HALLIBURTON CO
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 6, 2026
HAL$31.84-0.3%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-12.
0000045012-25-000010
Item 1A. Risk FactorsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-06.
0000045012-26-000015
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 125 previous paragraphs and 448 current paragraphs.
42 unchanged; 82 reworded; 55 added; 1 removed; 0 previous and 269 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (55)
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expectations about future oil and natural gas prices;
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-changes in customers’ capital allocation, including increased cash returns to shareholders or an increased allocation
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weather conditions, including coastal storm surges, inland flooding from intense rainfall, hurricane-strength winds, and extreme
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-disruption or suspension of our customers’ operations, thereby reducing demand for our services and products.
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and we expect that they will continue to be, subject to legal challenges from time to time. We may not be able to successfully
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Further, our application for certain intellectual property rights may not be granted entirely, as to key features, or at all. In
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business in certain jurisdictions. For example, the imposition of such sanctions by the United States, European Union or others
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in countries such as Venezuela, Russia, and elsewhere have impacted our business.
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announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on
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the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in
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August 2025. The United States Supreme Court has agreed to review lower court decisions regarding certain tariffs imposed by
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the Trump Administration and the Court has stayed the effect of decisions including the August 2025 decision of the U.S. Court
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of Appeals for the Federal Circuit finding that certain tariffs exceeded presidential authority and are therefore invalid. This
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ruling introduces additional uncertainty as to the scope and durability of existing and future tariff measures. Increased tariffs by
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the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally,
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the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased
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uncertainty regarding the ultimate effect of the tariffs on economic conditions. We cannot predict the full extent of new,
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the final costs of remediating a site and the final allocation of those costs among the various parties involved at the sites. The
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States’ energy and climate change policies that has resulted in the elimination or proposed elimination of some regulatory
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We may also communicate certain sustainability initiatives, commitments and goals in our SEC filings and other
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disclosures, which subjects us to additional risks.
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Changes in tax laws could also impact our business or results of operations. For example, the One Big Beautiful Bill
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Act (OBBBA) was enacted on July 4, 2025, which, among other things, included revisions affecting the ability to utilize foreign
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tax credits (FTC). As a result of this legislation, we reassessed the realizability of our FTC carryforwards and determined that it
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is more likely than not that a portion of these carryforwards would not be realized and, thus, recorded an additional valuation
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allowance of $125 million against our FTC deferred tax assets in the third quarter of 2025.
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Reworded paragraphs (82)
Previous wording
When considering an investment in Halliburton Company, all of the risk factors described below and other information included and incorporated by reference in this annual report should be carefully considered. Any of these risk factors could have a significant or material adverse effect on our business, results of operations, financial condition, or cash flows. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also adversely affect our business, financial condition, results of operations, or cash flows.
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When considering an investment in Halliburton Company, all of the risk factors described below and other information
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Trends in oil and natural gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services and products, which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Trends in oil and natural gas prices affect the level of exploration, development, and production activity of our
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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. The level of exploration, development, and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control. Given the long-term nature of many large-scale development projects, even the perception of longer-term lower oil and natural gas prices by oil and natural gas companies can cause them to reduce or defer major expenditures. Any prolonged reductions of commodity prices or expectations of such reductions could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Demand for our services and products is particularly sensitive to the level of exploration, development, and production
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the ability or willingness of the Organization of Petroleum Exporting Countries and the expanded alliance collectively known as OPEC+ to set and maintain oil production levels;
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-the ability or willingness of the Organization of Petroleum Exporting Countries and the expanded alliance
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governmental regulations and other actions, or proposed changes in respect thereof, including tariffs, economic sanctions and policies of governments regarding the exploration for and production and development of their oil and natural gas reserves;
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sanctions and policies ofgovernments regarding the exploration for and production and development of their oil and
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weather conditions, natural disasters, and health or similar issues, such as COVID-19 and other pandemics or epidemics;
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-weather conditions, natural disasters, and health or similar issues, such as pandemics or epidemics;
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increased demand for alternative energy and use of electric vehicles, increased emphasis on decarbonization (including government initiatives, such as tax credits and government subsidies to promote the use of renewable energy sources), and public sentiment around alternatives to oil and natural gas.
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-increased demand for alternative energy and use of electric vehicles, increased emphasis on decarbonization
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Our business is dependent on capital spending by our customers, and reductions in capital spending could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Our business is dependent on capital spending by our customers, and reductions in capital spending could have a
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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 and have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition. Some of the items that may impact our customers’ capital spending include:
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Our business is directly affected by changes in capital expenditures by our customers, and reductions in their capital
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the inability of our customers to access capital on economically advantageous terms, which may be impacted by, among other things, a decrease of investors’ interest in hydrocarbon producers because of environmental and sustainability initiatives;
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-the inability of our customers to access capital on economically advantageous terms, which may be impacted by,
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changes in customers’ capital allocation, including an increased allocation to the production of renewable energy or other sustainability efforts, leading to less focus on oil and natural gas production growth;
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to the production of renewable energy or other sustainability efforts, leading to less focus on oil and natural gas
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restrictions on our customers’ ability to get their produced oil and natural gas to market due to infrastructure limitations or other governmental limitations on transportation of produced oil and natural gas;
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-restrictions on our customers’ ability to get their produced oil and natural gas to market due to infrastructure
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adverse developments in the business or operations of our customers, including write-downs of oil and natural gas reserves and borrowing base reductions under customers’ credit facilities.
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-adverse developments in the business or operations of our customers, including write-downs of oil and natural gas
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Liabilities arising out of our products and services could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Liabilities arising out of our products and services could have a material adverse effect on our business,
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Events can occur at sites where our products and equipment are produced, stored, transported, or installed, or where we conduct our operations or provide our services, or at chemical blending or manufacturing facilities, including well blowouts and equipment or materials failures, which could result in explosions, fires, personal injuries, property damage (including surface and subsurface damage), pollution, and potential legal responsibility. Generally, we rely on contractual indemnities, releases, and limitations of liability with our customers and on liability insurance coverage to mitigate our potential liability related to such occurrences. However, we do not have these contractual provisions in all contracts, and even where we do, it is possible that the respective customer or insurer could seek to avoid or be financially unable to meet its obligations, or a court may decline to enforce such provisions. Damages that are not indemnified or released could greatly exceed available insurance coverage and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Events can occur at sites where our products and equipment are produced, stored, transported, or installed, or where
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Our business could be materially and adversely affected by severe or unseasonable weather where we have operations.
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Our business could be materially and adversely affected by severe or unseasonable weather where we have
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Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of Mexico, and the North Sea. Many experts believe global climate change could increase the frequency and severity of extreme weather conditions. Repercussions of severe or unseasonable weather conditions may include:
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Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of
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fluctuations in demand for oil and natural gas, including possible decreases during unseasonably warm winters; and
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-fluctuations in demand for oil and natural gas, including possible decreases during unseasonably warm winters;
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Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect our competitive position.
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Our failure to protect our proprietary information and any successful intellectual property challenges or
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We rely on a variety of intellectual property rights that we use in our services and products. We may not be able to successfully preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged. In addition, the laws of some foreign countries in which our services and products may be sold do not protect intellectual property rights to the same extent as the laws of the United States. Courts could find that others infringe our patent or other intellectual property rights or that our products and services may infringe the intellectual property rights of others. Our failure to protect our proprietary information and any successful intellectual property challenges or infringement proceedings against us could materially and adversely affect us.
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We rely on a variety of intellectual property rights that we use in our services and products. These rights have been,
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If we are not able to design, develop and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced.
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If we are not able to design, develop and produce commercially competitive products and to implement
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The market for our services and products is characterized by continual technological developments to provide better and more reliable performance and services. If we are not able to design, develop, and produce commercially competitive products and to implement commercially competitive services in a timely manner in response to changes in the market, customer requirements, competitive pressures, developments associated with climate change concerns and energy mix transition, and technology trends, including artificial intelligence and machine learning, our business and consolidated results of operations could be materially and adversely affected, and the value of our intellectual property may be reduced. Likewise, if our proprietary technologies, equipment, facilities, or work processes become obsolete, we may no longer be competitive, and our business and consolidated results of operations could be materially and adversely affected.
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The market for our services and products is characterized by continual technological developments to provide better
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We sometimes provide integrated project management services in the form of long-term, fixed price contracts that may require us to assume additional risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing and performance, and potential claims for liquidated damages.
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We sometimes provide integrated project management services in the form of long-term, fixed price contracts that
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We sometimes provide integrated project management services outside our normal discrete business in the form of long-term, fixed price contracts. Some of these contracts are required by our customers, primarily national oil companies. These services include acting as project managers as well as service providers and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate or limited information, that may result in cost over-runs, delays, and project losses. In addition, our customers often operate in countries with unsettled political conditions, war, civil unrest, or other types of community issues. These issues may also result in cost over-runs, delays, and project losses.
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We sometimes provide integrated project management services outside our normal discrete business in the form of
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Providing services on an integrated basis may also require us to assume additional risks associated with operating cost inflation, labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We rely on third-party subcontractors and equipment providers to help us complete these contracts. To the extent that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work, we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project.
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Providing services on an integrated basis may also require us to assume additional risks associated with operating cost
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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.
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Constraints in the supply of, prices for, and availability of transportation of raw materials and electric power could
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Our business depends on the supply and availability of raw and essential materials. Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource. Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems.
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Our business depends on the supply and availability of raw and essential materials. Raw materials essential to our
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These constraints on raw materials and electric power could have a material adverse effect on our business and consolidated results of operations. In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business could have a material adverse effect on our business and consolidated results of operations if we are unable pass these increases through to our customers.
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infrastructure to support the operation of our systems. These constraints on raw materials and electric power could have a
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Our ability to operate and our growth potential could be materially and adversely affected if we cannot attract, employ, and retain technical personnel at a competitive cost.
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Our ability to operate and our growth potential could be materially and adversely affected if we cannot attract,
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Many of the services that we provide and the products that we sell are complex and highly engineered and often must perform or be performed in harsh conditions. We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products. A significant increase in the wages paid by competing employers could result in a reduction of our skilled labor force, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structure could increase, our margins could decrease, and any growth potential could be impaired.
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Many of the services that we provide and the products that we sell are complex and highly engineered and often must
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Our operations outside the United States require us to comply with a number of United States and international regulations, violations of which could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Our operations outside the United States require us to comply with a number of United States and international
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Our operations outside the United States require us to comply with a number of United States and international regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt Practices Act (FCPA), which prohibits United States companies and their agents and employees from providing anything of value to a foreign official for the purposes of influencing any act or decision of these individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any unfair advantage. Our activities create the risk of unauthorized payments or offers of payments by our employees, agents, or joint venture partners that could be in violation of anti-corruption laws, even though some of these parties are not subject to our control. We have internal control policies and procedures and have implemented training and compliance programs for our employees and agents with respect to the FCPA. However, we cannot assure that our policies, procedures, and programs will always protect us from reckless or criminal acts committed by our employees or agents. We are also subject to the risks that our employees, joint venture partners, and agents outside of the United States may fail to comply with other applicable laws. Allegations of violations of applicable anti-corruption laws have resulted and may in the future result in internal, independent, or government investigations. Violations of anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.
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regulations. For example, our operations in countries outside the United States are subject to the United States Foreign Corrupt
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In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by the unique customs laws and regulations in each of the countries where we operate. Moreover, many countries, including the United States, control the export, re-export, and in-country transfer of certain goods, services, and technology, impose related export recordkeeping and reporting obligations, and impose trade barriers or tariffs. Governments may also impose economic sanctions against certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities, which may limit or prevent our conduct of business in certain jurisdictions. The imposition of such sanctions on Russia in connection with Russia’s invasion of Ukraine led to our decision to dispose of our Russian operations during the third quarter of 2022.
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In addition, the shipment of goods, services, and technology across international borders subjects us to extensive trade
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Changes in U.S. foreign trade policies, including as a result of the new presidential administration, could lead to the imposition of additional trade barriers and tariffs on us in foreign jurisdictions. We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy result in reactions from the U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export or import our products from countries where we currently purchase or sell products. Such changes in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity.
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Changes in U.S. foreign trade policies, including as a result of the presidential administration, could lead to the
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The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations can cause delays in shipments and unscheduled operational downtime. Moreover, any failure to comply with applicable legal and regulatory trading obligations could result in government investigations of our activities, as well as criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from governmental contracts, seizure of shipments, and loss of import and export privileges.
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The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic
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Our activities outside of the United States expose us to various legal, social, economic, and political issues that could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.
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Our activities outside of the United States expose us to various legal, social, economic, and political issues that could
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Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of those countries and could have a material adverse effect on our business and consolidated results of operations.
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Changes in, compliance with, or our failure to comply with laws in the countries in which we conduct business may
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In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory regimes, including those that govern our use of radioactive materials, explosives, and chemicals in our operations. Various national and international regulatory regimes govern the shipment of these items. Many countries, but not all, impose special controls upon the export and import of radioactive materials, explosives, and chemicals. Our ability to do business is subject to maintaining required licenses and complying with these multiple regulatory requirements applicable to these special products. In addition, the various laws governing import and export of both products and technology apply to a wide range of services and products we offer. In turn, this can affect our employment practices of hiring people of different nationalities because these laws may prohibit or limit access to some products or technology by employees of various nationalities. Changes in, compliance with, or our failure to comply with these laws may negatively impact our ability to provide services in, make sales to, and transfer personnel or equipment among some of the countries in which we operate and could have a material adverse effect on our business and consolidated results of operations.
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In the countries in which we conduct business, we are subject to multiple and, at times, inconsistent regulatory
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The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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The adoption of any future federal, state, or local laws or implementing regulations imposing reporting obligations
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Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could be undertaken that could result in additional requirements or restrictions being imposed on hydraulic fracturing operations. For example, the United States may seek to adopt federal regulations or enact federal laws that would impose additional regulatory requirements on or even prohibit hydraulic fracturing in some areas. Legislation and/or regulations have been adopted by many states in the U.S. that require additional disclosure regarding chemicals used in the hydraulic fracturing process but that generally include protections for proprietary information. Legislation, regulations, and/or policies have also been adopted at the state level that impose other types of requirements on hydraulic fracturing operations (such as limits on operations in the event of certain levels of seismic activity). Additional legislation and/or regulations have been adopted or are being considered at the state and local level that could impose further chemical disclosure or other regulatory requirements (such as prohibitions on hydraulic fracturing operations in certain areas) that could affect our operations. Some states and some local jurisdictions have adopted ordinances that restrict or in certain cases prohibit the use of hydraulic fracturing. In addition, governmental authorities in various foreign countries where we have provided or may provide hydraulic fracturing services have imposed or are considering imposing various restrictions or conditions that may affect hydraulic fracturing operations. The adoption of any future federal, state, local, or foreign laws or regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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Various federal and state legislative and regulatory initiatives, as well as actions in other countries, have been or could
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included and incorporated by reference in this annual report should be carefully considered. Any of these risk factors could
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have a significant or material adverse effect on our business, results of operations, financial condition, or cash flows. Additional
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risks and uncertainties not currently known to us or that we currently deem immaterial may also adversely affect our business,
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results of operations, financial condition, or cash flows.
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customers and the demand for our services and products, which could have a material adverse effect on our business,
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consolidated results of operations, and consolidated financial condition.
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activity of, and the corresponding capital spending by, oil and natural gas companies. The level of exploration, development,
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and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are
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likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor
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changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are
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beyond our control. Given the long-term nature of many large-scale development projects, even the perception of longer-term
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lower oil and natural gas prices by oil and natural gas companies can cause them to reduce or defer major expenditures. Any
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prolonged reductions of commodity prices or expectations of such reductions could have a material adverse effect on our
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business, consolidated results of operations, and consolidated financial condition.
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collectively known as OPEC+ to set and maintain oil production levels;
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-governmental regulations and other actions, or proposed changes in respect thereof, including tariffs, economic
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(including government initiatives, such as tax credits and government subsidies to promote the use of renewable
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energy sources), and public sentiment around alternatives to oil and natural gas.
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material adverse effect on our business, consolidated results of operations, and consolidated financial condition.
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spending could reduce demand for our services and products and have a material adverse effect on our business, consolidated
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results of operations, and consolidated financial condition. Some of the items that may impact our customers’ capital spending
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among other things, a decrease of investors’ interest in hydrocarbon producers because of environmental and
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limitations or other governmental limitations on transportation of produced oil and natural gas;
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reserves and borrowing base reductions under customers’ credit facilities.
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consolidated results of operations, and consolidated financial condition.
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we conduct our operations or provide our services, or at chemical blending or manufacturing facilities, including well blowouts
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and equipment or materials failures, which could result in explosions, fires, personal injuries, property damage (including
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surface and subsurface damage), pollution, and potential legal responsibility. Generally, we rely on contractual indemnities,
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releases, and limitations of liability with our customers and on liability insurance coverage to mitigate our potential liability
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related to such occurrences. However, we do not have these contractual provisions in all contracts, and even where we do, it is
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possible that the respective customer or insurer could seek to avoid or be financially unable to meet its obligations, or a court
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may decline to enforce such provisions. Damages that are not indemnified or released may not be insured or could greatly
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exceed available insurance coverage and could have a material adverse effect on our business, consolidated results of
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America, and the North Sea. Many experts believe global climate change could increase the frequency and severity of extreme
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temperature. Repercussions of severe or unseasonable weather conditions may include:
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infringement proceedings against us could materially and adversely affect our competitive position.
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preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged.
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addition, the laws of some foreign countries in which our services and products may be sold do not protect intellectual property
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rights to the same extent as the laws of the United States. Courts could find that others infringe our patent or other intellectual
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property rights or that our products and services may infringe the intellectual property rights of others. Our failure to protect our
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