 |
(a) | Of the 7,571,849 shares purchased during the three-month period ended September 30, 2026, 221,929 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 a specified dollar amount of our common stock from time to time. On July 21, 2014, our Board of Directors announced that it had approved an increase in the total available outstanding authorization for repurchases to $6.0 billion. Approximately $1.5 billion remained authorized for repurchases as of September 30, 2026. From the inception of this program in February of 2006 through September 30, 2026, we repurchased approximately 342 million shares of our common stock for a total cost of approximately $12.6 billion. The program may be terminated or suspended at any time and does not have a specified expiration date. |
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.
Item 5. Other Information.
During the quarter ended September 30, 2026, the following officer of the Company adopted or terminated
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 Adoption Date | Plan End Date | Aggregated Shares Covered | Intended to Satisfy Rule 10b5-1? |
Senior Vice President, Internal Assurance Services | Yes |
HAL Q3 2026 FORM 10-Q | 30
Table of Contents | Part II. Item 6 | Exhibits |
Item 6. Exhibits.
* | 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. | |
HAL Q3 2026 FORM 10-Q | 31
Table of Contents |
SIGNATURES
Pursuant to the requirements 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/ Stephanie S. Holzhauser |
Eric J. Carre | Stephanie S. Holzhauser |
Executive Vice President and | Senior Vice President and |
Chief Financial Officer | Chief Accounting Officer |
Date: October 23, 2026