0000045012-26-000015 | 10-K | XBRL Viewer

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	December 31,
Millions of dollars	2025	2024
Finished products and parts	$1,968	$1,956
Raw materials and supplies	884	952
Work in process	124	132
Total inventories	$2,976	$3,040

All amounts in the table above are reported net of obsolescence reserves of $54 million at December 31, 2025 and $62

million at December 31, 2024.

Description of Company and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Description of Company and Significant Accounting Policies

Note 1. 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, legal reserves, 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

Our services and products are generally sold based upon purchase orders or contracts with our customers that include

fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast

majority of our service and product contracts are short-term in nature. We recognize revenue 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. 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. Rates for

services are typically priced on a per day, per meter, per man-hour, or similar basis. See Notes to Consolidated Financial

Statements, Note 4 for further information on 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 $411 million in 2025, $426 million in 2024, and $408 million in 2023.

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, 2023:	$2,032	$818	$2,850
Current year acquisitions	8	—	8
Other	(20)	—	(20)
Balance at December 31, 2024:	$2,020	$818	$2,838
Current year acquisitions	8	76	84
Other	16	—	16
Balance at December 31, 2025:	$2,044	$894	$2,938

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, 2025, 2024, and 2023, 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 “Income tax provision” in our

Consolidated Statements of Operations.

Derivative instruments

At times, we enter into derivative financial transactions to hedge 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.

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Stock-based Compensation

The following table summarizes stock-based compensation costs for the years ended December 31, 2025, 2024, and

2023.


	Year Ended December 31,
Millions of dollars	2025	2024	2023
Stock-based compensation cost	$213	$223	$219
Tax benefit	(36)	(38)	(36)
Stock-based compensation cost, net of tax	$177	$185	$183

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, 2025, approximately 16 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 2025 and there are no plans to grant stock options in 2026. 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 2025.


	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, 2025	10.4	$41.75
Exercised	—	24.73
Forfeited/expired	(2.4)	43.71
Outstanding at December 31, 2025	8.0	$41.23	1.9	$5.8
Exercisable at December 31, 2025	8.0	$41.23	1.9	$5.8

The total intrinsic value of options exercised was $103,000 in 2025, $3 million in 2024, and $20 million in 2023. As of

December 31, 2025, there was no unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock

options.

Cash received from issuance of common stock for 2025, 2024, and 2023 was $98 million, $105 million, and $136

million, respectively, of which $1 million, $9 million, and $48 million, respectively, are related to proceeds from exercises of

stock options. All other cash received from issuance of common stock during 2025, 2024 and 2023 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, 2025, 2024, and 2023.

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 2025, 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 and a modifier based upon stock performance, as compared to certain

competitors. 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 2025.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2025	19.5	$31.64
Granted	7.8	22.95
Vested	(6.9)	29.18
Forfeited	(1.7)	30.84
Nonvested shares at December 31, 2025	18.7	$29.01

The weighted average grant-date fair value of shares granted was $22.95 during 2025, $36.76 during 2024, and $31.73

during 2023. The total fair value of shares vested was $162 million during 2025, $263 million during 2024, and $283 million

during 2023. As of December 31, 2025, there was $358 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 2023, 2024,

and 2025 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 84

million shares have been sold through the ESPP since the inception of the plan through December 31, 2025 and 20 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,
	2025	2024	2023
Expected volatility	35%	30%	48%
Expected dividend yield	2.78%	2.00%	1.44%
Risk-free interest rate	4.28%	5.24%	5.11%
Weighted average grant-date fair value per share	$4.17	$5.60	$7.16

Leases - Components of lease expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance lease cost - Amortization of right-of-use assets	$ 47	$ 37	$ 30
Finance lease cost - Interest on lease liabilities	31	38	41
Operating Lease, Cost	359	353	337
Short-term lease cost	41	42	35
Sublease Income	(2)	(3)	(2)
Total lease cost	$ 476	$ 467	$ 441

Payables and Accruals (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Supplier Finance Program

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


	December 31,
Millions of dollars	2025	2024
Confirmed obligations outstanding at the beginning of the year	$317	$322
Invoices added during the year	1,082	1,217
Confirmed invoices paid during the year	(1,119)	(1,222)
Confirmed obligations outstanding at the end of the year	$280	$317

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Current income taxes:

Federal

$ (3)

$ 10

$ (21)

Foreign

(448)

(571)

(472)

State

(5)

(9)

(12)

Total current income taxes

(456)

(570)

(505)

Deferred income taxes:

Federal

(66)

(167)

(123)

Foreign

(59)

State

(12)

(14)

Total deferred income taxes

(23)

(148)

(196)

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

United States

762

1,695

1,666

Foreign

1,009

1,539

1,697

Total income (loss) before income taxes

$ 1,771

$ 3,234

$ 3,363

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

United States statutory rate

21.00%

Impact of foreign income taxed at different rates

4.70%

0.20%

0.60%

State income taxes

(1.40%)

0.60%

0.70%

Impact of U.S. tax reform

(2.10%)

0.80%

Non-deductible acquisition costs

(2.50%)

(1.30%)

Effective Income Tax Rate Reconciliation, FDII, Percent

(0.10%)

(1.20%)

(7.60%)

Effective Income Tax Rate Reconciliation, GILTI, Percent

1.30%

Effective Income Tax Rate Reconciliation, Cross-Border, Other, Percent

0.60%

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent

(8.20%)

Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent

(2.80%)

Effective Income Tax Rate Reconciliation, Tax Contingency, Percent

(1.60%)

Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Percent

9.90%

Total effective tax rate on continuing operations

27.00%

22.20%

20.80%

Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount

$ 372

Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount

(24)

Effective Income Tax Rate Reconciliation, FDII, Amount

(135)

Effective Income Tax Rate Reconciliation, GILTI, Amount

Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

(146)

Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount

(50)

Effective Income Tax Rate Reconciliation, Tax Contingency, Amount

(28)

Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount

176

Total income tax expense (benefit)

(479)

$ (718)

$ (701)

Operating and capital loss carryforwards

790

950

Intangible assets

679

727

629

581

Royalty prepayment

239

Royalty prepayment

233

227

Accrued liabilities

157

170

Total gross deferred tax assets

Other

813

639

3,626

3,379

Depreciation and amortization

197

164

Operating lease right-of-use assets

133

144

Other

Total gross deferred tax liabilities

393

358

Valuation allowances

943

718

Net deferred income tax asset

2,290

2,303

Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration

635

Unrecognized Tax Benefits, Period Increase (Decrease)

Foreign branch deferred activity and unrecognized tax benefits

Deferred tax assets, estimated operating loss carryforwards, domestic

Deferred tax assets, estimated operating loss carryforwards, foreign

598

Deferred tax assets, estimated tax credit carryforwards, foreign

819

Deferred tax assets, estimated tax credit carryforwards, research

Unrecognized Tax Benefits [Roll Forward]

1,539

Unrecognized Tax Benefits, Beginning Balance

196

^[1]

268

^[1]

311

Change in prior year tax positions

Change in current year tax positions

Cash settlements with taxing authorities

(11)

(1)

(4)

Lapse of statute of limitations

(70)

(13)

(9)

Unrecognized Tax Benefits, Ending Balance

^[1]

170

^[2]

196

268

Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions

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

Tax Interest and Penalties [Roll Forward]

Beginning Balance

Change in prior year tax positions

(10)

Change in current year tax positions

Cash settlements with taxing authorities

(1)

(3)

Lapse of statute of limitations

(8)

(4)

(3)

Ending Balance

2016 Baker Hughes Merger Termination Fee

3,500

Income Tax Paid, Federal, after Refund Received

Income Tax Paid, State and Local, after Refund Received

Total income taxes paid, net

603

$ 639

538

616

UNITED STATES

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

Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent

(0.10%)

1.80%

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount

$ (5)

Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount

$ 32

ARGENTINA

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

Effective income tax rate reconciliation, intercompany withholding tax, percent

0.80%

1.90%

Effective income tax rate reconciliation, intercompany withholding tax, amount

$ 33

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount

$ 15

BRAZIL

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

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

1.50%

$ 27

CAYMAN ISLANDS

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

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

1.60%

$ 29

MEXICO

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

ETR reconciliation, foreign exchange/inflation adjustment, percentage

1.60%

(1.50%)

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount

$ 28

ETR reconciliation, foreign exchange/inflation adjustment, amount

(26)

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

$ 112

NORWAY

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

1.30%

$ 23

SAUDI ARABIA

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

Effective income tax rate reconciliation, intercompany withholding tax, percent

(0.20%)

1.80%

Effective income tax rate reconciliation, intercompany withholding tax, amount

$ 32

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount

(3)

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

$ 76

SINGAPORE

(2.00%)

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount

1.40%

$ 25

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

$ (35)

OTHER FOREIGN JURISDICTIONS

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

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

7.00%

$ 125

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

$ 415

UNITED ARAB EMIRATES

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

(1.10%)

$ (19)

Non-US

Unrecognized Tax Benefits [Roll Forward]

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

All Countries

Unrecognized Tax Benefits [Roll Forward]

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

119

$ 137

$ 192

Subject to expiration | 2026-2030

430

Subject to expiration | 2031-2035

504

353

Subject to expiration | 2036-2045

383

Not subject to expiration

202

437

$ 450

[1]

Includes $36 million as of December 31, 2025, $40 million as of December 31, 2024, and $43 million as of December 31, 2023 in foreign

unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2025, December 31, 2024, and

December 31, 2023, a net $119 million, $137 million and $192 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.

[2]

Includes $24 million as of December 31, 2025 that we believe could be resolved within the next 12 months.

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income (loss)	$ 1,292	$ 2,516	$ 2,662
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	(11)	(26)	(106)
Other Comprehensive Income, Other, Net of Tax	1	5	5
Other comprehensive income (loss)	(10)	(21)	(101)
Comprehensive income (loss)	1,282	2,495	2,561
Comprehensive (income) loss attributable to noncontrolling interest	(9)	(16)	(24)
Comprehensive income (loss) attributable to company shareholders	$ 1,273	$ 2,479	$ 2,537

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.

+ References + Details

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

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Company and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

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, 2023:	$2,032	$818	$2,850
Current year acquisitions	8	—	8
Other	(20)	—	(20)
Balance at December 31, 2024:	$2,020	$818	$2,838
Current year acquisitions	8	76	84
Other	16	—	16
Balance at December 31, 2025:	$2,044	$894	$2,938

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Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment

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


	December 31,
Millions of Dollars	2025	2024
Land	$104	$119
Buildings and property improvements	1,697	1,751
Machinery, equipment, and other	16,076	15,704
Total property, plant, and equipment	17,877	17,574
Accumulated depreciation	(12,616)	(12,461)
Net property, plant, and equipment	$5,261	$5,113

Percentages Of Property Plant Equipment Depreciated Over Useful Lives

Classes of assets are depreciated over the following useful lives:


	Buildings and Property Improvements
	2025	2024
1 - 10 years	17%	17%
11 - 20 years	40%	40%
21 - 30 years	26%	26%
31 - 40 years	17%	17%


	Machinery, Equipment, and Other
	2025	2024
1 - 5 years	45%	46%
6 - 10 years	46%	45%
11 - 20 years	9%	9%

Description of Company and Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) Division	Dec. 31, 2024 USD ($) Division	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Operating Segments \| Division	2	2
Number of Reportable Segments \| Division	2	2
Research and Development [Abstract]
Research and Development Expense	$ 411	$ 426	$ 408
Cash and Cash Equivalent [Abstract]
Cash Equivalents Maximum Maturity	3 months
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 2,838	2,850
Goodwill, Acquired During Period	84	8
Goodwill, Impairment Loss	0	0	0
Goodwill, Other Increase (Decrease)	16	(20)
Goodwill, Ending Balance	$ 2,938	2,838	2,850
Minimum [Member]
Finite-lived intangible assets [Abstract]
Useful life of finite-lived intangible assets (in years)	1 year
Maximum [Member]
Finite-lived intangible assets [Abstract]
Useful life of finite-lived intangible assets (in years)	30 years
Completion And Production [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 2,020	2,032
Goodwill, Acquired During Period	8	8
Goodwill, Impairment Loss	0	0	0
Goodwill, Other Increase (Decrease)	16	(20)
Goodwill, Ending Balance	2,044	2,020	2,032
Drilling And Evaluation [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	818	818
Goodwill, Acquired During Period	76	0
Goodwill, Impairment Loss	0	0	0
Goodwill, Other Increase (Decrease)	0	0
Goodwill, Ending Balance	$ 894	$ 818	$ 818

Actuarial Assumptions (Details) - Foreign Plan	12 Months Ended
Actuarial Assumptions (Details) - Foreign Plan	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.40%	5.30%
Rate of compensation increase	5.10%	4.90%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.30%	5.10%	5.60%
Expected long-term return on plan assets	4.90%	4.00%	3.80%
Rate of compensation increase	4.90%	2.90%	5.40%

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Paid-in Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest in Consolidated Subsidiaries	Treasury Stock, Common
Beginning Balance at Dec. 31, 2022	$ 7,977	$ 2,664	$ 50	$ 10,572	$ (230)	$ 29	$ (5,108)
Net income (loss)	2,662	0	0	2,638	0	24	0
Other comprehensive income (loss)	(101)	0	0	0	(101)	0	0
Cash dividends	(576)	0	0	(576)	0		0
Cash dividends - Noncontrolling interest						0
Stock plans	286	(1)	13	(98)	0	0	372
Stock repurchase program	(804)	0	0	0	0	0	(804)
Other	(11)	0	0	0	0	(11)	0
Ending Balance at Dec. 31, 2023	9,433	2,663	63	12,536	(331)	42	(5,540)
Net income (loss)	2,516	0	0	2,501	0	15	0
Other comprehensive income (loss)	(21)	0	0	0	(22)	1	0
Cash dividends	(600)	0	0	(600)	0		0
Cash dividends - Noncontrolling interest						0
Stock plans	243	(1)	16	(105)	0	0	333
Stock repurchase program	(1,007)	0	0	0	0	0	(1,007)
Other	(16)	0	0	0	0	(16)	0
Ending Balance at Dec. 31, 2024	10,548	2,662	79	14,332	(353)	42	(6,214)
Net income (loss)	1,292	0	0	1,283	0	9	0
Other comprehensive income (loss)	(10)	0	0	0	(10)	0	0
Cash dividends	(579)	0	0	(579)	0		0
Cash dividends - Noncontrolling interest						0
Stock plans	265	(3)	29	0	0	0	239
Stock repurchase program	(1,008)	0	0	0	0	0	(1,008)
Other	(3)	0	4	0	0	(7)	0
Ending Balance at Dec. 31, 2025	$ 10,505	$ 2,659	$ 112	$ 15,036	$ (363)	$ 44	$ (6,983)

Amount after tax and reclassification adjustments of other comprehensive income (loss).

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4