HALLIBURTON CO
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
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FY2025 · Filed Feb 6, 2026
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Business Segment and Geographic Information
Note 3. Business Segment and Geographic Information
We operate undertwo divisions, which form the basis for thetwo operating segments we report: the Completion and
Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that
are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements
of operations, which is part of operating income of the applicable segment.
Our company’schief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief
Executive Officer. Our CODM assesses the performance of thetwo segments and makes resource allocation decisions based on
segment revenue and operating income.
Operations by business segment
The following table presents information on our business segments.
| Year Ended December 31, | |||
|---|---|---|---|
| Millions of dollars | 2025 | 2024 | 2023 |
| Revenue: | |||
| Completion and Production | $12,782 | $13,251 | $13,689 |
| Drilling and Evaluation | 9,402 | 9,693 | 9,329 |
| Total revenue | $22,184 | $22,944 | $23,018 |
| Operating income: | |||
| Completion and Production | $2,128 | $2,709 | $2,835 |
| Drilling and Evaluation | 1,379 | 1,608 | 1,543 |
| Total operations | 3,507 | 4,317 | 4,378 |
| Corporate and other (a) | (262) | (255) | (244) |
| SAP S4 upgrade expense | (154) | (124) | (51) |
| Impairments and other charges (b) | (831) | (116) | — |
| Total operating income | $2,260 | $3,822 | $4,083 |
| Interest expense, net of interest income | $(352) | $(353) | $(395) |
| Loss on Blue Chip Swap transactions | (9) | (8) | (110) |
| Argentina currency impact | — | — | (131) |
| Other, net (c) | (128) | (227) | (84) |
| Income before income taxes | $1,771 | $3,234 | $3,363 |
| Capital expenditures: | |||
| Completion and Production | $741 | $775 | $765 |
| Drilling and Evaluation | 513 | 665 | 613 |
| Corporate and other | — | 2 | 1 |
| Total capital expenditures | $1,254 | $1,442 | $1,379 |
| Depreciation, depletion, and amortization: | |||
| Completion and Production | $618 | $588 | $553 |
| Drilling and Evaluation | 496 | 475 | 430 |
| Corporate and other | 22 | 16 | 15 |
| Total depreciation, depletion, and amortization | $1,136 | $1,079 | $998 |
| (a) | Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions. |
|---|---|
| (b) | Impairments and other charges are as follows:–For the year ended December 31, 2025, amount includes approximately $556 million attributable to Completion and Production, $247 million attributable to Drilling and Evaluation, and $28 million attributable to Corporate and other.–For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. |
| (c) | During the year ended December 31, 2025, Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. |
| Table of Contents | Item 8 | Notes to Consolidated Financial Statements |
|---|
The following table presents significant segment expenses, which represent the difference between segment revenue
and segment operating income and are regularly reviewed by our CODM.
| Year Ended December 31, | ||
|---|---|---|
| 2025 | ||
| Millions of dollars | Completion and Production | Drilling and Evaluation |
| Segment operating expenses: | ||
| Cost of products, materials, and supplies | $5,361 | $3,641 |
| Compensation | 1,919 | 1,908 |
| Depreciation, depletion, and amortization | 618 | 496 |
| Other | 2,756 | 1,978 |
| Total segment operating expenses | $10,654 | $8,023 |
| Year Ended December 31, | ||
|---|---|---|
| 2024 | ||
| Millions of dollars | Completion and Production | Drilling and Evaluation |
| Segment operating expenses: | ||
| Cost of products, materials, and supplies | $5,428 | $3,803 |
| Compensation | 1,922 | 1,865 |
| Depreciation, depletion, and amortization | 588 | 475 |
| Other | 2,604 | 1,942 |
| Total segment operating expenses | $10,542 | $8,085 |
| Year Ended December 31, | ||
|---|---|---|
| 2023 | ||
| Millions of dollars | Completion and Production | Drilling and Evaluation |
| Segment operating expenses: | ||
| Cost of products, materials, and supplies | $5,906 | $3,771 |
| Compensation | 1,810 | 1,750 |
| Depreciation, depletion, and amortization | 553 | 430 |
| Other | 2,585 | 1,835 |
| Total segment operating expenses | $10,854 | $7,786 |
Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other
miscellaneous costs.
| Table of Contents | Item 8 | Notes to Consolidated Financial Statements |
|---|
The following table presents total assets by segment.
| December 31, | ||
|---|---|---|
| Millions of dollars | 2025 | 2024 |
| Total assets: | ||
| Completion and Production (a) | $10,492 | $11,987 |
| Drilling and Evaluation (a) | 7,870 | 7,806 |
| Corporate and other (b) | 6,648 | 5,794 |
| Total assets | $25,010 | $25,587 |
| (a) | Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets, equity in and advances to related companies, and goodwill. |
|---|---|
| (b) | Includes primarily cash and equivalents and deferred tax assets. |
Operations by geographic region
The following tables present information by geographic area. In 2025,2024, and 2023, based on the location of
services provided and products sold,39%,40%, and 44%, respectively, of our consolidated revenue was from the United States.
No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented.
As of December 31, 2025 and December 31, 2024,42% and 49%, respectively, of our property, plant, and equipment was
located in the United States.
| Year Ended December 31, | |||
|---|---|---|---|
| Millions of dollars | 2025 | 2024 | 2023 |
| Revenue: | |||
| North America | $9,066 | $9,626 | $10,492 |
| Latin America | 3,935 | 4,211 | 3,987 |
| Europe/Africa/CIS | 3,351 | 3,003 | 2,861 |
| Middle East/Asia | 5,832 | 6,104 | 5,678 |
| Total revenue | $22,184 | $22,944 | $23,018 |
| December 31, | ||
|---|---|---|
| Millions of dollars | 2025 | 2024 |
| Net property, plant, and equipment: | ||
| North America | $2,291 | $2,595 |
| Latin America | 730 | 1,002 |
| Europe/Africa/CIS | 686 | 593 |
| Middle East/Asia | 1,554 | 923 |
| Total net property, plant, and equipment | $5,261 | $5,113 |
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