Halliburton (HAL) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 17, 2024
Document And Enity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		885,301,252
Entity Emerging Growth Company	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Revenue	$ 5,804	$ 5,677
Operating costs and expenses:
SAP S4 Upgrade Expense	34	0
General and administrative	61	54
Total operating costs and expenses	4,817	4,700
Operating income	987	977
Interest expense, net of interest income	(92)	(101)
Other, net	(108)	(47)
Income (loss) from continuing operations before income taxes	787	829
Income tax (provision) benefit	(178)	(174)
Net income (loss)	609	655
Net (income) loss attributable to noncontrolling interest	(3)	(4)
Net income (loss) attributable to company	$ 606	$ 651
Earnings Per Share, Basic	$ 680,000	$ 720,000
Earnings Per Share, Diluted	$ 680,000	$ 720,000
Weighted Average Number of Shares Outstanding, Basic	889	904
Weighted Average Number of Shares Outstanding, Diluted	891	907
MEXICO | Accounts Receivable [Member] | Customer Concentration Risk
Operating costs and expenses:
Concentration Risk, Percentage	8%
Noncontrolling Interest in Consolidated Subsidiaries
Operating costs and expenses:
Net income (loss)	$ 3	$ 4
Services [Member]
Revenue:
Revenue	4,146	4,166
Operating costs and expenses:
Cost of services and sales	3,428	3,399
Product sales [Member]
Revenue:
Revenue	1,658	1,511
Operating costs and expenses:
Cost of services and sales	$ 1,294	$ 1,247

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income	$ 22	$ 17

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss)	$ 609	$ 655
Other comprehensive income (loss), net of income taxes	0	1
Comprehensive income (loss)	609	656
Comprehensive (income) loss attributable to noncontrolling interest	(4)	(4)
Comprehensive income (loss) attributable to company shareholders	$ 605	$ 652

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and equivalents	$ 1,891	$ 2,264
Receivables net of allowances for bad debts	5,103	4,860
Inventories	3,258	3,226
Other current assets	1,171	1,193
Total current assets	11,423	11,543
Property, Plant and Equipment, Net	4,973	4,900
Goodwill	2,850	2,850
Deferred income taxes	2,472	2,505
Operating lease right-of-use assets	1,082	1,088
Other assets	1,854	1,797
Total assets	24,654	24,683
Current liabilities:
Accounts payable	3,092	3,147
Accrued employee compensation and benefits	542	689
Accrual for Taxes Other than Income Taxes, Current	311	370
Current portion of operating lease liabilities	267	262
Other current liabilities	739	750
Total current liabilities	5,379	5,608
Long-term debt	7,637	7,636
Operating lease liabilities	883	911
Employee compensation and benefits	381	408
Other liabilities	692	687
Total liabilities	14,972	15,250
Shareholders' equity:
Common stock, par value $2.50 per share	$ 2,662	$ 2,663
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)	1,065	1,065
Paid-in capital in excess of par value	$ 0	$ 63
Accumulated other comprehensive loss	(332)	(331)
Retained earnings	12,988	12,536
Treasury stock, at cost	$ (5,682)	$ (5,540)
Treasury shares (in shares)	180	176
Company shareholders' equity	$ 9,636	$ 9,391
Noncontrolling interest in consolidated subsidiaries	46	42
Total shareholders' equity	9,682	9,433
Total liabilities and shareholders' equity	24,654	24,683
Accrued Income Taxes, Current	$ 428	$ 390
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Shareholders' equity:
Concentration Risk, Percentage	42%

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 609	$ 655
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, depletion and amortization	263	241
Changes in assets and liabilities:
Receivables	(268)	(575)
Accounts payable	(41)	57
Inventories	(32)	(210)
Other operating activities	(44)	(46)
Total cash flows provided by operating activities	487	122
Cash flows from investing activities:
Capital expenditures	(330)	(268)
Proceeds from sales of property, plant and equipment	49	41
Other investing activities	(100)	(68)
Total cash flows used in investing activities	(381)	(295)
Cash flows from financing activities:
Dividends to shareholders	(151)	(145)
Payments for Repurchase of Common Stock	250	100
Other financing activities	(21)	(4)
Total cash flows used in financing activities	(422)	(249)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(57)	(45)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(373)	(467)
Cash and equivalents at beginning of period	2,264	2,346	$ 2,346
Cash and equivalents at end of period			2,264
Cash and equivalents at end of period	1,891	1,879	$ 2,264
Cash payments during the period for:
Interest	118	127
Income taxes	$ 95	$ 148
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	32%		33%
MEXICO | Accounts Receivable [Member] | Geographic Concentration Risk [Member]
Cash payments during the period for:
Concentration Risk, Percentage	10%		9%

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 743	$ 742
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 12,218	$ 12,064

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using United States generally accepted accounting principles (GAAP) 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 U.S. GAAP for annual financial statements and should be read together with our 2023 Annual Report on Form 10-K. Our accounting policies are in accordance with U.S. GAAP. 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 March 31, 2024 and the results of our operations for the three months ended March 31, 2024 and 2023, and our cash flows for the three months ended March 31, 2024 and 2023. 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 months ended March 31, 2024 may not be indicative of results for the full year.

Business Segment and Geographic

Business Segment and Geographic Information	3 Months Ended
	Mar. 31, 2024
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 Millions of dollars 2024 2023 Revenue: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Operating income: Completion and Production $ 688 $ 666 Drilling and Evaluation 398 369 Total operations 1,086 1,035 Corporate and other (a) (65) (58) SAP S4 upgrade expense (34) — Total operating income $ 987 $ 977 Interest expense, net of interest income (92) (101) Other, net (b) (108) (47) Income before income taxes $ 787 $ 829 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) During the three months ended March 31, 2024, Halliburton incurred a charge of $82 million primarily due to impairment of an investment in Argentina and currency devaluation in Egypt.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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, 42% and 47% of our consolidated revenue was from the United States for the three months ended March 31, 2024 and 2023, respectively. No other country accounted for more than 10% of our revenue for those periods. The following table presents information on our disaggregated revenue. Three Months Ended Millions of dollars 2024 2023 Revenue by segment: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Revenue by geographic region: North America $ 2,546 $ 2,765 Latin America 1,108 915 Europe/Africa/CIS 729 662 Middle East/Asia 1,421 1,335 Total revenue $ 5,804 $ 5,677 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 the duration of the contract 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 March 31, 2024, 32% of our net trade receivables were from customers in the United States and 10% were from customers in Mexico. As of December 31, 2023, 33% of our net trade receivables were from customers in the United States and 9% were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 8% and 6% of our total receivables as of March 31, 2024 and December 31, 2023, respectively. While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability of receivables from this customer. No country other than the United States or single customer accounted for more than 10% of our net trade receivables at those dates. We 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 judgment and estimates, 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	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 2,098 $ 2,069 Raw materials and supplies 1,019 1,021 Work in process 141 136 Total inventories $ 3,258 $ 3,226

Payables and Accruals

Payables and Accruals	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure	Accounts Payable Effective January 1, 2023, we adopted new supplier finance program disclosure requirements contained in guidance issued by the Financial Accounting Standards Board (ASU 2022-04, “Disclosure of Supplier Finance Program Obligations”). The standards update also includes a prospective annual requirement to disclose a rollforward of the amount of the obligations during the annual reporting period. We will include the rollforward disclosure in our Annual Report on Form 10-K for the year ending December 31, 2024, as required. We have agreements with third parties that allow our participating suppliers to finance payment obligations from us with designated third-party financial institutions who act as our paying agent. We have generally extended our payment terms with suppliers to 90 days. A participating supplier may request a participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institutions. Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under these agreements were $325 million as of March 31, 2024, and $322 million as of December 31, 2023, and are included in accounts payable on the condensed consolidated balance sheets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2024, we recorded a total income tax provision of $178 million on a pre-tax income of $787 million, resulting in an effective tax rate of 22.6% for the quarter. During the three months ended March 31, 2023, we recorded a total income tax provision of $174 million on a pre-tax income of $829 million, resulting in an effective tax rate of 21.0% for the quarter. Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2012. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. The United States federal income tax filings for tax years 2016 through 2023 are currently under review or remain open for review by the IRS. As of March 31, 2024, the primary unresolved issue for the IRS audit for 2016 relates to the classification of the $3.5 billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 for which we received a Notice of Proposed Adjustment (NOPA) from the IRS on September 28, 2023. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies within the next twelve months.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2024 and March 31, 2023, 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, 2023 $ 2,663 $ 63 $ (5,540) $ 12,536 $ (331) $ 42 $ 9,433 Comprehensive income (loss): Net income — — — 606 — 3 609 Other comprehensive income (loss) — — — — (1) 1 — Cash dividends ($0.17 per share) — — — (151) — — (151) Stock repurchase program — — (250) — — — (250) Stock plans (a) (1) (63) 108 (3) — — 41 Other — — — — — — — Balance at March 31, 2024 $ 2,662 $ — $ (5,682) $ 12,988 $ (332) $ 46 $ 9,682 (a) In the first quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under 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 $3 million. Future 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, 2022 $ 2,664 $ 50 $ (5,108) $ 10,572 $ (230) $ 29 $ 7,977 Comprehensive income (loss): Net income — — — 651 — 4 655 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (145) — — (145) Stock repurchase program — — (100) — — — (100) Stock plans (a) — (50) 113 (3) — — 60 Other — — — — — (3) (3) Balance at March 31, 2023 $ 2,664 $ — $ (5,095) $ 11,075 $ (229) $ 30 $ 8,445 (a) In the first quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under 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 $3 million. Future 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. We repurchased 7.0 million shares of our common stock under the program during the three months ended March 31, 2024 for approximately $250 million. Approximately $3.8 billion remained authorized for repurchases as of March 31, 2024. From the inception of this program in February of 2006 through March 31, 2024, we repurchased approximately 260 million shares of our common stock for a total cost of approximately $10.3 billion. We repurchased 2.9 million shares of our common stock under the program during the three months ended March 31, 2023 for approximately $100 million. Accumulated other comprehensive loss consisted of the following: Millions of dollars March 31, December 31, Cumulative translation adjustments $ (83) $ (84) Defined benefit and other postretirement liability adjustments (210) (207) Other (39) (40) Total accumulated other comprehensive loss $ (332) $ (331)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The 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 agreements with financial institutions under which approximately $2.6 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of March 31, 2024. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization; however, none of these triggering events have occurred. As of March 31, 2024, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries.

Income (Loss) per Share

Income (Loss) per Share	3 Months Ended
	Mar. 31, 2024
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 Millions of shares 2024 2023 Basic weighted average common shares outstanding 889 904 Dilutive effect of awards granted under our stock incentive plans 2 3 Diluted weighted average common shares outstanding 891 907 Antidilutive shares: Options with exercise price greater than the average market price 11 14 Total antidilutive shares 11 14

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
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 is as follows: March 31, 2024 December 31, 2023 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 7,294 $ 361 $ 7,655 $ 7,637 $ 7,419 $ 378 $ 7,797 $ 7,636 In the first three months of 2024, the fair value of our total debt decreased as a result of higher bond yields. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 606	$ 651

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Reporting Officer Title Reporting Action Plan Start Date Plan End Date Aggregated Shares Covered Intended to Satisfy Rule 10b5-1? Van H. Beckwith Executive Vice President, Secretary and Chief Legal Officer Plan Adoption 2/7/2024 2/6/2025 221,141 Yes Eric J. Carre Executive Vice President and Chief Financial Officer Plan Adoption 2/7/2024 2/6/2025 309,428 Yes Charles E. Geer, Jr Senior Vice President and Chief Accounting Officer Plan Adoption 2/7/2024 2/6/2025 33,800 Yes Myrtle L. Jones Senior Vice President, Tax Plan Adoption 2/7/2024 2/6/2025 21,012 Yes Timothy M. McKeon Senior Vice President and Treasurer Plan Adoption 2/7/2024 2/6/2025 48,521 Yes Lawrence J. Pope Executive Vice President of Administration and Chief Human Resources Officer Plan Adoption 2/7/2024 2/6/2025 107,400 Yes Mark J. Richard President, Western Hemisphere Plan Adoption 2/7/2024 2/6/2025 114,807 Yes Jill D. Sharp Senior Vice President, Internal Assurance Services Plan Adoption 2/7/2024 2/6/2025 60,069 Yes Shannon Slocum President, Eastern Hemisphere Plan Adoption 2/7/2024 2/6/2025 64,125 Yes
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	2/7/2024
Termination Date	2/6/2025
VHB [Member]
Trading Arrangements, by Individual
Name	Van H. Beckwith
Aggregate Available	221,141
Executive Vice President, Secretary and Chief Legal [Member]
Trading Arrangements, by Individual
Title	Executive Vice President, Secretary and Chief Legal Officer
EJC [Member]
Trading Arrangements, by Individual
Name	Eric J. Carre
Aggregate Available	309,428
Executive Vice President and Chief Financial Officer [Member]
Trading Arrangements, by Individual
Title	Executive Vice President and Chief Financial Officer
CEG [Member]
Trading Arrangements, by Individual
Name	Charles E. Geer, Jr
Aggregate Available	33,800
Senior Vice President and Chief Accounting Officer [Member]
Trading Arrangements, by Individual
Title	Senior Vice President and Chief Accounting Officer
MLJ [Member]
Trading Arrangements, by Individual
Name	Myrtle L. Jones
Aggregate Available	21,012
Senior Vice President, Tax [Member]
Trading Arrangements, by Individual
Title	Senior Vice President, Tax
TMM [Member]
Trading Arrangements, by Individual
Name	Timothy M. McKeon
Aggregate Available	48,521
Senior Vice President and Treasurer [Member]
Trading Arrangements, by Individual
Title	Senior Vice President and Treasurer
LJP [Member]
Trading Arrangements, by Individual
Name	Lawrence J. Pope
Aggregate Available	107,400
Executive Vice President of Administration and Chief Human Resources Officer [Member]
Trading Arrangements, by Individual
Title	Executive Vice President of Administration and Chief Human Resources Officer
MJR [Member]
Trading Arrangements, by Individual
Name	Mark J. Richard
Aggregate Available	114,807
President, Western Hemisphere [Member]
Trading Arrangements, by Individual
Title	President, Western Hemisphere
JDS [Member]
Trading Arrangements, by Individual
Name	Jill D. Sharp
Aggregate Available	60,069
Senior Vice President, Internal Assurance Services [Member]
Trading Arrangements, by Individual
Title	Senior Vice President, Internal Assurance Services
SS [Member]
Trading Arrangements, by Individual
Name	Shannon Slocum
Aggregate Available	64,125
President, Eastern Hemisphere [Member]
Trading Arrangements, by Individual
Title	President, Eastern Hemisphere

Revenue (Policies)

Revenue (Policies)	3 Months Ended
	Mar. 31, 2024
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.

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Information on business segments	The following table presents information on our business segments. Three Months Ended Millions of dollars 2024 2023 Revenue: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Operating income: Completion and Production $ 688 $ 666 Drilling and Evaluation 398 369 Total operations 1,086 1,035 Corporate and other (a) (65) (58) SAP S4 upgrade expense (34) — Total operating income $ 987 $ 977 Interest expense, net of interest income (92) (101) Other, net (b) (108) (47) Income before income taxes $ 787 $ 829 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and also includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) During the three months ended March 31, 2024, Halliburton incurred a charge of $82 million primarily due to impairment of an investment in Argentina and currency devaluation in Egypt.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue [Abstract]
Disaggregation of Revenue	The following table presents information on our disaggregated revenue. Three Months Ended Millions of dollars 2024 2023 Revenue by segment: Completion and Production $ 3,373 $ 3,409 Drilling and Evaluation 2,431 2,268 Total revenue $ 5,804 $ 5,677 Revenue by geographic region: North America $ 2,546 $ 2,765 Latin America 1,108 915 Europe/Africa/CIS 729 662 Middle East/Asia 1,421 1,335 Total revenue $ 5,804 $ 5,677

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: Millions of dollars March 31, December 31, Finished products and parts $ 2,098 $ 2,069 Raw materials and supplies 1,019 1,021 Work in process 141 136 Total inventories $ 3,258 $ 3,226

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Summary of shareholders' equity activity		The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2024 and March 31, 2023, 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, 2023 $ 2,663 $ 63 $ (5,540) $ 12,536 $ (331) $ 42 $ 9,433 Comprehensive income (loss): Net income — — — 606 — 3 609 Other comprehensive income (loss) — — — — (1) 1 — Cash dividends ($0.17 per share) — — — (151) — — (151) Stock repurchase program — — (250) — — — (250) Stock plans (a) (1) (63) 108 (3) — — 41 Other — — — — — — — Balance at March 31, 2024 $ 2,662 $ — $ (5,682) $ 12,988 $ (332) $ 46 $ 9,682 (a) In the first quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under 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 $3 million. Future 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, 2022 $ 2,664 $ 50 $ (5,108) $ 10,572 $ (230) $ 29 $ 7,977 Comprehensive income (loss): Net income — — — 651 — 4 655 Other comprehensive income — — — — 1 — 1 Cash dividends ($0.16 per share) — — — (145) — — (145) Stock repurchase program — — (100) — — — (100) Stock plans (a) — (50) 113 (3) — — 60 Other — — — — — (3) (3) Balance at March 31, 2023 $ 2,664 $ — $ (5,095) $ 11,075 $ (229) $ 30 $ 8,445 (a) In the first quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under 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 $3 million. Future 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 March 31, December 31, Cumulative translation adjustments $ (83) $ (84) Defined benefit and other postretirement liability adjustments (210) (207) Other (39) (40) Total accumulated other comprehensive loss $ (332) $ (331)

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 Millions of shares 2024 2023 Basic weighted average common shares outstanding 889 904 Dilutive effect of awards granted under our stock incentive plans 2 3 Diluted weighted average common shares outstanding 891 907 Antidilutive shares: Options with exercise price greater than the average market price 11 14 Total antidilutive shares 11 14

Fair value by balance sheet gro

Fair value by balance sheet grouping table (Tables)	3 Months Ended
	Mar. 31, 2024
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 is as follows: March 31, 2024 December 31, 2023 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 7,294 $ 361 $ 7,655 $ 7,637 $ 7,419 $ 378 $ 7,797 $ 7,636

Impairments and Other Charges (

Impairments and Other Charges (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Operating lease right-of-use assets	$ 1,082	$ 1,088
Current portion of operating lease liabilities	$ 267	$ 262

Business Segment and Geograph_3

Business Segment and Geographic Information (Narrative) (Details)	Mar. 31, 2024 Division Customers	Dec. 31, 2023 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

Business Segment and Geograph_4

Business Segment and Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Revenue	$ 5,804	$ 5,677
Operating income (loss):
Operating income	987	977
Interest expense, net of interest income	(92)	(101)
Other, net	(108)	(47)
Income (loss) from continuing operations before income taxes	787	829
SAP S4 Upgrade Expense	(34)	0
Argentina investment impairment and Egypt Devaluation	(82)
Total operations
Operating income (loss):
Operating income	1,086	1,035
Completion and Production
Revenue:
Revenue	3,373	3,409
Completion and Production | Total operations
Operating income (loss):
Operating income	688	666
Drilling and Evaluation
Revenue:
Revenue	2,431	2,268
Drilling and Evaluation | Total operations
Operating income (loss):
Operating income	398	369
Corporate and Other [Member]
Operating income (loss):
Operating income	$ (65)	$ (58)

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Division Customers	Mar. 31, 2023 USD ($)	Dec. 31, 2023 Customers
Disaggregation of Revenue [Line Items]
Number of business segments | Division	2
Revenue	$ 5,804	$ 5,677
Revenue, Performance Obligation, Description of Timing	one year
NumberOfCustomersExceedReceivablesThreshold | Customers	0		0
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,546	2,765
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,108	915
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	729	662
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,421	1,335
Completion And Production [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,373	3,409
Drilling And Evaluation [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,431	$ 2,268
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	42%	47%
Accounts Receivable [Member] | UNITED STATES | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	32%		33%
Accounts Receivable [Member] | MEXICO | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	10%		9%
Accounts Receivable [Member] | MEXICO | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	8%		6%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished products and parts	$ 2,098	$ 2,069
Raw materials and supplies	1,019	1,021
Work in process	141	136
Inventory, net	$ 3,258	$ 3,226

Payables and Accruals (Details)

Payables and Accruals (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Outstanding Supplier Finance Payment Obligation	$ 325	$ 322

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 178	$ 174
Income (loss) from continuing operations before income taxes	$ 787	$ 829
Effective tax rate	22.60%	21%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 9,433		$ 7,977
Net income (loss)	609		655
Other comprehensive income (loss)	0		1
Cash dividends	(151)		(145)
Stock Repurchased During Period, Value	(250)		(100)
Stock plans	41		60
Other	0		3
Ending Balance	$ 9,682		$ 8,445
Common Stock, Dividends, Per Share, Declared	$ 0.17		$ 0.16
Stock Repurchased During Period, Shares	7		2.9
Common Shares
Shareholders' equity activity [Roll Forward]
Beginning Balance	$ 2,663		$ 2,664
Net income (loss)	0		0
Other comprehensive income (loss)	0		0
Cash dividends	0		0
Stock Repurchased During Period, Value	0		0
Stock plans	1		0
Other	0		0
Ending Balance	2,662		2,664
Paid-in Capital in Excess of Par Value
Shareholders' equity activity [Roll Forward]
Beginning Balance	63		50
Net income (loss)	0		0
Other comprehensive income (loss)	0		0
Cash dividends	0		0
Stock Repurchased During Period, Value	0		0
Stock plans	63		50
Other	0		0
Ending Balance	0		0
Retained Earnings
Shareholders' equity activity [Roll Forward]
Beginning Balance	12,536		10,572
Net income (loss)	606		651
Other comprehensive income (loss)	0		0
Cash dividends	(151)		(145)
Stock Repurchased During Period, Value	0		0
Stock plans	3	[1]	3
Other	0		0
Ending Balance	12,988		11,075
Accumulated Other Comprehensive Income (Loss)
Shareholders' equity activity [Roll Forward]
Beginning Balance	(331)		(230)
Net income (loss)	0		0
Other comprehensive income (loss)	(1)		1
Cash dividends	0		0
Stock Repurchased During Period, Value	0		0
Stock plans	0		0
Other	0		0
Ending Balance	(332)		(229)
Noncontrolling Interest in Consolidated Subsidiaries
Shareholders' equity activity [Roll Forward]
Beginning Balance	42		29
Net income (loss)	3		4
Other comprehensive income (loss)	1		0
Cash dividends	0		0
Stock Repurchased During Period, Value	0		0
Stock plans	0		0
Other	0		3
Ending Balance	46		30
Treasury Stock, Common
Shareholders' equity activity [Roll Forward]
Beginning Balance	(5,540)		(5,108)
Net income (loss)	0		0
Other comprehensive income (loss)	0		0
Cash dividends	0		0
Stock Repurchased During Period, Value	250		100
Stock plans	108		113
Other	0		0
Ending Balance	$ (5,682)		$ (5,095)
[1] In the first quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under 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 $3 million. Future 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	Mar. 31, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Defined benefit and other postretirement liability adjustments	$ (210)	$ (207)
Cumulative translation adjustments	(83)	(84)
Other	(39)	(40)
Total accumulated other comprehensive loss	$ (332)	$ (331)

Shareholders' Equity Repurchase

Shareholders' Equity Repurchase Activity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Repurchase Activity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	$ 3,800
Treasury Stock Shares Acquired From Inception	260
Treasury Stock Value Acquired Cost Method From Inception	$ 10,300
Shareholders' Equity Activity Summarization [Line Items]
Stock Repurchased During Period, Shares	7	2.9
Stock Repurchased During Period, Value	$ (250)	$ (100)
Treasury Stock, Common
Shareholders' Equity Activity Summarization [Line Items]
Stock Repurchased During Period, Value	$ 250	$ 100

Commitments and Contingencies (

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Mar. 31, 2024 USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2.6

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common shares outstanding (in shares)	889	904
Dilutive effect of awards granted under our stock incentive plans	2	3
Diluted weighted average common shares outstanding (in shares)	891	907
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options with exercise price greater than the average market price	11	14
Total antidilutive shares	11	14

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	$ 7,655	$ 7,797
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	7,637	7,636
Level 1 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	7,294	7,419
Level 2 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	361	378
Level 3 | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 0	$ 0