0000045012-25-000010 | 10-K | XBRL Viewer

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, 40%, 44%, and 45% of our consolidated revenue was from the United States for the years ended December 31, 2024, 2023, and 2022, respectively. No other country accounted for more than 10% of our revenue.

The following table presents information on our disaggregated revenue.


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Revenue by segment:
Completion and Production	$	13,251	$	13,689	$	11,582
Drilling and Evaluation	9,693		9,329		8,715
Total revenue	$	22,944	$	23,018	$	20,297
Revenue by geographic region:
North America	$	9,626	$	10,492	$	9,597
Latin America	4,211		3,987		3,197
Europe/Africa/CIS	3,003		2,861		2,691
Middle East/Asia	6,104		5,678		4,812
Total revenue	$	22,944	$	23,018	$	20,297

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 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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Weighted average shares outstanding and antidilutive shares [Line Items]

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 3,044,000,000

Document and Entity Information - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 05, 2025	Jun. 30, 2024	Dec. 31, 2023
Document And Enity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 22.2
Entity Common Stock, Shares Outstanding		868,091,623
Entity Central Index Key	0000045012
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock, Par or Stated Value Per Share	$ 2.50			$ 2.50
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false

Retirement Plans (Actuarial Assumptions) (Details) - Foreign Plan [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.30%	5.10%
Rate of compensation increase	4.90%	5.60%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.10%	5.60%	2.30%
Expected long-term return on plan assets	4.00%	3.80%	3.00%
Rate of compensation increase	2.90%	5.40%	5.30%

Stock-based Compensation (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Offering_Period $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Proceeds from issuance of common stock \| $	$ 105,000	$ 136,000	$ 229,000
Employee Stock Purchase Plan [Abstract]
Granted	0	0	0
Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation cost \| $	$ 223,000	$ 219,000	$ 219,000
Tax benefit \| $	(38,000)	(36,000)	(33,000)
Stock-based compensation cost, net of tax \| $	$ 185,000	$ 183,000	186,000
Number of shares reserved for issuance to recipient (in shares)	284,000
Number of shares available for future grant (in shares)	23,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Expiration from date of award (in years)	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period	14,300
Exercised	(300)
Forfeited/expired	(3,600)
Outstanding at end of period	10,400	14,300
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding- weighted average exercise price at beginning of period (in dollars per share) \| $ / shares	$ 45.47
Exercised \| $ / shares	26.89
Forfeited/expired \| $ / shares	58.04
Outstanding- weighted average price per share end of period (in dollars per share) \| $ / shares	$ 41.75	$ 45.47
Weighted Average Remaining Contractual Term (years)	2 years 4 months 24 days
Aggregate Intrinsic Value \| $	$ 4,000
Number of shares exercisable at the end of the period	10,400
Weighted Average Exercise Price per Share, Exercisable at the end of the period \| $ / shares	$ 41.75
Weighted Average Remaining Contractual Term (years), Exercisable at the end of the period	2 years 4 months 24 days
Aggregate Intrinsic Value, Exercisable at the end of the Period \| $	$ 4,000
Intrinsic value of stock options exercised during the period \| $	3,000	$ 20,000	43,000
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Unrecognized compensation cost, non vested awards at period end \| $	0
Proceeds from issuance of common stock \| $	$ 105,000	136,000	229,000
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
Exercise of stock options [Member]
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Proceeds from issuance of common stock \| $	$ 9,000	$ 48,000	$ 148,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance to recipient (in shares)	104,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	30.00%	48.00%	46.00%
Expected dividend yield	2.00%	1.44%	1.67%
Risk-free interest rate	5.24%	5.11%	1.42%
Weighted average grant-date fair value of option \| $ / shares	$ 5.60	$ 7.16	$ 5.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares available for future issuance through the plan	25,000
Employee Stock Purchase Plan [Abstract]
Percentage of earnings eligible employees may have withheld under the employee stock purchase plan	10.00%
Number of offering periods \| Offering_Period	4
Percentage of the lower of fair market value of the unit on the commencement date or the fair market value of unit on the last trading day of the offering period	90.00%
Number of shares sold through the plan (in shares)	79,000
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the period	20,900
Granted	7,300
Vested	(7,700)
Forfeited	(1,000)
Non vested shares at the end of the period	19,500	20,900
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant-Date Fair Value per Share, Non vested shares at the beginning of the period \| $ / shares	$ 27.42
Granted \| $ / shares	36.76	$ 31.73	$ 31.40
Vested \| $ / shares	25.10
Forfeited \| $ / shares	29.30
Weighted Average Grant-Date Fair Value Per Share, Nonvested shares at the end of the period \| $ / shares	$ 31.64	$ 27.42
Total fair value of shares vested during the period \| $	$ 263,000	$ 283,000	$ 248,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Expiration from date of award (in years)	5 years
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Unrecognized compensation cost, non vested awards at period end \| $	$ 410,000
Weighted average period unrecognized compensation costs to be recognized (in years)	3 years

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment Income, Interest	$ 97	$ 81	$ 29

Commitments and Contingencies (Guarantee Arrangements) (Details) $ in Billions	Dec. 31, 2024 USD ($)
Financial agreements
Guarantee arrangements [Abstract]
Guarantee arrangements outstanding	$ 2.8

Income per Share Income per Share (Tables)

12 Months Ended

Dec. 31, 2024

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:


	Year Ended December 31,
Millions of shares	2024	2023	2022
Basic weighted average common shares outstanding	882	899	904
Dilutive effect of awards granted under our stock incentive plans	1	3	4
Diluted weighted average common shares outstanding	883	902	908
Antidilutive shares:
Options with exercise price greater than the average market price	10	12	15

Total antidilutive shares	10	12	15

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories


	December 31,
Millions of dollars	2024		2023
Finished products and parts	$	1,956	$	2,069
Raw materials and supplies	952		1,021
Work in process	132		136
Total inventories	$	3,040	$	3,226

Leases (Details)	Dec. 31, 2024
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	10 years

Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Financing Receivable, Allowance for Credit Loss [Line Items]

Rollforward of Allowance for Bad Debts

The table below presents a rollforward of our allowance for credit losses for 2022, 2023 and 2024.


Millions of dollars		Balance at Beginning of Period		Provision (a)		Other (b)		Balance at End of Period (c)
Year ended December 31, 2022		$	754	$	2	$	(25)	$	731
Year ended December 31, 2023		731		22		(11)		742
Year ended December 31, 2024		742		17		(5)		754

(a)	Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
(b)	Includes write-offs, balance sheet reclassifications, and other activity.
(c)	The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease, Cost

The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2024, 2023, and 2022, along with other supplemental information about our existing leases:


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets	$	37	$	30	$	20
Interest on lease liabilities	38		41		38
Operating lease cost	353		337		301
Short-term lease cost	42		35		31
Sublease income	(3)		(2)		(3)
Total lease cost	$	467	$	441	$	387

Lease supplemental disclosure


	As of December 31,
Millions of dollars	2024		2023
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)	$	1,022	$	1,088
Current portion of operating lease liabilities	263		262
Operating lease liabilities (non-current)	798		911
Finance leases:
Other assets (non-current)	$	139	$	120
Other current liabilities	44		32
Other liabilities (non-current)	126		132


	Year Ended December 31,
Millions of dollars except years and percentages	2024			2023			2022
Other supplemental information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	374		$	354		$	332
Operating cash flows for finance leases	38			41			38
Financing cash flows for finance leases	33			37			26
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	274		$	487		$	249
Finance leases	57			64			62
Weighted-average remaining lease term:
Operating leases	7.9 years			8.2 years			9.5 years
Finance leases	4.6 years			5.3 years			5.9 years
Weighted-average discount rate for operating leases	5.4		%	5.3		%	5.2		%

Lessee, Operating and Finance Leases, Liability Maturity Table

The following table summarizes the maturity of our operating and finance leases as of December 31, 2024:


Millions of dollars	Operating Leases		Finance Leases
2025	$	317	$	78
2026	232		75
2027	159		40
2028	101		19
2029	82		10
Thereafter	453		16
Total lease payments	1,344		238
Imputed interest	(284)		(68)
Total lease payments, net of imputed interest	$	1,060	$	170

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Shares of common stock

The following table summarizes total shares of common stock outstanding:


	December 31,
Millions of shares	2024	2023
Issued	1,065	1,065
In treasury	(197)	(176)
Total shares of common stock outstanding	868	889

Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. The program does not require a specific number of shares to be purchased and the program may be effected through solicited or unsolicited transactions in the market or in privately negotiated transactions. The program may be terminated or suspended at any time. We purchased 30.5 million shares of our common stock under the program during the year ended December 31, 2024. During the year ended December 31, 2023, we purchased 22.7 million shares of our common stock under the program. Approximately $3.0 billion remained authorized for repurchases as of December 31, 2024. From the inception of this program in February 2006 through December 31, 2024, we repurchased approximately 284 million shares of our common stock for a total cost of approximately $11.1 billion.

Paid-in Capital in Excess of Par Value

During 2024, 2023 and 2022, we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, additional paid in capital would have resulted in a balance below zero. Therefore, for the years ended December 31, 2024, 2023 and 2022, we reduced retained earnings by $105 million, $98 million, and $275 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Preferred stock

Our preferred stock consists of five million total authorized shares at December 31, 2024, of which none are issued.

Accumulated other comprehensive loss

Accumulated other comprehensive loss consisted of the following:


		December 31,
Millions of dollars		2024		2023
Cumulative translation adjustment		$	(82)	$	(84)
Defined benefit and other postretirement liability adjustments (a)		(234)		(207)

Other		(37)		(40)
Total accumulated other comprehensive loss		$	(353)	$	(331)

(a)	Included net actuarial losses for our international pension plans of $233 million at December 31, 2024 and $209 million at December 31, 2023.

The entire disclosure for equity.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amount and fair value of our total debt is as follows:


	December 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	$	4,503	$	2,825	$	7,328	$	7,541	$	7,419	$	378	$	7,797	$	7,636

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant, and Equipment

Property, plant, and equipment were composed of the following:


	December 31,
Millions of dollars	2024		2023
Land	$	119	$	119
Buildings and property improvements	1,751		1,724
Machinery, equipment, and other	15,704		15,121
Total property, plant, and equipment	17,574		16,964
Accumulated depreciation	(12,461)		(12,064)
Net property, plant, and equipment	$	5,113	$	4,900

During the years ended December 31, 2024 and 2023, no impairment charges were recorded on property, plant, and equipment.

Classes of assets are depreciated over the following useful lives:


	Buildings and Property Improvements
	2024	2023
1 - 10 years	17%	16%
11 - 20 years	40%	40%
21 - 30 years	26%	26%
31 - 40 years	17%	18%


	Machinery, Equipment, and Other
	2024	2023
1 - 5 years	46%	47%
6 - 10 years	45%	43%
11 - 20 years	9%	10%

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	December 31,
Millions of dollars	2024		2023
Finished products and parts	$	1,956	$	2,069
Raw materials and supplies	952		1,021
Work in process	132		136
Total inventories	$	3,040	$	3,226

All amounts in the table above are reported net of obsolescence reserves of $62 million at December 31, 2024 and $81 million at December 31, 2023.

During the years ended December 31, 2024 and 2023, there were no impairments charges related to inventory.

Description of Company and Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Division	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments \| Division	2
Goodwill [Line Items]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Research and Development [Abstract]
Research and development costs	$ 426,000,000	408,000,000	345,000,000
Cash and Cash Equivalents [Abstract]
Cash equivalents, maximum maturity (in months)	3 months
Goodwill [Roll Forward]
Goodwill	$ 2,850,000,000	2,829,000,000
Current year acquisitions	8,000,000	21,000,000
Other	(20,000,000)	0
Goodwill	$ 2,838,000,000	2,850,000,000	2,829,000,000
Minimum
Finite-lived intangible assets [Abstract]
Useful life of finite-lived intangible assets (in years)	1 year
Completion and Production
Goodwill [Roll Forward]
Goodwill	$ 2,032,000,000	2,020,000,000
Current year acquisitions	8,000,000	0
Other	(20,000,000)	12,000,000
Goodwill	2,020,000,000	2,032,000,000	2,020,000,000
Drilling and Evaluation
Goodwill [Roll Forward]
Goodwill	818,000,000	809,000,000
Current year acquisitions	0	21,000,000
Other	0	(12,000,000)
Goodwill	$ 818,000,000	$ 818,000,000	$ 809,000,000

Retirement Plans (Level 3 Rollforward) (Details) - Buy-In Annuity Insurance Contract $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Balance at the beginning of the year	$ 2
Purchase of insurance contract	590
Return on assets	(18)
Payment from the insurance policy	(9)
Balance at the end of the year	$ 565

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

Total shares of common stock outstanding

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Expense for the defined contribution plans for continuing operations	$ 182	$ 181	$ 160
Buy-In Annuity Insurance Contract
Defined Benefit Plan Disclosure [Line Items]
Purchase of insurance contract	590
Defined Benefit Plan, Plan Assets, Amount	565	2
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation	773	745
Defined Benefit Plan, Plan Assets, Amount	594	622
Defined Benefit Plan, Funded (Unfunded) Status of Plan	179	123
Defined Benefit Plan, Accumulated Benefit Obligation	694	672
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	43	$ 32	$ 14
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	$ 1
Number of years annual benefit payments	10 years
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months	$ 38
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	32
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	34
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	37
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	37
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter	$ 225
United Kingdom Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
United Kingdom pension plan percentage of international pension plans' projected benefit obligations	73.00%

Shareholders' Equity (Shareholders' Equity, Accumulated Other Comprehensive Loss, Common Stock, and Preferred Stock) (Details) - USD ($)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Class of Stock [Line Items]

Issued

1,065,000,000

Treasury Stock, Shares

197,000,000

176,000,000

868,000,000

889,000,000

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax

^[1]

$ (234,000,000)

$ (207,000,000)

Accumulated other comprehensive loss

(37,000,000)

(40,000,000)

$ (353,000,000)

$ (331,000,000)

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Stock Repurchased During Period, Shares

30,500,000

22,700,000

Stock authorized to repurchase

$ 3,000,000,000.0

Number of shares of common stock repurchased from inception (in shares)

284,000,000

Approximate value of shares of common stock repurchased from inception

$ 11,100,000,000

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Number of shares of preferred stock that are authorized for issuance (in shares)

5,000,000

Number of shares preferred stock that are issued at period end (in shares)

Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax

$ (82,000,000)

$ (84,000,000)

Stock plans

241,000,000

282,000,000

$ 395,000,000

Retained Earnings

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Stock plans

105,000,000

98,000,000

$ 275,000,000

Foreign Plan [Member]

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Net actuarial losses

$ 233,000,000

$ 209,000,000

[1]	Included net actuarial losses for our international pension plans of $233 million at December 31, 2024 and $209 million at December 31, 2023.

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, plant, and equipment

Property, plant, and equipment were composed of the following:


	December 31,
Millions of dollars	2024		2023
Land	$	119	$	119
Buildings and property improvements	1,751		1,724
Machinery, equipment, and other	15,704		15,121
Total property, plant, and equipment	17,574		16,964
Accumulated depreciation	(12,461)		(12,064)
Net property, plant, and equipment	$	5,113	$	4,900

Percentages of building and property improvements, and total machinery, and equipment and other, excluding oil and natural gas investments, depreciated over useful lives

Classes of assets are depreciated over the following useful lives:


	Buildings and Property Improvements
	2024	2023
1 - 10 years	17%	16%
11 - 20 years	40%	40%
21 - 30 years	26%	26%
31 - 40 years	17%	18%


	Machinery, Equipment, and Other
	2024	2023
1 - 5 years	46%	47%
6 - 10 years	45%	43%
11 - 20 years	9%	10%

Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Share-based Compensation Arrangement by Share-based Payment Award

Stock-based Compensation

The following table summarizes stock-based compensation costs for the years ended December 31, 2024, 2023, and 2022.


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Stock-based compensation cost	$	223	$	219	$	219
Tax benefit	(38)		(36)		(33)
Stock-based compensation cost, net of tax	$	185	$	183	$	186

Our Stock and Incentive Plan, as amended (Stock Plan), provides for the grant of any or all of the following types of stock-based awards:

- stock options, including incentive stock options and nonqualified stock options;

- restricted stock awards;

- restricted stock unit awards;

- stock appreciation rights; and

- stock value equivalent awards.

There are currently no stock appreciation rights, stock value equivalent awards, or incentive stock options outstanding. Under the terms of the Stock Plan, approximately 284 million shares of common stock have been reserved for issuance to employees and non-employee directors. At December 31, 2024, approximately 23 million shares were available for future grants under the Stock Plan. The stock to be offered pursuant to the grant of an award under the Stock Plan may be authorized but unissued common shares or treasury shares.

In addition to the provisions of the Stock Plan, we also have stock-based compensation provisions under the Restricted Stock Plan for Non-Employee Directors and the Employee Stock Purchase Plan (ESPP).

Each of the active stock-based compensation arrangements is discussed below.

Stock options

There were no stock options granted during 2024 and there are no plans to grant stock options in 2025. All stock options under the Stock Plan were granted at the fair market value of our common stock at the grant date. Employee stock options generally vest ratably over a period of three years and expire ten years from the grant date. Compensation expense for stock options is generally recognized on a straight line basis over the entire vesting period.

The following table represents our stock options activity during 2024.


	Number of Shares (in millions)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2024	14.3	$	45.47

Exercised	(0.3)	26.89
Forfeited/expired	(3.6)	58.04
Outstanding at December 31, 2024	10.4	$	41.75	2.4	$	4.0
Exercisable at December 31, 2024	10.4	$	41.75	2.4	$	4.0

The total intrinsic value of options exercised was $3 million in 2024, $20 million in 2023, and $43 million in 2022. As of December 31, 2024, there was no unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options.

Cash received from issuance of common stock for 2024, 2023, and 2022 was $105 million, $136 million, and $229 million, respectively, of which $9 million, $48 million, and $148 million, respectively, are related to proceeds from exercises of stock options. All other cash received from issuance of common stock during 2024, 2023 and 2022 relates to cash proceeds from the issuance of shares under our employee stock purchase plan.

The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility of options granted was a blended rate based upon implied volatility calculated on actively traded options on our common stock and upon the historical volatility of our common stock. The expected term of options granted was based upon historical observation of actual time elapsed between date of grant and exercise of options for all employees. There were no stock options granted for the years ended December 31, 2024, 2023 and 2022.

Restricted stock

Restricted shares issued under the Stock Plan are restricted as to sale or disposition. These restrictions generally lapse periodically over a period of five years. Restrictions may also lapse for early retirement and other conditions in accordance with our established policies. Upon termination of employment, shares on which restrictions have not lapsed must be returned to us, resulting in restricted stock forfeitures. The fair market value of the stock on the date of grant is amortized and charged to income on a straight-line basis over the requisite service period for the entire award.

In 2024, we also granted performance based restricted stock units, with the actual number of shares earned to be determined at the end of a three year performance period based on our achievement of certain predefined targets. These targets are based upon our average return on capital employed as compared to certain competitors and a modifier based upon stock performance compared to the Oilfield Services Index (OSX). A Monte Carlo simulation that uses a probabilistic approach was performed by an actuary to measure grant date fair value. The fair value of these performance based restricted stock units is recognized on a straight-line basis over the three year performance cycle.

The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2024.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2024	20.9	$	27.42
Granted	7.3	36.76
Vested	(7.7)	25.10
Forfeited	(1.0)	29.30
Nonvested shares at December 31, 2024	19.5	$	31.64

The weighted average grant-date fair value of shares granted was $36.76 during 2024, $31.73 during 2023, and $31.40 during 2022. The total fair value of shares vested was $263 million during 2024, $283 million during 2023, and $248 million during 2022. As of December 31, 2024, there was $410 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock, which is expected to be recognized over a weighted average period of three years.

Employee Stock Purchase Plan

Under the ESPP, eligible employees may have up to 10% of their earnings withheld, subject to some limitations, to be used to purchase shares of our common stock. The ESPP contains four three-month offering periods commencing on January 1, April 1, July 1, and October 1 of each year. The price at which common stock may be purchased under the ESPP in 2022, 2023, and 2024 is equal to 90% of the lower of the fair market value of the common stock on the commencement date or last trading day of each offering period. Under the ESPP, 104 million shares of common stock have been reserved for issuance, of which 79 million shares have been sold through the ESPP since the inception of the plan through December 31, 2024 and 25 million shares are available for future issuance. The stock to be offered may be authorized but unissued common shares or treasury shares.

The fair value of ESPP shares was estimated using the Black-Scholes option pricing model. The expected volatility was a one-year historical volatility of our common stock. The assumptions and resulting fair values were as follows:


	Year Ended December 31,
	2024			2023			2022
Expected volatility	30		%	48		%	46		%
Expected dividend yield	2.00		%	1.44		%	1.67		%
Risk-free interest rate	5.24		%	5.11		%	1.42		%
Weighted average grant-date fair value per share	$	5.60		$	7.16		$	5.63

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Receivables (Details)
$ in Millions

12 Months Ended

Dec. 31, 2024

USD ($)

Customers

Dec. 31, 2023

USD ($)

Customers

Dec. 31, 2022

USD ($)

Maximum Percentage Gross Trade Receivables From One Customer

10.00%

NumberOfCustomersExceedReceivablesThreshold | Customers

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Balance at Beginning of Period

$ 742

^[1]

$ 731

^[1]

$ 754

Provision (a)

^[2]

Other (b)

^[3]

(5)

(11)

(25)

Balance at End of Period (c)

^[1]

754

$ 742

$ 731

CDS Contracts Aggregate

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Derivative, Notional Amount

$ 739

UNITED STATES | Geographic Concentration Risk | Accounts Receivable

MEXICO | Geographic Concentration Risk | Accounts Receivable

30.00%

33.00%

MEXICO | Customer Concentration Risk | Accounts Receivable

11.00%

9.00%

Reconciliation of assets from segment to consolidated

8.00%

6.00%

[1]	The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.
[2]	Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
[3]	Includes write-offs, balance sheet reclassifications, and other activity.

Business Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]


		December 31,
Millions of dollars		2024		2023
Total assets:
Completion and Production (a)		$	11,987	$	11,606
Drilling and Evaluation (a)		7,806		7,532
Corporate and other (b)		5,794		5,545
Total assets		$	25,587	$	24,683

(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.

Schedule of revenue from external customers and long-lived assets, by geographical areas



	Year Ended December 31,
Millions of dollars	2024		2023		2022
Revenue:
North America	$	9,626	$	10,492	$	9,597
Latin America	4,211		3,987		3,197
Europe/Africa/CIS	3,003		2,861		2,691
Middle East/Asia	6,104		5,678		4,812
Total revenue	$	22,944	$	23,018	$	20,297


	December 31,
Millions of dollars	2024		2023
Net property, plant, and equipment:
North America	$	2,595	$	2,961
Latin America	1,002		527
Europe/Africa/CIS	593		444
Middle East/Asia	923		968
Total net property, plant, and equipment	$	5,113	$	4,900

Information on business segments

The following tables present financial information on our business segments.



		Year Ended December 31,
Millions of dollars		2024		2023		2022
Revenue:
Completion and Production		$	13,251	$	13,689	$	11,582
Drilling and Evaluation		9,693		9,329		8,715
Total revenue		$	22,944	$	23,018	$	20,297











Operating income:
Completion and Production		$	2,709	$	2,835	$	2,037
Drilling and Evaluation		1,608		1,543		1,292
Total operations		4,317		4,378		3,329
Corporate and other (a)		(255)		(244)		(256)
SAP S4 upgrade expense		(124)		(51)		—
Impairments and other charges (b)		(116)		—		(366)
Total operating income		$	3,822	$	4,083	$	2,707
Interest expense, net of interest income		$	(353)	$	(395)	$	(463)
Loss on Blue Chip Swap transactions		(8)		(110)		—
Argentina currency impact		—		(131)		(30)
Loss on early extinguishment of debt		—		—		(42)
Other, net		(227)		(84)		(62)
Income before income taxes		$	3,234	$	3,363	$	2,110

Capital expenditures:
Completion and Production		$	775	$	765	$	589
Drilling and Evaluation		665		613		420
Corporate and other		2		1		2
Total capital expenditures		$	1,442	$	1,379	$	1,011
Depreciation, depletion, and amortization:
Completion and Production		$	588	$	553	$	520
Drilling and Evaluation		475		430		406
Corporate and other		16		15		14
Total depreciation, depletion, and amortization		$	1,079	$	998	$	940


(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)	Impairments and other charges are as follows: -For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million net gain attributable to Corporate and other.

Summary of Significant Segment Expenses

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.


	2024
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,428	$	3,803
Compensation	1,922		1,865
Depreciation, depletion, and amortization	588		475
Other	2,604		1,942
Total segment operating expenses	$	10,542	$	8,085


	2023
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,906	$	3,771
Compensation	1,810		1,750
Depreciation, depletion, and amortization	553		430
Other	2,585		1,835
Total segment operating expenses	$	10,854	$	7,786


	2022
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,573	$	3,293
Compensation	1,614		1,596
Depreciation, depletion, and amortization	520		406
Other	1,838		2,128
Total segment operating expenses	$	9,545	$	7,423

Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other miscellaneous costs.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 2,516	$ 2,662	$ 1,595
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Impairments and other charges	116	0	366
Depreciation, depletion and amortization	1,079	998	940
Deferred Income Taxes and Tax Credits	148	196	70
Changes in assets and liabilities:
Receivables	(312)	(257)	(1,151)
Accounts payable	62	49	852
Inventories	147	(303)	(642)
Other operating activities	109	113	212
Total cash flows provided by operating activities	3,865	3,458	2,242
Cash flows from investing activities:
Capital expenditures	(1,442)	(1,379)	(1,011)
Proceeds from sales of property, plant and equipment	223	195	200
Other investing activities	(211)	(114)	(81)
Total cash flows used in investing activities	(1,654)	(1,659)	(967)
Cash flows from financing activities:
Dividends to shareholders	(600)	(576)	(435)
Proceeds from issuance of common stock	105	136	229
Stock repurchase program	(1,005)	(800)	(250)
Payments on long-term borrowings	(100)	(305)	(1,242)
Other financing activities	(130)	(126)	(100)
Total cash flows used in financing activities	(1,730)	(1,671)	(1,798)
Cash and equivalents at beginning of year	2,264
Cash and equivalents at end of year	2,618	2,264
Cash payments (receipts) during the period for:
Interest	441	460	487
Income taxes	538	616	354
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	354	(82)	(698)
Cash and equivalents	2,618	2,264	2,346
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(127)	(210)	(175)
Payments to Acquire Marketable Securities	(438)	(492)	(75)
Proceeds from Sale and Maturity of Marketable Securities	$ 214	$ 131	$ 0

Impairment and Other Charges (Notes)

12 Months Ended

Dec. 31, 2024

Impairments and Other Charges [Abstract]

Impairments and Other Charges

The following table presents various pre-tax charges we recorded during the years ended December 31, 2024 and 2022 which are reflected within “Impairments and other charges” on our consolidated statements of operations.


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Severance costs	$	63	$	—	$	—
Impairment of assets held for sale	49		—		—
Cybersecurity	35		—		—
Gain on investment	(43)		—		—
Receivables	—		—		202
Long-lived asset impairments	—		—		100
Inventory costs and write-downs	—		—		70
Other	12		—		(6)
Total impairments and other charges	$	116	$	—	$	366

During the year ended December 31, 2024, we recorded $116 million net charges, of which $45 million was attributable to our Completion and Production segment, $34 million was attributable to our Drilling and Evaluation segment, and $37 million was attributable to Corporate and other. These charges included $63 million in severance expense as we rationalized global headcount to reflect growth expectations in addition to a $49 million impairment associated with a strategic decision to market for sale a portion of our chemical business. Also, as disclosed within our Form 8-Ks filed with the SEC on August 23, 2024, and September 3, 2024, we became aware that an unauthorized third party gained access to certain of our systems. As a result, we incurred $35 million in expenses related to the engagement of external advisors to assess and remediate the effects of the activity, and restore our systems, as well as legal fees, payroll related costs, and other expenses. Additionally, we recognized a gain of $43 million related to a fair value adjustment on an equity investment during the year ended December 31, 2024.

During the year ended December 31, 2023, there were no amounts recorded in impairment and other charges.

During the year ended December 31, 2022, due to Russia’s invasion of Ukraine and resulting sanctions imposed on Russia, we made the decision to sell our Russian operations and completed the sale in the third quarter of 2022. We wrote down the disposal group to fair value less costs to sell, which resulted in a pre-tax charge of $344 million. Of this pre-tax charge, approximately $131 million was attributable to our Completion and Production segment, approximately $178 million was attributable to our Drilling and Evaluation segment, and $35 million was selling costs and was attributable to Corporate and other. We no longer conduct operations in Russia. Additionally, during the first quarter of 2022, we recorded a pre-tax charge of $22 million primarily related to the write down of all our assets in Ukraine. Included in this charge is a $16 million allowance for credit loss as we do not expect to collect our receivables in Ukraine. Long-lived asset impairments include impairments of property, plant, and equipment.

Business Segment and Geographic Information (Narrative) (Details) - Division	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Number of business segments	2
Property, Plant and Equipment [Member] \| Geographic Concentration Risk \| UNITED STATES
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	49.00%	59.00%
Revenue Benchmark [Member] \| Geographic Concentration Risk \| UNITED STATES
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	40.00%	44.00%	45.00%

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Our long-term total debt consisted of the following:


	December 31,
Millions of dollars	2024		2023
5.0% senior notes due November 2045	$	1,887	$	1,911
2.92% senior notes due March 2030	1,000		1,000
4.85% senior notes due November 2035	997		1,000
7.45% senior notes due September 2039	938		946
4.75% senior notes due August 2043	846		879
6.7% senior notes due September 2038	763		763
4.5% senior notes due November 2041	469		500
7.6% senior debentures due August 2096	226		228
6.75% notes due February 2027	90		90
3.8% senior notes due November 2025	—		382
Other	6		5
Unamortized debt issuance costs and discounts	(62)		(68)
Total long-term debt	$	7,160	$	7,636
Short-term borrowings and current maturities of long-term debt, net	381		—

Total debt	$	7,541	$	7,636

There were no short-term borrowings and $381 million of current maturities of long-term debt as of December 31, 2024. There were no short-term borrowings or current maturities of long-term debt as of December 31, 2023.

Senior debt

We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest. Our 6.75% notes due February 2027 and 7.6% senior debentures due August 2096 may not be redeemed prior to maturity.

Repurchases of senior debt

Our total debt repurchases consisted of the following:


	December 31,
Millions of dollars	2024		2023
4.75% senior notes due August 2043	$	32	$	21
4.5% senior notes due November 2041	31		—
5.0% senior notes due November 2045	24		90
7.45% senior notes due September 2039	8		54
4.85% senior notes due November 2035	3		—
7.6% senior debentures due August 2096	2		66
6.7% senior notes due September 2038	—		37
3.8% senior notes due November 2025	—		18
6.75% notes due February 2027	—		14

Total Repurchases	$	100	$	300

We used cash on hand to fund these repurchases, which included the principal amount, a net premium or discount, and accrued interest. The remaining principal balance of these instruments of $6.6 billion in the aggregate remains outstanding as of December 31, 2024.

Redemption of 3.8% senior notes due November 2025 redemption

In February of 2022, we redeemed $600 million aggregate principal amount of our 3.8% senior notes due in November 2025. The early redemption of the notes resulted in a loss of $42 million, consisting of premiums and unamortized expenses. The loss is included in “Loss on early extinguishment of debt” in our consolidated statements of operations for the year ended December 31, 2022. We used cash on hand to fund the aggregate redemption price of the notes in the amount of $641 million, which included the principal amount, the make-whole premium, and accrued interest. The remaining $382 million aggregate principal amount of our 3.8% senior notes remains outstanding.

Revolving credit facilities

We have a revolving credit facility with a capacity of $3.5 billion, which expires in April 2027. The facility is for general working capital purposes. The full amount of the revolving credit facility was available as of December 31, 2024.

Debt maturities

Our debt matures as follows: $381 million in 2025, no amounts in 2026, $90 million in 2027, no amounts in 2028, or 2029, and the remainder thereafter.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Net Benefit Costs

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

The following table presents additional information about our international pension plans.


	December 31,
Millions of dollars	2024		2023
Amounts recognized on the Consolidated Balance Sheets
Other assets	$	11	$	39
Accrued employee compensation and benefits	11		10
Employee compensation and benefits	177		154
Pension plans in which projected benefit obligation exceeded plan assets
Projected benefit obligation	$	200	$	179
Fair value of plan assets	12		15
Pension plans in which accumulated benefit obligation exceeded plan assets
Accumulated benefit obligation	$	122	$	106
Fair value of plan assets	12		15

Schedule of Allocation of Plan Assets

The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.


Millions of dollars		Level 1		Level 2		Level 3		Net Asset Value (a)		Total
Cash and equivalents		$	—	$	—	$	—	$	—	$	—

Bond funds (b)		—		11		—		—		11

Real estate funds (c)		—		—		—		8		8
Other investments (d)		1		9		565		—		575
Fair value of plan assets at December 31, 2024		$	1	$	20	$	565	$	8	$	594

Cash and equivalents		$	29	$	234	$	—	$	—	$	263

Bond funds (e)		—		159		—		156		315

Real estate funds (c)		—		—		—		30		30
Other investments (d)		1		11		2		—		14
Fair value of plan assets at December 31, 2023		$	30	$	404	$	2	$	186	$	622

(a)	Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.

(b)	Strategy of bond funds is to invest in fixed income securities meeting certain ratings thresholds focused on mitigating interest rate risk and protecting funded status.
(c)	Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(d)	Other investments consist of insurance contracts, a buy-in annuity insurance contract, balanced funds, and government bonds. The fair value of the buy-in annuity insurance contract is determined using the quote provided by an insurance company, reflecting prevailing market conditions for similar transactions.
(e)	Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.

Defined Benefit Plan, Assumptions

Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:


	2024	2023
Discount rate	5.3%	5.1%
Rate of compensation increase	4.9%	5.6%

Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:


	2024	2023	2022
Discount rate	5.1%	5.6%	2.3%
Expected long-term return on plan assets	4.0%	3.8%	3.0%
Rate of compensation increase	2.9%	5.4%	5.3%

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2024. Level 3 assets in 2023 were immaterial.


Millions of dollars	2024
Balance at the beginning of the year	$	2
Purchase of insurance contract	590
Return on assets	(18)
Payment from the insurance policy	(9)
Balance at the end of the year	$	565

Income per Share (Details) - shares shares in Millions	12 Months Ended
Income per Share (Details) - shares shares in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive shares:
Basic weighted average common shares outstanding	882	899	904
Dilutive effect of awards granted under our stock incentive plans	1	3	4
Diluted weighted average common shares outstanding	883	902	908
Stock Options
Antidilutive shares:
Options with exercise price greater than the average market price	10	12	15
Total antidilutive shares	10	12	15

Financial Instruments and Risk Management (Carrying Amount and Fair Value of Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Total fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 7,328	$ 7,797
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	7,541	7,636
Level 1 \| Total fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	4,503	7,419
Level 2 \| Total fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 2,825	$ 378

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Retirement Plans (Fair Value of Assets Held by International Pension Plans) (Details) - Foreign Plan [Member] - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 594	$ 622
Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1	30
Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	20	404
Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	565	2
Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	8	186
Cash and equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	263
Cash and equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	29
Cash and equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	234
Cash and equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Cash and equivalents \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Bond funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	11	315
Bond funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Bond funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	11	159
Bond funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Bond funds \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	156
Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	8	30
Real estate funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Real estate funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Real estate funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Real estate funds \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	8	30
Other investments
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	575	14
Other investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1	1
Other investments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	9	11
Other investments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	565	2
Other investments \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 0	$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss)	$ 2,516	$ 2,662	$ 1,595
Other comprehensive income (loss), net of income taxes:
Defined benefit and other postretirement plans adjustments	(26)	(106)	(54)
Other	5	5	7
Other comprehensive loss, net of income taxes	(21)	(101)	(47)
Comprehensive income (loss)	2,495	2,561	1,548
Comprehensive income attributable to noncontrolling interest	(16)	(24)	(23)
Comprehensive income (loss) attributable to company shareholders	$ 2,479	$ 2,537	$ 1,525

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Business Segment and Geographic Information (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Revenue:

$ 22,944

$ 23,018

$ 20,297

3,822

4,083

2,707

Interest expense, net of interest income

$ (344)

$ (22)

(116)

^[1]

(366)

^[1]

(353)

(395)

(463)

Gain (Loss) on Blue Chip Swap Transaction

(8)

(110)

Other, net

(227)

(84)

(62)

Income before income taxes

3,234

3,363

2,110

1,079

998

940

25,587

24,683

Gain (Loss) on Extinguishment of Debt

5,113

4,900

(42)

SAP S4 Upgrade Expense

(124)

(51)

Argentina Currency Devaluation

131

Payments to Acquire Marketable Securities

(438)

(492)

(75)

1,442

1,379

1,011

Total operations

Completion and Production

4,317

4,378

3,329

Revenue:

13,251

13,689

11,582

2,709

2,835

2,037

(131)

(45)

(136)

588

553

520

^[2]

11,987

11,606

Operating Expenses

10,542

10,854

9,545

Other Cost of Operating Revenue

775

765

589

Cost, Direct Material

5,428

5,906

5,573

Cost, Direct Labor

1,922

1,810

1,614

2,604

2,585

1,838

Drilling and Evaluation

Revenue:

9,693

9,329

8,715

1,608

1,543

1,292

$ (178)

(34)

(195)

475

430

406

^[2]

7,806

7,532

Operating Expenses

8,085

7,786

7,423

Other Cost of Operating Revenue

665

613

420

Cost, Direct Material

3,803

3,771

3,293

Cost, Direct Labor

1,865

1,750

1,596

1,942

1,835

2,128

Corporate Segment and Other Operating Segment [Member]

Other General Expense

(255)

(244)

(256)

(37)

(35)

^[3]

5,794

5,545

North America [Member]

Revenue:

9,626

10,492

9,597

2,595

2,961

Latin America [Member]

Revenue:

4,211

3,987

3,197

Europe/Africa/CIS [Member]

1,002

527

Revenue:

3,003

2,861

2,691

Middle East/Asia [Member]

593

444

Revenue:

6,104

5,678

$ 4,812

$ 923

$ 968

[1]	Impairments and other charges are as follows: -For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million net gain attributable to Corporate and other.
[2]	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.
[3]	Includes primarily cash and equivalents and deferred tax assets.

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventory costs and write-downs	$ 0	$ 0	$ 70
Inventory, net [Abstract]
Finished products and parts	1,956	2,069
Raw materials and supplies	952	1,021
Work in process	132	136
Total inventories	3,040	3,226
Obsolescence reserves	$ 62	$ 81

Retirement Plans (Additional Information About International Plans) (Details) - Foreign Plan [Member] - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Amounts recognized on the Consolidated Balance Sheets
Other Assets	$ 11	$ 39
Accrued employee compensation and benefits	11	10
Employee compensation and benefits	177	154
Pension plans in which projected benefit obligation exceeded plan assets
Projected benefit obligation	200	179
Fair value of plan assets	12	15
Pension plans in which accumulated benefit obligation exceeded plan assets
Accumulated benefit obligation	122	106
Fair value of plan assets	$ 12	$ 15

Retirement Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement Plans

Our company and subsidiaries have various plans that cover a significant number of our employees. These plans include defined contribution plans, defined benefit plans, and other postretirement plans:

- Our defined contribution plans provide retirement benefits in return for services rendered. These plans provide an individual account for each participant and have terms that specify how contributions to the participant’s account are to be determined rather than the amount of pension benefits the participant is to receive. Contributions to these plans are based on a percentage of pre-tax income, after-tax income, or discretionary amounts determined on an annual basis. Our expense for the defined contribution plans totaled $182 million in 2024, $181 million in 2023, and $160 million in 2022. The increase in expense from 2023 to 2024 was due to headcount and salary increase for the year ended December 31, 2024. The increase in expense from 2022 to 2023 was also due to headcount and salary increase.

- Our defined benefit plans, which include both overfunded and underfunded pension plans, define an amount of pension benefit to be provided, usually as a function of age, years of service and/or compensation. The underfunded obligations and net periodic benefit cost of our United States defined benefit plans were not material for the periods presented.

- Our postretirement plans other than pensions are offered to specific eligible employees. The accumulated benefit obligations and net periodic benefit cost for these plans were not material for the periods presented.

- In 2024, an annuity purchase transaction, commonly known as a ‘buy-in’, was executed for the pension plan in the United Kingdom. The buy-in agreement was secured by paying a premium of approximately $590 million from plan assets. Under the terms of the insurance contract, which were issued by a third-party insurance company with no affiliation to the Company, all pension obligations will be funded by the insurer’s annuity payments. However, the plan retains full legal responsibility to pay the benefits to plan participants using the insurance payments. As the plan maintains full legal responsibility, and the insurance contract is considered an asset of the plan, settlement accounting has not been applied.

Funded status

For our international pension plans, at December 31, 2024, the projected benefit obligation was $773 million and the fair value of plan assets was $594 million, which resulted in an underfunded obligation of $179 million. At December 31, 2023, the projected benefit obligation was $745 million and the fair value of plan assets was $622 million, which resulted in an underfunded obligation of $123 million. The accumulated benefit obligation for our international plans was $694 million at December 31, 2024 and $672 million at December 31, 2023. The increase in projected benefit obligation and accumulated benefit obligation from 2023 to 2024 was due to assumption changes, mainly a decrease in discount rate.

The following table presents additional information about our international pension plans.


	December 31,
Millions of dollars	2024		2023
Amounts recognized on the Consolidated Balance Sheets
Other assets	$	11	$	39
Accrued employee compensation and benefits	11		10
Employee compensation and benefits	177		154
Pension plans in which projected benefit obligation exceeded plan assets
Projected benefit obligation	$	200	$	179
Fair value of plan assets	12		15
Pension plans in which accumulated benefit obligation exceeded plan assets
Accumulated benefit obligation	$	122	$	106
Fair value of plan assets	12		15

Fair value measurements of plan assets

The fair value of our plan assets categorized within level 1 on the fair value hierarchy is based on quoted prices in active markets for identical assets. The fair value of our plan assets categorized within level 2 on the fair value hierarchy is based on significant observable inputs for similar assets. The fair value of our plan assets categorized within level 3 on the fair value hierarchy is based on significant unobservable inputs.

The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy.


Millions of dollars		Level 1		Level 2		Level 3		Net Asset Value (a)		Total
Cash and equivalents		$	—	$	—	$	—	$	—	$	—

Bond funds (b)		—		11		—		—		11

Real estate funds (c)		—		—		—		8		8
Other investments (d)		1		9		565		—		575
Fair value of plan assets at December 31, 2024		$	1	$	20	$	565	$	8	$	594

Cash and equivalents		$	29	$	234	$	—	$	—	$	263

Bond funds (e)		—		159		—		156		315

Real estate funds (c)		—		—		—		30		30
Other investments (d)		1		11		2		—		14
Fair value of plan assets at December 31, 2023		$	30	$	404	$	2	$	186	$	622

(a)	Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plans assets.

(b)	Strategy of bond funds is to invest in fixed income securities meeting certain ratings thresholds focused on mitigating interest rate risk and protecting funded status.
(c)	Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(d)	Other investments consist of insurance contracts, a buy-in annuity insurance contract, balanced funds, and government bonds. The fair value of the buy-in annuity insurance contract is determined using the quote provided by an insurance company, reflecting prevailing market conditions for similar transactions.
(e)	Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.

Level 3 Rollforward

The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2024. Level 3 assets in 2023 were immaterial.


Millions of dollars	2024
Balance at the beginning of the year	$	2
Purchase of insurance contract	590
Return on assets	(18)
Payment from the insurance policy	(9)
Balance at the end of the year	$	565

Risk management practices for these plans include diversification by issuer, industry, and geography, where permitted, as well as by asset classes and investment managers. Our United Kingdom pension plan, which constituted 73% of our international pension plans’ projected benefit obligation on December 31, 2024, is no longer accruing service benefits and completed a pension buy-in transaction during 2024 entering into a bulk annuity contract with an insurance company. The bulk annuity contract effectively covers all benefit payments to members. The investments backing the contract are invested at the discretion of the insurance company, which assumes the investment risk associated with these assets.

Net periodic benefit cost

Net periodic benefit cost for our international pension plans was $43 million in 2024, $32 million in 2023, and $14 million in 2022.

Actuarial assumptions

Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows:


	2024	2023
Discount rate	5.3%	5.1%
Rate of compensation increase	4.9%	5.6%

Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows:


	2024	2023	2022
Discount rate	5.1%	5.6%	2.3%
Expected long-term return on plan assets	4.0%	3.8%	3.0%
Rate of compensation increase	2.9%	5.4%	5.3%

Assumed long-term rates of return on plan assets, discount rates for estimating benefit obligations, and rates of compensation increases vary by plan according to local economic conditions. Where possible, discount rates were determined based on the prevailing market rates of a portfolio of high-quality debt instruments with maturities matching the expected timing of the payment of the benefit obligations. Expected long-term rates of return on plan assets were determined based upon an evaluation of our plan assets and historical trends and experience, taking into account current and expected market conditions.

Other information

Contributions. Funding requirements for each plan are determined based on the local laws of the country where such plan resides. In certain countries the funding requirements are mandatory, while in other countries they are discretionary. We currently expect to contribute $1 million to our international pension plans in 2025.

Benefit payments. Expected benefit payments over the next 10 years for our international pension plans are as follows: $38 million in 2025, $32 million in 2026, $34 million in 2027, $37 million in 2028, $37 million in 2029, and an aggregate $225 million in years 2030 through 2034.

The entire disclosure for retirement benefits.

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Operating cash flows from operating leases

Leases Other supplemental information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Leases [Abstract]

$ 374

$ 354

$ 332

Operating cash flows from finance leases

Financing cash flows from finance leases

Right-of-Use Assets Obtained in Exchange for Operating Lease Liability

274

^[1]

487

249

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

$ 57

$ 64

$ 62

Operating Lease, Weighted Average Remaining Lease Term

7 years 10 months 24 days

8 years 2 months 12 days

9 years 6 months

Operating Lease, Weighted Average Discount Rate, Percent

5.40%

5.30%

5.20%

Finance Lease, Weighted Average Remaining Lease Term

4 years 7 months 6 days

5 years 3 months 18 days

5 years 10 months 24 days

[1]

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Material Terms of Trading Arrangement

Reporting Officer

Title

Reporting Action

Plan Adoption Date

Plan End Date

Aggregated Shares Covered

Intended to Satisfy Rule 10b5-1?

Eric J. Carre

Executive Vice President and Chief Financial Officer

Plan Adoption

11/12/2024

11/11/2025

348,344

Yes

Van H. Beckwith

Executive Vice President, Secretary and Chief Legal Officer

Plan Adoption

11/12/2024

11/11/2025

267,681

Yes

Lawrence J. Pope

Executive Vice President of Administration and Chief Human Resources Officer

Plan Adoption

11/13/2024

11/11/2025

144,500

Yes

Mark J. Richard

President - Western Hemisphere

Plan Adoption

11/12/2024

11/11/2025

105,186

Yes

Shannon Slocum

President - Eastern Hemisphere

Plan Adoption

11/12/2024

11/11/2025

80,828

Yes

Timothy M. McKeon

Senior Vice President and Treasurer

Plan Adoption

11/12/2024

11/11/2025

47,240

Yes

Charles E. Geer, Jr.

Senior Vice President and Chief Accounting Officer

Plan Adoption

11/12/2024

11/11/2025

38,700

Yes

Jill D. Sharp

Senior Vice President, Internal Assurance Services

Plan Adoption

11/12/2024

11/11/2025

30,930

Yes

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Eric J. Carre [Member]

Eric J. Carre

Executive Vice President and Chief Financial Officer

true

11/12/2024

11/11/2025

364 days

348,344

Van H. Beckwith

Executive Vice President, Secretary and Chief Legal Officer

Lawrence J. Pope [Member]

true

11/12/2024

11/11/2025

364 days

267,681

Lawrence J. Pope

Executive Vice President of Administration and Chief Human Resources Officer

true

11/13/2024

11/11/2025

363 days

144,500

Mark J. Richard [Member]

Mark J. Richard

President - Western Hemisphere

true

11/12/2024

11/11/2025

364 days

105,186

Shannon Slocum [Member]

Shannon Slocum

President - Eastern Hemisphere

Timothy M. McKeon [Member]

true

11/12/2024

11/11/2025

364 days

80,828

Timothy M. McKeon

Senior Vice President and Treasurer

Charles E. Geer, Jr. [Member]

true

11/12/2024

11/11/2025

364 days

47,240

Charles E. Geer, Jr.

Senior Vice President and Chief Accounting Officer

true

11/12/2024

11/11/2025

364 days

38,700

Jill D. Sharp [Member]

Jill D. Sharp

Senior Vice President, Internal Assurance Services

Derivative Instruments and Hedging Activities Disclosure [Abstract]

true

11/12/2024

11/11/2025

364 days

30,930

Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2024

Financial Instruments and Risk Management

The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the 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:


	December 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	$	4,503	$	2,825	$	7,328	$	7,541	$	7,419	$	378	$	7,797	$	7,636

The total fair value of our debt decreased during 2024 primarily as a result of higher bond yields and $100 million in debt repurchases, as discussed in Notes to Consolidated Financial Statements, Note 10.

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.

We are exposed to market risk from changes in foreign currency exchange rates, interest rates, and credit risk. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts, foreign exchange options, interest rate swaps, and CDS’s. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency and interest rates. We do not use derivative instruments for trading purposes. The fair value of our forward contracts, options, and CDS’s was not material as of December 31, 2024 or December 31, 2023. The counterparties to our derivatives are primarily global commercial and investment banks.

Foreign currency exchange risk

We have operations in many international locations and are involved in transactions denominated in currencies other than the U.S. dollar, our functional currency, which exposes us to foreign currency exchange rate risk. Techniques in managing foreign currency exchange risk include, but are not limited to, foreign currency borrowing and investing, and the use of currency exchange instruments. We attempt to selectively manage significant exposures to potential foreign currency exchange losses based on current market conditions, future operating activities, and the associated cost in relation to the perceived risk of loss. The purpose of our foreign currency risk management activities is to minimize the risk that our cash flows from the purchase and sale of products and services in foreign currencies will be adversely affected by changes in exchange rates.

We use forward contracts and options to manage our exposure to fluctuations in the currencies of certain countries in which we do business internationally. These instruments are not treated as hedges for accounting purposes, generally have an expiration date of one year or less, and are not exchange traded. While these instruments are subject to fluctuations in value, the fluctuations are generally offset by the value of the underlying exposures being managed. The use of some of these instruments may limit our ability to benefit from favorable fluctuations in foreign currency exchange rates.

Derivatives are not utilized to manage exposures in some currencies due primarily to the lack of available markets, cost considerations, or immaterial exposures (non-hedged currencies). We attempt to minimize foreign currency exposure in non-hedged currencies and recognize that pricing for the services and products offered in these countries should account for the cost of exchange rate devaluations.

The notional amounts of open foreign exchange derivatives were $781 million at December 31, 2024 and $715 million at December 31, 2023. The notional amounts of these instruments do not generally represent amounts exchanged by the parties, and thus are not a measure of our exposure or of the cash requirements related to these contracts. The fair value of our foreign exchange derivatives as of December 31, 2024 and December 31, 2023 is included in both “Other current assets” and in “Other current liabilities” in our consolidated balance sheets and was immaterial. The fair value of these instruments is categorized within level 2 on the fair value hierarchy and was determined using a market approach with certain inputs, such as notional amounts hedged, exchange rates, and other terms of the contracts that are observable in the market or can be derived from or corroborated by observable data.

Interest rate risk

We are subject to interest rate risk on our debt and investment portfolios. We had fixed rate long-term debt totaling $7.2 billion at December 31, 2024 and $7.6 billion at December 31, 2023. We maintain an interest rate management strategy that is intended to mitigate the exposure to changes in interest rates. As of December 31, 2024 and December 31, 2023, we did not have any interest rate swaps outstanding.

Credit risk

Financial instruments that potentially subject us to concentrations of credit risk are primarily cash equivalents and net trade receivables. It is our practice to place our cash equivalents in high quality investments with various institutions. Our net trade receivables are from a broad and diverse group of customers and are generally not collateralized. As of December 31, 2024, 30% of our net trade receivables were from customers in the United States and 11% 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. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. See Notes to Consolidated Financial Statements, Note 5 for further information on receivables.

We have entered into CDSs with third-party financial institutions that had an aggregate notional amount outstanding as of December 31, 2024 of $739 million related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which a portion of the proceeds were then utilized by this customer to pay certain of our outstanding receivables. Approximately $186 million of the outstanding amount of the CDSs reduces on a monthly basis over its remaining 14-month term and $203 million reduces on a monthly basis over its remaining 18-month term. The remaining $350 million outstanding amount is expected to increase to as much as $805 million in the first quarter of 2025 and will reduce over its remaining 19-month term beginning February 2025.

The fair value of these derivative liabilities was not material at December 31, 2024.

We do not have any significant concentrations of credit risk with any individual counterparty to our derivative contracts. We select counterparties to those contracts based on our belief that each counterparty’s profitability, balance sheet, and capacity for timely payment of financial commitments is unlikely to be materially adversely affected by foreseeable events.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 754	$ 742
Accounts Receivable, Allowance for Credit Loss, Current	$ 754	$ 742
Treasury Stock, Shares	197	176
Common Stock, Shares, Issued	1,065	1,065
Common Stock, Shares Authorized	2,000	2,000
Common Stock, Par or Stated Value Per Share	$ 2.50	$ 2.50

Description of Company and Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Description of Company and Significant Accounting Policies

Description of Company

Halliburton Company is one of the world’s largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. 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. We serve major, national, and independent oil and natural gas companies throughout the world and 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.

Use of estimates

Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring 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.

We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates.

Basis of presentation

The consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation.

Revenue recognition

Research and development

We maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and were $426 million in 2024, $408 million in 2023, and $345 million in 2022.

Cash equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments.

Allowance for credit losses

We establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible.

Property, plant, and equipment

Other than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset.

Goodwill and other intangible assets

We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment.


Millions of dollars	Completion and Production		Drilling and Evaluation		Total
Balance at December 31, 2022:	$	2,020	$	809	$	2,829
Current year acquisitions	—		21		21

Other	12		(12)		—
Balance at December 31, 2023:	$	2,032	$	818	$	2,850
Current year acquisitions	8		—		8

Other	(20)		—		(20)
Balance at December 31, 2024:	$	2,020	$	818	$	2,838

The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2024, 2023, and 2022, we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary.

We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to thirty years. The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts.

Evaluating impairment of long-lived assets

When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group’s undiscounted cash flows are less than its carrying amount, we then determine the asset group’s fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Notes to Consolidated Financial Statements, Note 2 for further information on impairments and other charges.

Income taxes

We recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances.

We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes on continuing operations in our consolidated statements of operations.

Derivative instruments

At times, we enter into derivative financial transactions to manage existing or projected exposures to changing foreign currency exchange rates, interest rates, and credit risk. We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value which are reflected within “Other, net” on our consolidated statements of operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against:

- the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or

- recognized in other comprehensive income until the hedged item is recognized in earnings.

The ineffective portion of a derivative’s change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk and credit risk are included in “Other, net” on the consolidated statements of operations. Gains or losses on interest rate derivatives are included in “Interest expense, net.”

Foreign currency translation

Foreign entities whose functional currency is the U.S. dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our consolidated statements of operations in “Other, net” in the year of occurrence.

Stock-based compensation

Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee’s service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Notes to Consolidated Financial Statements, Note 14 for additional information related to stock-based compensation.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of the (provision)/benefit for income taxes on continuing operations

The components of the (provision) benefit for income taxes on continuing operations were as follows:


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Current income taxes:
Federal	$	10	$	(21)	$	(17)
Foreign	(571)		(472)		(417)
State	(9)		(12)		(11)
Total current income taxes	(570)		(505)		(445)
Deferred income taxes:
Federal	(167)		(123)		(159)
Foreign	31		(59)		103
State	(12)		(14)		(14)
Total deferred income taxes	(148)		(196)		(70)
Income tax provision	$	(718)	$	(701)	$	(515)

United States and foreign components of income from continuing operations before income taxes

The United States and foreign components of income from continuing operations before income taxes were as follows:


	Year Ended December 31,
Millions of dollars	2024		2023		2022
United States	$	1,695	$	1,666	$	992
Foreign	1,539		1,697		1,118
Total income from continuing operations before income taxes	$	3,234	$	3,363	$	2,110

Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the US statutory rate to income from continuing operations before income taxes

Reconciliations between the actual (provision) benefit for income taxes on continuing operations and that computed by applying the United States statutory rate to income from continuing operations before income taxes were as follows:


	Year Ended December 31,
	2024		2023		2022
United States statutory rate	21.0	%	21.0	%	21.0	%
Valuation allowance against tax assets	(2.1)		0.8		(2.9)
Impact of foreign income taxed at different rates	4.7		0.2		3.0
State income taxes	0.6		0.7		0.8
Impact of impairments and other charges	0.6		0.6		0.7
Adjustments of prior year taxes	(2.5)		(1.3)		0.2




Other items, net	(0.1)		(1.2)		1.6
Total effective tax rate on continuing operations	22.2	%	20.8	%	24.4	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The primary components of our deferred tax assets and liabilities were as follows:


	December 31,
Millions of dollars	2024		2023
Gross deferred tax assets:
Foreign tax credit carryforwards	$	950	$	902
Intangible assets	727		789
Net operating loss carryforwards	581		663
Accrued liabilities	227		293
Research and development tax credit carryforwards	85		173
Employee compensation and benefits	170		193
Other	639		579
Total gross deferred tax assets	3,379		3,592
Gross deferred tax liabilities:
Operating lease right-of-use assets	144		189
Depreciation and amortization	164		115

Other	50		51
Total gross deferred tax liabilities	358		355
Valuation allowances	718		761
Net deferred income tax asset	$	2,303	$	2,476

Summary of Tax Credit Carryforwards

Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows:


Millions of dollars	U.S. Net Operating Loss		Foreign Net Operating Loss		Foreign Tax Credits		Research and Development Credit		Total Deferred Tax Assets
2025-2029	$	3	$	126	$	642	$	—	$	771
2030-2034	8		5		315		—		328
2035-2044	23		68		—		84		175
Non-Expiring	13		345		—		—		358
	$	47	$	544	$	957	$	84	$	1,632

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties.


Millions of dollars		Unrecognized Tax Benefits			Interest and Penalties
Balance at January 1, 2022		$	352		$	72
Change in prior year tax positions		(36)			(5)
Change in current year tax positions		13			2
Cash settlements with taxing authorities		(6)			(2)
Lapse of statute of limitations		(12)			(3)
Balance at December 31, 2022		$	311	(a)	$	64
Change in prior year tax positions		(38)			(10)
Change in current year tax positions		8			1
Cash settlements with taxing authorities		(4)			(3)
Lapse of statute of limitations		(9)			(3)
Balance at December 31, 2023		$	268	(a)	$	49
Change in prior year tax positions		(68)			—
Change in current year tax positions		10			1
Cash settlements with taxing authorities		(1)			(1)
Lapse of statute of limitations		(13)			(4)
Balance at December 31, 2024		$	196	(a)(b)	$	45

(a)	Includes $40 million as of December 31, 2024, $43 million as of December 31, 2023, and $51 million as of December 31, 2022 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2024, December 31, 2023, and December 31, 2022, a net $137 million, $192 million and $208 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.
(b)	Includes $64 million as of December 31, 2024 that we believe could be resolved within the next 12 months.

Leases Components of lease expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Short-term lease cost	$ 42	$ 35	$ 31
Sublease income	(3)	(2)	(3)
Total lease cost	467	441	387
Finance lease cost - Amortization of right-of-use assets	37	30	20
Finance lease cost - Interest on lease liabilities	38	41	38
Operating Lease, Cost	$ 353	$ 337	$ 301

Revenue (Details) $ in Millions	12 Months Ended
Revenue (Details) $ in Millions	Dec. 31, 2024 USD ($) Division	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of business segments \| Division	2
Revenue, Performance Obligation, Description of Timing	one year
Revenue	$ 22,944	$ 23,018	$ 20,297
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,626	10,492	9,597
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,211	3,987	3,197
Europe/Africa/CIS [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,003	2,861	2,691
Middle East/Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 6,104	5,678	4,812
Minimum
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms	20
Maximum
Disaggregation of Revenue [Line Items]
Revenue, Performance Obligation, Description of Payment Terms	60
Completion and Production
Disaggregation of Revenue [Line Items]
Revenue	$ 13,251	13,689	11,582
Drilling and Evaluation
Disaggregation of Revenue [Line Items]
Revenue	$ 9,693	$ 9,329	$ 8,715

Comprehensive Text Block List	12 Months Ended
Comprehensive Text Block List	Dec. 31, 2024
Text Block [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03 (Subtopic 220-40), “Disaggregation of Income Statement Expenses” (DISE), which requires additional disclosure of certain expense captions presented on the face of the Company’s income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied on a prospective or retrospective basis, with early adoption permitted. We are currently evaluating the effect that adoption of ASU 2024-03 will have on our disclosures.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Payables and Accruals (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Supplier Finance Program

The following table presents a rollforward of our supplier finance program obligations:


	December 31,
Millions of dollars	2024		2023
Confirmed obligations outstanding at the beginning of the year	$	322	$	273

Invoices confirmed during the year	1,217		1,257
Confirmed invoices paid during the year	(1,222)		(1,208)
Confirmed obligations outstanding at the end of the year	$	317	$	322

Income per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

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:


	Year Ended December 31,
Millions of shares	2024	2023	2022
Basic weighted average common shares outstanding	882	899	904
Dilutive effect of awards granted under our stock incentive plans	1	3	4
Diluted weighted average common shares outstanding	883	902	908
Antidilutive shares:
Options with exercise price greater than the average market price	10	12	15

Total antidilutive shares	10	12	15

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 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 in place agreements with financial institutions under which approximately $2.8 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2024. Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off-balance sheet arrangements either has, or is likely to have, a material effect on our consolidated financial statements.

Receivables

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Receivables

As of December 31, 2024, 30% of our net trade receivables were from customers in the United States and 11% 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 December 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. Furthermore, we have entered into CDSs with third-party financial institutions that have an aggregate notional amount outstanding as of December 31, 2024 of $739 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. See Notes to Consolidated Financial Statements, Note 16 for further information on these CDSs. No country other than the United States and Mexico and no single customer accounted for more than 10% of our 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.

The table below presents a rollforward of our allowance for credit losses for 2022, 2023 and 2024.


Millions of dollars		Balance at Beginning of Period		Provision (a)		Other (b)		Balance at End of Period (c)
Year ended December 31, 2022		$	754	$	2	$	(25)	$	731
Year ended December 31, 2023		731		22		(11)		742
Year ended December 31, 2024		742		17		(5)		754

(a)	Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.
(b)	Includes write-offs, balance sheet reclassifications, and other activity.
(c)	The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.

Description of Company and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Goodwill

Changes in the carrying amount of goodwill are detailed below by reportable segment.


Millions of dollars	Completion and Production		Drilling and Evaluation		Total
Balance at December 31, 2022:	$	2,020	$	809	$	2,829
Current year acquisitions	—		21		21

Other	12		(12)		—
Balance at December 31, 2023:	$	2,032	$	818	$	2,850
Current year acquisitions	8		—		8

Other	(20)		—		(20)
Balance at December 31, 2024:	$	2,020	$	818	$	2,838

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Accounts Payable and Accrued Liabilities Disclosure

Payables and Accruals

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable

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 $317 million as of December 31, 2024, and $322 million as of December 31, 2023, and are included in accounts payable on the consolidated balance sheets.

The following table presents a rollforward of our supplier finance program obligations:


	December 31,
Millions of dollars	2024		2023
Confirmed obligations outstanding at the beginning of the year	$	322	$	273

Invoices confirmed during the year	1,217		1,257
Confirmed invoices paid during the year	(1,222)		(1,208)
Confirmed obligations outstanding at the end of the year	$	317	$	322

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-based Compensation Arrangement by Share-based Payment Award

Share-based Payment Arrangement, Cost by Plan

The following table summarizes stock-based compensation costs for the years ended December 31, 2024, 2023, and 2022.


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Stock-based compensation cost	$	223	$	219	$	219
Tax benefit	(38)		(36)		(33)
Stock-based compensation cost, net of tax	$	185	$	183	$	186

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award

Share-based Payment Arrangement, Option, Activity

The following table represents our stock options activity during 2024.


	Number of Shares (in millions)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2024	14.3	$	45.47

Exercised	(0.3)	26.89
Forfeited/expired	(3.6)	58.04
Outstanding at December 31, 2024	10.4	$	41.75	2.4	$	4.0
Exercisable at December 31, 2024	10.4	$	41.75	2.4	$	4.0

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2024.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2024	20.9	$	27.42
Granted	7.3	36.76
Vested	(7.7)	25.10
Forfeited	(1.0)	29.30
Nonvested shares at December 31, 2024	19.5	$	31.64

Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions and resulting fair values were as follows:


	Year Ended December 31,
	2024			2023			2022
Expected volatility	30		%	48		%	46		%
Expected dividend yield	2.00		%	1.44		%	1.67		%
Risk-free interest rate	5.24		%	5.11		%	1.42		%
Weighted average grant-date fair value per share	$	5.60		$	7.16		$	5.63

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Business Segment and Geographic Information

Payables and Accruals (Details) - USD ($) $ in Millions	12 Months Ended
Payables and Accruals (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Outstanding Supplier Finance Payment Obligation	$ 317	$ 322
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at the beginning of the year	322	273
Invoices confirmed during the year	1,217	1,257
Confirmed invoices paid during the year	(1,222)	(1,208)
Confirmed obligations outstanding at the end of the year	$ 317	$ 322
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current

Business Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

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.

Operations by business segment

The following tables present financial information on our business segments.



		Year Ended December 31,
Millions of dollars		2024		2023		2022
Revenue:
Completion and Production		$	13,251	$	13,689	$	11,582
Drilling and Evaluation		9,693		9,329		8,715
Total revenue		$	22,944	$	23,018	$	20,297











Operating income:
Completion and Production		$	2,709	$	2,835	$	2,037
Drilling and Evaluation		1,608		1,543		1,292
Total operations		4,317		4,378		3,329
Corporate and other (a)		(255)		(244)		(256)
SAP S4 upgrade expense		(124)		(51)		—
Impairments and other charges (b)		(116)		—		(366)
Total operating income		$	3,822	$	4,083	$	2,707
Interest expense, net of interest income		$	(353)	$	(395)	$	(463)
Loss on Blue Chip Swap transactions		(8)		(110)		—
Argentina currency impact		—		(131)		(30)
Loss on early extinguishment of debt		—		—		(42)
Other, net		(227)		(84)		(62)
Income before income taxes		$	3,234	$	3,363	$	2,110

Capital expenditures:
Completion and Production		$	775	$	765	$	589
Drilling and Evaluation		665		613		420
Corporate and other		2		1		2
Total capital expenditures		$	1,442	$	1,379	$	1,011
Depreciation, depletion, and amortization:
Completion and Production		$	588	$	553	$	520
Drilling and Evaluation		475		430		406
Corporate and other		16		15		14
Total depreciation, depletion, and amortization		$	1,079	$	998	$	940


(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)	Impairments and other charges are as follows: -For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other. -For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million net gain attributable to Corporate and other.

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.


	2024
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,428	$	3,803
Compensation	1,922		1,865
Depreciation, depletion, and amortization	588		475
Other	2,604		1,942
Total segment operating expenses	$	10,542	$	8,085


	2023
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,906	$	3,771
Compensation	1,810		1,750
Depreciation, depletion, and amortization	553		430
Other	2,585		1,835
Total segment operating expenses	$	10,854	$	7,786


	2022
Millions of dollars	Completion and Production		Drilling and Evaluation

Cost of products, materials, and supplies	$	5,573	$	3,293
Compensation	1,614		1,596
Depreciation, depletion, and amortization	520		406
Other	1,838		2,128
Total segment operating expenses	$	9,545	$	7,423

Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other miscellaneous costs.

The following table presents total assets by segment.


		December 31,
Millions of dollars		2024		2023
Total assets:
Completion and Production (a)		$	11,987	$	11,606
Drilling and Evaluation (a)		7,806		7,532
Corporate and other (b)		5,794		5,545
Total assets		$	25,587	$	24,683

(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.

Operations by geographic region

The following tables present information by geographic area. In 2024, 2023, and 2022, based on the location of services provided and products sold, 40%, 44%, and 45%, respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2024 and December 31, 2023, 49% and 59%, respectively, of our property, plant, and equipment was located in the United States.



	Year Ended December 31,
Millions of dollars	2024		2023		2022
Revenue:
North America	$	9,626	$	10,492	$	9,597
Latin America	4,211		3,987		3,197
Europe/Africa/CIS	3,003		2,861		2,691
Middle East/Asia	6,104		5,678		4,812
Total revenue	$	22,944	$	23,018	$	20,297


	December 31,
Millions of dollars	2024		2023
Net property, plant, and equipment:
North America	$	2,595	$	2,961
Latin America	1,002		527
Europe/Africa/CIS	593		444
Middle East/Asia	923		968
Total net property, plant, and equipment	$	5,113	$	4,900

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Leases (Notes)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lessee, Finance Leases

Leases

For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term and accretion of the lease liability, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, we recognize lease expense for these short-term leases on a straight-line basis over the lease term.

We are a lessee for numerous operating leases, primarily related to real estate, transportation, and equipment. The vast majority of our operating leases have remaining lease terms of 10 years or less, some of which include options to extend the leases, and some of which include options to terminate the leases. We generally do not include renewal or termination options in our assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. The accounting for some of our leases may require judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options. We also have some lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. For certain equipment leases, such as offshore vessels and drilling rigs, we account for the lease and non-lease components separately.


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets	$	37	$	30	$	20
Interest on lease liabilities	38		41		38
Operating lease cost	353		337		301
Short-term lease cost	42		35		31
Sublease income	(3)		(2)		(3)
Total lease cost	$	467	$	441	$	387


	As of December 31,
Millions of dollars	2024		2023
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)	$	1,022	$	1,088
Current portion of operating lease liabilities	263		262
Operating lease liabilities (non-current)	798		911
Finance leases:
Other assets (non-current)	$	139	$	120
Other current liabilities	44		32
Other liabilities (non-current)	126		132


	Year Ended December 31,
Millions of dollars except years and percentages	2024			2023			2022
Other supplemental information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	374		$	354		$	332
Operating cash flows for finance leases	38			41			38
Financing cash flows for finance leases	33			37			26
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	274		$	487		$	249
Finance leases	57			64			62
Weighted-average remaining lease term:
Operating leases	7.9 years			8.2 years			9.5 years
Finance leases	4.6 years			5.3 years			5.9 years
Weighted-average discount rate for operating leases	5.4		%	5.3		%	5.2		%

The following table summarizes the maturity of our operating and finance leases as of December 31, 2024:


Millions of dollars	Operating Leases		Finance Leases
2025	$	317	$	78
2026	232		75
2027	159		40
2028	101		19
2029	82		10
Thereafter	453		16
Total lease payments	1,344		238
Imputed interest	(284)		(68)
Total lease payments, net of imputed interest	$	1,060	$	170

Lessee, Operating Leases

Leases


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets	$	37	$	30	$	20
Interest on lease liabilities	38		41		38
Operating lease cost	353		337		301
Short-term lease cost	42		35		31
Sublease income	(3)		(2)		(3)
Total lease cost	$	467	$	441	$	387


	As of December 31,
Millions of dollars	2024		2023
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)	$	1,022	$	1,088
Current portion of operating lease liabilities	263		262
Operating lease liabilities (non-current)	798		911
Finance leases:
Other assets (non-current)	$	139	$	120
Other current liabilities	44		32
Other liabilities (non-current)	126		132


	Year Ended December 31,
Millions of dollars except years and percentages	2024			2023			2022
Other supplemental information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	374		$	354		$	332
Operating cash flows for finance leases	38			41			38
Financing cash flows for finance leases	33			37			26
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	274		$	487		$	249
Finance leases	57			64			62
Weighted-average remaining lease term:
Operating leases	7.9 years			8.2 years			9.5 years
Finance leases	4.6 years			5.3 years			5.9 years
Weighted-average discount rate for operating leases	5.4		%	5.3		%	5.2		%

The following table summarizes the maturity of our operating and finance leases as of December 31, 2024:


Millions of dollars	Operating Leases		Finance Leases
2025	$	317	$	78
2026	232		75
2027	159		40
2028	101		19
2029	82		10
Thereafter	453		16
Total lease payments	1,344		238
Imputed interest	(284)		(68)
Total lease payments, net of imputed interest	$	1,060	$	170

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to company	$ 2,501	$ 2,638	$ 1,572

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Disaggregation of Revenue

Debt (Details) - USD ($) $ in Millions	12 Months Ended
Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 27, 2022
Debt Instrument [Line Items]
Long-term debt	$ 7,541	$ 7,636
Long-term Debt and Lease Obligation, Including Current Maturities	7,160	7,636
Unamortized debt issuance costs and discounts	$ (62)	(68)
Debt instrument call feature description	We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest.
Gain (Loss) on Extinguishment of Debt	$ 0	0	$ (42)
Long-term Line of Credit				$ 3,500
Long-Term Debt, Maturity, Year One	381
Long-term Debt, Maturities, Repayments of Principal in Year Two	0
Long-term Debt, Maturities, Repayments of Principal in Year Three	90
Long-term Debt, Maturities, Repayments of Principal in Year Four	0
Long-term Debt, Maturities Repayments of Principal in Year Five	0
Short-term borrowings and current maturities of long-term debt	381	0
Senior notes due November 2045
Debt Instrument [Line Items]
Long-term debt	1,887	1,911
Debt Instrument, Repurchase Amount	24	90
Senior notes due March 2030
Debt Instrument [Line Items]
Long-term debt	1,000	1,000
Senior Notes due November 2035
Debt Instrument [Line Items]
Long-term debt	997	1,000
Debt Instrument, Repurchase Amount	3	0
Senior notes due September 2039
Debt Instrument [Line Items]
Long-term debt	938	946
Debt Instrument, Repurchase Amount	8	54
Senior notes due August 2043
Debt Instrument [Line Items]
Long-term debt	846	879
Debt Instrument, Repurchase Amount	32	21
Senior notes due September 2038
Debt Instrument [Line Items]
Long-term debt	763	763
Debt Instrument, Repurchase Amount	0	37
Senior notes due November 2041
Debt Instrument [Line Items]
Long-term debt	469	500
Debt Instrument, Repurchase Amount	31	0
Senior debentures due August 2096
Debt Instrument [Line Items]
Long-term debt	$ 226	228
Debt instruments non-call feature description	may not be redeemed prior to maturity
Debt Instrument, Repurchase Amount	$ 2	66
Senior notes due February 2027
Debt Instrument [Line Items]
Long-term debt	90	90
Debt Instrument, Repurchase Amount	0	14
Senior Notes due November 2025
Debt Instrument [Line Items]
Long-term debt	$ 0	382
Interest rate (in hundredths)	3.80%		3.80%
Debt Instrument, Repurchase Amount	$ 0	18
Early Repayment of Senior Debt			$ 600
Repayments of Senior Debt			$ 641
Other Debt Obligations
Debt Instrument [Line Items]
Long-term debt	$ 6	5
Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate (in hundredths)	6.75%
Senior Notes due 2096
Debt Instrument [Line Items]
Interest rate (in hundredths)	7.60%
Senior & Medium Term Notes due with Various Maturity Dates
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount	$ 100	$ 300
Outstanding balance of Senior Notes due Various Dates
Debt Instrument [Line Items]
Long-term debt	6,600
Outstanding balance of Senior Notes due November 2025
Debt Instrument [Line Items]
Long-term debt	$ 382

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue [Abstract]

The following table presents information on our disaggregated revenue.


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Revenue by segment:
Completion and Production	$	13,251	$	13,689	$	11,582
Drilling and Evaluation	9,693		9,329		8,715
Total revenue	$	22,944	$	23,018	$	20,297
Revenue by geographic region:
North America	$	9,626	$	10,492	$	9,597
Latin America	4,211		3,987		3,197
Europe/Africa/CIS	3,003		2,861		2,691
Middle East/Asia	6,104		5,678		4,812
Total revenue	$	22,944	$	23,018	$	20,297

Income Taxes (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Current income taxes:

Federal

$ 10

$ (21)

$ (17)

Foreign

(571)

(472)

(417)

State

(9)

(12)

(11)

Total current

(570)

(505)

(445)

Deferred income taxes:

Federal

(167)

(123)

(159)

Foreign

(59)

103

State

(12)

(14)

Total deferred

(148)

(196)

(70)

Income Tax Expense (Benefit)

(718)

(701)

(515)

The United States and foreign components of income from continuing operations before income taxes [Abstract]

United States

1,695

1,666

992

Foreign

1,539

1,697

1,118

Income (loss) before income taxes

$ 3,234

$ 3,363

$ 2,110

Reconciliations between the actual provision for income taxes on continuing operations [Abstract]

United States statutory rate

21.00%

Impact of impairments and other charges

0.60%

0.70%

Adjustments of prior year taxes

(2.50%)

(1.30%)

0.20%

Valuation allowance against tax assets

(2.10%)

0.80%

(2.90%)

State income taxes

0.60%

0.70%

0.80%

Impact of foreign income taxed at different rates

4.70%

0.20%

3.00%

Other items, net

(0.10%)

(1.20%)

1.60%

Total effective tax rate on continuing operations

22.20%

20.80%

24.40%

Net operating loss carryforwards

$ 581

$ 663

Deferred Tax Assets, Goodwill and Intangible Assets

950

902

727

789

Employee compensation and benefits

173

170

193

Accrued Liabilities

227

293

Total gross deferred tax assets

639

579

3,379

3,592

Gross deferred tax liabilities:

Depreciation and amortization

164

115

Operating lease right-of-use assets

144

189

Total gross deferred tax liabilities

358

355

Valuation allowances

718

761

Net deferred income tax asset

2,303

2,476

Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration

591

Unrecognized Tax Benefits, Period Increase (Decrease)

Unrecognized Tax Benefits

Beginning Balance

268

^[1]

311

$ 352

Change in prior year tax positions

(38)

Change in current year tax positions

Cash settlements with taxing authorities

(1)

(4)

(6)

Lapse of statute of limitations

(13)

(9)

(12)

Ending balance

196

^[1]

268

^[1]

311

Change in prior year tax positions

Beginning balance

(10)

Change in current year tax positions

Cash settlements with taxing authorities

(1)

(3)

(2)

Lapse of statute of limitations

(4)

(3)

Ending balance

Remaining balance if resolved in our favor would positively impact the effective tax rate

137

192

208

Portion of unrecognized tax benefits that could be resolved within the next 12 months

Net operating loss carryforwards

581

663

950

902

Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Not Subject to Expiration

173

Deferred Tax Assets, Operating Loss Carryforwards, Foreign, Not Subject to Expiration

345

Deferred Tax Assets, Tax Credit Carryforwards, Foreign, Not Subject to Expiration

Deferred Tax Assets, Tax Credit Carryforwards, Research, Not Subject to Expiration

Deferred Tax Assets, Operating Loss Carryforwards and Tax Credit Carryforwards, Not Subject to Expiration

358

Deferred Tax Assets, Estimated Tax Credit Carryforwards, Research

Deferred Tax Assets, Estimated Tax Credit Carryforwards, Foreign

957

Deferred Tax Assets, Estimated Operating Loss Carryforwards, Foreign

544

Deferred Tax Assets, Estimated Operating Loss Carryforwards, Domestic

Deferred Tax Assets, Operating Loss Carryforwards and Tax Credit Carryforwards

1,632

2016 Baker Hughes Merger Termination Fee

3,500

Foreign branch deferred activity and UnrecognizedTaxBenefits

2025-2029

642

Foreign Net Operating Loss

U.S. Net Operating Loss

126

642

Deferred Tax Assets, Gross

771

2030-2034

315

Foreign Net Operating Loss

U.S. Net Operating Loss

315

Deferred Tax Assets, Gross

328

2035-2044

Foreign Net Operating Loss

U.S. Net Operating Loss

Deferred Tax Assets, Gross

175

All Other Countries [Domain]

Remaining balance if resolved in our favor would positively impact the effective tax rate

$ 40

$ 43

$ 51

[1]

Includes $40 million as of December 31, 2024, $43 million as of December 31, 2023, and $51 million as of December 31, 2022 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2024, December 31, 2023, and December 31, 2022, a net $137 million, $192 million and $208 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of shares of common stock

The following table summarizes total shares of common stock outstanding:


	December 31,
Millions of shares	2024	2023
Issued	1,065	1,065
In treasury	(197)	(176)
Total shares of common stock outstanding	868	889

Schedule of accumulated other comprehensive income (loss)

Accumulated other comprehensive loss consisted of the following:


		December 31,
Millions of dollars		2024		2023
Cumulative translation adjustment		$	(82)	$	(84)
Defined benefit and other postretirement liability adjustments (a)		(234)		(207)

Other		(37)		(40)
Total accumulated other comprehensive loss		$	(353)	$	(331)

(a)	Included net actuarial losses for our international pension plans of $233 million at December 31, 2024 and $209 million at December 31, 2023.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Name [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Houston, TX
Auditor Firm ID	185

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of the (provision) benefit for income taxes on continuing operations were as follows:


	Year Ended December 31,
Millions of dollars	2024		2023		2022
Current income taxes:
Federal	$	10	$	(21)	$	(17)
Foreign	(571)		(472)		(417)
State	(9)		(12)		(11)
Total current income taxes	(570)		(505)		(445)
Deferred income taxes:
Federal	(167)		(123)		(159)
Foreign	31		(59)		103
State	(12)		(14)		(14)
Total deferred income taxes	(148)		(196)		(70)
Income tax provision	$	(718)	$	(701)	$	(515)

The United States and foreign components of income from continuing operations before income taxes were as follows:


	Year Ended December 31,
Millions of dollars	2024		2023		2022
United States	$	1,695	$	1,666	$	992
Foreign	1,539		1,697		1,118
Total income from continuing operations before income taxes	$	3,234	$	3,363	$	2,110


	Year Ended December 31,
	2024		2023		2022
United States statutory rate	21.0	%	21.0	%	21.0	%
Valuation allowance against tax assets	(2.1)		0.8		(2.9)
Impact of foreign income taxed at different rates	4.7		0.2		3.0
State income taxes	0.6		0.7		0.8
Impact of impairments and other charges	0.6		0.6		0.7
Adjustments of prior year taxes	(2.5)		(1.3)		0.2




Other items, net	(0.1)		(1.2)		1.6
Total effective tax rate on continuing operations	22.2	%	20.8	%	24.4	%

During the year ended December 31, 2024, we recorded a total income tax provision of $718 million on pre-tax income of $3.2 billion, resulting in an effective tax rate of 22.2%. The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets.

During the year ended December 31, 2023, we recorded a total income tax provision of $701 million on pre-tax income of $3.4 billion, resulting in an effective tax rate of 20.8%. The effective tax rate for 2023 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets.

During the year ended December 31, 2022, we recorded a total income tax provision of $515 million on pre-tax income of $2.1 billion, resulting in an effective tax rate of 24.4%. The effective tax rate for 2022 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets.

The primary components of our deferred tax assets and liabilities were as follows:


	December 31,
Millions of dollars	2024		2023
Gross deferred tax assets:
Foreign tax credit carryforwards	$	950	$	902
Intangible assets	727		789
Net operating loss carryforwards	581		663
Accrued liabilities	227		293
Research and development tax credit carryforwards	85		173
Employee compensation and benefits	170		193
Other	639		579
Total gross deferred tax assets	3,379		3,592
Gross deferred tax liabilities:
Operating lease right-of-use assets	144		189
Depreciation and amortization	164		115

Other	50		51
Total gross deferred tax liabilities	358		355
Valuation allowances	718		761
Net deferred income tax asset	$	2,303	$	2,476

At December 31, 2024, we had $591 million of domestic and foreign tax-effected net operating loss carryforwards, with approximately $10 million estimated to be utilized against our unrecognized tax benefits. In addition, we had approximately $957 million of foreign tax credit carryforwards which are offset by $7 million of foreign branch deferred activity and unrecognized tax benefits reflected in the table above. The ultimate realization of these deferred tax assets depends on our ability to generate sufficient taxable income in the appropriate taxing jurisdiction.

Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows:


Millions of dollars	U.S. Net Operating Loss		Foreign Net Operating Loss		Foreign Tax Credits		Research and Development Credit		Total Deferred Tax Assets
2025-2029	$	3	$	126	$	642	$	—	$	771
2030-2034	8		5		315		—		328
2035-2044	23		68		—		84		175
Non-Expiring	13		345		—		—		358
	$	47	$	544	$	957	$	84	$	1,632

We have not provided incremental United States income taxes or foreign withholding taxes on undistributed foreign subsidiaries’ earnings after December 31, 2017. We generally do not provide for taxes related to undistributed earnings because such earnings either would not be taxable when remitted or they are considered to be indefinitely reinvested.

The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties.


Millions of dollars		Unrecognized Tax Benefits			Interest and Penalties
Balance at January 1, 2022		$	352		$	72
Change in prior year tax positions		(36)			(5)
Change in current year tax positions		13			2
Cash settlements with taxing authorities		(6)			(2)
Lapse of statute of limitations		(12)			(3)
Balance at December 31, 2022		$	311	(a)	$	64
Change in prior year tax positions		(38)			(10)
Change in current year tax positions		8			1
Cash settlements with taxing authorities		(4)			(3)
Lapse of statute of limitations		(9)			(3)
Balance at December 31, 2023		$	268	(a)	$	49
Change in prior year tax positions		(68)			—
Change in current year tax positions		10			1
Cash settlements with taxing authorities		(1)			(1)
Lapse of statute of limitations		(13)			(4)
Balance at December 31, 2024		$	196	(a)(b)	$	45

(a)	Includes $40 million as of December 31, 2024, $43 million as of December 31, 2023, and $51 million as of December 31, 2022 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2024, December 31, 2023, and December 31, 2022, a net $137 million, $192 million and $208 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.
(b)	Includes $64 million as of December 31, 2024 that we believe could be resolved within the next 12 months.

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 2013. 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 December 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 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 12 months.

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company will adopt this standard for the Form 10-K for the year ending December 31, 2025, on a prospective basis. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Revenue:

$ 22,944

$ 23,018

$ 20,297

Operating costs and expenses:

General and administrative

^[1]

116

366

SAP S4 Upgrade Expense

124

239

226

240

Total operating costs and expenses

19,122

18,935

17,590

Interest expense, net of interest income

3,822

4,083

2,707

(353)

(395)

(463)

Gain (Loss) on Blue Chip Swap Transaction

(8)

(110)

Argentina Currency Devaluation

(131)

(30)

Gain (Loss) on Extinguishment of Debt

(42)

Other, net

(227)

(84)

(62)

Income (loss) before income taxes

3,234

3,363

2,110

Income tax benefit (provision)

(718)

(701)

(515)

Net income (loss)

2,516

2,662

1,595

Net (income) loss attributable to noncontrolling interest

(15)

(24)

(23)

Net income (loss) attributable to company

$ 2,501

$ 2,638

$ 1,572

Income (Loss) from Continuing Operations, Per Basic Share

$ 2,840,000

$ 2,930,000

$ 1.74

Amounts attributable to company shareholders:

Net income (loss) attributable to company

$ 2,501

$ 2,638

$ 1,572

Basic and diluted income (loss) per share attributable to company shareholders:

Diluted weighted average common shares outstanding

883

902

908

Basic weighted average common shares outstanding

882

899

904

Income (loss) from continuing operations (in dollars per share)

$ 2,830,000

$ 2,920,000

$ 1.73

Services [Member]

Revenue:

Cost of services and sales

$ 16,348

$ 16,483

$ 14,749

Operating costs and expenses:

13,470

13,402

12,381

Product sales [Member]

Revenue:

Cost of services and sales

6,596

6,535

5,548

Operating costs and expenses:

$ 5,173

$ 5,256

$ 4,603

[1]

Impairments and other charges are as follows:

-For the year ended December 31, 2024, amount includes approximately $45 million attributable to Completion and Production, $34 million attributable to Drilling and Evaluation, and $37 million attributable to Corporate and other.

-For the year ended December 31, 2022, amount includes approximately $136 million attributable to Completion and Production, $195 million attributable to Drilling and Evaluation, and a $35 million net gain attributable to Corporate and other.

Financial Instruments and Risk Management (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of days from period end	2 days
Maximum term of currency derivative instruments (in years)	1 year
Long-Term Debt, Percentage Bearing Variable Interest, Amount	$ 7,200	$ 7,600
CDS Contracts Aggregate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	739
CDS Contract A
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	$ 186
Credit Derivative, Term	14 months
CDS Contract B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	$ 203
Credit Derivative, Term	18 months
CDS Contract C
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	$ 350
Credit Derivative, Term	19 months
CDS Contract C \| Forecast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount			$ 805
Senior & Medium Term Notes due with Various Maturity Dates
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Repurchase Amount	$ 100	300
Senior Notes due with Various Maturity Dates
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Repurchase Amount	100
Level 2 \| Other current assets \| Foreign Exchange Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	781	715
Level 3 \| Total fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 0	$ 0
UNITED STATES \| Geographic Concentration Risk \| Accounts Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Concentration Risk, Percentage	30.00%	33.00%
MEXICO \| Geographic Concentration Risk \| Accounts Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Concentration Risk, Percentage	11.00%	9.00%

Impairment and Other Charges (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Long-lived asset impairments

$ 0

$ 100

Inventory costs and write-downs

Severance

Impairment Charge on Reclassified Assets

Cybersecurity incident

Gain (Loss) on Investments

(43)

(12)

(6)

Right-of-Use Assets Obtained in Exchange for Operating Lease Liability

$ 344

$ 22

116

^[1]

366

^[1]

274

^[2]

487

249

Income before income taxes

3,234

3,363

2,110

Completion and Production

116

$ 0

366

131

136

Drilling and Evaluation

Corporate Segment and Other Operating Segment [Member]

$ 178

195

UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk

$ 37

$ 35

UNITED STATES | Accounts Receivable | Geographic Concentration Risk

40.00%

44.00%

45.00%

30.00%

33.00%

Russia/Ukraine

Write-down of A/R in Russia & Ukraine

$ 0

$ 202

UKRAINE

Write-down of A/R in Ukraine

$ 16

MEXICO | Accounts Receivable | Geographic Concentration Risk

MEXICO | Accounts Receivable | Customer Concentration Risk

11.00%

9.00%