Halliburton Company (HAL) SEC Filings & Earnings Calls

IRS Tax Dispute

“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.” · word for word

Middle East Geopolitical Risk

“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.” · word for word

Customer Concentration Risk

“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.” · word for word

Trade Policy Uncertainty

“Trade tensions and tariffs continue to influence the global demand outlook, with varying impacts across end markets.” · word for word

Inflationary Cost Pressure

“Globally, we continue to be impacted by inflationary cost increases, primarily related to logistics, chemicals, and cement, which we expect to persist for sometime.” · word for word

North America revenue decline

“North America revenue -5% QoQ due to lower pressure pumping in U.S. Land”

Impairments and other charges

“Pre-tax charge of $107 million related to impairments and other charges” · word for word

Middle East geopolitical disruption

“Operations in certain Middle East markets continue to be affected by ongoing geopolitical developments, including periodic operational disruptions, reduced activity in some areas, and higher logistics and supply chain costs.” · word for word

Customer payment delays

“While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability of receivables from this customer.” · word for word

Inflationary cost pressure

“Globally, we continue to be impacted by inflationary cost increases, primarily related to logistics, chemicals, and cement.” · word for word

Trade policy uncertainty

“Trade tensions and tariffs continue to influence the global demand outlook, with varying impacts across end markets.” · word for word

Geopolitical conflict in Middle East impacting activity in Kuwait, Iraq, Qatar; partially offset by growth in Saudi Arabia and UAE.

“lower activity across multiple product service lines in Kuwait, Iraq, and Qatar as a result of the ongoing geopolitical conflict in the Middle East.” · word for word

Loss of experienced director may impact board oversight temporarily.

“He served on the Audit Committee and the Health, Safety and Environment Committee at the time of his death.”

Middle East geopolitical disruption

“During the first quarter of 2026, the ongoing geopolitical conflict has impacted activity in the Middle East resulting in an impact of $0.02 to $0.03 of diluted net income per share across both of our segments.” · word for word

IRS tax dispute - Baker Hughes termination fee

“On September 28, 2023, we received a NOPA from the IRS covering our 2016 U.S. tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss.” · word for word

Mexico customer payment delays

“Receivables from our primary customer in Mexico accounted for approximately 7% of our total receivables as of both March 31, 2026 and December 31, 2025. While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectabil” · word for word

Tariff policy uncertainty

“Trade tensions and tariffs continue to influence the global demand outlook, with varying impacts across end markets.” · word for word

Inflationary cost pressures

“Globally, we continue to be impacted by inflationary cost increases, primarily related to logistics, chemicals, and cement” · word for word

Completion and Production revenue and operating income declined YoY, driven by lower stimulation activity in North America and lower completion tool sales in the Middle East.

“Completion and Production revenue decreased 3% YoY; operating income decreased 17% YoY.”

Middle East conflict disruptions could impact international operations, though company noted performance outpaced disruptions.

“In international markets, our performance around the world outpaced disruptions from the Middle East conflict.” · word for word

Cyclical Revenue Decline

“Our total revenue decreased 3% in 2025 as compared to 2024.” · word for word

North America Revenue Weakness

“North America was $9.1 billion, down 6% year over year.” · word for word

NOPAT Miss vs Target

“Net Operating Profit After Tax ... Threshold $2.188B ... Actual $1.753B”

Negative TSR Performance

“we achieved TSR of -18.92%, which was in the bottom quartile relative to the OSX” · word for word

Oil price volatility

“Demand for our services and products is particularly sensitive to the level of exploration, development, and production activity of, and the corresponding capital spending by, oil and natural gas companies.” · word for word

Customer capex reduction

“Our business is directly affected by changes in capital expenditures by our customers, and reductions in their capital spending could reduce demand for our services and products.” · word for word

Supply chain constraints

“Constraints in the supply of, prices for, and availability of transportation of raw materials and electric power could have a material adverse effect on our business and consolidated results of operations.” · word for word

North America revenue decline of 7% QoQ signals continued weakness in US land activity.

“North America revenue in the fourth quarter of 2025 was $2.2 billion, a decrease of 7% sequentially.” · word for word

Full-year revenue down from $22.9B to $22.2B year-over-year indicates top-line pressure.

“Total revenue for the full year of 2025 was $22.2 billion, compared to 2024 revenue of $22.9 billion.” · word for word

Impairments and other charges impacted reported operating income significantly in Q3 2025.

“Operating income for 2025 was $2.3 billion, compared to 2024 operating income of $3.8 billion. Excluding impairments, adjusted operating income was $3.1 billion vs $3.9 billion.” · word for word

No material risks identified; routine board appointment with standard indemnification agreement.

“No transactions requiring disclosure under Item 404(a); resignation not due to disagreement.”

North America Land Activity Decline

“During the three months ended September 30, 2025, we wrote off various fixed and other assets, primarily related to our North America Land operations, for a total of $115 million.” · word for word

Customer Concentration in Mexico

“Receivables from our primary customer in Mexico accounted for approximately 11% of our total receivables as of September 30, 2025.” · word for word

Tax Valuation Allowance

“The Company recorded an additional valuation allowance of $125 million against its FTC deferred tax assets during the three months ended September 30, 2025.” · word for word