v3.25.2
Business Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
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.
Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief
Executive Officer. Our CODM assesses the performance of the two divisions and makes resource allocation decisions based on
divisional revenue and operating income.
The following table presents information on our business segments.
Three Months Ended
Six Months Ended
June 30,
June 30,
Millions of dollars
2025
2024
2025
2024
Revenue:
Completion and Production
$3,171
$3,401
$6,291
$6,774
Drilling and Evaluation
2,339
2,432
4,636
4,863
Total revenue
$5,510
$5,833
$10,927
$11,637
Operating income:
Completion and Production
$513
$723
$1,044
$1,411
Drilling and Evaluation
312
403
664
801
Total operations
825
1,126
1,708
2,212
Corporate and other (a)
(66)
(65)
(132)
(130)
SAP S4 upgrade expense
(32)
(29)
(62)
(63)
Impairments and other charges (b)
—
—
(356)
—
Total operating income
$727
$1,032
$1,158
$2,019
Interest expense, net of interest income
(92)
(92)
(178)
(184)
Other, net (c)
(24)
(20)
(63)
(128)
Income before income taxes
$611
$920
$917
$1,707
Capital expenditures:
Completion and Production
$205
$166
$383
$342
Drilling and Evaluation
149
181
273
334
Corporate and other
—
—
—
1
Total capital expenditures
$354
$347
$656
$677
Depreciation, depletion, and amortization:
Completion and Production
$154
$150
$306
$294
Drilling and Evaluation
124
118
245
233
Corporate and other
6
3
10
7
Total depreciation, depletion, and amortization
$284
$271
$561
$534
(a)
Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease
assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.
(b)
During the three months ended June 30, 2025, there were no amounts recorded in impairments and other charges. For the six months ended June 30,
2025, the amount includes a $201 million charge attributable to Completion and Production, an $85 million charge attributable to Drilling and
Evaluation, and a $70 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges.
(c)
During the six months ended June 30, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina
and currency devaluation in Egypt.
The following table presents significant segment expenses, which represent the difference between segment revenue
and segment operating income and are regularly reviewed by our CODM.
Three Months Ended
Six Months Ended
June 30,
June 30,
2025
2025
Millions of dollars
Completion and
Production
Drilling and
Evaluation
Completion and
Production
Drilling and
Evaluation
Segment operating expenses:
Cost of products, materials, and supplies
$1,319
$922
$2,619
$1,804
Compensation
483
479
957
946
Depreciation, depletion, and amortization
154
124
306
245
Other
702
502
1,365
977
Total segment operating expenses
$2,658
$2,027
$5,247
$3,972
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2024
Millions of dollars
Completion and
Production
Drilling and
Evaluation
Completion and
Production
Drilling and
Evaluation
Segment operating expenses:
Cost of products, materials, and supplies
$1,374
$961
$2,766
$1,938
Compensation
477
461
961
926
Depreciation, depletion, and amortization
150
118
294
233
Other
677
489
1,342
965
Total segment operating expenses
$2,678
$2,029
$5,363
$4,062
Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other
miscellaneous costs.
The following table presents total assets by segment.
Millions of dollars
June 30,
2025
December 31,
2024
Total assets:
Completion and Production (a)
$11,946
$11,987
Drilling and Evaluation (a)
7,995
7,806
Corporate and other (b)
5,436
5,794
Total assets
$25,377
$25,587
(a)
Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-use assets,
equity in and advances to related companies, and goodwill.
(b)
Includes primarily cash and equivalents and deferred tax assets.