Live Master ER Document

See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended
March 31, 2025.

During the three months ended March 31, 2024, Halliburton incurred a charge of $82 million primarily due to the
impairment of an investment in Argentina and currency devaluation in Egypt.

The income tax provision during the three months ended March 31, 2025, includes a tax effect on impairments and
other charges. The income tax provision during the three months ended March 31, 2024 includes the tax effect on
the impairment of an investment in Argentina and Egypt currency impact.

See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income.

See Footnote Table 2 for Reconciliation of Net Income to Adjusted Net Income.

Exhibit 99.1

HALLIBURTON ANNOUNCES FIRST QUARTER 2025 RESULTS

•Net income of $0.24 per diluted share.

•Adjusted net income per diluted share1 of $0.60.

•Revenue of $5.4 billion and operating margin of 8%.

•Adjusted operating margin2 of 14.5%.

•Approximately $250 million of share repurchases.

HOUSTON – April 22, 2025 – Halliburton Company (NYSE: HAL) announced today net

income of $204 million, or $0.24 per diluted share, for the first quarter of 2025. This

compares to net income for the first quarter of 2024 of $606 million, or $0.68 per diluted

share. Adjusted net income3 in the first quarter of 2025, excluding impairments and other

charges, was $517 million, or $0.60 per diluted share, compared to adjusted net income of

$679 million, or $0.76 per diluted share, in the first quarter of 2024. Halliburton’s total

revenue for the first quarter of 2025 was $5.4 billion, compared to total revenue of $5.8

billion in the first quarter of 2024. Operating income was $431 million in the first quarter of

2025, compared to operating income of $987 million in the first quarter of 2024. Adjusted

operating income4, excluding impairments and other charges, was $787 million in the first

quarter of 2025.

“I am pleased with our performance in the first quarter. We delivered total company revenue

of $5.4 billion and adjusted operating margin of 14.5%,” commented Jeff Miller, Chairman,

President and CEO.

“Our first quarter international tender activity was strong, Halliburton won meaningful

integrated offshore work extending through 2026 and beyond. Customers awarded

Halliburton several contracts that demonstrate the strength of our value proposition and the

power of our service quality execution.

“I am excited by the strong adoption of our groundbreaking technologies. We achieved the

world’s first closed-loop, autonomous fracturing operation. I believe this unlocks the next big

step in unconventionals.

“I firmly believe that despite recent pressures on the energy macro, Halliburton’s consistent

focus on technology, collaboration, and service quality execution create value for our

customers and drive long-term success for Halliburton and its shareholders,” concluded

Miller.

Operating Segments

Completion and Production

Completion and Production revenue in the first quarter of 2025 was $3.1 billion, a decrease

of $253 million, or 8% when compared to the first quarter of 2024, while operating income

was $531 million, a decrease of $157 million, or 23%. These results were primarily driven by

decreased pressure pumping services and lower completion tool sales in the Western

Hemisphere. Partially offsetting these decreases were increased completion tool sales and

improved stimulation activity in the Middle East.

Drilling and Evaluation

Drilling and Evaluation revenue in the first quarter of 2025 was $2.3 billion, a decrease of

$134 million, or 6% when compared to the first quarter of 2024, while operating income was

$352 million, a decrease of $46 million, or 12%. These results were primarily driven by

decreased drilling services in Mexico and the Middle East, reduced project management

activity in Mexico, and lower wireline activity in the Middle East/Asia. Partially offsetting

these decreases was increased fluid services in the Middle East.

Geographic Regions

North America

North America revenue in the first quarter of 2025 was $2.2 billion, a 12% decrease when

compared to the first quarter of 2024. This decline was primarily driven by lower stimulation

activity in US Land and decreased completion tool sales in the Gulf of America. Partially

offsetting these decreases were higher artificial lift activity and improved drilling services in

US Land and increased stimulation activity in the Gulf of America.

International

International revenue in the first quarter of 2025 was $3.2 billion, a decrease of 2% when

compared to the first quarter of 2024.

Latin America revenue in the first quarter of 2025 was $896 million, a decrease of 19% year

over year. This decrease was primarily due to lower activity across multiple product service

lines in Mexico and decreased completion tool sales across the region. Partially offsetting

these decreases were increased drilling-related services in Argentina, Brazil, and the

Caribbean.

Europe/Africa revenue in the first quarter of 2025 was $775 million, an increase of 6% year

over year. This increase was primarily driven by improved activity across multiple product

service lines in Norway, higher well construction activity in Namibia, as well as improved

completion tools sales in the Caspian Area. Partially offsetting these increases was

decreased activity across multiple product service lines in Senegal and Italy.

Middle East/Asia revenue in the first quarter of 2025 was $1.5 billion, an increase of 6%

year over year. This improvement was due to higher activity across multiple product service

lines in Kuwait, increased stimulation activity and improved completion tool sales in Saudi

Arabia, and increased fluid services in the United Arab Emirates. Partially offsetting these

increases were lower well construction activity in Saudi Arabia and Australia, decreased

completion tool sales in Malaysia, and reduced drilling-related activity in Oman.

Other Financial Items

During the first quarter of 2025, Halliburton:

•Repurchased approximately $250 million of its common stock.

•Paid dividends of $0.17 per share.

•Spent $30 million on SAP S4 migration.

•Recognized a pre-tax charge of $356 million as a result of severance costs, an

impairment of assets held for sale, an impairment on real estate facilities, and other

items. This charge was included in “Impairments and other charges” in the

Company’s Condensed Consolidated Statements of Operations.

Selective Technology & Highlights

•Halliburton Energy Services and Coterra Energy Inc. announced the launch of

autonomous hydraulic fracturing technology in North America with the Octiv® Auto

Frac service, which is part of the ZEUS platform. This technology automates stage

delivery execution with the push of a button. Coterra is the first operator to fully

automate and control their hydraulic fracturing design and execution.

•Halliburton announced a contract award from Petrobras for integrated drilling services

across several offshore fields in Brazil, the result of a competitive process. The

contract scope includes drilling services for development and exploration wells over a

three-year period. In this contract, Halliburton will provide iCruise® intelligent rotary

steerable system (RSS) to reduce well time and place wells accurately, and LOGIX™

automation and remote operations platform to improve well construction consistency

and performance. Halliburton will also provide its ultra-deep resistivity service,

EarthStar®, to position production boreholes and map reservoirs.

•Halliburton announced the launch of the new EcoStar® electric tubing-retrievable

safety valve (eTRSV). This second-generation product builds on the success of the

industry’s first electric TRSV, which won the OTC Spotlight on New Technology Award

in 2017. With the new EcoStar eTRSV, Halliburton solved a three-decade industry

challenge by eliminating hydraulic actuations from safety valve systems.

•Halliburton and Sekal AS deployed the world’s first automated on-bottom drilling

system with the integration of Halliburton’s LOGIX™ automation and remote

operations, Sekal’s Drilltronics®, and the rig automation control system. The team

delivered a well for Equinor on the Norwegian Continental Shelf with an integrated

closed-loop control solution. This solution orchestrates autonomous directional drilling

with automated wellbore hydraulics and dynamic surface drilling rig equipment

control. The team is now able to optimize drilling parameters in real time and deliver

precise well placement with the single push of a button through integrated automated

rig controls.



(1)	Adjusted net income per diluted share is a non-GAAP financial measure; please see definition of Adjusted Net Income Per Diluted Share in Footnote Table 2.

(2)	Adjusted operating margin is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1.

(3)	Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income to Adjusted Net Income in Footnote Table 2.

(4)	Adjusted operating income is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1.

About Halliburton

Halliburton is one of the world’s leading providers of products and services to the energy

industry. Founded in 1919, we create innovative technologies, products, and services that

help our customers maximize their value throughout the life cycle of an asset and advance a

sustainable energy future. Visit us at www.halliburton.com; connect with us on LinkedIn,

YouTube, Instagram, and Facebook.

Forward-looking Statements

The statements in this press release 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, 2024, 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.

HALLIBURTON COMPANY

Condensed Consolidated Statements of Operations

(Millions of dollars and shares except per share data)

(Unaudited)


	Three Months Ended
	March 31,		December 31,
	2025	2024	2024
Revenue:
Completion and Production	$3,120	$3,373	$3,178
Drilling and Evaluation	2,297	2,431	2,432
Total revenue	$5,417	$5,804	$5,610
Operating income:
Completion and Production	$531	$688	$629
Drilling and Evaluation	352	398	401
Corporate and other	(66)	(65)	(65)
SAP S4 upgrade expense	(30)	(34)	(33)
Impairments and other charges (a)	(356)	—	—
Total operating income	431	987	932
Interest expense, net	(86)	(92)	(84)
Other, net (b)	(39)	(108)	(55)
Income before income taxes	306	787	793
Income tax provision (c)	(103)	(178)	(179)
Net income	$203	$609	$614
Net (income) loss attributable to noncontrolling interest	1	(3)	1
Net income attributable to company	$204	$606	$615

Basic and diluted net income per share	$0.24	$0.68	$0.70
Basic weighted average common shares outstanding	866	889	875
Diluted weighted average common shares outstanding	866	891	875

HALLIBURTON COMPANY

Condensed Consolidated Balance Sheets

(Millions of dollars)

(Unaudited)


	March 31,	December 31,
	2025	2024
Assets
Current assets:
Cash and equivalents	$1,804	$2,618
Receivables, net	5,204	5,117
Inventories	3,044	3,040
Other current assets	1,477	1,607
Total current assets	11,529	12,382
Property, plant, and equipment, net	5,149	5,113
Goodwill	2,891	2,838
Deferred income taxes	2,345	2,339
Operating lease right-of-use assets	984	1,022
Other assets	2,281	1,893
Total assets	$25,179	$25,587
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$3,168	$3,189
Accrued employee compensation and benefits	632	711
Current maturities of long-term debt	381	381
Current portion of operating lease liabilities	264	263
Other current liabilities	1,378	1,506
Total current liabilities	5,823	6,050
Long-term debt	7,160	7,160
Operating lease liabilities	769	798
Employee compensation and benefits	389	414
Other liabilities	629	617
Total liabilities	14,770	15,039
Company shareholders’ equity	10,367	10,506
Noncontrolling interest in consolidated subsidiaries	42	42
Total shareholders’ equity	10,409	10,548
Total liabilities and shareholders’ equity	$25,179	$25,587

HALLIBURTON COMPANY

Condensed Consolidated Statements of Cash Flows

(Millions of dollars)

(Unaudited)


	Three Months Ended
	March 31,
	2025	2024
Cash flows from operating activities:
Net income	$203	$609
Adjustments to reconcile net income to cash flows from operating activities:
Impairments and other charges	356	—
Depreciation, depletion, and amortization	277	263
Working capital (a)	(154)	(341)
Other operating activities	(305)	(44)
Total cash flows provided by operating activities	377	487
Cash flows from investing activities:
Capital expenditures	(302)	(330)
Purchase of investment securities	(96)	(88)
Proceeds from sales of property, plant, and equipment	49	49
Sales of investment securities	41	—
Payments to acquire businesses	(116)	—
Purchase of an equity investment	(345)	—
Other investing activities	(15)	(12)
Total cash flows used in investing activities	(784)	(381)
Cash flows from financing activities:
Stock repurchase program	(250)	(250)
Dividends to shareholders	(147)	(151)
Other financing activities	(9)	(21)
Total cash flows used in financing activities	(406)	(422)
Effect of exchange rate changes on cash	(1)	(57)
Increase (decrease) in cash and equivalents	(814)	(373)
Cash and equivalents at beginning of period	2,618	2,264
Cash and equivalents at end of period	$1,804	$1,891


(a)	Working capital includes receivables, inventories, and accounts payable.
See Footnote Table 3 for Reconciliation of Cash Flows from Operating Activities to Free Cash Flow.

HALLIBURTON COMPANY

Revenue and Operating Income Comparison

By Operating Segment and Geographic Region

(Millions of dollars)

(Unaudited)


	Three Months Ended
	March 31,		December 31,
Revenue	2025	2024	2024
By operating segment:
Completion and Production	$3,120	$3,373	$3,178
Drilling and Evaluation	2,297	2,431	2,432
Total revenue	$5,417	$5,804	$5,610

By geographic region:
North America	$2,236	$2,546	$2,213
Latin America	896	1,108	953
Europe/Africa/CIS	775	729	795
Middle East/Asia	1,510	1,421	1,649
Total revenue	$5,417	$5,804	$5,610

Operating Income
By operating segment:
Completion and Production	$531	$688	$629
Drilling and Evaluation	352	398	401
Total operations	883	1,086	1,030
Corporate and other	(66)	(65)	(65)
SAP S4 upgrade expense	(30)	(34)	(33)
Impairments and other charges	(356)	—	—
Total operating income	$431	$987	$932


See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income.

FOOTNOTE TABLE 1

HALLIBURTON COMPANY

Reconciliation of Operating Income to Adjusted Operating Income

(Millions of dollars)

(Unaudited)


	Three Months Ended
	March 31,		December 31,
	2025	2024	2024
Operating income	$431	$987	$932
Impairments and other charges:
Severance costs	107	—	—
Impairment of assets held for sale	104	—	—
Impairment of real estate facilities	53	—	—
Other	92	—	—
Total impairments and other charges (a)	356	—	—
Adjusted operating income (b) (c)	$787	$987	$932

FOOTNOTE TABLE 2

HALLIBURTON COMPANY

Reconciliation of Net Income to Adjusted Net Income

(Millions of dollars and shares except per share data)

(Unaudited)


	Three Months Ended
	March 31,		December 31,
	2025	2024	2024
Net income attributable to company	$204	$606	$615
Adjustments:
Impairments and other charges (a)	356	—	—
Other, net (b)	—	82	—
Total adjustments, before taxes	356	82	—
Tax adjustment (c)	(43)	(9)	—
Total adjustments, net of taxes (d)	313	73	—
Adjusted net income attributable to company (d)	$517	$679	$615
Diluted weighted average common shares outstanding	866	891	875
Net income per diluted share (e)	$0.24	$0.68	$0.70
Adjusted net income per diluted share (e)	$0.60	$0.76	$0.70

FOOTNOTE TABLE 3

HALLIBURTON COMPANY

Reconciliation of Cash Flows from Operating Activities to Free Cash Flow

(Millions of dollars)

(Unaudited)


	Three Months Ended
	March 31,		December 31,
	2025	2024	2024
Total cash flows provided by operating activities	$377	$487	$1,456
Capital expenditures	(302)	(330)	(426)
Proceeds from sales of property, plant, and equipment	49	49	74
Free cash flow (a)	$124	$206	$1,104


(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.

Conference Call Details

Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, April 22,

2025, to discuss its first quarter 2025 financial results. The call will begin at 8:00 a.m.

CT (9:00 a.m. ET).

Please visit the Halliburton website to listen to the call via live webcast. A recorded

version will be available for seven days under the same link immediately following the

conclusion of the conference call. You can also pre-register for the conference call and

obtain your dial in number and passcode by clicking here.

CONTACTS

Investors Relations Contact

David Coleman

Investors@Halliburton.com

281-871-2688

Media Relations

Misty Rowe

PR@Halliburton.com

281-871-2601