Halliburton (HAL) 10-Q 26 Oct 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 19, 2022
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-03492
Entity Registrant Name	HALLIBURTON COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2677995
Entity Address, Address Line One	3000 North Sam Houston Parkway East,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	281
Local Phone Number	871-2699
Title of 12(b) Security	Common Stock, par value $2.50 per share
Trading Symbol	HAL
Security Exchange Name	NYSE
Entity Central Index Key	0000045012
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		908,046,777
Entity Emerging Growth Company	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Revenue		$ 5,357	$ 3,860	$ 14,715	$ 11,018
Operating costs and expenses:
Impairments and other charges	[1]	0	12	366	12
General and administrative		59	46	178	145
Total operating costs and expenses		4,511	3,414	12,984	9,768
Operating income		846	446	1,731	1,250
Interest income		31	15	74	39
Interest expense, net of interest income		(93)	(116)	(301)	(361)
Loss on early extinguishment of debt		0	0	(42)	0
Other, net		(48)	(14)	(120)	(55)
Income (loss) from continuing operations before income taxes		705	316	1,268	834
Income tax (provision) benefit		(156)	(76)	(338)	(193)
Net income (loss)		549	240	930	641
Net (income) loss attributable to noncontrolling interest		(5)	(4)	(14)	(8)
Net income (loss) attributable to company		$ 544	$ 236	$ 916	$ 633
Earnings Per Share, Basic		$ 600,000	$ 260,000	$ 1,010,000	$ 710,000
Earnings Per Share, Diluted		$ 600,000	$ 260,000	$ 1,010,000	$ 710,000
Weighted Average Number of Shares Outstanding, Basic		908	894	904	891
Weighted Average Number of Shares Outstanding, Diluted		910	894	907	891
Noncontrolling Interest in Consolidated Subsidiaries
Operating costs and expenses:
Net income (loss)		$ 5	$ 4
Services [Member]
Revenue:
Revenue		3,923	2,802	$ 10,682	$ 7,948
Operating costs and expenses:
Cost of services and sales		3,251	2,467	9,084	7,088
Product sales [Member]
Revenue:
Revenue		1,434	1,058	4,033	3,070
Operating costs and expenses:
Cost of services and sales		$ 1,201	$ 889	$ 3,356	$ 2,523
[1]For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss)	$ 549	$ 240	$ 930	$ 641
Other comprehensive income (loss), net of income taxes	(2)	0	2	2
Comprehensive income (loss)	547	240	932	643
Comprehensive (income) loss attributable to noncontrolling interest	(6)	(4)	(15)	(8)
Comprehensive income (loss) attributable to company shareholders	$ 541	$ 236	$ 917	$ 635

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and equivalents	$ 1,977	$ 3,044
Receivables net of allowances for bad debts	4,614	3,666
Allowance for bad debts	741	754
Inventories	2,842	2,361
Other current assets	978	872
Total current assets	10,411	9,943
Property, Plant and Equipment, Net	4,203	4,326
Accumulated depreciation	11,503	11,442
Goodwill	2,828	2,843
Deferred income taxes	2,653	2,695
Operating lease right-of-use assets	927	934
Other assets	1,541	1,580
Total assets	22,563	22,321
Current liabilities:
Accounts payable	3,064	2,353
Accrued employee compensation and benefits	538	493
Accrual for Taxes Other than Income Taxes, Current	293	292
Current portion of operating lease liabilities	224	240
Other current liabilities	607	667
Total current liabilities	4,968	4,306
Long-term debt	7,927	9,127
Operating lease liabilities	803	845
Employee compensation and benefits	473	492
Other liabilities	747	823
Total liabilities	14,918	15,593
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,664	$ 2,665
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	2,000	2,000
Common stock, shares issued (in shares)	1,066	1,066
Paid-in capital in excess of par value	$ 32	$ 32
Accumulated other comprehensive loss	(181)	(183)
Retained earnings	10,024	9,710
Treasury stock, at cost	$ (4,918)	$ (5,511)
Treasury shares (in shares)	158	170
Company shareholders' equity	$ 7,621	$ 6,713
Noncontrolling interest in consolidated subsidiaries	24	15
Total shareholders' equity	7,645	6,728
Total liabilities and shareholders' equity	22,563	22,321
Accrued Income Taxes, Current	$ 242	$ 261
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	45%
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	38%	34%

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 264	$ 171	$ 930	$ 641
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Impairments and other charges			366	12
Depreciation, depletion and amortization			704	673
Changes in assets and liabilities:
Receivables			(1,153)	(364)
Accounts payable			807	448
Inventories			(561)	(3)
Other operating activities			(14)	(178)
Total cash flows provided by operating activities			1,079	1,229
Cash flows from investing activities:
Capital expenditures			(661)	(483)
Proceeds from sales of property, plant and equipment			157	145
Proceeds from Sale of Real Estate Held-for-investment			0	87
Other investing activities			(74)	(57)
Total cash flows used in investing activities			(578)	(308)
Cash flows from financing activities:
Payments on long-term borrowings			(1,242)	(696)
Dividends to shareholders			(327)	(121)
Other financing activities			114	7
Total cash flows used in financing activities			(1,455)	(810)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations			(113)	(42)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total			(1,067)	69
Cash and equivalents at beginning of period	$ 3,044	$ 2,563	3,044	2,563	$ 2,563
Cash and equivalents at end of period					3,044
Cash and equivalents at end of period			1,977	2,632	$ 3,044
Cash payments during the period for:
Interest			384	402
Income taxes			$ 276	$ 157
Maximum Percentage Gross Trade Receivables From One Customer			10%		10%
UNITED STATES | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage			38%		34%
MEXICO | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage			11%		11%

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our 2021 Annual Report on Form 10-K. Our accounting policies are in accordance with United States generally accepted accounting principles. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect: • the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and • the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to present fairly our financial position as of September 30, 2022 and the results of our operations for the three and nine months ended September 30, 2022 and 2021, and our cash flows for the nine months ended September 30, 2022 and 2021. Such adjustments are of a normal recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. The results of our operations for the three and nine months ended September 30, 2022 may not be indicative of results for the full year.

Impairments and Other Charges

Impairments and Other Charges	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Impairments and Other Charges	Impairments and Other Charges The following table presents various pre-tax charges we recorded during the three months ended September 30, 2021 and the nine months ended September 30, 2022 and 2021, respectively, which are reflected within "Impairments and other charges" on our condensed consolidated statements of operations. Three Months Ended Nine Months Ended Millions of dollars 2021 2022 2021 Catch-up depreciation $ 36 $ — $ 36 Severance costs 15 — 15 Receivables — 202 — Property, plant, and equipment, net — 100 — Inventory — 70 — Gain on real estate transaction (74) — (74) Other 35 (6) 35 Total impairments and other charges $ 12 $ 366 $ 12 During the third quarter of 2022, we completed the sale of our Russia operations to a Russia-based management team made up of former Halliburton employees. As a result, we no longer conduct operations in Russia. The Russia-based management team now owns and operates our former business and assets in Russia under the name BurService LLC, which is independent from Halliburton. There were no impairments and other charges recorded during the three months ended September 30, 2022 related to the Russian divestiture or otherwise. During the second quarter of 2022, due to Russia's invasion of Ukraine and resulting sanctions imposed on Russia, we made the decision to sell our Russian operations. We executed a non-binding letter of intent with the Russia based management team in May of 2022 for the divestiture of the Russian operations. The net assets to be sold (i.e., the disposal group) met the held for sale criteria and, as a result, in the second quarter of 2022 we wrote down the disposal group to fair value less costs to sell, resulting in a pre-tax charge of $344 million. The resulting value of the disposal group held for sale was $1. Of this pre-tax charge, approximately $131 million was attributable to our Completion and Production segment, approximately $178 million was attributable to our Drilling and Evaluation segment, and $35 million was selling costs and was attributable to Corporate and other. During the first quarter of 2022, we recorded a pre-tax charge of $22 million primarily related to the write down of all our assets in Ukraine as part of our decision to cease our operations in Ukraine. Included in this charge is a $16 million allowance for credit loss as we do not expect to collect our receivables in Ukraine.

Business Segment and Geographic

Business Segment and Geographic Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting Disclosure	Business Segment Information We operate under two divisions, which form the basis for the two 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. The following table presents information on our business segments. Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Revenue: Completion and Production $ 3,136 $ 2,136 $ 8,400 $ 6,054 Drilling and Evaluation 2,221 1,724 6,315 4,964 Total revenue $ 5,357 $ 3,860 $ 14,715 $ 11,018 Operating income: Completion and Production $ 583 $ 322 $ 1,378 $ 891 Drilling and Evaluation 325 186 905 532 Total operations 908 508 2,283 1,423 Corporate and other (a) (62) (50) (186) (161) Impairments and other charges (b) — (12) (366) (12) Total operating income $ 846 $ 446 $ 1,731 $ 1,250 Interest expense, net of interest income (93) (116) (301) (361) Loss on early extinguishment of debt (c) — — (42) — Other, net (48) (14) (120) (55) Income before income taxes $ 705 $ 316 $ 1,268 $ 834 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other. (c) For the nine months ended September 30, 2022, amount consists of a $42 million loss on the early redemption of senior notes.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue [Abstract]
Revenue	Revenue Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize. Disaggregation of revenue We disaggregate revenue from contracts with customers into types of services or products, consistent with our two reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 45% and 40% of our consolidated revenue was from the United States for the nine months ended September 30, 2022 and 2021, respectively. No other country accounted for more than 10% of our revenue. The following table presents information on our disaggregated revenue. Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Revenue by segment: Completion and Production $ 3,136 $ 2,136 $ 8,400 $ 6,054 Drilling and Evaluation 2,221 1,724 6,315 4,964 Total revenue $ 5,357 $ 3,860 $ 14,715 $ 11,018 Revenue by geographic region: North America $ 2,635 $ 1,615 $ 6,986 $ 4,588 Latin America 841 624 2,252 1,693 Europe/Africa/CIS 639 676 2,034 1,989 Middle East/Asia 1,242 945 3,443 2,748 Total revenue $ 5,357 $ 3,860 $ 14,715 $ 11,018 Contract balances We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customer’s payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our condensed consolidated financial statements. Transaction price allocated to remaining performance obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over time throughout the license period when the software is considered to be a right to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts is not material. Receivables As of September 30, 2022, 38% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. As of December 31, 2021, 34% of our net trade receivables were from customers in the United States and 11% were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 9% and 10% of our total receivables as of September 30, 2022 and December 31, 2021, respectively. While we have experienced payment delays in Mexico, these 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. No other country or single customer accounted for more than 10% of our net trade receivables at those dates. Although the market environment has been improving, we continue to have risk of delayed customer payments and payment defaults associated with customer liquidity issues. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves a high degree of judgment utilizing significant assumptions, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of dollars September 30, December 31, Finished products and parts $ 1,764 $ 1,380 Raw materials and supplies 954 890 Work in process 124 91 Total inventories $ 2,842 $ 2,361

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt In February of 2022, we redeemed $600 million aggregate principal amount of our $1.0 billion 3.8% senior notes due in November 2025. The early redemption of the notes resulted in a loss of $42 million, consisting of premiums and unamortized expenses. The loss is included in "Loss on early extinguishment of debt" in our condensed consolidated statements of operations for the nine months ended September 30, 2022. We used cash on hand to fund the aggregate redemption price of the notes, which included the principal amount, the make-whole premium, and accrued interest, in the amount of $641 million. The remaining $400 million aggregate principal amount of the notes remains outstanding. On April 27, 2022, we entered into a new $3.5 billion five-year revolving credit facility which replaced our $3.5 billion revolving credit facility established in March of 2019. The revolving credit facility is for general working capital purposes and expires on April 27, 2027. The full amount of the revolving credit facility was available as of September 30, 2022. In September of 2022, we redeemed the entire $600 million outstanding principal amount of our 3.5% senior notes due in August of 2023 at par. We used cash on hand to fund the redemption amount of $603 million, which included the principal amount and accrued interest.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesDuring the three months ended September 30, 2022, we recorded a total income tax provision of $156 million on a pre-tax income of $705 million, resulting in an effective tax rate of 22.2% for the quarter.During the nine months ended September 30, 2022, we recorded a total income tax provision of $338 million on a pre-tax income of $1.3 billion, resulting in an effective tax rate of 26.6%. The effective tax rate was higher than the nine months ended September 30, 2021 primarily due to the impact of the decision to sell our Russian operations and a corresponding increase in the valuation allowance on foreign tax credits

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2022 and September 30, 2021, respectively: Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2021 $ 2,665 $ 32 $ (5,511) $ 9,710 $ (183) $ 15 $ 6,728 Comprehensive income (loss): Net income — — — 263 — 1 264 Other comprehensive income — — — — 5 — 5 Cash dividends ($0.12 per share) — — — (108) — — (108) Stock plans (a) — (32) 261 (85) — — 144 Balance at March 31, 2022 $ 2,665 $ — $ (5,250) $ 9,780 $ (178) $ 16 $ 7,033 Comprehensive income (loss): Net income — — — 109 — 8 117 Other comprehensive loss — — — — (1) — (1) Cash dividends ($0.12 per share) — — — (109) — — (109) Stock plans (a) — — 277 (163) — — 114 Other — — — — — (6) (6) Balance at June 30, 2022 $ 2,665 $ — $ (4,973) $ 9,617 $ (179) $ 18 $ 7,148 Comprehensive income (loss): Net income — — — 544 — 5 549 Other comprehensive loss — — — — (2) — (2) Cash dividends ($0.12 per share) — — — (110) — — (110) Stock plans (a) (1) 32 55 (27) — — 59 Other — — — — — 1 1 Balance at September 30, 2022 $ 2,664 $ 32 $ (4,918) $ 10,024 $ (181) $ 24 $ 7,645 (a) In the first, second, and third quarters of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $85 million, $163 million, and $27 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2020 $ 2,666 $ — $ (6,021) $ 8,691 $ (362) $ 9 $ 4,983 Comprehensive income (loss): Net income — — — 170 — 1 171 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans (a) — 34 144 (112) — — 66 Other — — — — — (1) (1) Balance at March 31, 2021 $ 2,666 $ 34 $ (5,877) $ 8,709 $ (362) $ 9 $ 5,179 Comprehensive income (loss): Net income — — — 227 — 3 230 Other comprehensive income — — — — 2 — 2 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans — (8) 69 — — — 61 Other — — — — — (3) (3) Balance at June 30, 2021 $ 2,666 $ 26 $ (5,808) $ 8,896 $ (360) $ 9 $ 5,429 Comprehensive income (loss): Net income — — — 236 — 4 240 Cash dividends ($0.045 per share) — — — (41) — — (41) Stock plans (a) — (2) 232 (164) — — 66 Other — — — — — (1) (1) Balance at September 30, 2021 $ 2,666 $ 24 $ (5,576) $ 8,927 $ (360) $ 12 $ 5,693 (a) In the first and third quarters of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $112 million and $164 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Our Board of Directors has authorized a program to repurchase our common stock from time to time. There were no repurchases made under the program during the three and nine months ended September 30, 2022. Approximately $5.1 billion remained authorized for repurchases as of September 30, 2022. From the inception of this program in February of 2006 through September 30, 2022, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion. Accumulated other comprehensive loss consisted of the following: Millions of dollars September 30, December 31, Cumulative translation adjustments $ (87) $ (85) Defined benefit and other postretirement liability adjustments (49) (47) Other (45) (51) Total accumulated other comprehensive loss $ (181) $ (183)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings. Guarantee arrangements In the normal course of business, we have in place agreements with financial institutions under which approximately $2.0 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of September 30, 2022. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off-balance sheet arrangements either has, or is likely to have, a material effect on our condensed consolidated financial statements.

Income (Loss) per Share

Income (Loss) per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Income (Loss) per Share	Income per Share Basic income or loss per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive. A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Nine Months Ended Millions of shares 2022 2021 2022 2021 Basic weighted average common shares outstanding 908 894 904 891 Dilutive effect of awards granted under our stock incentive plans 2 — 3 — Diluted weighted average common shares outstanding 910 894 907 891 Antidilutive shares: Options with exercise price greater than the average market price 15 21 15 22 Total antidilutive shares 15 21 15 22

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities of these instruments. The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows: September 30, 2022 December 31, 2021 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 6,585 $ 507 $ 7,092 $ 7,927 $ 10,518 $ 527 $ 11,045 $ 9,138 In the first nine months of 2022, the fair value of our debt decreased as a result of the early redemption of senior notes and higher debt yields. The carrying value of our debt decreased as a result of the early redemption of senior notes. See Note 6 for further information. Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

Revenue (Policies)

Revenue (Policies)	9 Months Ended
	Sep. 30, 2022
Revenue [Abstract]
Revenue Recognition, Policy	Revenue is recognized based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize.

Impairments and Other Charges (

Impairments and Other Charges (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Impairments and Other Charges	The following table presents various pre-tax charges we recorded during the three months ended September 30, 2021 and the nine months ended September 30, 2022 and 2021, respectively, which are reflected within "Impairments and other charges" on our condensed consolidated statements of operations. Three Months Ended Nine Months Ended Millions of dollars 2021 2022 2021 Catch-up depreciation $ 36 $ — $ 36 Severance costs 15 — 15 Receivables — 202 — Property, plant, and equipment, net — 100 — Inventory — 70 — Gain on real estate transaction (74) — (74) Other 35 (6) 35 Total impairments and other charges $ 12 $ 366 $ 12

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Revenue: Completion and Production $ 3,136 $ 2,136 $ 8,400 $ 6,054 Drilling and Evaluation 2,221 1,724 6,315 4,964 Total revenue $ 5,357 $ 3,860 $ 14,715 $ 11,018 Operating income: Completion and Production $ 583 $ 322 $ 1,378 $ 891 Drilling and Evaluation 325 186 905 532 Total operations 908 508 2,283 1,423 Corporate and other (a) (62) (50) (186) (161) Impairments and other charges (b) — (12) (366) (12) Total operating income $ 846 $ 446 $ 1,731 $ 1,250 Interest expense, net of interest income (93) (116) (301) (361) Loss on early extinguishment of debt (c) — — (42) — Other, net (48) (14) (120) (55) Income before income taxes $ 705 $ 316 $ 1,268 $ 834 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other. (c) For the nine months ended September 30, 2022, amount consists of a $42 million loss on the early redemption of senior notes.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue [Abstract]
Disaggregation of Revenue	The following table presents information on our disaggregated revenue. Three Months Ended Nine Months Ended Millions of dollars 2022 2021 2022 2021 Revenue by segment: Completion and Production $ 3,136 $ 2,136 $ 8,400 $ 6,054 Drilling and Evaluation 2,221 1,724 6,315 4,964 Total revenue $ 5,357 $ 3,860 $ 14,715 $ 11,018 Revenue by geographic region: North America $ 2,635 $ 1,615 $ 6,986 $ 4,588 Latin America 841 624 2,252 1,693 Europe/Africa/CIS 639 676 2,034 1,989 Middle East/Asia 1,242 945 3,443 2,748 Total revenue $ 5,357 $ 3,860 $ 14,715 $ 11,018

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars September 30, December 31, Finished products and parts $ 1,764 $ 1,380 Raw materials and supplies 954 890 Work in process 124 91 Total inventories $ 2,842 $ 2,361

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Summary of shareholders' equity activity	The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2022 and September 30, 2021, respectively: Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2021 $ 2,665 $ 32 $ (5,511) $ 9,710 $ (183) $ 15 $ 6,728 Comprehensive income (loss): Net income — — — 263 — 1 264 Other comprehensive income — — — — 5 — 5 Cash dividends ($0.12 per share) — — — (108) — — (108) Stock plans (a) — (32) 261 (85) — — 144 Balance at March 31, 2022 $ 2,665 $ — $ (5,250) $ 9,780 $ (178) $ 16 $ 7,033 Comprehensive income (loss): Net income — — — 109 — 8 117 Other comprehensive loss — — — — (1) — (1) Cash dividends ($0.12 per share) — — — (109) — — (109) Stock plans (a) — — 277 (163) — — 114 Other — — — — — (6) (6) Balance at June 30, 2022 $ 2,665 $ — $ (4,973) $ 9,617 $ (179) $ 18 $ 7,148 Comprehensive income (loss): Net income — — — 544 — 5 549 Other comprehensive loss — — — — (2) — (2) Cash dividends ($0.12 per share) — — — (110) — — (110) Stock plans (a) (1) 32 55 (27) — — 59 Other — — — — — 1 1 Balance at September 30, 2022 $ 2,664 $ 32 $ (4,918) $ 10,024 $ (181) $ 24 $ 7,645 (a) In the first, second, and third quarters of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $85 million, $163 million, and $27 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2020 $ 2,666 $ — $ (6,021) $ 8,691 $ (362) $ 9 $ 4,983 Comprehensive income (loss): Net income — — — 170 — 1 171 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans (a) — 34 144 (112) — — 66 Other — — — — — (1) (1) Balance at March 31, 2021 $ 2,666 $ 34 $ (5,877) $ 8,709 $ (362) $ 9 $ 5,179 Comprehensive income (loss): Net income — — — 227 — 3 230 Other comprehensive income — — — — 2 — 2 Cash dividends ($0.045 per share) — — — (40) — — (40) Stock plans — (8) 69 — — — 61 Other — — — — — (3) (3) Balance at June 30, 2021 $ 2,666 $ 26 $ (5,808) $ 8,896 $ (360) $ 9 $ 5,429 Comprehensive income (loss): Net income — — — 236 — 4 240 Cash dividends ($0.045 per share) — — — (41) — — (41) Stock plans (a) — (2) 232 (164) — — 66 Other — — — — — (1) (1) Balance at September 30, 2021 $ 2,666 $ 24 $ (5,576) $ 8,927 $ (360) $ 12 $ 5,693 (a) In the first and third quarters of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $112 million and $164 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.
Schedule of comprehensive income (loss)	Accumulated other comprehensive loss consisted of the following: Millions of dollars September 30, December 31, Cumulative translation adjustments $ (87) $ (85) Defined benefit and other postretirement liability adjustments (49) (47) Other (45) (51) Total accumulated other comprehensive loss $ (181) $ (183)

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted average shares outstanding and antidilutive shares	A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Three Months Ended Nine Months Ended Millions of shares 2022 2021 2022 2021 Basic weighted average common shares outstanding 908 894 904 891 Dilutive effect of awards granted under our stock incentive plans 2 — 3 — Diluted weighted average common shares outstanding 910 894 907 891 Antidilutive shares: Options with exercise price greater than the average market price 15 21 15 22 Total antidilutive shares 15 21 15 22

Fair value by balance sheet gro

Fair value by balance sheet grouping table (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying amount and fair value of our total debt, including short-term borrowings and current maturities of long-term debt, is as follows: September 30, 2022 December 31, 2021 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 6,585 $ 507 $ 7,092 $ 7,927 $ 10,518 $ 527 $ 11,045 $ 9,138

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impairments and other charges	$ 0	[1]	$ 344	$ 22	$ 12	[1]	$ 366	[1]	$ 12	[1]
[1]For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.

Impairments and Other Charges_2

Impairments and Other Charges (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021		Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Impairments and other charges	$ 0	[1]	$ 344,000,000	$ 22,000,000	$ 12,000,000	[1]	$ 366,000,000	[1]	$ 12,000,000	[1]
Operating lease right-of-use assets	927,000,000						927,000,000				$ 934,000,000
Current portion of operating lease liabilities	224,000,000						224,000,000				$ 240,000,000
Other					(35,000,000)		(6,000,000)		(35,000,000)
Inventory write-downs					0		70,000,000		0
Restructuring and Related Cost, Accelerated Depreciation					36,000,000		0		36,000,000
Severance costs					15,000,000		0		15,000,000
Long-lived asset impairments					0		100,000,000		0
Disposal Group, Including Discontinued Operation, Assets	$ 1						1
UKRAINE
Restructuring Cost and Reserve [Line Items]
Write-down of A/R in Russia/Ukraine				$ 16,000,000
Russia/Ukraine [Domain]
Restructuring Cost and Reserve [Line Items]
Write-down of A/R in Russia & Ukraine					0		202,000,000		0
Structured Real Estate Transaction
Restructuring Cost and Reserve [Line Items]
Sale and Leaseback Transaction, Gain (Loss), Net					(74,000,000)		0		(74,000,000)
Completion And Production [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges			131,000,000		42,000,000		136,000,000		42,000,000
Drilling And Evaluation [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges			178,000,000		9,000,000		195,000,000		9,000,000
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Impairments and other charges			$ 35,000,000		$ 39,000,000		$ 35,000,000		$ 39,000,000
[1]For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.

Business Segment and Geograph_3

Business Segment and Geographic Information (Narrative) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 Division Customers	Dec. 31, 2021 Customers
Concentration Risk [Line Items]
Number of business segments | Division	2
Maximum Percentage Gross Trade Receivables From One Customer	10%	10%
NumberOfCustomersExceedReceivablesThreshold | Customers	0	0
Geographic Concentration Risk [Member] | Accounts Receivable [Member] | UNITED STATES
Concentration Risk [Line Items]
Concentration Risk, Percentage	38%	34%

Business Segment and Geograph_4

Business Segment and Geographic Information (Details) - USD ($) $ in Millions		3 Months Ended						9 Months Ended
		Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Revenue:
Revenue		$ 5,357				$ 3,860		$ 14,715		$ 11,018
Operating income (loss):
Impairments and other charges		0	[1]	$ (344)	$ (22)	(12)	[1]	(366)	[1]	(12)	[1]
Operating income		846				446		1,731		1,250
Interest expense, net of interest income		(93)				(116)		(301)		(361)
Other, net		(48)				(14)		(120)		(55)
Income (loss) from continuing operations before income taxes		705				316		1,268		834
Loss on early extinguishment of debt		0				0		42		0
Total operations
Operating income (loss):
Operating income		908				508		2,283		1,423
Completion and Production
Revenue:
Revenue		3,136				2,136		8,400		6,054
Operating income (loss):
Impairments and other charges				(131)		(42)		(136)		(42)
Completion and Production | Total operations
Operating income (loss):
Operating income		583				322		1,378		891
Drilling and Evaluation
Revenue:
Revenue		2,221				1,724		6,315		4,964
Operating income (loss):
Impairments and other charges				(178)		(9)		(195)		(9)
Drilling and Evaluation | Total operations
Operating income (loss):
Operating income		325				186		905		532
Corporate and Other [Member]
Operating income (loss):
Impairments and other charges				$ (35)		(39)		(35)		(39)
Operating income	[2]	$ (62)				$ (50)		$ (186)		$ (161)
[1]For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.[2]Includes certain expenses not attributable to a business segment, such as costs related to support functions and corporate executives, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions.

Business Segment and Geograph_5

Business Segment and Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Segment Reporting [Abstract]
Impairments and other charges	$ 0	[1]	$ 344	$ 22	$ 12	[1]	$ 366	[1]	$ 12	[1]
[1]For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) Division Customers	Mar. 31, 2022	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Division Customers	Sep. 30, 2021 USD ($)	Dec. 31, 2021 Customers
Disaggregation of Revenue [Line Items]
Number of business segments | Division	2			2
Revenue	$ 5,357		$ 3,860	$ 14,715	$ 11,018
Revenue, Performance Obligation, Description of Timing				one year
NumberOfCustomersExceedReceivablesThreshold | Customers	0			0		0
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,635		1,615	$ 6,986	4,588
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	841		624	2,252	1,693
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	639		676	2,034	1,989
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,242		945	3,443	2,748
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,136		2,136	8,400	6,054
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,221		$ 1,724	$ 6,315	$ 4,964
Minimum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms				20
Maximum [Member]
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms				60
Revenue Benchmark [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage				45%	40%
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage				38%		34%
Accounts Receivable [Member] | MEXICO | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage				11%		11%
Accounts Receivable [Member] | MEXICO | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage		10%			9%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished products and parts	$ 1,764	$ 1,380
Raw materials and supplies	954	890
Work in process	124	91
Inventory, net	$ 2,842	$ 2,361

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Apr. 27, 2022	Mar. 31, 2019
Debt Disclosure [Abstract]
Loss on early extinguishment of debt	$ 0	$ 0	$ 42	$ 0
Debt Instrument [Line Items]
Long-term Line of Credit					$ 3,500	$ 3,500
Senior Notes due November 2025
Debt Disclosure [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	3.80%		3.80%
Early Repayment of Senior Debt			$ 600
Repayments of Senior Debt			641
Debt Instrument [Line Items]
Repayments of Senior Debt			641
Long-term Debt, Excluding Current Maturities	$ 1,000		$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	3.80%		3.80%
Early Repayment of Senior Debt			$ 600
Outstanding balance of Senior Notes due November 2025
Debt Disclosure [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	3.50%		3.50%
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 400		$ 400
Debt Instrument, Interest Rate, Stated Percentage	3.50%		3.50%
Senior Notes due August 2023
Debt Disclosure [Abstract]
Early Repayment of Senior Debt			$ 600
Repayments of Senior Debt			603
Debt Instrument [Line Items]
Repayments of Senior Debt			603
Early Repayment of Senior Debt			$ 600

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 156				$ 76		$ 338		$ 193
Income (loss) from continuing operations before income taxes	705				316		1,268		834
Impairments and other charges	0	[1]	$ 344	$ 22	12	[1]	366	[1]	12	[1]
Loss on early extinguishment of debt	$ 0				$ 0		$ (42)		$ 0
Effective tax rate	22.20%						26.60%
[1]For the nine months ended September 30, 2022, the amount includes a $136 million charge attributable to Completions and Production, a $195 million charge attributable to Drilling and Evaluation, and a $35 million charge attributable to Corporate and other. For the three and nine months ended September 30, 2021, the amounts include a $42 million charge attributable to Completions and Production, a $9 million charge attributable to Drilling and Evaluation, and a $39 million net gain attributable to Corporate and other.

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021		Sep. 30, 2022	Sep. 30, 2021
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 7,148	$ 7,033	$ 6,728		$ 5,429	$ 5,179	$ 4,983		$ 6,728	$ 4,983
Net income (loss)	549	117	264		240	230	171		930	641
Other comprehensive income (loss)	(2)	(1)	5		0	2			2	2
Cash dividends	(110)	(109)	(108)		(41)	(40)	(40)
Stock plans	59	114	144		66	61	66
Other	(1)	6			1	3	1
Ending Balance	$ 7,645	$ 7,148	$ 7,033		$ 5,693	$ 5,429	$ 5,179		7,645	5,693
Common Stock, Dividends, Per Share, Declared	$ 0.12	$ 0.12	$ 0.12		$ 0.045	$ 0.045	$ 0.045
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,665	$ 2,665	$ 2,665		$ 2,666	$ 2,666	$ 2,666		2,665	2,666
Net income (loss)	0	0	0		0	0	0
Other comprehensive income (loss)	0	0	0			0
Cash dividends	0	0	0		0	0	0
Stock plans	(1)	0	0		0	0	0
Other	0	0			0	0	0
Ending Balance	2,664	2,665	2,665		2,666	2,666	2,666		2,664	2,666
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	0	0	32		26	34	0		32	0
Net income (loss)	0	0	0		0	0	0
Other comprehensive income (loss)	0	0	0			0
Cash dividends	0	0	0		0	0	0
Stock plans	32	0	32		(2)	(8)	34
Other	0	0			0	0	0
Ending Balance	32	0	0		24	26	34		32	24
Treasury Stock
Shareholders' equity activity [Roll Forward]
Beginning Balance	(4,973)	(5,250)	(5,511)		(5,808)	(5,877)	(6,021)		(5,511)	(6,021)
Net income (loss)	0	0	0		0	0	0
Other comprehensive income (loss)	0	0	0			0
Cash dividends	0	0	0		0	0	0
Stock plans	55	277	261		232	69	144
Other	0	0			0	0	0
Ending Balance	(4,918)	(4,973)	(5,250)		(5,576)	(5,808)	(5,877)		(4,918)	(5,576)
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	9,617	9,780	9,710		8,896	8,709	8,691		9,710	8,691
Net income (loss)	544	109	263		236	227	170
Other comprehensive income (loss)	0	0	0			0
Cash dividends	(110)	(109)	(108)		(41)	(40)	(40)
Stock plans	27	163	85	[1]	164	0	112	[2]
Other	0	0			0	0	0
Ending Balance	10,024	9,617	9,780		8,927	8,896	8,709		10,024	8,927
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(179)	(178)	(183)		(360)	(362)	(362)		(183)	(362)
Net income (loss)	0	0	0		0	0	0
Other comprehensive income (loss)	(2)	(1)	5			2
Cash dividends	0	0	0		0	0	0
Stock plans	0	0	0		0	0	0
Other	0	0			0	0	0
Ending Balance	(181)	(179)	(178)		(360)	(360)	(362)		(181)	(360)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	18	16	15		9	9	9		15	9
Net income (loss)	5	8	1		4	3	1
Other comprehensive income (loss)	0	0	0			0
Cash dividends					0
Cash dividends	0	0	0			0	0
Stock plans	0	0	0		0	0	0
Other	(1)	6			1	3	1
Ending Balance	$ 24	$ 18	$ 16		$ 12	$ 9	$ 9		$ 24	$ 12
[1]In the first, second, and third quarters of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $85 million, $163 million, and $27 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.[2]In the first and third quarters of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $112 million and $164 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (49)	$ (47)
Cumulative translation adjustments	(87)	(85)
Other	(45)	(51)
Total accumulated other comprehensive loss	$ (181)	$ (183)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) shares in Millions, $ in Billions	Sep. 30, 2022 USD ($) shares
Repurchase Activity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	$ 5.1
Treasury Stock Shares Acquired From Inception | shares	224
Treasury Stock Value Acquired Cost Method From Inception	$ 9

Commitments and Contingencies (

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Sep. 30, 2022 USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	908	894	904	891
Dilutive effect of awards granted under our stock incentive plans	2	0	3	0
Diluted weighted average common shares outstanding (in shares)	910	894	907	891
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	15	21	15	22
Total antidilutive shares	15	21	15	22

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 7,092	$ 11,045
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	7,927	9,138
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	6,585	10,518
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	507	527
Level 3 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0