Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the condensed consolidated financial statements included in Item 1. Financial Statements contained herein. EXECUTIVE OVERVIEW Organization We are one of the world’s largest providers of products and services to the energy industry. We help our customers maximize asset value throughout the lifecycle of the reservoir from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Activity levels within our operations are significantly impacted by spending on upstream exploration, development, and production programs by major, national, and independent oil and natural gas companies. We report our results under two segments, the Completion and Production segment and the Drilling and Evaluation segment. •Completion and Production delivers cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift, and completion products and services. The segment consists of Artificial Lift, Cementing, Completion Tools, Pipeline and Process Services, Production Enhancement, and Production Solutions. During the second quarter of 2026, we completed the sale of a portion of our chemical business. •Drilling and Evaluation provides field and reservoir modeling, drilling, fluids, evaluation, and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities. The segment consists of Baroid, Drill Bits and Services, Halliburton Project Management, Landmark Software and Services, Sperry Drilling, Testing and Subsea, and Wireline and Perforating. The business operations of our segments are organized around four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. We have manufacturing operations in various locations, the most significant of which are in the United States, Malaysia, Singapore, and the United Kingdom. With over 46,000 employees, we operate in more than 70 countries around the world, and our corporate headquarters is in Houston, Texas. Our value proposition is to collaborate and engineer solutions to maximize asset value for our customers. We strive to achieve strong cash flows and returns for our shareholders by delivering technology and services that improve efficiency, increase recovery, and maximize production for our customers. Our strategic priorities are to: - International: Consistently increase international growth in our directional drilling, unconventionals, well intervention, and artificial lift businesses. Develop behind-the-meter power generation, independently or through collaboration with Voltagrid. - North America: Maximize value by, among other things, utilizing our Zeus IQ electric fracturing platform, our iCruise rotary steerable systems and LOGIX automation. - Digital: Continue to drive differentiation and efficiencies through the deployment of digital and automation technologies, both internally and for our customers. - Capital efficiency: Maintain our capital expenditures at about $1.1 billion, while leveraging technology and targeted process improvements to enhance utilization of existing capital. - Shareholder returns: Return over 50% of annual free cash flow to shareholders through dividends and share repurchases. - Advance a Sustainable Energy Future: Continue to develop technologies and solutions to help lower our customers’ and our emissions intensity, grow our low carbon energy business, and support Halliburton Labs early-stage company participants. HAL Q2 2026 FORM 10-Q | 15 Table of Contents Part I. Item 2 | Executive Overview The following charts depict the revenue split between our two operating segments and our four primary geographic regions for the three months ended June 30, 2026. Market conditions During the second quarter of 2026, market conditions were impacted by the ongoing geopolitical conflict in the Middle East, which disrupted activity levels in certain markets and affected operations across both of our segments. Oil prices increased in the second quarter of 2026 compared to the first quarter of 2026. The West Texas Intermediate (WTI) crude oil price averaged approximately $96 per barrel during the second quarter of 2026, compared to approximately $72 per barrel during the first quarter of 2026, or a 33% increase. The Brent crude oil price averaged approximately $103 per barrel during the second quarter of 2026, compared to approximately $80 per barrel during the first quarter, or a 29% increase. Higher commodity prices generally support customer activity and capital spending in the markets we serve, as operator investment decisions are often influenced by expectations regarding future commodity prices. Trade tensions and tariffs continue to influence the global demand outlook, with varying impacts across end markets. We continue to monitor and evaluate the effects of these on goods imported into the United States. During the second quarter of 2026, we recognized a gain of approximately $57 million related to a government refund recovery, which is included in “Impairments and other charges (credits)” on the Condensed Consolidated Statements of Operations. We continue to monitor developments related to trade policy and evaluate the potential effects of future tariff actions on our business, financial position, results of operations and cash flows. Globally, we continue to be impacted by inflationary cost increases, primarily related to logistics, chemicals, and cement. We manage these pressures through global procurement strategies, technology modifications, and sourcing efficiencies. As a standard practice, we generally seek to pass a portion of these cost increases on to our customers and believe we have effective solutions in place to minimize their operational impact. Customers remained focused on capital discipline, production optimization, operating efficiency, and expected returns on investment. Customer activity and spending decisions were influenced by the geopolitical conflict in the Middle East, higher commodity prices, uncertainty related to global trade policies and tariffs, and inflationary cost pressures. As a result, customers continued to evaluate investment opportunities while balancing growth objectives, operating priorities, and return expectations. HAL Q2 2026 FORM 10-Q | 16 Table of Contents Part I. Item 2 | Executive Overview Financial results The following graph illustrates our revenue and operating margins for each operating segment for the second quarter of 2025 and 2026. During the second quarter of 2026, we generated total company revenue of $5.7 billion, a 4% increase as compared to the second quarter of 2025. We reported operating income of $778 million, including a pre-tax credit on impairments and other credits of $95 million, in the second quarter of 2026, as compared to operating income of $727 million in the second quarter of 2025. Our Completion and Production segment revenue was relatively flat in the second quarter of 2026 as compared to the second quarter of 2025. Revenue improvements were primarily driven by increased stimulation activity and improved artificial lift activity in Latin America, higher completion tool sales in Europe/Africa, and improved pressure pumping services in Africa. Offsetting these increases were lower activity across multiple product service lines in the Middle East, and decreased stimulation activity and lower specialty chemicals activity resulting from the completed sale of a portion of our chemical business in North America. Operating income was further adversely impacted by activity mix and reduced pricing for stimulation services in US Land and Latin America. Our Drilling and Evaluation segment revenue increased 7% in the second quarter of 2026 as compared to the second quarter of 2025. These results were primarily driven by higher drilling-related services in North America, Europe/Africa, and Asia, and higher activity across multiple product service lines in Latin America. Partially offsetting these increases were lower drilling-related services and decreased wireline activity in the Middle East. Our North America revenue was relatively flat in the second quarter of 2026 as compared to the second quarter of 2025. These results were primarily driven by improved well construction activity and increased stimulation activity in US Land. Partially offsetting these increases were lower stimulation activity in the Gulf of America and Canada, and a decrease in well intervention services and lower specialty chemicals activity resulting from the completed sale of a portion of our chemical business in US Land. Internationally, revenue increased 6% in the second quarter of 2026 as compared to the second quarter of 2025, largely driven by improved stimulation services and higher project management activity in Latin America, increased well construction activity and higher project management activity in Africa, and higher completion tool sales in Europe/Africa. Partially offsetting these increases was lower activity across multiple product service lines in the Middle East due to conflict-related disruptions. Our operating performance and liquidity are described in more detail in “Liquidity and Capital Resources” and “Business Environment and Results of Operations.” HAL Q2 2026 FORM 10-Q | 17 Table of Contents Part I. Item 2 | Liquidity and Capital Resources LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2026, we had $2.0 billion of cash and equivalents, compared to $2.2 billion of cash and equivalents at December 31, 2025. Significant sources and uses of cash during the first six months of 2026 Sources of cash: •Cash flows from operating activities were $1.1 billion. Working capital, which consists of receivables, inventories, and accounts payable, had a negative impact of $187 million. Uses of cash: •Capital expenditures were $427 million. •We repurchased 7.9 million shares of our common stock for $308 million, which includes the excise tax payment for prior year share repurchases. •We paid $285 million of dividends to our shareholders. •We paid $101 million primarily in connection with an equity investment. Future sources and uses of cash We manufacture most of our own equipment, which provides us with some flexibility to increase or decrease our capital expenditures based on market conditions. We currently expect capital spending for 2026 to be approximately $1.1 billion. We believe this level of spending will enable continued investment in our core strategic technologies and businesses, including the international expansion of our artificial lift, well intervention, unconventionals, and drilling technologies. We will continue to maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spending accordingly. While we maintain focus on liquidity and debt reduction, we are also focused on providing cash returns to our shareholders. Our quarterly dividend rate is $0.17 per common share, or approximately $143 million. In 2023, our Board approved a capital return framework with a goal of returning at least 50% of our annual free cash flow to shareholders through dividends and share repurchases, and we expect our returns to shareholders will be in line with our capital return framework for 2026. We may utilize share repurchases as part of our capital return framework. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 5 million shares of common stock during the second quarter of 2026 under this program. Approximately $1.7 billion remained authorized for repurchases as of June 30, 2026 and may be used for open market and other share purchases. During 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026. For the six months ended June 30, 2026, we incurred $88 million in expense on our SAP S4 migration and expect the estimated cost to be approximately $45 million in the third quarter of 2026. We believe the new system will provide important efficiency benefits, cost savings, enhanced visibility to our operations, and advanced analytics that will benefit us and our customers. We may, from time to time, redeem, repurchase, or otherwise acquire our outstanding debt through privately negotiated transactions, open market purchases, redemptions, tender offers or otherwise, but we are under no obligation to do so. Other factors affecting liquidity Financial condition in current market. As of June 30, 2026, we had $2.0 billion of cash and equivalents and $3.5 billion of available committed bank credit under our revolving credit facility, with an expiration date of August 16, 2030. We believe we have a manageable debt maturity profile, with approximately $90 million due February 2027. Furthermore, we have no financial covenants or material adverse change provisions in our bank agreements, and our debt maturities extend over a long period of time. We believe our cash on hand, cash flows generated from operations, and our available credit facility will provide sufficient liquidity to address expected global cash needs, including capital expenditures, working capital investments, shareholder returns, if any, debt repurchases, if any, and scheduled interest and principal payments, in the short term and long term. HAL Q2 2026 FORM 10-Q | 18 Table of Contents Part I. Item 2 | Liquidity and Capital Resources Guarantee agreements. In the normal course of business, we have agreements with financial institutions under which approximately $3.3 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of June 30, 2026. 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 June 30, 2026, we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries. We have entered into credit default swaps (CDSs) with third-party financial institutions that have an aggregate notional amount outstanding as of June 30, 2026 of $217 million, compared to an aggregate notional amount outstanding as of December 31, 2025 of $592 million, related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which portions of the proceeds were utilized by this customer to pay certain of our outstanding receivables. The aggregate notional amount outstanding of the CDSs reduces monthly over its remaining 3-month term. Credit ratings. Our credit ratings with Standard & Poor’s remain BBB+ for our long-term debt and A-2 for our short- term debt, with a stable outlook. Our credit ratings with Moody's Investors Service remain A3 for our long-term debt and P-2 for our short-term debt, with a stable outlook. Customer receivables. In line with industry practice, we bill our customers for our services in arrears and are, therefore, subject to our customers delaying or failing to pay our invoices. In weak economic environments, we may experience increased delays and failures to pay our invoices due to, among other reasons, a reduction in our customers’ cash flow from operations and their access to the credit markets, as well as unsettled political conditions. Receivables from our primary customer in Mexico accounted for approximately 7% of our total receivables as of both June 30, 2026 and December 31, 2025. 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. HAL Q2 2026 FORM 10-Q | 19 Table of Contents Part I. Item 2 | Business Environment and Results of Operations BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS We operate in more than 70 countries throughout the world and provide a broad range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide. The industry we serve is highly competitive, with numerous competitors across each of our business segments. Based on the location of services provided and products sold, 37% and 39% of our consolidated revenue was attributable to the United States during the six months ended June 30, 2026 and 2025, respectively. No other country accounted for more than 10% of our revenue for those periods. Demand for our services and products is largely dependent on our customers' spending for the exploration, development, and production of oil and natural gas reserves. Customer spending is influenced by a variety of factors, including commodity prices and expectations regarding future prices, global oil and natural gas supply and demand fundamentals, the availability of capital, government policies and regulations, geopolitical developments, and overall economic conditions. Activity levels in certain markets may also be influenced by longer-term trends affecting energy demand, including increasing electricity consumption associated with digital infrastructure and data center growth. These factors collectively influence global drilling, completions, intervention, and production-related activity levels. Because a significant portion of our business supports our customers' capital spending programs, our financial performance is closely tied to oil and natural gas prices and worldwide drilling and completions activity. Lower commodity prices generally result in reduced customer spending and lower activity levels, while higher commodity prices typically support increased investment and activity. Accordingly, our operating results are significantly affected by changes in commodity prices and global rig activity, which are summarized in the tables below. The table below shows the average prices for West Texas Intermediate (WTI) crude oil, United Kingdom Brent crude oil, and Henry Hub natural gas. Three Months Ended Year Ended June 30, December 31, 2026 2025 2025 Oil Price - WTI (1) $95.75 $64.63 $65.46 Oil Price - Brent (1) 103.28 68.01 69.10 Natural Gas Price - Henry Hub (2) 2.95 3.19 3.53 (1) Oil prices measured in dollars per barrel. (2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. The historical average rig counts based on the weekly Baker Hughes rig count data were as follows: Three Months Ended Six Months Ended Year Ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 US Land 540 558 536 565 546 US Offshore 14 13 15 14 15 Canada 149 128 178 172 175 North America 703 699 729 751 736 International (1) 1,056 1,078 1,070 1,088 1,080 Worldwide Total 1,759 1,777 1,799 1,839 1,816 (1) For the three and six months ended June 30, 2025, historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change. HAL Q2 2026 FORM 10-Q | 20 Table of Contents Part I. Item 2 | Business Environment and Results of Operations Business outlook We expect customer spending to remain focused on capital discipline, production optimization, and operational efficiency across both international and North America markets. Operations in certain Middle East markets continue to be affected by ongoing geopolitical developments, including periodic operational disruptions, reduced activity in some areas, and higher logistics and supply chain costs. Activity in the region is recovering from conflict-related lows; however, the pace of recovery remains dependent on day-to-day developments in the region. Outside of the Middle East, we expect activity growth to be led by production services, drilling, unconventionals, and lift. These markets continue to be supported by customer investment in development projects, production capacity maintenance, and selected offshore and strategic energy projects. In North America, customer activity remains focused on maximizing returns and improving operating efficiency within existing capital budgets. Over the long term, we expect North America to remain critical for global energy security, which will require advanced technology and greater service intensity. While current industry fundamentals remain generally supportive of customer activity, the outlook for our business remains subject to uncertainty. Customer spending and activity levels may be affected by volatility in oil and natural gas prices, changes in global supply and demand balances, inflationary pressures, supply chain constraints, the availability of capital, geopolitical developments, trade policies, sanctions, and regulatory actions. These factors may impact the timing and scope of customer projects and demand for our services and products. HAL Q2 2026 FORM 10-Q | 21 Table of Contents Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (QTD) RESULTS OF OPERATIONS IN 2026 COMPARED TO 2025 Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025 Three Months Ended June 30, Favorable Percentage Millions of dollars 2026 2025 (Unfavorable) Change Revenue: By operating segment: Completion and Production $3,202 $3,171 $31 1% Drilling and Evaluation 2,512 2,339 173 7 Total revenue $5,714 $5,510 $204 4% By geographic region: North America $2,276 $2,259 $17 1% Latin America 1,123 977 146 15 Europe/Africa/CIS 1,017 820 197 24 Middle East/Asia 1,298 1,454 (156) (11) Total revenue $5,714 $5,510 $204 4% Operating income: By operating segment: Completion and Production $474 $513 $(39) (8)% Drilling and Evaluation 338 312 26 8 Total operations 812 825 (13) (2) Corporate and other (83) (66) (17) (26) SAP S4 upgrade expense (46) (32) (14) (44) Impairments and other credits 95 — 95 n/m Total operating income $778 $727 $51 7% n/m = not meaningful Operating Segments Completion and Production Completion and Production revenue in the second quarter of 2026 was $3.2 billion, or relatively flat, when compared to the second quarter of 2025. Operating income in the second quarter of 2026 was $474 million, a decrease of $39 million, or 8%, when compared to the second quarter of 2025. Revenue improvements were primarily driven by increased stimulation activity and improved artificial lift activity in Latin America, higher completion tool sales in Europe/Africa, and increased pressure pumping services in Africa. Offsetting these increases were lower activity across multiple product service lines in the Middle East, and decreased stimulation activity and lower specialty chemicals activity resulting from the completed sale of a portion of our chemical business in North America. Operating income was further adversely impacted by activity mix and reduced pricing for stimulation services in US Land and Latin America. Drilling and Evaluation Drilling and Evaluation revenue in the second quarter of 2026 was $2.5 billion, an increase of $173 million, or 7%, when compared to the second quarter of 2025. Operating income in the second quarter of 2026 was $338 million, an increase of $26 million, or 8%, when compared to the second quarter of 2025. These results were primarily driven by higher drilling- related services in North America, Europe/Africa, and Asia, and higher activity across multiple product service lines in Latin America. Partially offsetting these increases were lower drilling-related services and decreased wireline activity in the Middle East. In the second quarter, the geopolitical conflict in the Middle East affected both of our operating segments. HAL Q2 2026 FORM 10-Q | 22 Table of Contents Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (QTD) Geographic Regions North America North America revenue in the second quarter of 2026 was $2.3 billion, relatively flat, as compared to the second quarter of 2025. These results were primarily driven by improved well construction activity and increased stimulation activity in US Land. Partially offsetting these increases were lower stimulation activity in the Gulf of America and Canada, and a decrease in well intervention services and lower specialty chemicals activity resulting from the completed sale of a portion of our chemical business in US Land. Latin America Latin America revenue in the second quarter of 2026 was $1.1 billion, a 15% increase compared to the second quarter of 2025. These results were primarily driven by improved project management activity and well construction activity in Ecuador, improved stimulation activity in Argentina, higher completion tool sales and increased stimulation activity in Mexico, increased activity across multiple product service lines in the Caribbean and Brazil, and higher testing services and wireline activity across the region. Partially offsetting these increases were lower well construction services and decreased project management activity in Mexico, and lower completion tool sales in Brazil. Europe/Africa/CIS Europe/Africa/CIS revenue in the second quarter of 2026 was $1.0 billion, a 24% increase compared to the second quarter of 2025. These results were primarily driven by higher activity across multiple product service lines in Angola and Nigeria, increased drilling-related services and higher completion tool sales in the North Sea, higher completion tool sales in the Mediterranean and Ivory Coast, and higher well construction activity in Namibia. Partially offsetting these increases were lower wireline activity and decreased pipeline services in the North Sea, and lower completion tool sales in the Caspian Area. Middle East/Asia Middle East/Asia revenue in the second quarter of 2026 was $1.3 billion, an 11% decrease compared to the second quarter of 2025. These results were primarily driven by decreased activity across multiple product service lines in Saudi Arabia, Iraq, Qatar, and Kuwait due to conflict-related disruptions. Partially offsetting these decreases were higher testing services in the United Arab Emirates and improved drilling-related services in Asia. Other Operating Items Corporate and Other. During the three months ended June 30, 2026, Corporate and Other expense totaled $83 million, which was an increase of $17 million, or 26%, as compared to the three months ended June 30, 2025. This increase was primarily attributable to higher executive compensation costs and increased amortization expense related to recent acquisitions. SAP S4 Upgrade Expense. As previously mentioned, during 2023, we began our migration to SAP S4, which we expect to complete in the fourth quarter of 2026. During the second quarter of 2026 and 2025, we recognized $46 million and $32 million of expense on our SAP S4 migration, respectively. Impairments and Other Credits. During the three months ended June 30, 2026, we recognized a pre-tax credit of $95 million primarily due to gains on our equity investments, and a government refund recovery, partially offset by a loss on the sale of a portion of our chemical business. See Notes to Condensed Consolidated Financial Statements, Note 2. Impairments and Other Charges (Credits) for further discussion of these charges (credits). Nonoperating Items Income Tax Provision. During the three months ended June 30, 2026, we recorded a total income tax provision of $126 million on a pre-tax income of $664 million, resulting in an effective tax rate of 19.0% for the quarter. During the three months ended June 30, 2025, we recorded a total income tax provision of $131 million on a pre-tax income of $611 million, resulting in an effective tax rate of 21.4% for the quarter. HAL Q2 2026 FORM 10-Q | 23 Table of Contents Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (QTD) Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination 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 2014. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through 2024, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the IRS. On September 28, 2023, we received a NOPA from the IRS covering our 2016 U.S. tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the acquisition does not go forward. The IRS’s long-understood position at the time of payment had been to treat such payments as an ordinary and necessary business expense. We strongly disagree with the proposed adjustment on both a factual and legal basis, and we plan to vigorously contest it. We expect that resolving this dispute will take substantial time. In 2023, we initiated the IRS administrative appeals process, which is ongoing. Failing a resolution through that process, the matter will ultimately be resolved by the United States federal courts. 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 cannot assure you that the matter will be determined in our favor or against us, and if the matter is ultimately determined unfavorably to us, it could have a material adverse impact on our results of operations and cash flows. Based on tax attributes currently available, we estimate that, should the IRS's position prevail through the appellate process and subsequent litigation, the proposed adjustment could result in cash taxes due of approximately $640 million (plus interest thereon in the case of amounts due for previous tax years). Our estimates are calculated under current tax law and on the basis of our assumptions regarding taxable income and loss and other tax attributes over the relevant period, of which the law could change and which assumptions could and likely will differ materially from actual results. In any event, no payment of any additional tax is currently required, nor do we anticipate that the proposed adjustment would materially and adversely impact our ability to meet our expected uses of cash, including future capital expenditures, working capital investments, and scheduled debt repayments, or our ability to return cash to shareholders, even if a final determination of the matter is reached that is adverse to us. HAL Q2 2026 FORM 10-Q | 24 Table of Contents Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (YTD) Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025 Six Months Ended June 30, Favorable Percentage Millions of dollars 2026 2025 (Unfavorable) Change Revenue: By operating segment: Completion and Production $6,218 $6,291 $(73) (1)% Drilling and Evaluation 4,898 4,636 262 6 Total revenue $11,116 $10,927 $189 2% By geographic region: North America $4,412 $4,495 $(83) (2)% Latin America 2,213 1,873 340 18 Europe/Africa/CIS 1,875 1,595 280 18 Middle East/Asia 2,616 2,964 (348) (12) Total revenue $11,116 $10,927 $189 2% Operating income: By operating segment: Completion and Production $913 $1,044 $(131) (13)% Drilling and Evaluation 689 664 25 4 Total operations 1,602 1,708 (106) (6) Corporate and other (152) (132) (20) (15) SAP S4 upgrade expense (88) (62) (26) (42) Impairments and other (charges) credits 95 (356) 451 n/m Total operating income $1,457 $1,158 $299 26% n/m = not meaningful Operating Segments Completion and Production Completion and Production revenue in the first six months of 2026 was $6.2 billion, or relatively flat, when compared to the first six months of 2025. Operating income for the segment in the first six months of 2026 was $913 million, a decrease of $131 million, or 13%, when compared to the first six months of 2025. Revenue declines were primarily driven by decreased activity across multiple product service lines in North America and the Middle East. Offsetting these decreases were improved activity across multiple product service lines in Latin America, higher completion tool sales in North America, Europe/Africa, and Asia, increased pressure pumping services in Africa, and increased well intervention services in Europe/Africa. Operating income was further adversely impacted by activity mix and reduced pricing for stimulation services in Latin America. Drilling and Evaluation Drilling and Evaluation revenue in the first six months of 2026 was $4.9 billion, an increase of $262 million, or 6%, when compared to the first six months of 2025. Operating income for the segment in the first six months of 2026 was $689 million, an increase of $25 million, or 4%, when compared to the first six months of 2025. These results were primarily driven by higher activity across multiple product service lines in Latin America, improved drilling related services in North America and Europe, and increased fluids services in Asia. Partially offsetting these increases were lower activity across multiple product service lines in the Middle East and decreased wireline activity in Europe. In the first six months of 2026, the geopolitical conflict in the Middle East affected both of our operating segments. HAL Q2 2026 FORM 10-Q | 25 Table of Contents Part I. Item 2 | Results of Operations in 2026 Compared to 2025 (YTD) Geographic Regions North America North America revenue in the first six months of 2026 was $4.4 billion, a 2% decrease compared to the first six months of 2025. These results were primarily driven by lower stimulation activity across the region, lower artificial lift activity and decreased well intervention services in US Land, a reduction in specialty chemicals activity in US Land following the sale of a portion of our chemical business, and decreased fluid services in the Gulf of America. Offsetting these decreases were improved well construction activity in US Land, increased drilling-related services in Canada, and higher completion tool sales in the Gulf of America. Latin America Latin America revenue in the first six months of 2026 was $2.2 billion, an 18% increase compared to the first six months of 2025. These results were primarily driven by increased activity across multiple product service lines in Ecuador, the Caribbean, and Brazil, increased stimulation activity and higher completion tool sales in Mexico, and increased stimulation activity in Argentina. Partially offsetting these increases were decreased well construction activity and lower project management activity in Mexico, and lower completion tool sales in Brazil. Europe/Africa/CIS Europe/Africa/CIS revenue in the first six months of 2026 was $1.9 billion, an 18% increase compared to the first six months of 2025. These results were primarily driven by higher well construction activity and increased well intervention services in the region, improved activity across multiple product service lines in Angola, and increased completion tool sales in Norway and Ivory Coast. Partially offsetting these increases were lower completion tool sales in the Caspian Area and Romania, and decreased wireline activity in the North Sea. Middle East/Asia Middle East/Asia revenue in the first six months of 2026 was $2.6 billion, a 12% decrease compared to the first six months of 2025. These results were primarily driven by lower activity across multiple product service lines in the Middle East due to conflict-related disruptions, and decreased wireline activity and lower well intervention services in Asia. Partially offsetting these decreases were higher fluid services in Brunei, increased testing services in Turkey and the United Arab Emirates, and improved completion tool sales in Australia. Other Operating Items Corporate and Other. During the six months ended June 30, 2026, Corporate and Other expense totaled $152 million, which was an increase of $20 million, or 15%, as compared to the six months ended June 30, 2025. This increase was primarily attributable to higher executive compensation costs and increased amortization expense related to recent acquisitions. SAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect to complete in the fourth quarter of 2026. During the six months ended June 30, 2026 and 2025, we recognized $88 million and $62 million of expense on our SAP S4 migration, respectively. Impairments and Other Charges (Credits). During the six months ended June 30, 2026, we recognized a pre-tax credit of $95 million primarily due to gains on our equity investments, and a government refund recovery, partially offset by a loss on the sale of a portion of our chemical business. During the six months ended June 30, 2025, we took a pre-tax charge of $356 million to adjust our cost to market conditions. These charges consisted primarily of severance costs, an impairment of assets held for sale, an impairment of facility closures and lease terminations, and other items. See Notes to Condensed Consolidated Financial Statements, Note 2. Impairments and Other Charges (Credits) for further discussion of these charges (credits). Nonoperating Items Pension Settlement Charges from Plan Terminations. During the six months ended June 30, 2026, the Company entered into agreements to transfer certain defined benefit pension obligations to third-party insurers in connection with plan terminations. As a result, the Company recognized approximately $23 million of non-cash pension settlement charges, primarily related to the acceleration of actuarial losses previously recorded in accumulated other comprehensive income. This is included in “Other, net” on the Condensed Consolidated Statements of Operations. Income Tax Provision. During the six months ended June 30, 2026, we recorded a total income tax provision of $231 million on a pre-tax income of $1.2 billion, resulting in an effective tax rate of 18.7%. The effective tax rate for this period was primarily impacted by the release of a valuation allowance in the amount of $32 million related to changes in deferred tax asset realizability. During the six months ended June 30, 2025, we recorded a total income tax provision of $234 million on pre-tax income of $917 million, resulting in an effective tax rate of 25.5%. The effective tax rate for this period was primarily impacted by the additional valuation allowance recognized on our deferred tax assets, which resulted from the pre-tax $356 million of impairments and other charges. HAL Q2 2026 FORM 10-Q | 26 Table of Contents Part I. Item 2 | Forward-Looking Information FORWARD-LOOKING INFORMATION The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Forward-looking information is based on projections and estimates, not historical information. Some statements in this Form 10-Q, including those in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Business Environment and Results of Operations – Business Outlook, are forward-looking and use words like “may,” “may not,” “believe,” “do not believe,” “plan,” “estimate,” “intend,” “expect,” “do not expect,” “anticipate,” “do not anticipate,” “should,” “likely,” and other expressions. We may also provide oral or written forward-looking information in our statements and other materials we release to the public. Forward-looking information involves risks and uncertainties and reflects our best judgment based on current information. Our results of operations can be affected by inaccurate assumptions we make or by known or unknown risks and uncertainties. In addition, other factors may affect the accuracy of our forward-looking information. As a result, no forward-looking information can be guaranteed. Actual events and the results of our operations may vary materially. We do not assume any responsibility to publicly update any of our forward-looking statements regardless of whether factors change as a result of new information, future events, or for any other reason, except as required by law. You should review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.