Halliburton : 1Q26 IR Presentation

Published: 2026-05-04 17:28:14 ET HAL

Published on 05/04/2026 at 05:28 pm EDT

First Quarter 2026 Update

NYSE Stock Symbol: HAL

Common Dividend: $0.17 in the first quarter 2026

Shares Outstanding: 835 million as of 4/17/2026

David Coleman, Sr. Director Lyn Labahn, Director

(281) 871-2688

[email protected]

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

Company Overview

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

Halliburton Global Footprint

Founded

1919

Employees of over 145 Nationalities

46,000*

Operational Countries

70+

Research Centers

Corporate Headquarters

Houston

TC TC TC

Locations

TC Technology Centers Corporate Headquarters

*approximately

Halliburton Participates in Every Stage of Oilfield Life Cycle

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 a 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

Profitable International Growth

Portfolio Strength Drives Market Outperformance

1Q 2026 Revenue

International Revenue Performance

110

40%

North

America

105

100

1Q 2024 = 100

100

60%

International

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

HAL Int'l Revenue Index Int'l Rig Index

60% of Halliburton's 1Q 2026 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

Zeus Electric Fracturing System

Grid Power Solutions

Natural Gas Reciprocating Engines - VoltaGrid®

50+ Patents and Applications

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

Continuous subsurface feedback

Controls fracture behavior and improves

output predictability

Enables dynamic completion designs

Improve Capital Efficiency

Structurally lower capital intensity supports stronger free cash flow generation

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

~$2.1B average annual FCF* (2022-2025)

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

Accelerate Digital and Automation

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

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

Gain invaluable insights to reduce subsurface risk and uncertainty.

Optimize production and reservoir recovery.

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

Optimal asset decisions to reduce exploration to production timeline.

Provide tools for more effective carbon management.

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

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

Advance Sustainable Energy Future

Deliver affordable and reliable energy while lowering overall emissions

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: 40% Scope 1 emissions reduction and progress 40% Scope 2 reduction ambition by 2035 from 2018 baseline

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

First Quarter 2026

1Q26 Revenue Breakdown

1Q26 revenue of $1.3 billion, a 13% decrease year over year.

Primarily driven by lower activity across multiple product service lines in Saudi Arabia and decreased drilling-related services in Qatar.

Partially offset by higher completion tool sales and improved fluid services in Asia.

24%

40%

1Q26 revenue of $2.1 billion, a 4% decrease year over year.

Primarily driven by lower stimulation activity and decreased artificial lift activity in US Land, and lower stimulation activity and decreased fluid services in the Gulf of America.

Partially offset by increased drilling-related services in US Land and higher completion tool sales in the region.

1Q26 revenue of $858 million, an 11% increase

year over year.

Primarily driven by increased drilling-related services and higher completion tool sales in Norway, and improved pressure pumping services in Angola.

Partially offset by lower completion tool sales in the Caspian Area and decreased drilling-related services in Namibia.

16%

20%

1Q26 revenue of $1.1 billion, a 22% increase

year over year.

Primarily driven by higher activity across multiple product service lines in Ecuador, the Caribbean, and Brazil, and improved stimulation activity in Mexico and Argentina.

Partially offset by lower project management activity and decreased drilling-related services in Mexico.

Segment and Geographic Results

Financial Metrics

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

1Q22 = 100

19%

180

17%

170

15%

14%

13%

160

12%

11%

150

140

130

120

110

100

2022 2023 2024 2025 Q 1 2026

( T T M )

Peer Group(b) HAL

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

$1,000

$90

2026 2027 2028 2029 2030

Company and peer group revenue is indexed to 100 for Q1 2022.

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

As of March 31st, 2026, par value of total debt outstanding beyond 2030 is $6,132MM.

$3,458 $3,865

$2,926

$2,242

$2,822

$1,431

$1,856

$1,857

$2,274

$2,646

2022 2023 2024 2025 Q 1 2026

( T T M )

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.

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

2022

2023

2024

2025

Q1 2026 (TTM)

$2,242

$3,458

$3,865

$2,926

$2,822

(1,011)

(1,379)

(1,442)

(1,254)

(1,144)

200

195

223

185

178

$1,431

$2,274

$2,646

$1,857

$1,856

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.

2022

2023

2024

2025

Q1 2026 (TTM)

$1,572

$2,638

$2,501

$1,283

$1,540

404

378

350

321

330

$1,976

$3,016

$2,851

$1,604

$1,870

384

189

143

804

480

$2,360

$3,205

$2,993

$2,408

$2,350

$15,858

$16,451

$17,537

$17,833

$17,924

(54)

287

166

460

424

$15,804

$16,738

$17,703

$18,293

$18,348

12%

18%

16%

10%

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)

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

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.

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 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.

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."

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 Q1 2026

At Least

50%

of Annual Free Cash Flowa returned to shareholders going forward

Share Repurchases

Repurchased ~$800M of securities in 2023b

Repurchased ~$1B of securities in 2024c

Repurchased ~$1B of securities in 2025d

Repurchased ~$100M of securities in Q1 2026e

~$1.9 billion repurchase authorization

remainingf

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

Repurchased ~23M shares.

Repurchased ~31M shares.

Repurchased ~42M shares.

Repurchased ~3M shares.

As of March 31st, 2026. 30

Why Halliburton

Only integrated services company with a strong presence in both North America and International markets

Strong culture of execution

Differentiated technology to drive efficiency

Financial outperformance

Advancing a sustainable energy future

THANK YOU

David Coleman

Senior Director, Investor Relations

(281) 871-2688

[email protected]

Disclaimer

Halliburton Company published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:24 UTC.