Halliburton 8K Other Events | HAL 17 Nov 14

Exhibit 99.10

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

CORPORATE PARTICIPANTS

Kelly Youngblood Halliburton Company - VP of IR

Dave Lesar Halliburton Company - CEO

Martin Craighead Baker Hughes Inc - CEO

Mark McCollum Halliburton Company - CFO

CONFERENCE CALL PARTICIPANTS

James West Evercore ISI - Analyst

Bill Herbert Simmons & Company International - Analyst

Waqar Syed Goldman Sachs - Analyst

Jud Bailey Wells Fargo Securities - Analyst

Brad Handler Jefferies & Company - Analyst

Ole Slorer Morgan Stanley - Analyst

Scott Gruber Citigroup - Analyst

Rob MacKenzie Iberia Capital - Analyst

Chuck Minervino Susquehanna Financial Group - Analyst

Jim Crandell Cowen Securities LLC - Analyst

Michael LaMotte Guggenheim Securities LLC - Analyst

PRESENTATION

Operator

GOODDAY,LADIESANDGENTLEMEN,ANDWELCOMETOTHE HALLIBURTON BAKER HUGHESCONFERENCECALL.

(OPERATOR INSTRUCTIONS)

ASAREMINDER,TODAY’SCALLISBEINGRECORDED.

IWOULDNOWLIKETOTURNTHECONFERENCEOVERTO MR. KELLY YOUNGBLOOD, VICE PRESIDENTOF INVESTOR RELATIONS. SIR,YOUMAYBEGIN.

Kelly Youngblood- Halliburton Company - VP of IR

GOODMORNING,ANDTHANKYOUFORJOININGUSTODAYTODISCUSSTHECOMBINATIONOF HALLIBURTONAND BAKER HUGHES. TODAY’SCALLISBEINGWEBCASTANDAREPLAYWILLBEAVAILABLEON HALLIBURTON’SWEBSITE.

THISMORNING,WEISSUEDAPRESSRELEASEANNOUNCINGOURDEFINITIVEMERGERAGREEMENT. ACOPYOFTHEPRESSRELEASEANDTHESLIDESWEAREPRESENTINGTODAYAREAVAILABLEINTHE INVESTOR RELATIONSSECTIONONTHE HALLIBURTONAND BAKER HUGHESWEBSITES. JOININGMETODAYARE DAVE LESAR, CEOOF HALLIBURTON, MARTIN CRAIGHEAD, CEOOF BAKER HUGHES,AND MARK MCCOLLUM, CFOOF HALLIBURTON.

SOMEOFOURCOMMENTSTODAYMAYINCLUDEFORWARD-LOOKINGSTATEMENTSREFLECTING HALLIBURTON’SAND BAKER HUGHES’VIEWSABOUTFUTUREEVENTS. THESEMATTERSINVOLVERISKANDUNCERTAINTIESTHATCOULDCAUSEOURACTUALRESULTSTOMATERIALLYDIFFERFROMOURFORWARD-LOOKINGSTATEMENTS.

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

THESERISKSAREDISCUSSEDIN HALLIBURTON’S FORM 10-KFORTHEYEARENDED DECEMBER 31, 2013, FORM 10-QFORTHEQUARTERENDED SEPTEMBER 30, 2014,RECENTCURRENTREPORTSON FORM 8-K,ANDOTHER SECURITIESAND EXCHANGE COMMISSIONFILINGS. WEUNDERTAKENOOBLIGATIONTOREVISEORUPDATEPUBLICLYANYFORWARD-LOOKINGSTATEMENTSFORANYREASON.

NOW, I’LLTURNTHECALLOVERTO DAVE. DAVE?

Dave Lesar- Halliburton Company - CEO

THANKYOU, KELLY,ANDGOODMORNINGTOEVERYONE. ANDTHANKYOUALLFORJOININGUSONSUCHSHORTNOTICE.

TODAYISAHISTORICDAYFOR HALLIBURTON’SSHAREHOLDERS, BAKER HUGHES’SHAREHOLDERS,ANDFOROURCOMBINEDFUTURE COMPANY. TODAYWEANNOUNCEDTHAT HALLIBURTONAND BAKER HUGHESHAVEREACHEDADEFINITIVEAGREEMENTTOCOMBINEOURTWOGREATCOMPANIESTOCREATEABELLWETHERGLOBALOILFIELDSERVICESCOMPANY.

UNDERTHETERMSOFTHETRANSACTION,WHICHHASBEENUNANIMOUSLYAPPROVEDBYTHE BOARDSOF DIRECTORSOFBOTHCOMPANIES, HALLIBURTONWILLACQUIREALLOFTHEOUTSTANDINGSHARESOF BAKER HUGHESINACASHANDSTOCKTRANSACTIONVALUEDAT $78.62PER BAKER HUGHESSHARE,REPRESENTINGANEQUITYVALUEOF $34.6BILLION,BASEDON HALLIBURTON’SCLOSINGPRICEON NOVEMBER 12,THEDAYPRIORTO BAKER HUGHES’PUBLICCONFIRMATIONTHATITWASINTALKSWITH HALLIBURTONREGARDINGTHETRANSACTION. THISEXCHANGERATIOREPRESENTSA 1-YEAR, 3-YEARAND 5-YEARPREMIUMOF 36.3%, 34.5%,AND 25.9%,RESPECTIVELY.

ASYOUKNOW,EACHOFUSHASNEGOTIATEDHARDFORTHEBESTDEALFOROURSHAREHOLDERS,BUTTHEREISNODOUBTABOUTTHESTRATEGICMERITSOFTHISCOMBINATION. WE’REEXCITEDABOUTTHECOMBINATION. ITISACOMPELLINGTRANSACTIONWITHMANYSTRATEGICANDFINANCIALBENEFITS,ANDWEARECONFIDENTWILLBENEFITBOTHCOMPANIES’SHAREHOLDERSANDCUSTOMERSWORLDWIDE. ANDWE’VEDONEOURHOMEWORK. WEHAVEASSEMBLEDAWORLDCLASSGROUPOFADVISORSANDAREVERYCONFIDENTTHISCOMBINATIONISINTHEBESTINTERESTSOFALLOFOURSTAKEHOLDERS.

NOWISTHERIGHTTIMETOPURSUEATRANSACTIONLIKETHIS,BECAUSEWEHAVETHERIGHTMANAGEMENTTEAMANDPROGRAMSINPLACEANDBECAUSEOFTHESTRENGTHSOFOURUNDERLYINGBUSINESSES. BAKER HUGHESWILLENHANCEOURPRODUCTLINES,GLOBALREACH,ANDLEADINGTECHNOLOGYINTHEWORLDWIDEOILANDGASINDUSTRY.

NOWBEFORE IGOON, IHAVEONETHINGTOSAY. YOUALLKNOWME. YOUKNOW MARK MCCOLLUM. ANDONETHINGYOUKNOWABOUTUSISTHATWELIVEUPTOOURCOMMITMENTS. WEKNOWHOWTOEXECUTE. WEKNOWWHATBUTTONSTOPUSHTOMAKETHISBUSINESSWORK. ANDWEKNOWHOWTOCREATEVALUE. ANDYOUKNOWTHATWEARELASERFOCUSEDONRETURNSTOYOU,OURCOLLECTIVESHAREHOLDERS. WITHTHISTRANSACTION,WEHAVENOTVEEREDFROMTHATPATH,BUTHAVERATHERFOUNDAPARTNERTOWORKWITHTOEXPANDOURCAPABILITY,TOPROVIDEYOUWITHINDUSTRY-LEADINGRETURNS.

SOWHYISTHAT? WELL,STRATEGICALLY,THETRANSACTIONWILLCOMBINETWOHIGHLYCOMPLEMENTARYBUSINESSESANDCREATETHELEADERINGLOBALOILFIELDSERVICES,WITHSEVERALSTRATEGICBENEFITS:A HOUSTON-BASEDGLOBALOILSERVICESCHAMPION,MANUFACTURINGANDEXPORTINGTECHNOLOGIES,ANDCREATINGJOBSANDSERVINGCUSTOMERSAROUNDTHEGLOBE;STRONGPOSITIONSINKEYBUSINESSLINES;AFULLYINTEGRATEDPRODUCTANDSERVICESPLATFORM;INCREASEDCAPABILITIESINTHEUNCONVENTIONALDEEPWATERANDMATUREASSETFIELDS;SUBSTANTIALANDIMPROVEDGROWTHOPPORTUNITIESANDCONTINUEDHIGHRETURNSONCAPITAL.

LETMEREVIEWTHEFINANCIALBENEFITSOFTHETRANSACTION. TOGETHER,WEEXPECTTOACHIEVEANNUALPRE-TAXCOSTSYNERGIESOFNEARLY $2BILLION,AND MARKWILLGOOVERTHOSEINAFEWMINUTES. BUTMOREIMPORTANTLY,WEEXPECTTHEACQUISITIONTOBEACCRETIVETOCASHFLOWBYTHEENDOFYEARONEAFTERCLOSEANDACCRETIVETOEARNINGSPERSHAREBYTHEENDOFYEARTWO,WHICHMEANSWECOULDSTARTGETTINGCASHBACKTOYOU,OURSHAREHOLDERS,QUICKLY. AGAIN, MARKWILLTAKEYOUTHROUGHTHEDETAILSONTHAT.

ANDFINALLY,THECOMBINEDCOMPANYWILLBEWELLPOSITIONEDFORCONTINUEDSUPERIORGROWTH,MARGINSANDRETURNS,DELIVERINGANUNSURPASSEDBREADTHANDDEPTHOFPRODUCTSANDSERVICES. INSHORT,FROMBOTHAFINANCIALANDSTRATEGICPERSPECTIVE,WEARECONFIDENTTHATTHISTRANSACTIONISINTHEBESTINTERESTSOFOURSHAREHOLDERS,OURCUSTOMERS,OUREMPLOYEES,ANDALLSTAKEHOLDERSOFBOTHCOMPANIES.

GOTOTHENEXTSLIDE,WHERE IWANTTOQUICKLYADDRESSHOW BAKER HUGHESWILLHELPUSACHIEVEOURBUSINESSGOALSANDACCELERATETHEEXECUTIONOFOURKEYSTRATEGIESINUNCONVENTIONALS,DEEPWATER,ANDMATUREFIELDS. THECOMBINATIONOFOURTWOCOMPANIES’PRODUCTSANDSERVICECAPABILITIESWILLALLOWUSTODELIVERUNPARALLELEDSOLUTIONSTOOURCUSTOMERS.

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

IN NORTH AMERICA,WE’VEDEMONSTRATEDTHATOUREFFICIENCYMODELISWORKINGANDOURCUSTOMERSSEETHERESULTSINALOWERCOSTPERBARREL. THISTRANSACTIONWILLALLOWUSTOAPPLYOURHIGHLYEFFICIENTLOGISTICSNETWORKTOANEVENLARGERFRANCHISE,ANDOURCOMBINEDSUBSURFACEINSIGHTWILLPROVIDEOURCUSTOMERSWITHBEST-IN-CLASSUNCONVENTIONALSOLUTIONS.

IN DEEP WATER,THECOMPLEMENTARYTECHNOLOGIESFORREDUCINGRESERVOIRUNCERTAINTYANDINCREASINGRELIABILITYPUTUSINACOMBINEDPOSITIONTOINTEGRATEANDHELPOURCLIENTSBEMORESUCCESSFULINTHECHALLENGINGDEEPWATERENVIRONMENT. ANDFINALLY,THECOMPLETEMATUREFIELDOFFERINGOFTHECOMBINEDCOMPANYWILLCREATEVALUEFOROURCUSTOMERSBYFINDINGBYPASSEDPAYZONESANDOPTIMIZINGPRODUCTIONOVERTHELIFEOFTHEFIELD.

THECOMBINEDENTITYWILLALSOBEWELLPOSITIONEDFORCONTINUEDINTEGRATEDASSETMANAGEMENTGROWTH. ANDAS MARKWILLTELLYOU,THISTRANSACTIONWILLCREATEALARGERPLATFORMTOACHIEVESUPERIORGROWTH,GENERATEIMPROVEDMARGINSANDRETURNS,ANDGIVEUSTHEABILITYTODISTRIBUTEMORECASHTOOURSHAREHOLDERS.

ANDBEYONDTHECOMPELLINGFINANCIALANDSTRATEGICLOGICOFTHISCOMBINATION, I’MREALLYMOSTEXCITEDABOUTBRINGINGTOGETHERSOMEOFTHEBESTTALENTSINTHEINDUSTRY,AND IAMCONFIDENTTHATUNITINGOURGREATPEOPLEWILLBEACOMPETITIVEADVANTAGEFOROURCOMBINEDORGANIZATION. BETWEENGROWTHANDATTRITION, HALLIBURTONALONEISLOOKINGTOADD 21,000PEOPLEIN 2014. GIVENTHATWEWILLBEABLETOCOMBINETHEBESTTALENTFROMBOTHORGANIZATIONSUPONCLOSINGTHEDEAL, ILOOKFORWARDTOWELCOMINGTHEOUTSTANDINGEMPLOYEESOF BAKER HUGHESTOTHE HALLIBURTONFAMILY.

NOW I’MGOINGTOTURNTHECALLOVERTO MARTIN CRAIGHEADTODISCUSSWHYTHISTRANSACTIONISAWINFOR BAKER HUGHES. MARTIN?

Martin Craighead- Baker Hughes Inc - CEO

THANKS, DAVE,ANDGOODMORNING,EVERYONE.

AFTERCONDUCTINGATHOUGHTFULANDTHOROUGHEVALUATION,OUR BOARDDETERMINEDTHATTHISTRANSACTIONISAWINFOROURSTOCKHOLDERS,EMPLOYEESANDOURCUSTOMERS. WEBELIEVETHISISANESPECIALLYCOMPELLINGTRANSACTIONFOROURSTOCKHOLDERSANDWILLGIVETHEMTHEOPPORTUNITYTOPARTICIPATEINTHESIGNIFICANTUPSIDEPOTENTIALOFTHECOMBINEDCOMPANY. ADDITIONALLY,WEBELIEVETHECOMBINATIONWILLYIELDSUBSTANTIALEFFICIENCIESOFSCALEANDGEOGRAPHICSCOPE. BAKER HUGHES’SHAREHOLDERS,ASOWNERSOFAPPROXIMATELY 36%OFTHECOMBINEDCOMPANYWILLBENEFITASSYNERGIESAREREALIZEDONFULLINTEGRATION,WHICHWEEXPECTWILLBEACHIEVEDBYTHEENDOFTHESECONDYEARAFTERTHECLOSEOFTHETRANSACTION.

THESETWOORGANIZATIONSSHARESIMILARCOREVALUES,AHERITAGEOFINNOVATION,ANDADEDICATIONTOCUSTOMERSERVICE. COMBINED,THEYSHOULDBEEVENMORECAPABLEOFHELPINGCUSTOMERSTOSAFELYPRODUCEAFFORDABLEENERGYANDIMPROVEPEOPLE’SLIVES;ANDFORTHEEMPLOYEESOFBOTHCOMPANIES,THISCOMBINATIONTRANSLATESINTOTHEPOTENTIALFORMORECAREEROPPORTUNITIESANDEVENGREATERPERSONALANDPROFESSIONALFULFILLMENT.

IWANTTOTHANKTHEHARDWORKINGEMPLOYEESOF BAKER HUGHESFORMAKING BAKER HUGHESAGO-TOCOMPANYFORTHEWORLD’SMOSTCHALLENGINGENERGYPROJECTSAROUNDTHEWORLD. ITISBECAUSEOFTHEIREFFORTSTHATTHISEXCITINGCOMBINATIONHASBEENMADEPOSSIBLE. IN HALLIBURTON,WEHAVEFOUNDAPARTNERTHATHASGREATRESPECTFOROUR COMPANY,RECOGNIZESTHEVALUEOF BAKER HUGHES’EMPLOYEES,ANDSHARESOURCONFIDENCEABOUTOURBUSINESS.

AND IWANTTOASSUREOURCUSTOMERSTHATWEREMAINCOMMITTEDTOMEETINGANDEXCEEDINGYOUREXPECTATIONS. INFACT,ONEOFTHEKEYREASONSWEAREMOVINGFORWARDWITHTHISCOMBINATIONISBECAUSEITWILLALLOWUSTODELIVERANEVENBROADERRANGEOFPRODUCTSANDSERVICESTOMEETCUSTOMERS’INCREASINGLYCOMPLEXOILFIELDCHALLENGES. ILOOKFORWARDTOWORKINGCLOSELYWITHMYCOLLEAGUESAT HALLIBURTONTOENSUREASMOOTHPROCESSTOCLOSING.

NOW I’LLTURNTHECALLBACKOVERTO DAVE. DAVE?

Dave Lesar- Halliburton Company - CEO

THANKYOU, MARTIN.

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

IWANTTOEMPHASIZETHAT HALLIBURTON,WITHTHEFULLSUPPORTOFITSEXECUTIVELEADERSHIPAND BOARD,ISCOMMITTEDTOCOMPLETINGTHISTRANSACTION. WEHAVEASSEMBLEDANOUTSTANDINGTEAMOFFINANCIAL,LEGAL,ANDPROXYADVISORS,ANDWEBELIEVETHATTHISTRANSACTIONISVERYACHIEVABLEFROMAREGULATORYSTANDPOINT. AND IWANTTOMAKEITCLEARTHAT IAMPERSONALLYCOMMITTEDTOREMAININGAS CEOANDOVERSEEINGTHESUCCESSFULINTEGRATIONOFTHESETWOCOMPANIES,ALONGWITHOURSEASONED,TESTEDMANAGEMENTTEAM.

NOW I’MGOINGTOTURNTHECALLOVERTO MARKTOGOINTOSOMEMOREOFTHEFINANCIALBENEFITSANDDETAILSOFTHETRANSACTION. MARK,IT’SALLYOURS.

Mark McCollum- Halliburton Company - CFO

THANKS, DAVE,ANDGOODMORNING,EVERYONE.

LETMEFIRSTREVIEWTHEKEYTERMSOFTHETRANSACTION. UNDERTHEAGREEMENT, HALLIBURTONWILLACQUIREALLOUTSTANDINGSHARESOF BAKER HUGHESINACASHANDSTOCKTRANSACTIONCONSISTINGOFAFIXEDEXCHANGERATIOOF 1.12 HALLIBURTONSHARESPLUS $19INCASHFOREACH BAKER HUGHESSHARE.

THEVALUEOFTHEMERGERCONSIDERATIONASOF NOVEMBER 12, 2014REPRESENTS 8.1TIMESCURRENTCONSENSUS 2014 EBITDAESTIMATESAND 7.2TIMESCURRENTCONSENSUS 2015 EBITDAESTIMATES. BAKER HUGHES’SHAREHOLDERSAREESSENTIALLYEXCHANGINGASHAREOF BAKER HUGHESFORASHAREINANEVENSTRONGER,BETTER-POSITIONEDCOMBINEDCOMPANY,PLUS $19PERSHAREINCASH. FOLLOWINGTHECLOSEOFTHETRANSACTION, BAKER HUGHES’SHAREHOLDERSWILLOWNAPPROXIMATELY 36%OFTHEPROFORMAENTITY.

HALLIBURTONINTENDSTOFINANCETHECASHPORTIONOFTHEACQUISITIONTHROUGHACOMBINATIONOFCASHONHANDANDFULLYCOMMITTEDDEBTFINANCING. THETRANSACTIONISALSOSUBJECTTOAPPROVALBYBOTHCOMPANIES’STOCKHOLDERS,REGULATORYAPPROVALSANDCUSTOMARYCLOSINGCONDITIONS. OURGOALISTOCOMPLETETHETRANSACTIONINTHESECONDHALFOF 2015.

WEARECONFIDENTTHISISTHERIGHTTIMETOEXECUTE. OURSTRATEGIESAREWORKING,OURUNDERLYINGBUSINESSISSTRONG,ANDWEHAVETHERIGHTTEAMINPLACETOMAKETHISHAPPEN. THECOMBINATIONOFOURTWOCOMPANIES’PRODUCTSANDSERVICESWILLRESULTINASTRONGER,MOREDIVERSEORGANIZATION,DELIVERINGANUNSURPASSEDDEPTHANDBREADTHOFSERVICESTOOURCUSTOMERSONAGLOBALBASIS.

THECOMBINED COMPANYWILLHAVEANNUALREVENUEOFAPPROXIMATELY $50BILLION,WITHSIGNIFICANTSYNERGISTICOPPORTUNITIES. WE’VEGOTANACTIONABLEPLANTOCAPTURENEARLY $2BILLIONINANNUALIZEDCOSTSAVINGSBYTHEENDOFTHESECONDYEARFOLLOWINGCLOSING. WESPENTALOTOFTIMELOOKINGATTHISANDWEEXPECTTHESAVINGSWILLBEACHIEVEDBYIMPROVINGOPERATIONSIN NORTH AMERICA,REDUCINGEXPENSESINOTHERREGIONSAROUNDTHEWORLD,ANDBYELIMINATINGOVERHEADANDOTHERREDUNDANTFIXEDCOSTS.

WEEXPECTTHETRANSACTIONTOBEACCRETIVETO HALLIBURTONCASHFLOWBYTHEENDOFTHEFIRSTYEARAFTERCLOSINGANDALSOTOEARNINGSPERSHAREBYTHEENDOFTHESECONDYEARAFTERCLOSING,EVENFACTORINGINPOTENTIALDIVESTITURES. WESTRUCTUREDTHECONSIDERATIONTOENSURETHATTHECOMBINEDCOMPANYWILLHAVEASTRONGBALANCESHEETANDASTRONGINVESTMENTGRADECREDITPROFILE.

THETRANSACTIONISALSOCONSISTENTWITHOURCOMMITMENTTOBEST-IN-CLASSCAPITALRETURNSFOROURSHAREHOLDERS. WERECENTLYANNOUNCEDPLANSTOINCREASETHE HALLIBURTONDIVIDENDBY 20%,ESSENTIALLYDOUBLINGOURQUARTERLYDIVIDENDRATEOVERTHELASTTWOYEARS. WE’VERETURNED $7BILLIONINCASHFROMDIVIDENDSANDSHAREREPURCHASESSINCE 2010,ANDREMAINFOCUSEDONACHIEVINGCASHRETURNSOF 35%OFOPERATINGCASHFLOWSTOSHAREHOLDERSGOINGFORWARD.

WECONTEMPLATEDATRANSACTIONOFTHISSIZEWHENTHE BOARDMADETHESEDECISIONS. THESEACTIONSREFLECTOURCONFIDENCEINTHESTRENGTHOFOURLONG-TERMBUSINESSOUTLOOK,OURCOMMITMENTTOSHAREHOLDERDISTRIBUTIONS,ANDOURFOCUSONDELIVERINGBEST-IN-CLASSRETURNS. THECOMBINEDCOMPANY’SSTRONGCASHFLOWFROMOPERATIONSANDSOLIDCAPITALSTRUCTUREWILLONLYENHANCEOURFLEXIBILITYTOCONTINUETHISRATEOFCAPITALRETURNPOSTCLOSING.

THISCOMBINATIONISTRULYGREATERTHANTHESUMOFITSPARTS. WEBELIEVETHECOMBINEDCOMPANYSHOULDBEREWARDEDWITHAHIGHERTRADINGMULTIPLETHANEITHER HALLIBURTONOR BAKER HUGHESCURRENTLYENJOYSANDTHATINVESTORSSHOULDCONSIDERTHECOMBINEDCOMPANYAMUST-OWNENERGYSTOCK.

NOW I’DLIKETODISCUSSTHENEARLY $2BILLIONINANNUALCOSTSYNERGIES. THEOPPORTUNITIESLIEINSIXPRIMARYAREAS. THELARGESTOFTHESEAREOPERATIONALIMPROVEMENTSANDPERSONNELREORGANIZATION,BOTHIN NORTH AMERICAANDINTERNATIONALLY. ANDPARTICULARLY,WEBELIEVETHATAPPLYING HALLIBURTON’S NORTH AMERICAEFFICIENCYPROGRAMSTO BAKER HUGHES’PRODUCTSANDSERVICESWILLRESULTINREDUCEDCOSTANDGENERATEAMEANINGFULINCREASEINMARGINS. ALSOINREALESTATE,WESEEASUBSTANTIALOVERLAP.

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

THEOTHEROPPORTUNITIESWE’VEIDENTIFIEDINCLUDESIGNIFICANTSAVINGSPOTENTIALINCORPORATECOSTS, R&DOPTIMIZATION,ANDOTHERADMINISTRATIVEANDORGANIZATIONALEFFICIENCIES. MOSTIMPORTANTLY,GIVENTHESIGNIFICANTEQUITYCOMPONENTOFTHECONSIDERATION,THESAVINGSTOBEREALIZEDWILLBENEFITBOTH BAKER HUGHESAND HALLIBURTONSHAREHOLDERSWHOCHOOSETOHOLDSHARESINTHECOMBINEDCOMPANY.

ASYOUALLKNOW,OUREFFICIENCYPROGRAMSIN NORTH AMERICAAREHELPING HALLIBURTONREALIZESAVINGSINOPERATINGTIME,MAINTENANCE,ANDADMINISTRATION. SINCETHELAUNCHOF FRACOFTHE FUTUREAND BATTLE RED,THESEPROGRAMS,ALONGWITHOURFOCUSONIMPROVEDLOGISTICSANDSERVICEEFFICIENCY,HAVEBEENDRIVINGSIGNIFICANTSHAREHOLDERRETURNS. ANDTHEBENEFITSOFTHESEPROGRAMSWILLBEFURTHERREALIZEDWHENAPPLIEDTOTHE BAKER HUGHESASSETBASE. THISALONEREPRESENTSAN $800-MILLIONANNUALOPPORTUNITY.

BAKER HUGHESAND HALLIBURTON’SOPERATIONSHAVESIGNIFICANTGEOGRAPHICOVERLAP,WHICHCREATESCOMPELLINGCOSTSAVINGSOPPORTUNITY. WEWOULDEXPECTTOREALIZEAPPROXIMATELY $1BILLIONOFASSOCIATEDSAVINGSONFIXEDCOSTS. MOSTOFTHESESAVINGSWILLBEREALIZEDINREALESTATE,LOGISTICS,SECURITY,SUPPORTSERVICES,PERSONNELUTILIZATION,MANAGEMENT,ANDPUBLICCOMPANYCOSTS.

TURNINGTOSLIDE 12,WEHAVEDEDICATEDCONSIDERABLETIMEANDRESOURCESANALYZINGTHECOMBINATIONANDAREWORKINGWITH SEAN BOLANDAT BAKER BOTTS,AHIGHLYREGARDEDANTITRUSTEXPERTWITHUNMATCHEDEXPERTISEINTHEOILFIELDSERVICESINDUSTRY. SEANHASWORKEDCLOSELYWITH BAKER HUGHES’ESTEEMEDANTITRUSTEXPERT MOLLY BOASTOF WILMERHALE. WEHAVECAREFULLYEVALUATEDTHELIKELYDIVESTITURESNEEDEDTOOBTAINREGULATORYAPPROVALANDAREWILLINGTODIVESTASSETS,IFREQUIRED,ATTHEAPPROPRIATETIME.

FROMAFINANCIALRETURNSTANDPOINT,WEDONOTBELIEVETHATPOTENTIALDIVESTITURESWILLMATERIALLYDIMINISHTHEBENEFITSOFTHETRANSACTION,NORPREVENTTHECOMBINEDCOMPANYFROMACHIEVINGITSSTRATEGICGOALS. WE’VEIDENTIFIEDANUMBEROFPOTENTIALBUYERSTHATWEBELIEVEWILLBEVERYINTERESTEDINTHEBUSINESSESTHATMAYNEEDTOBEDIVESTEDANDEXPECTTHATTHOSEBUSINESSESSHOULDALLATTAINEXCELLENTPRICESANDEXPEDITEDSALES. WE’RECONFIDENTTHATACOMBINATIONISACHIEVABLEFROMAREGULATORYSTANDPOINT.

NOW I’DLIKETOTURNTHECALLBACKOVERTO DAVETOCLOSE. DAVE.

Dave Lesar- Halliburton Company - CEO

THANKYOU, MARK.

INCLOSING,WEAREEXTREMELYEXCITEDABOUTTHE BAKER HUGHESTRANSACTIONANDWEARECONFIDENTTHATTHISCOMBINATIONPRESENTSACOMPELLINGOPPORTUNITYFORSHAREHOLDERSOFBOTHCOMPANIESTOACHIEVEEXTRAORDINARYSHORT-ANDLONG-TERMRETURNS. ASWE’VENOTEDTHISMORNING,PUTTINGOURCOMPANIESTOGETHERWILLCREATEANINDUSTRYLEADERWITHENHANCEDSCALEANDAFULLRANGEOFINNOVATIVEPRODUCTSANDSOLUTIONSFOROURCUSTOMERS.

INADDITION,THECOMBINED COMPANYWILLBEVERYWELLPOSITIONEDFINANCIALLY,POISEDTOACCELERATEGROWTH,DELIVEROUTSTANDINGMARGINIMPROVEMENT,ANDDRIVESHAREHOLDERRETURNS. FOLLOWINGTHECLOSING,WHICHWEEXPECTINTHESECONDHALFOF 2015,WEARECONFIDENTINOURABILITYTOACHIEVENEARLY $2BILLIONINANNUALIZEDCOSTSAVINGS,SUCHTHATTHETRANSACTIONWILLBEACCRETIVETOCASHFLOWINTHEFIRSTYEARANDTO EPSBYTHEENDOFTHESECONDYEAR.

BEFOREWETAKEQUESTIONS, IWOULDLIKETOTHANKEVERYONEONBOTHTHE HALLIBURTONAND BAKER HUGHESTEAMSANDBOTH BOARDOF DIRECTORSFORTHEIRHARDWORKANDVISIONFOROURFUTURETOGETHERTHATWE’VEEXPRESSEDHERETODAY. IALSOWANTTONOTETHATWEAPPRECIATETHEHARDWORKANDDEDICATIONOFOURTEAMMATESAT HALLIBURTON.

WEALSOWANTTOCONGRATULATETHEEMPLOYEESOF BAKER HUGHESFORBUILDINGSUCHAHIGHLYREGARDEDANDSUCCESSFULORGANIZATION. ILOOKFORWARDTOMEETINGASMANY BAKER HUGHESEMPLOYEESASPOSSIBLEINTHEWEEKSANDMONTHSAHEADANDWELCOMINGYOUTOTHE HALLIBURTONFAMILYWHENTHETRANSACTIONCLOSESNEXTYEAR. WEWILLBEASSEMBLINGINTEGRATIONTEAMSANDWILLWORKCLOSELYWITH BAKER HUGHESTOFACILITATEASEAMLESSINTEGRATION.

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

THANKYOUALLFORJOININGUSONTHECALLTODAY. WELOOKFORWARDTOREALIZINGTHESTRATEGICANDFINANCIALBENEFITSINHERENTINTHISCOMBINATIONTOCREATEGREATERVALUEFOROURCOMPANIES’SHAREHOLDERS,CUSTOMERS,EMPLOYEESANDALLOFOURSTAKEHOLDERS.

SOWITHTHAT,LET’SGOAHEADANDOPENITUPFORQUESTIONS.

QUESTION AND ANSWER

Operator

THANKYOU.

(OPERATOR INSTRUCTIONS)

JAMES WEST, EVERCORE ISI.

James West- Evercore ISI - Analyst

GOODMORNING,GUYS. DAVE, MARTIN, MARK,CONGRATULATIONS. THISISAGREATTRANSACTIONANDITMAKESCOMPLETESENSETOME.

Dave Lesar- Halliburton Company - CEO

WELL,GOOD. ITMAKESALOTOFSENSETOUS,TOO.

James West- Evercore ISI - Analyst

I’MSUREITDOES. TWOQUICKQUESTIONS. ONE,ONTHE NORTH AMERICANMARGINSANDTHEOPPORTUNITYSETHERE,HOWQUICKLYDOYOUGUYSENVISIONTHATYOUCOULDRAISETHE BAKERMARGINPROFILEUPTOTHE HALLIBURTONSTANDARD?

Mark McCollum- Halliburton Company - CFO

OBVIOUSLY,WE’LLHAVETOGETTOCLOSINGBEFOREWECANTAKEITON.

James West- Evercore ISI - Analyst

OFCOURSE.

Mark McCollum- Halliburton Company - CFO

BUTWE’REGOINGTOBEPUTTINGONINTEGRATIONTEAMSQUITERAPIDLYTOGETOUTANDBEGINTOWORKWITHTHE BAKER HUGHESFOLKSTOIDENTIFYWHATTHOSEPOTENTIALSAVINGSCOULDBE. ITHINK,INPARTICULAR,ONEOFTHEAREASTHATWESEEIS,INTHEAREAOFHYDRAULICFRACTURING,THEABILITYTOCOMBINETHELOGISTICSNETWORK,OURFIELDCAMPOPERATIONSINAWAYTHATWE’REATTACKINGEACHBASINONACOMBINEDBASISTHATSTREAMLINESTHEWAYTHATWEGOTOMARKET. ANDITJUSTSEEMSLIKENATURALLYWHENYOUPUTTHEEQUIPMENT —WE’VEGOTGOODEQUIPMENTONBOTHSIDES,WE’VEGOTGREATPEOPLEONBOTHSIDES. THEPROCESSESAREVERYSIMILAR. WHENWECOMBINETHISTOGETHER,IT’SGOINGTOMAKEALOTOFSENSE.

James West- Evercore ISI - Analyst

GOOD,GOOD,GOODTOHEAR. ANDJUSTAFOLLOW-UPFROMME. INTERMSOFEMPLOYEERETENTION,THAT’SGOINGTOBEALITTLEBITOFAPERIODHEREOFUNCERTAINTYFORYOUREMPLOYEESANDTHEN,OFCOURSE,WITHTHECLOSINGOFTHETRANSACTION,PROBABLYSOMEUNCERTAINTYTHERE. WHENDOYOUTHINKYOUFIGUREOUTALLTHETEAMS,YOULETEVERYBODYKNOWWHO’SGOINGTOBETHEREGOINGFORWARDANDHOWEVERYTHING’SGOINGTOWORK,SOYOUDON’THAVEANYSENIORKEYPEOPLEGETPICKEDOFFBYYOURCOMPETITORS?

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Dave Lesar- Halliburton Company - CEO

ITHINK, JAMES —GOODQUESTION. REMEMBER, [BOTH]COMPANIESAREGROWINGANDGROWINGCOMPANIESALWAYSCREATEOPPORTUNITIESFORGOODTALENT. ANDWE’VEGOTALOTOFTALENTINBOTHOFTHESEORGANIZATIONSANDWE’REGOINGTOUSETHETRANSITIONEFFORTTOFINDAWAYTOCOMBINETHATBESTTALENTINTHEBESTWAYPOSSIBLE. AND,AS IINDICATEDINMYREMARKS,WEALONEARELOOKINGTOADDABOUT 21,000PEOPLETHISYEAR. SOCERTAINLY,ASWEGOTHROUGHTHETRANSITION,WE’LLHAVEAPROCESSTHATIDENTIFIESEVERYONE. BUT ITHINKATTHEENDOFTHEDAY, ITHINKASOUREMPLOYEESONBOTHSIDESLOOKATTHISCOMBINATION,THISISAPLACETHEY’REGOINGTOWANTTOWORK.

Operator

BILL HERBERT, SIMMONS & COMPANY.

Bill Herbert- Simmons & Company International - Analyst

THANKYOU. CONGRATULATIONS, DAVE,TOYOUANDYOURTEAMANDYOUR BOARD. FIRSTQUESTION IHAVEFORYOU,WETALKEDABOUTTHECOSTSYNERGIES. CANWETALKALITTLEABOUTTHECOMPLEMENTARITYTHATYOUMENTIONEDANDTHESYNERGIESONTHATFRONT? ANDSPECIFICALLY,WHATARETHE PSLATTRACTIONSTHAT BAKERHASTHATARESYMBIOTICWITHYOUAND [ADDITIVES]WITHREGARDTOYOURPORTFOLIO? ANDSIMILARQUESTION,WITHREGARDTOGEOGRAPHICPRESENCE. WHEREARETHEYSTRONGWHEREYOUWOULDLIKETOHAVEBEENSTRONGANDNOWYOUWILLBESTRONG,INCOMBINATIONWITH BAKER HUGHES?

Dave Lesar- Halliburton Company - CEO

MULTI-FACETEDQUESTION, BILL. BUTLETMEAPPROACHITFROMAPRODUCT [ET]. CLEARLY,ACOUPLEOFTHEPRODUCTLINESTHAT BAKERBRINGSTOUSTHATAREWORLDCLASSANDAREAREASTHATWEDON’THAVEASBIGAPRESENCEASWELIKEWOULDBEARTIFICIALLIFTANDINTHEPRODUCTIONCHEMICALSBUSINESS. ANDTHENYOULOOKATOTHEROVERLAPSANDTHETECHNOLOGYTHATTHEYHAVEANDTHETECHNOLOGYWEHAVEISVERYCOMPLEMENTARYTOEACHOTHER.

INTERMSOFFOOTPRINT,ASWE’VESAIDOVERTHEYEARS,AND I’MSURE MARTINHASSAIDONHISCALL,AN EASTERN HEMISPHEREGLOBALFOOTPRINTISVERYIMPORTANTTOBEABLETOGETTHESCOPEANDSCALENECESSARYTOCOMPETEONTHESELARGERCONTRACTS. ANDWESPENTALOTOFMONEYONBUILDINGOUTOURINFRASTRUCTUREINTHE EASTERN HEMISPHEREOVERTHEPASTSEVERALYEARS. AND ITHINKCOMBININGTHESETWOGREATORGANIZATIONSANDTHEIRCAPABILITIESINTHE EASTERN HEMISPHEREWILLGIVEUSTHATECONOMYOFSCALETHATWILLACTUALLYALLOWUSTOCOMPETEMOREEFFECTIVELYAGAINSTTHECOMPETITION,BUTALSOGIVEABETTERPRODUCTANDAMOREWIDERARRAYOFPRODUCTSTOOURCUSTOMERBASE.

Bill Herbert- Simmons & Company International - Analyst

OKAY. ANDTHENSECONDLY,FROMANANTITRUSTSTANDPOINT,YOUMENTIONEDAHIGHLEVELOFCONFIDENCEWITHREGARDTOGETTINGTHISDEALDONE. I’MJUSTCURIOUSASTOWHETHERYOUCOULDSPEAKTOTHEGLOBALDEEPWATERMARKETSGOINGFROMANOLIGOPOLYTOMAYBEEVENAMORERATIONALCOMPETITIVEFRAMEWORKANDTHECHALLENGESONTHATFRONT,ASWELLASOPPORTUNITIES,INGETTINGTHISDEALCLOSED.

Dave Lesar- Halliburton Company - CEO

WELL, ITHINK, BILL,OBVIOUSLY,ASWE’VESAID,WEAREVERYWELLADVISEDFROMANANTITRUSTSTANDPOINT. ANDWEAREJUSTNOW,THATWE’VEANNOUNCEDTHEDEAL,WE’LLSTARTWORKINGWITHTHEREGULATORYAUTHORITIES. BUTATTHEENDOFTHEDAY,WEWOULDN’THAVEDONETHISDEALIFWEDIDN’TBELIEVEITWASACHIEVABLEFROMAREGULATORYSTANDPOINT. SOLET’SJUSTLETTHEPROCESSWORK.

Bill Herbert- Simmons & Company International - Analyst

OKAY. THANKYOU.

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Operator

WAQAR SYED, GOLDMAN SACHS.

Waqar Syed- Goldman Sachs - Analyst

THANKYOU. WITHTHISTRANSACTION,WOULDYOURAPPETITEFOR IPMPROJECTSANDTHESCALEOFTHAT,WOULDTHATCHANGE? ANDSECONDLY,ANYTHOUGHTSONCAPITALSPENDINGASWEPROJECTOUTACOUPLEOFYEARS?

Dave Lesar- Halliburton Company - CEO

ITHINKWITHRESPECTTOTHE IPMPROJECTSTHISGIVESUS,AS IINDICATEDINMYREMARKS,EVENAGREATERSCOPEANDABILITYTODOTHAT. BECAUSEIFYOUTHINKABOUTMATUREFIELDS,ALOTOFTHEPRODUCTLINESTHAT BAKERBRINGSTOUS, LIFT, ESPS,PRODUCTIONCHEMICALSAREREALLYCRITICALTOHAVINGTHEEND-TO-ENDOFFERINGTHATYOUREALLYNEEDIN IPM. SO ITHINKITREALLYTAKESWHATWASAVERYGOODPOSITIONTHAT HALLIBURTONHADANDVERYMUCHADDSTOIT. ANDAGAIN,ATTHEENDOFTHEDAY,THISTHINGWILLREALLYBENEFITOURCUSTOMERBASE. ANDINTHE IPMAREA, ITHINK,ISONEAREAWHEREWEREALLYAREGOINGTOMOVEAHEADINTERMSOFBEINGABLETOASSISTOURCUSTOMERS. AND I’LLTURNTHECAPITALQUESTIONOVERTO MARK.

Mark McCollum- Halliburton Company - CFO

HELLO, WAQAR. OBVIOUSLY,ATTHISPOINTINTIME,IT’SDIFFICULTTOPROJECTOUTSEVERALYEARSASTOWHATTHECAPITALREQUIREMENTSOFTHEBUSINESSMIGHTBE. BUT ICANTELLYOUTHATOURFUNDAMENTALBELIEFISTHATTHECOMBINEDORGANIZATIONISGOINGTOHAVEALOTMOREOPPORTUNITIES. ANDYOUKNOWHOWWEAREONTERMSOFOURCAPITALDISCIPLINE,LIVINGWITHINCASHFLOWSANDOURASPIRATIONALGOALTODISTRIBUTEATLEAST 35%OFOUROPERATINGCASHFLOWBACKTOSHAREHOLDERS. SOASYOUAPPLYTHOSEMETRICS,WETHINKTHISORGANIZATION,ASITBECOMESCASHFLOWACCRETIVE,ISGOINGTOENHANCEOUROPPORTUNITYTODOTHAT. ANDWE’LLSTILLBEABLETOHITALLTHEOPPORTUNITIESTHATAREOUTTHEREANDWETHINK,ONACOMBINEDBASIS,IT’SGOINGTOBEMUCHMORESIGNIFICANTTHANTHEY’VEEVERBEEN.

Waqar Syed- Goldman Sachs - Analyst

GREAT. THANKYOUVERYMUCH.

Operator

JUD BAILEY, WELLS FARGO SECURITIES.

Jud Bailey- Wells Fargo Securities - Analyst

THANKYOU. GOODMORNING. AQUESTIONONTHEACCRETIONON EPS, IJUSTWANTTOMAKESURE IUNDERSTAND. SOIFADEALWERETOCLOSEBY,SAY,LATE 2015YOU’RESUGGESTINGEARNINGSACCRETIONINYEAR 2. SOTHATMEANSWE’DSEETHEFIRSTREALEARNINGSACCRETIONBY 2017? DO IHAVETHATRIGHT?

Mark McCollum- Halliburton Company - CFO

YES,THAT’SRIGHT.

Dave Lesar- Halliburton Company - CEO

YES, ITHINK —LET’SBECLEAR. WESAIDIFITCLOSES,LET’SSAY,INLATE 2015WEWOULDEXPECTTOBECASHFLOWACCRETIVETHENEXTYEARAND EPSACCRETIVETHEYEARAFTERTHAT. SOPRETTYGOODOUTCOMEONATRANSACTIONTHISSIZE.

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Jud Bailey- Wells Fargo Securities - Analyst

SURE. AND IMAYHAVEMISSED [THAT], IAPOLOGIZE. MARK,IFYOUSAY [THAT]BYYEAR 2,HOWDOWETHINKABOUTA $2BILLIONINSYNERGIESINTERMSOFTIMINGONINTEGRATINGTHOSE? ANDTHEN,ALSO,HOWDEPENDENTISTHATONWHATTHEPOTENTIALDIVESTITURESARE? INOTHERWORDS,IFYOUHAVETOSELLMORETHANYOUANTICIPATE,HOWMUCHWOULDITIMPACTTHATNUMBER? CANYOUTALKABOUTTHAT?

Mark McCollum- Halliburton Company - CFO

IDIDN’TTALKABOUTTHAT. ITHINKTHATASWELOOKFORWARD,WE’REGOINGTOTRYTOHAVEANINTEGRATIONPLANINPLACEATTHETIMETHATWEGETTOCLOSING,SOTHATWECANBEGINEXECUTINGONTHATPLANRIGHTAWAY. THEREAREGOINGTOBECERTAINTHINGSTHATWECANMOVEONQUICKERTHANOTHERS. THEREWILLBETHINGSLIKESYSTEMINTEGRATIONANDREALESTATERATIONALIZATIONANDTHINGSLIKETHATTHATMIGHTTAKEALITTLEBITOFTIME. BUTASWEFACTORINAREALISTICESTIMATEABOUTHOWQUICKLYTHOSESAVINGSCANCOME,WECANSEEAPATHVERYQUICKLYTOBOTHCASHFLOWANDINEARNINGSACCRETIONFOLLOWINGTHATINTHENEXTCOUPLEOFYEARS. BUTITPROBABLY,REALISTICALLY,THEINTEGRATIONWILLTAKEANUMBEROFYEARS,ASWEBRINGTHESEBUSINESSESTOGETHER. WETHINKTHAT’SJUSTTHETIPOFTHEICEBERGINTERMSOFWHEREWEGOWITHTHIS.

ANDSO ITHINK,ASYOUTHINKABOUTTHEBREAKAGEANDWHATMIGHTBEINVOLVEDTHERE,WE’LLKNOWWHATTHAT’SGOINGTOBEATTHETIMETHATWESTARTTHEPROCESS. [RIGHT]THEREGULATORSWILLLIKELYNEEDUSTOHAVEAPLANOFWHATWE’REGOINGTODOWITHTHOSEBUSINESSESANDEXECUTINGONTHATPLANATTHETIMEOFCLOSING. SOWE’LLBEABLETODEALWITHTHAT. THAT’SGOINGTOGIVEUSALOTOFCASHTODOSOMETHINGWITH. ANDRIGHTNOW, ITHINKTHATSOMEOFTHATWILLBECOMINGBACKTOSHAREHOLDERS.

Operator

BRAD HANDLER, JEFFERIES.

Brad Handler- Jefferies & Company - Analyst

THANKS. GOODMORNING,ANDMYCONGRATULATIONSASWELL. IJUSTWANTTOFOLLOWUPONTHESAMEQUESTION,THOUGH,IF IMAY. ISITDYNAMIC? DOYOUEXPECT,IFYOUWERETOHAVETOSELLTHE $7.5BILLION,THATYOU’DNATURALLYEXPECTLESSINSYNERGIES?

Mark McCollum- Halliburton Company - CFO

NO. INFACT,ASWEESTIMATESYNERGIES,WE’RE —THENUMBERTHATWE’VELAIDOUTTHEREISACONSERVATIVEESTIMATE. WETHINKTHATTHERE’SMORESYNERGIES. ANDTHESEAREALLPRE-TAXSYNERGIES. WEHAVEN’TEVENTALKEDABOUTTHEPOTENTIALTAXSYNERGIESTHATMAYBETHEREBYCOMBININGTHEBUSINESSES,ASWELL. ANDALLTHATLAYERSINONTOP. SOWHATWE’RETRYINGTODOISSAY,BASEDONOURESTIMATEOFWHATTHEBREAKAGEWILLLIKELYBE,THISISWHEREWETHINKWEWILLBEABLETOACHIEVEONTHESYNERGYSIDE.

Brad Handler- Jefferies & Company - Analyst

MARK,YOUANTICIPATEDMYNEXTQUESTION. CANYOUCOMMENTONWHATTAXMAYAFFORDYOU,TOANYDETAIL?

Mark McCollum- Halliburton Company - CFO

OBVIOUSLY,WEHAVEADIFFERENCEINTHETAXRATESOFTHEDIFFERENTENTITIES. ATTHISPOINT,WE’REGOINGTONEEDTOBEABLETOWALKTHROUGHANDSEEHOWOURBUSINESSESARELAIDOUTTOBEABLETOACHIEVETHAT. THETAXRATETHATWEHAVEAT HALLIBURTONHASBEENACHIEVEDTHROUGHSTRATEGICREORGANIZATIONOFMANUFACTURINGANDOPERATIONSANDLOGISTICSANDTHINGS. ITHINKTHATTHEOPPORTUNITYEXISTSTODOTHAT,ASWELL,ASWEINTEGRATETHESEBUSINESSESANDSOWECANCAPTURETHATTAXBENEFITONACOMBINEDBASIS.

Operator

OLE SLORER, MORGAN STANLEY.

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Ole Slorer- Morgan Stanley - Analyst

AGAIN,CONGRATULATIONSTOBOTHTEAMS. IT’SACTUALLYRARETHATYOUSEESOMETHINGTHATMAKESTHISMUCHSENSEACTUALLYHAPPEN.

Dave Lesar- Halliburton Company - CEO

I’LLTAKETHATASAHIGHCOMPLIMENT, OLE.

Ole Slorer- Morgan Stanley - Analyst

ANDCONGRATULATIONSTO MARTIN,TOO,BYTHEWAY.

Martin Craighead- Baker Hughes Inc - CEO

THANKYOU.

Ole Slorer- Morgan Stanley - Analyst

NORTH AMERICASEEMSTOBETHEMOSTOBVIOUSMISMATCHINTERMSOFMARGINS. WECANALLSEEYOUHAVETHESCALEOFA SCHLUMBERGERINTERNATIONALLY. BUTSTILL,COMBININGTHETWOBUSINESSESANDBENEFITINGFROMTHATSCALETOCLOSETHEMARGINGAP, IWOULDIMAGINEIT’SGOINGTOBEALONGHAUL. BUT NORTH AMERICAAGAIN,BACKTOTHAT,THATSEEMSTOBETHEAREAWHERETHEOPPORTUNITYSETISTHEGREATESTFORHIGHEREFFICIENCIESONTHECOMBINEDENTITY. SO,COULDYOUTALKALITTLEBIT,FROMATECHNOLOGYSTANDPOINT,WHETHERIT’STHESIZEOFTHEFRACPUMPSTHAT BAKERHASVERSUSWHATYOUHAVEAT HALLIBURTON,ORYOURLOGISTICS? EXPLAINTOUSWHATEXACTLYCANYOUDO,INLITTLEBITMOREDETAIL,TOCLOSETHATMARGINGAPANDWHEREISIT — IWOULDIMAGINETHATTHEPRESSUREPUMPINGPARTOF BAKERISWHEREIT’SGOINGTOBETHELOWESTHANGINGFRUIT,FROMYOURPERSPECTIVE?

Dave Lesar- Halliburton Company - CEO

ITHINK, OLE,IT’SACTUALLYALLACROSSTHESPECTRUMIN NORTH AMERICA. ITHINKTHAT,ONEIS,JUSTEXPANDINGONTHELOGISTICALFOOTPRINTTHATWEHAVEINPLACEANDJUSTMAKINGTHEDELIVERYSYSTEMMOREEFFICIENTISONE. ANDOBVIOUSLY,BECAUSEWEHAVEAGOODLEADERSHIPPOSITIONINPRESSUREPUMPINGANDFRAC,INPARTICULAR, ITHINKPUTTINGTHOSEORGANIZATIONSTOGETHERANDACHIEVINGTHOSEBENEFITS,REALLY,WEHAVEESSENTIALLYATRIEDANDTRUEPLANONTHAT.

ITHINKTHEOTHERAREATHATWEREALLYDOSEEBENEFITSON,THOUGH,ISTHEPRODUCTLINESTHAT BAKERISBRINGINGTOTHETABLEFOR NORTH AMERICA. IFYOUTHINKABOUTTHESHALEOILDEVELOPMENTS,FORINSTANCE,ALOTOFDEMANDFOR ESPS,ALOTOFDEMANDFORLIFT,ALOTOFDEMANDFORPRODUCTIONCHEMICALS. AND ITHINKPUTTINGTOGETHERAPRODUCTOFFERINGTOOURCUSTOMER,THAT’SCOMPELLINGFROMAPRICESTANDPOINT,ISSOMETHINGTHATSHOULDHELPUSDRIVEABETTERINTEGRATEDOFFERINGANDAMOREPRICEADVANTAGEDOFFERINGFOROURCUSTOMERS.

AND ITHINKYOUJUSTTAKETHEDUPLICATEFOOTPRINTSTHATWEHAVEAND,INMANYCASES,INMANYBASINS,WE’REJUSTSITTINGSIDE-BY-SIDEWITHEACHOTHERANDBASICALLYFIGURINGOUTHOWWECAPTUREANDIDENTIFYTHEBESTPEOPLEINTHOSELOCATIONS. PUTTHEMTOGETHER,ITLEADSUSTOTHEHIGHCONFIDENCEWEHAVETHATIN NORTH AMERICA,INPARTICULAR,WHATWE’REGOINGTOHAVEISAGREATCOMPLEMENTARYBUSINESS.

Ole Slorer- Morgan Stanley - Analyst

CONGRATULATIONS,AND I’LLHANDITBACK.

Operator

(OPERATOR INSTRUCTIONS)

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

SCOTT GRUBER, CITI.

Scott Gruber- Citigroup - Analyst

GOODMORNING,ANDCONGRATSAGAINTOALL.

Dave Lesar- Halliburton Company - CEO

THANKS, SCOTT.

Scott Gruber- Citigroup - Analyst

IMAYHAVEMISSEDTHISEARLIER,BUTHOWDOTHEFORECASTSYNERGIESSPLITBETWEENCOSTANDREVENUES? CANYOUPROVIDETHEGUIDANCEONTHAT?

Mark McCollum- Halliburton Company - CFO

ALLOFTHESYNERGIESTHATWE’VEIDENTIFIEDARECOST-RELATEDSYNERGIES. THEY’RENOTREVENUE. SOTHEREVENUESYNERGIESTHATAREOUTTHEREAREONTOPOFTHIS.

Scott Gruber- Citigroup - Analyst

ANDCOULDYOUSPEAKTOTHEREVENUESYNERGYPOTENTIALIN NORTH AMERICA? MYBACK-OF-THE-ENVELOPEMATHPOINTSTO HALLIBURTONACHIEVINGSOMETHINGONTHEORDEROF 35%HIGHERASSETTURNSINFRAC. ISTHATA —HOWBIGOFANOPPORTUNITYISTHAT? WHENCANITBEACHIEVED? ANDHOWDOESTHATFIGUREINTOYOURTHINKING?

Mark McCollum- Halliburton Company - CFO

ATTHISPOINTINTIME,THEHONESTANSWERISITHASN’TNECESSARILYCALCULATEDINTOTHETHINKING. BUTCLEARLY,IT’SANOPPORTUNITY. THAT’SPARTOFTHESYNERGY, ITHINK,OFIMPROVINGMARGINS,ASWETHINKABOUTTHAT,IT’SGOINGTOCOMEPROBABLYFROMEFFICIENCY. FIGURINGOUTHOWDOWEGETMORETURNSONTHEASSETSTHATWEHAVE,HOWDOWEREDUCEMAINTENANCE,GETPUMPSBACKINTHEFIELD,ANDHOWDOWE —ALLOFTHOSEKINDOFTHINGSHAVEBOTHAREVENUEAND/ORACOSTSYNERGY. BUTEFFECTIVELY,THATMARGINALIMPROVEMENTTHATWE’REIDENTIFYINGFOR NORTH AMERICASHASCOMPONENTSOFBOTH. ANDWE’REGOINGTOTRYTOGOAFTERITINEARNEST.

Martin Craighead- Baker Hughes Inc - CEO

SCOTT,LETMEJUMPINHERE. THISIS MARTIN. BESIDESTHEOBVIOUSEFFICIENCYGAINS,ASWELAYOURHORSEPOWERONTHEFRAMEWORKTHAT HALLIBURTON’SBEENABLETOESTABLISH,WHICH,AS MARKHIGHLIGHTED,ISGOINGTOBEATREMENDOUSUPSIDEFOROURSHAREHOLDERS,THERE’SALSO,AS DAVEHIGHLIGHTED,THOUGH,ANAMAZINGAMOUNTOFIN-FILL,IFYOUWILL,AMONGSTTHEDIFFERENTPRODUCTLINES. THEREISTHEOBVIOUSMOVETOWARDSINCREASINGATTENTIONTOWARDSEFFICIENTLIFT,ASWELLASTHEPRODUCTIONCHEMICALSIDE, ITHINKWHICHISOBVIOUSTOEVERYBODY.

BUTADDITIONALLY,THERE’SSOMEAMAZINGCOMPLEMENTARYPRODUCTSWITHINTHEBIGLINESWITHINCOMPLETIONS,WHETHERIT’SSLIDINGSLEEVE,WHETHERIT’SDISSOLVINGPLUGS,ASWELLASINTHEDIRECTIONALDRILLINGANDMEASUREMENTWHILEDRILLINGIN LWDAREAS,HIGHANGLEBUILDINSTRUMENTATIONANDSOFORTH. SO ITHINKIT’S —THEMOREANDMOREYOUDIGINTOTHIS,BESIDESTHEOBVIOUSBIGPRODUCTLINECOMPLEMENTS —ASYOUDIGINTOTHERESPECTIVEPRODUCTLINES,THERE’SALOTOFGREATCOMPLEMENTARYBRICKS,IFYOUWILL,TOBUILDANINCREDIBLYSTRONG NORTH AMERICANINSTITUTION.

Operator

ROB MACKENZIE, IBERIA CAPITAL.

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Rob MacKenzie- Iberia Capital - Analyst

THANKS,GUYS. IGUESSMYQUESTIONISFROMTHECUSTOMERSIDE. HOWHAVEYOUR —HAVEYOUHADANYPRELIMINARYDISCUSSIONSWITHCUSTOMERS,ANDHOWDOYOUEXPECTTHEMTOREACTTOTHIS? BECAUSE ICANSEEASITUATIONWHERE,INSOMECASES,THEYMAYWELCOMEASTRONGERCOMPETITORINAMARKETWHEREONE’SLACKINGAND,INSOMECASES, ICANSEETHEMPERHAPSOBJECTINGTOTHIS. CANYOUSHAREYOURTHOUGHTSTHERE?

Dave Lesar- Halliburton Company - CEO

ITHINK —LOOKATTHESTRATEGICRATIONALEFORTHISTHING. ITLEVERAGESOURCOMPLEMENTARYSTRENGTHSANDITCOMBINESAWELL-POSITIONED,STRONGCOMPANYFROMABALANCESHEETSTANDPOINT. ANDOURCUSTOMERSALWAYSWILLMANAGETODEVELOPCOMPETITIONAMONGTHESERVICESINDUSTRY. BUTWEHAVE,BYBEINGABLETOCOMBINESOMEOFTHESEPRODUCTLINESTOGETHER,ISANOFFERINGFOROURCUSTOMERSTHATHELPDRIVETHEIRCOSTSDOWN,HELPDRIVETHEIRCOSTPER BOEDOWN.

SOATTHEENDOFTHEDAY,WETHINKTHISISAGREATOUTCOMEFOROURCUSTOMERS. ANDWETHINKTHATASTHEYUNDERSTANDTHEBENEFITSOFTHIS,THEYWILLCOMETOREALIZETHAT. ANDIT’SCERTAINLY —ANOUTREACHTOOURCUSTOMERSISSOMETHINGTHATWEWILLSTARTTODAY. BUT ITHINKATTHEENDOFTHEDAY,IFWECANDEMONSTRATEAWAYTOLOWERTHEIRCOSTSTHEY’REGOINGTOLOVETHISDEALAND I’MCONFIDENTWECANDOTHAT.

Rob MacKenzie- Iberia Capital - Analyst

GREAT. THANKYOU. I’LLTURNITBACK.

Operator

CHUCK MINERVINO, SUSQUEHANNA.

Chuck Minervino- Susquehanna Financial Group - Analyst

GOODMORNING,ANDCONGRATULATIONSONTHETRANSACTION. ANOTHERQUESTION,JUSTALONGTHOSESAMELINES,FROMTHECUSTOMERPERSPECTIVE,WASJUSTCURIOUSIFYOUCANHELPUSOUT. IDON’TKNOWHOWALLOFTHESEINTERNATIONALCONTRACTSARESTRUCTURED,BUTARETHERECHANGEOFCONTROLPROVISIONSINTHERETHATOPENSTHEDOORTOTHEMPOTENTIALLYHAVINGTHEOPPORTUNITYTORENEGOTIATECONTRACTSWITHYOU? PARTICULARLY, I’MWONDERINGWITHSOMEOFTHOSE NOCS. I’MSUREYOU’VELOOKEDATTHAT. IFYOUCOULDPROVIDEANYCOLORONTHAT,ITWOULDBEHELPFUL.

Dave Lesar- Halliburton Company - CEO

ITHINKFIRSTPASSLOOKINGATIT, IDON’TTHINKTHATTHEREISANYISSUETHATWE’LLHAVETHERE. CLEARLY,WEWILLHAVEADIALOGUEWITHOURCUSTOMERS. WEWILLENSURETHATTHEYUNDERSTANDWHYWEDIDTHIS,THECOMPLEMENTARYNATUREOFTHETRANSACTIONAND,WHY,ATTHEENDOFTHEDAY,THEY’REGOINGTOGETASTRONGERSERVICECOMPANYOUTTHERE. ANDATTHEENDOFTHEDAY,AS ISAIDEARLIER,THEY’LLLIKETHISDEALANDTHEY’LLLIKEWHATTHEYSEEFROMTHECOMBINATION.

Chuck Minervino- Susquehanna Financial Group - Analyst

ANDTHENJUSTASECONDQUESTION. WHENYOU’RELOOKINGATTHESEDIVESTITURES,ORTHEPOSSIBLEDIVESTITURES,HAVEYOULOOKED,ATALL,ORCANYOUHELPUSUNDERSTAND,HOWYOUTHINKSOMEOFTHESEMARKETSWILLBEDEFINED? WILLTHEYBEDEFINEDONMAYBEAPRODUCTPERSPECTIVEGLOBALLYORAPRODUCTPERSPECTIVEGEOGRAPHICALLY? ISTHEREANYTHINGYOUCANHELPUSWITHTHERE?

Mark McCollum- Halliburton Company - CFO

ITWILLBEALITTLEBITOFBOTH. BUTONEOFTHETHINGSTOUNDERSTANDISTHATEACHOFOURPRODUCTLINES,WHILEWETENDTODEFINETHEMVERY —INALARGEWAY,LIKECOMPLETIONS,THOSEPRODUCTLINESHAVEMANY,MANYSUB-PRODUCTLINESANDSERVICESTHATAREASSOCIATEDWITHITAND,ASWEGOFORWARD,THEY’REGOINGTOBELOOKEDATONASUB-PSLBASIS,ALMOSTEVENTOTHEPRODUCTORTOTHEMANUFACTURINGLOCATION. ANDSOIT’SGOINGTOBEALONGPROCESS. THEREWILLBEALOTOFDETAILINVOLVEDWITHTHAT. BUTTHAT’SWHATGIVESUSCONFIDENCETHATTHISTHINGCANBEVERYACHIEVABLEFROMAREGULATORYSTANDPOINT.

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Operator

JIM CRANDELL, COWEN.

Jim Crandell- Cowen Securities LLC - Analyst

GOODMORNING. ITHINKIT’SKINDOFOBVIOUS,THISISAGREATDEAL. BUTTHEKEYISDIVESTITURES. YOUHAVEA $3.5BILLIONBREAK-UPFEE. EVENTHOUGHUNDOUBTEDLYYOU’REGETTINGTHEBESTANTITRUSTADVICEYOUCOULDPOSSIBLYHAVE,WHATIFYOU’RELOOKINGNOTONLYATTHEBUSINESSESYOUTHINKTHERE’SATLEASTACHANCETHATYOUWILLHAVETODIVEST,LIKEWIRELINE, LWD,DIRECTIONALBIT,CEMENTING. BUTTHEWAYTHE JUSTICE DEPARTMENTLOOKSATTHECOMPLETIONBUSINESSISITTREATSTHATASAWHOLEBUSINESS. ANDITWOULDSEEMTHERECOMESAPOINT,MAYBEIT’SCOMPLETIONS,MAYBEIT’SYOUHAVETODIVESTPARTOFYOUR [STIM]BUSINESS,THATTHEDEALDOESN’TMAKESENSEANDYOU’REOUTTHEREWITHA $3.5BILLIONBREAK-UPFEE. COULDYOUASSESSTHECHANCESYOUTHINKOFTHECOMPLETIONSBUSINESSORTHEPARTOFTHESTIMULATIONBUSINESSNOTBEINGABLETOMEETANTITRUSTSCRUTINY?

Dave Lesar- Halliburton Company - CEO

JIM,LISTEN,AS ISAIDEARLIER,WEHAVETHEBESTANTITRUSTCOUNSELAVAILABLEONTHIS. ANDWECLEARLYWOULDNOTHAVEDONETHISDEALIFWEDIDN’TBELIEVEITWASACHIEVABLEFROMAREGULATORYSTANDPOINT. INFACT,THAT’SWHYTHEREVERSEBREAK-UPFEEISTHEREANDATTHESIZEITIS,ISBECAUSEWEAREABSOLUTELYCONFIDENTTHATWE’REGOINGTOGETTHISTHINGDONE. ANDAS ISAID,WE’REWELLADVISED. WEWILLBESTARTINGTOMEETWITHTHE DOJASOFTHISMORNING. AND IWOULDSAY,LET’SJUSTLETTHEPROCESSWORKITSWAYOUT.

Jim Crandell- Cowen Securities LLC - Analyst

OKAY. THANKYOU.

Operator

MICHAEL LAMOTTE, GUGGENHEIM.

Michael LaMotte- Guggenheim Securities LLC - Analyst

THANKS. ANDLETMEOFFERMYCONGRATULATIONSASWELL. MAYBEAQUESTIONONTHECASH/STOCKSPLITANDHOWYOUALLARRIVEDATTHERATIO. ICANSEETHECOMPETINGINTERESTSOFACCRETION,DILUTION,THEAMOUNTOFLEVERAGEYOU’REWILLINGTOASSUMEGOINGINTOASOFTERMARKET,OBVIOUSLY,ALLOWING BAKER HUGHES’SHAREHOLDERSTOKEEPSOMEEQUITYTOPARTICIPATEINTHEUPSIDE. BUTCANYOUTALKABOUTHOWTHERATIOWASARRIVEDAT?

Mark McCollum- Halliburton Company - CFO

ITHINKTHATYOU’REABSOLUTELYRIGHT. FEELINGTHATWEWERECOMINGINTOADECLININGMARKET,HAVINGAHIGHERPERCENTAGEOFEQUITYINTHEDEALMADESENSEFORTHE BAKER HUGHES’SHAREHOLDERSTOGIVETHEMSOMEUPSIDE. CLEARLY,THEEXCHANGERATIOWILLFLOATUNTILTHETIMETHATWEREACH — IMEAN,THEEXCHANGERATIOWON’TFLOAT,BUTTHESTOCKWILLFLOAT;ANDSOATTHETIMETHATWECLOSETHEDEAL,THEY’REGOINGTOHAVEAGREATCOMPANYTOSTARTWITH.

ONEOFTHETHINGSTHATWESEEGOINGFORWARD,NOTKNOWINGEXACTLYHOWTHEREGULATORYDECISIONSWILLBEMADE,THEPROCEEDSFROMTHEBREAKAGEWILLLIKELYBEUSEDTOBUYBACKSHARESINCOMINGYEARS. ANDSOWE’LLBEABLETOADJUSTTHELEVERAGEASWEGOTHROUGHTHEBUYBACKSANDGETOURFINALFINANCINGINAWAYTHATWE’LLSTILLHAVEAVERYSTRONG,INVESTMENT-GRADECREDITPROFILE. BUTDON’TEXPECTTHATTHISISWHEREWE’REGOINGTOENDUPONADEBTTOEQUITYRATIOWHENTHESMOKECLEARS.

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NOVEMBER 17, 2014 / 01:00PM GMT, HAL - HALLIBURTONAND BAKER HUGHES REACH AGREEMENTTO COMBINEIN STOCKAND CASH TRANSACTION VALUEDAT $34.6 BILLION CALL

Michael LaMotte- Guggenheim Securities LLC - Analyst

OKAY. THANKS, MARK. ANDTHENMAYBEAFOLLOW-UPWITHYOUONTHE CAPEXSIDE. WITHRATIONALIZATIONREALLYBEINGTHEFOCUSOF 2015-2016,OBVIOUSLYCAPITALREQUIREMENTSAREGOINGTOBELOWER. CANYOUGIVESUSASENSEASTOWHEREMAINTENANCE CAPEXISTODAY? ANDTHENSECONDLY,LOOKINGATAFRACFLEETTHATISNOTASHOMOGENOUSASWHAT HALLIBURTONISUSEDTOWORKINGWITHINTHEPAST,WHATTHATMIGHTMEANFROMAMAINTENANCE CAPEXSTANDPOINTAND,PARTICULARLY,ASYOU’RELOOKINGTOREDUCEMAINTENANCEANDINCREASEEFFICIENCY?

Mark McCollum- Halliburton Company - CFO

FORUSATLEAST,ONTHE HALLIBURTONSIDE,WEEXPENSEMAINTENANCECOST. SOWEDON’TALWAYSTHINKOFOUR CAPEXASHAVINGATRUEMAINTENANCECOMPONENT. THEREAREPROBABLYALWAYSINOURMANUFACTURINGPROCESS,THERE’S 10%TO 15%OFOURMANUFACTURINGBUILDISASSOCIATEDWITHPUMPREPLACEMENTS,THINGSLIKETHAT. BUTTHAT’SJUSTONTHEFRACSIDE. WE’RENOTREALLYPREPAREDTODAYTOTALKABOUTWHATALLOFOUR 2015CAPITALBUDGETNUMBERSARE. WE’LLBETALKINGABOUTTHATASWEGOFORWARD.

BUT,JUSTSORTOFREITERATETHAT,WE’RELIKEEVERYOTHERSERVICECOMPANYAND, IKNOWTHISISTRUEFOR BAKER HUGHES,ASWEGOINTO 2015WE’REMAINTAININGAHIGHDEGREEOFFLEXIBILITY. WE’REMAKINGPLANSTHATLOOKATMAKINGSURETHATWE’REMANAGINGOURCOSTSTRUCTUREVERY,VERY,VERYWELL. ANDWEWILLFLEXTOWHATWESEETHEMARKETWILLBE. ANDWE’REGOINGTOLISTENTOCUSTOMERSOVERTHENEXTFEWMONTHSANDREACTACCORDINGLY.

Operator

THANKYOU. IWOULDNOWLIKETOTURNTHECALLBACKOVERTO KELLY YOUNGBLOODFORCLOSINGCOMMENTS.

Kelly Youngblood- Halliburton Company - VP of IR

THANKYOU, SHANNON. ONBEHALFOFTHE HALLIBURTONAND BAKER HUGHESMANAGEMENTTEAMS, IJUSTWANTTOTHANKEVERYONEFORYOURPARTICIPATIONTODAY. AND SHANNON,WITHTHAT,YOUCANCLOSEOUTTHECALL.

Operator

LADIESANDGENTLEMEN,THISCONCLUDESTODAY’SCONFERENCE. THANKYOUFORYOURPARTICIPATION. HAVEAWONDERFULDAY.

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