Halliburton : HAL Q3 25 Investor Presentation

Third Quarter 2025 Update

NYSE Stock Symbol: HAL

Common Dividend: $0.17 in the third quarter 2025

Shares Outstanding: 842 million as of 10/17/2025

Investor Relations Contacts

David Coleman, Sr. Director Lyn Labahn, Director

© 2025 Halliburton. All rights reserved.

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Agenda

Company Overview 4

Strategic Priorities 8

• Deliver Profitable International Growth

• Maximize Value in North America

• Improve Capital Efficiency

• Accelerate Digital and Automation

• Advance Sustainable Energy Future

Financial Results 23

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© 2025 Halliburton. All rights reserved.

Company Overview

We collaborate and engineer solutions to maximize asset value for our customers

Halliburton Global Footprint

TC

Founded

1919

Employees of over 145 Nationalities

47,000*

Operational Countries

70+

Research Centers

12

Corporate Headquarters

Houston

TC TC TC

TC

TC

TC

TC

TC

TC

Locations

TC Technology Centers Corporate Headquarters

TC

TC

*approximately

Halliburton Participates in Every Stage of Oilfield Life Cycle

Exploration Well Construction Completions Production Abandonment

Halliburton Product Service Lines

Drilling and Integrating All Completion and Evaluation (D&E) Product Service Lines* Production (C&P)
			Project Landmark Management & Consulting
Sperry Drilling	Drill Bits & Services	Wireline & Perforating		Cementing	Completion Tools	Production Enhancement
Testing & Subsea	Baroid			Artificial Lift & Multi Chem	Production Solutions	Pipeline & Process Services

* Financial results reported as part of Drilling and Evaluation division.

Halliburton Has Set Its Key Strategic Priorities

Deliver industry-leading returns and strong free cash flow* for our shareholders

We have a clear sense of purpose - to help our customers satisfy the world's need for the affordable and reliable energy provided by oil and gas - in a more effective, efficient, safe, and ethical manner -while minimizing environmental impact. Our key strategic priorities are to:

• The leader in North America

• Integrated premium provider

• Differentiated technology portfolio

Maximize Value in North America

• The right global footprint

• Competitive technology portfolio

• Grow integrated offerings

Deliver Profitable International Growth

• Structurally lower capital intensity

• Driven by advances in technology

• Strong free cash flow* generation

Improve Capital Efficiency

• Leading software provider

• Automation of the value chain

• Drive internal efficiencies

Accelerate Digital and Automation

• Support decarbonizing our customers' production base

• Committed to science informed targets

• Advance clean energy solutions through Halliburton Labs

Advance Sustainable Energy Future

* See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow.

Deliver Profitable International Growth

Balance growth with improved margins and returns

© 2025 Halliburton. All rights reserved. 9

Profitable International Growth

Portfolio Strength Drives Market Outperformance

3Q 2025 Revenue

International Revenue Performance

110

42%

North America

105

99

1Q 2024 = 100

91

100

95

90

58%

International

85

80

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

HAL Int'l Revenue Index Int'l Rig Index

>55% of Halliburton's 3Q 2025 revenue was generated internationally

Leading Drilling Technology Platforms

• High mechanical specifications enable faster drilling

• Modern electronics allow for accurate steering and improved reliability

• Automated drilling delivers predictable results

iCruise®

Intelligent Rotary Steerable System

• Industry leading subsurface insights for better reservoir understanding

• Superior drilling performance

• Consistent well delivery

iStar

Intelligent Drilling & Logging Platform

• Fully autonomous closed loop system, integrated with geo-steering

• Combines physics-based models and machine learning to drill wells autonomously, consistently, and on-target

LOGIX®

Autonomous Drilling Platform

Maximize Value in North America

Maximize free cash flow and returns on capital

© 2025 Halliburton. All rights reserved. 12

Zeus Electric Fracturing System

Power System

• Grid Power Solutions

• Natural Gas Reciprocating Engines - VoltaGrid®

  Patent Portfolio

• 50+ patents and applications

  Performance

• Q10 pump

• Over 4 years operating at scale

• Proven Service Quality

• All-Electric Location

• Robust Supply Chain

  
  
  

  Sensori Fracture Monitoring Service

  Unlocks additional value through adaptive frac designs

  Monitoring at Scale

  • Continuous subsurface feedback

    Optimizes Fracture Effectiveness

  • Controls fracture behavior and improves

    output predictability

    Improves Asset Recovery

  • Enables dynamic completion designs

Improve Capital Efficiency

Structurally lower capital intensity supports stronger free cash flow generation

© 2025 Halliburton. All rights reserved. 15

Capital Efficiency

Lower Capital Intensity

CAPEX at 5-6% of revenue

Strengthen FCF Profile

• Equipment design

  enhancements

• New materials

• Higher asset velocity

• Digital technologies

• Changing portfolio mix

~$1.9B average annual FCF* (2021-2024)

CAPEX as % of Revenue

11.4%

7.2%

5-6%

* See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow.

2009-14 2015-19 2020 to Present

16

© 2025 Halliburton. All rights reserved.

Accelerate Digital and Automation

Transform the way we work to make a quantum leap in productivity

© 2025 Halliburton. All rights reserved. 17

Digital

Operational foundations and solution offerings that further

enable Halliburton's value proposition

Open Architecture

Infrastructure

iEnergy®, AI, ML, Partnership

Collaboration, innovation,

comprehensive solutions

Internal Processes

Workflows, Execution, Controls

Service delivery excellence

and customer experience

Automation and Remote

Operations

LOGIX® OCTIV® Intelevate

Well Construction Fracturing Artificial Lift

Reliability, consistency and

efficiency in operations

Software

DS365®

Asset performance

DecisionSpace®365 powered by iEnergy®

Subscription based suite of E&P cloud services

Subsurface

• Gain invaluable insights to reduce subsurface risk and uncertainty.

  Reservoir and Production
  
  

• Optimize production and reservoir recovery.

  Well Construction
  
  

• Plan, design and construct safe, cost effective, and productive wells.

  Agile Field Management
  
  

• Optimal asset decisions to reduce exploration to production timeline.

  Sustainability
  
  

• Provide tools for more effective carbon management.

  Open architecture, plug and play solutions, with intelligent business processes for efficiency and data driven decisions.

  DS365.ai
  
  

• Augment subsurface, drilling and production decisions with precision AI and ML.

  Advance Sustainable Energy Future

  Deliver affordable and reliable energy while lowering overall emissions

  
  
  

  © 2025 Halliburton. All rights reserved. 20

  
  
  

  Commitments

  Environmental

  Social

  Governance

  
  
  

  • Engage customers on the emissions reduction journey

  • Develop low environmental impact solutions and technology

  • Provide reliable and data-based approach to reduce emissions

  • Provide a diverse and inclusive environment for our employees

  • Target to outperform our sector in HSE performance

  • Progress our Journey To Zero initiatives

    • Streamline our risk management

    • Cultivate a sustainable supply chain

    • Maintain qualified and diverse

Board of Directors

Environmental Focus

Emissions Reduction Target: reduce Scope 1 and Scope 2 emissions by 40% by 2035 from our baseline year of 2018

00

40%

GHG Inventory System

Reduction Initiatives

Transition Opportunities

• Standardize and operationalize GHG data capture

• Process and governance of emissions sources and calculation

• Emissions data quality assurance and reporting in our Annual & Sustainability Report

• Use data-based approach to reduce Halliburton's

  emissions and environmental impact

  
  
  

• Reduce customers' operational emissions by providing lower environmental impact solutions (ex. Zeus electric frac)

• Build on progressively achieving emissions target

• Customer-focused transition solutions

• Collaborate in carbon capture and storage and geothermal projects

• Halliburton Labs - clean energy accelerator program for early-stage companies

  Financial Results

  Third Quarter 2025

  3Q25 Revenue Breakdown

  Middle East/Asia North America

  • 3Q25 revenue of $1.4 billion, a 3% decrease sequentially.

  • Primarily driven by lower activity across multiple product service lines in Saudi Arabia.

  • Partially offset by improved pressure pumping services in Qatar, increased artificial lift activity in Kuwait, and higher completion tool sales and improved fluids services in Asia.

    25%

    42%

• 3Q25 revenue of $2.4 billion, a 5% increase sequentially.

• Primarily driven by increased stimulation activity in US Land and Canada, and higher completion tool sales and increased wireline activity in the Gulf of America.

• Offset by lower cementing activity in US Land and decreased stimulation activity in the Gulf of America.

  Europe/Africa
  
  

  • 3Q25 revenue of $828 million, flat sequentially.

  • Primarily driven by improved completion tool sales in Norway, and increased drilling-related services in Namibia.

  • Partially offset by lower completion tool sales in the Caspian Area and lower fluid services across Europe.

    15%

    18%

    Latin America

  • 3Q25 revenue of $996 million, a 2% increase

    sequentially.

  • Driven by higher project management activity across the region and increased drilling services in Argentina.

  • Partially offset by decreased activity across multiple product service lines in Mexico and lower completion tool sales in Brazil.

Segment and Geographic Results

Financial Metrics

Total Revenue(a) Adjusted Return on Capital Employed(d)

1Q21 = 100

19%

180

17%

170

15%

14%

13%

160

12%

12%

150

9%

140

8%

130

5%

120

110

100

90

2021 2022 2023 2024 T T M Q 3

2025

Peer Group(b) HAL

HAL Peer Group(b)

Debt Maturity Profile(c) ($M) Cash Flow Performance(e) ($M)

$3,458

$3,865

$3,217

$1,911

$2,242

$1,369

$1,431

$2,086

$2,274

$2,646

$1,000

$381

$90

1. Company and peer group revenue is indexed to 100 for Q1 2021.

2. Peer Group includes SLB and Baker Hughes Company. Data for peers is from published financial documents.

3. As of September 30th, 2025, par value of total debt outstanding beyond 2030 is $6,132MM.

   2021 2022 2023 2024 TTM Q3 2025

   Operating Cash Flow Free Cash Flow
   
   

4. Excludes certain charges. Average capital employed is a statistical mean of the combined values of debt and shareholders' equity for the beginning and end of the period. Adjusted ROCE is calculated as: "Adjusted operating profit, net of taxes" divided by "Adjusted average capital employed." Adjusted ROCE is a non-GAAP measure; see slide 28 for reconciliation of our Net Income to Return on Capital Employed and Adjusted Return on Capital Employed.

5. See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow.

   Reconciliation of Cash Flows from Operating Activities to Free Cash Flow

   ($millions)

Total cash flows provided by operating activities

2021	2022	2023	2024	TTM Q3 2025
$1,911	$2,242	$3,458	$3,865	$3,217
(799)	(1,011)	(1,379)	(1,442)	(1,343)
257	200	195	223	212
$1,369	$1,431	$2,274	$2,646	$2,086

Capital expenditures

Proceeds from sales of property, plant, and equipment

Free cash flow (a)

(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.

2021	2022	2023	2024	TTM Q3 2025
$1,457	$1,572	$2,638	$2,501	$1,309
407	404	378	350	301
$1,864	$1,976	$3,016	$2,851	$1,610
(492)	384	189	143	834
$1,372	$2,360	$3,205	$2,993	$2,444
$15,320	$15,858	$16,451	$17,537	$17,839
1,515	(54)	287	166	520
$16,835	$15,804	$16,738	$17,703	$18,359
12%	12%	18%	16%	9%
8%	15%	19%	17%	13%

Reconciliation of Net Income to ROCE and Adjusted ROCE

Operating profit, net of taxes (a)

($millions)

Net income attributable to company

Interest expense, net of taxes

Adjustments, net of taxes (b)

Average capital employed (c)

Average adjustments, net of taxes (d)

Adjusted operating profit, net of taxes (b)

Adjusted average capital employed (d)

ROCE (e)

Adjusted ROCE (f)

1. Operating profit, net of taxes is calculated as: "Net income attributable to company" plus "Interest expense, net of taxes."

2. Adjusted operating profit, net of taxes is calculated as: "Operating profit (loss), net of taxes" plus "Adjustments, net of taxes." "Adjustments, net of taxes" are items comprising "impairments and other charges" and other items for the period, please see our quarterly and year end earnings releases for details on the adjustments for each period.

3. Average capital employed is a statistical mean of the combined values of debt and shareholders' equity for the beginning and end of the period.

4. Adjusted average capital employed is calculated as "Average capital employed" plus "Average Adjustments, net of taxes." "Average adjustments, net of taxes" is calculated as the sum of the average of "Adjustments, net of taxes" at the beginning and end of the respective period.

5. Management believes that net income attributable to the company adjusted for "Interest expense, net of taxes" is useful to investors to assess and understand operating performance, especially when comparing results with previous and subsequent periods or forecasting performance for future periods, primarily because management views this expense to be outside of the company's normal operating results. Management analyzes net income without the impact of this expense as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. Return on capital employed (ROCE) is a non-GAAP financial measure Halliburton uses to determine how efficiently it uses capital to generate profits. ROCE is calculated as: "Operating profit, net of taxes" divided by "Average capital employed."

6. Adjusted ROCE is calculated as: "Adjusted operating profit, net of taxes" divided by "Adjusted average capital employed."

Capital Returns

Shareholder Returns

Dividends

• Dividend of $0.17 / share in Q3 2025

Announced Capital Return Framework Form of Distribution

Share Repurchases

• Repurchased ~$800M of securities in 2023b

• Repurchased ~$1B of securities in 2024c

• Repurchased ~$757M of securities YTD 2025d

• ~$2.3 billion repurchase authorization remaininge

At Least

50%

of Annual Free Cash Flowa returned to shareholders going forward

1. See slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow.

2. Repurchased ~22.7M shares.

3. Repurchased ~30.5M shares.

4. Repurchased ~32.9M shares.

5. As of September 30th, 2025.

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© 2025 Halliburton. All rights reserved.