Investor Relations Contacts

David Coleman, Sr. Director

Marina Matselinskaya, Director

(281) 871-2688
[email protected]

Fourth Quarter 2021 Update

NYSE Stock Symbol: HAL

Common Dividend: $0.045 in the fourth quarter 2021

Shares Outstanding: 899 million as of 01/28/2022

©2022 Halliburton. All rights reserved. 1

 Safe Harbor
The statements in this presentation that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning
of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results
to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the impact of COVID-19 and any variants, the
related economic repercussions and resulting negative impact on demand for oil and gas, operational challenges relating to COVID-19 and efforts to mitigate the spread of the virus,
including logistical challenges, protecting the health and well-being of our employees, performance of contracts and supply chain disruptions; the ability of the OPEC+ countries to
agree on and comply with production quotas; the continuation or suspension of our stock repurchase program, the amount, the timing, and the trading prices of Halliburton common
stock, and the availability and alternative uses of cash; changes in the demand for or price of oil and/or natural gas; potential catastrophic events related to our operations, and
related indemnification and insurance matters; protection of intellectual property rights and against cyber-attacks; compliance with environmental laws; changes in government
regulations and regulatory requirements, particularly those related to oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and
climate-related initiatives; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; risks of international operations,
including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls and sanctions,
and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; changes in capital spending by customers, delays or
failures by customers to make payments owed to us, and the resulting impact on our liquidity; execution of long-term, fixed-price contracts; structural changes and infrastructure
issues in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; agreement with respect to and completion of potential
dispositions, acquisitions and integration and success of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2021,
recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's
business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

©2022 Halliburton. All rights reserved. 2

 Agenda

Company Overview 4

Strategic Priorities 8

 Profitable growth internationally

 Maximizing value in North America
 Digital and automation (Halliburton 4.0)
 Capital efficiency
 Sustainable energy future

Financial Results 22

©2022 Halliburton. All rights reserved. 3

 Company Overview
Leading globally diversified oilfield services
company

We collaborate and engineer solutions to

maximize asset value for our customers.

©2022 Halliburton. All rights reserved.

 Halliburton Global Footprint
Founded

1919
Employees of 130+ Nationalities

40,000*
TC
TC TC TC Operational Countries

70+
TC TC
TC TC
Research Centers
TC
TC
12
TC
Corporate Headquarters

TC
Locations

Technology Centers
TC Houston
Corporate Headquarters
*approximate estimate

©2022 Halliburton. All rights reserved. 5

 Halliburton Participates in Every Stage of Oilfield Life Cycle

Exploration Well Construction Completions Production Abandonment

©2022 Halliburton. All rights reserved.

 Halliburton Product Service Lines

Drilling and Evaluation (D&E) Integrating All Product Service Lines Completion and Production (C&P)

Sperry Drill Bits Wireline Project Landmark Cementing Completion Production

Drilling & Services & Perforating Management & Consulting Tools Enhancement

Testing Baroid Artificial Lift Production Pipeline

& Subsea Solutions & Process Services

©2022 Halliburton. All rights reserved.

 Strategic Priorities At-A-Glance

Profitable Growth Maximizing Value Digital and Automation

Internationally in North America (Halliburton 4.0)

• Substantial global footprint • The leading position • Leading software provider

• Integrated premium provider • Digitalizing the value chain

• Competitive technology portfolio
• Efficient service delivery • Enhancing business opportunities
• Growing Production businesses
• Driving internal efficiencies
Deliver industry-
• Integrated models • Maximizing free cash flow
leading returns
and strong free
Capital Sustainable
cash flow
Efficiency Energy Future

• Structurally lower capital intensity • Help customers decarbonize

legacy production base
• Driven by advances in technology
• Reduce Halliburton’s
• Supports stronger free cash flow
environmental impact
generation
• Advance clean energy solutions

We have a clear sense of purpose – to help our customers satisfy the world’s need for the
affordable and reliable energy provided by oil and gas – in a more effective, efficient, safe, and
ethical manner – while minimizing environmental impact.

©2022 Halliburton. All rights reserved. 8

 Profitable Growth
Internationally
Balance growth with improving margins
and returns

©2022 Halliburton. All rights reserved.

 Profitable Growth Internationally
Portfolio Strength Drives Market Outperformance

4Q 2021 Revenue International Revenue Outperformance

Compared to Rig Count

110 1Q20 = 100

42%
North America
100
97
90

80
76
70
58%
International
60

50
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21

North America International HAL Int'l Revenue Index Int'l Rig Index

Halliburton earned the majority of our revenue International margin recovery underway.
internationally in 4Q21.

©2022 Halliburton. All rights reserved. 10

 Competitive Technology Portfolio

iCruise® EarthStar® FlexRite® Artificial Lift and

Multi-branch Completions System
Intelligent Drilling System Ultra-deep Resistivity Sensor Specialty Chemicals
 Significant market penetration  Rapid international adoption  A clear leader in the offshore  Ongoing international expansion –
completions market ​ Middle East, Latin America
 Fully automated – capability to  Unique digital 3D inversion
reduce rig site personnel capabilities help discover  100+ systems installed to date with  Specialty chemicals plant under
more reserves 100% reliability ​ construction in Saudi Arabia
 Modular design compresses
R&M time/cost and increases  Highest depth of investigation in  Integrates sand control and
asset velocity the industry (captures 200 feet intelligent SmartWell® reservoir
around the wellbore) controls for increased production in
new and existing wells

©2022 Halliburton. All rights reserved. 11

 Maximizing Value in
North America
Remain leader and maximize
free cash flow

©2022 Halliburton. All rights reserved.

 All-Electric Fracturing Site

High Horsepower Solution

 First true 5,000HHP pump
 8 pumps / 40,000HHP

All-Electric Location
 Electric wireline
 Electric blender
 Electric Technical Command Center
 Electric pumpdowns

Power Agnostic
 Grid / reciprocal engines (VoltaGrid) / large
turbine

The First Fully Electric 40,000-HHP Frac Site

©2022 Halliburton. All rights reserved. 13

 SmartFleet™ Intelligent Fracturing System
Real-time fracture control while pumping

Connected to the Subsurface

 Equipped with fiber optics to autonomously adapt and
respond to real-time reservoir measurements

Live 3D Visualization
 Real-time measurements and projections for a direct line of
sight to fracture geometry and performance

Control While Pumping

 Real-time decisions and commands to improve fracture
placement and mitigate well interactions

©2022 Halliburton. All rights reserved.

14
 Integrated Completions
ExpressKinect™ Velocity™ Modular EcoSeal
Quick Latch 29%
Perforating Gun System Greaseless Wireline E-Winch
 Safer and more reliable  Faster, safer and reduces  Faster, safer and
 Faster and safer
environmental impact improves reliability

Stage Transition Time Perforating Runs / Misrun Stage Transition Time Non-Productive Time

19% 26% 13%

4x

w/ EKQL &
NAL Avg w/EKQL Standard Velocity NAL Avg EcoSeal NAL Avg w/ E-Winch
gun gun

©2022 Halliburton. All rights reserved.

15
 Digital and Automation
(Halliburton 4.0)
Transforming the way we work to make
a quantum leap in productivity

16
©2022 Halliburton. All rights reserved.
 Halliburton 4.0

Subsurface 4.0 Well Construction 4.0 Reservoir Recovery 4.0

Evergreen subsurface at planet scale Optimize well program Optimize capacity

Adaptive risk & uncertainty Automate drilling Maximize uptime

Agile field development Lean supply chain Increase recovery

Enterprise 4.0
Process and workflows Data and analytics

Digital Partners Cloud Smart tools

Solutions Partners

©2022 Halliburton. All rights reserved. 17

 Capital Efficiency
Structurally lower capital intensity supports
stronger free cash flow generation

©2022 Halliburton. All rights reserved.

 Capital Efficiency

Lower Capital Intensity Strengthen FCF Profile

CAPEX at 5-6% of revenue ~$1.3B average annual FCF*
(2017-2021)
 Equipment design  Higher asset velocity
enhancements  Digital technologies
 New materials  Changing portfolio mix

CAPEX as % of Revenue
11.4%

* See slide 27 for reconciliation of Cash Flows from

Operating Activities to Free Cash Flow.
7.2%

5-6%

2009-14 2015-19 2020 and Beyond

©2022 Halliburton. All rights reserved. 19

 Sustainable Energy Future
Delivering affordable and reliable energy while
lowering overall emissions

©2022 Halliburton. All rights reserved.

 Sustainable Energy Future

Decarbonize Customers’ Reduce Halliburton’s Advance

Production Base Environmental Impact Clean Energy
 Emissions and waste reduction technology  Committed to SBTi targets: reduce  Halliburton Labs - a clean energy accelerator
Scope 1 & 2 emissions 40% by 2035 from
 Monitor and quantify environmental impact 2018 baseline  Geothermal drilling leader for over 60 years

 Provide disclosures in the Annual &  Underground storage solutions for carbon and
Sustainability report hydrogen

 Mature environmental management policies

and procedures

©2022 Halliburton. All rights reserved. 21

 Financial Results
Fourth Quarter 2021

©2022 Halliburton. All rights reserved.

 4Q21 Revenue Breakdown
Middle East/Asia North America

 4Q21 revenue of $1.1 billion, a 16% increase sequentially  4Q21 revenue of $1.8 billion, a 10% increase
 Higher completion tool sales and wireline activity sequentially
across the region  Higher pressure pumping activity and
25% 42%
 Improved well construction services in drilling-related services in North America Land
Saudi Arabia and Oman  Higher completion tool sales and fluid services in
 Higher software sales in Kuwait and China the Gulf of Mexico
 Improved project management activity in India
 Increased stimulation activity throughout Asia. These increases were partially offset by reduced
stimulation activity in Canada and the Gulf of Mexico,
These increases were partially offset by reduced pipeline coupled with reduced artificial lift activity in North America
services in Asia, along with lower activity across multiple land.
product service lines in Vietnam.
Latin America

17%  4Q21 revenue of $669 million, a 7% increase

Europe/Africa/CIS 16% sequentially
 Improved project management activity in Ecuador
 4Q21 revenue of $730 million, an 8% increase sequentially  Increased drilling-related services in Mexico
 Higher software and completion tool sales across the region  Increased activity across multiple product service lines
 Improved activity across multiple product service lines in in Brazil
Norway and Egypt  Wireline sales in Guyana
 Increased well control activity in Nigeria  Higher activity across multiple product service lines in
Colombia
These increases were partially offset by reduced activity in multiple
product service lines in Russia, reduced pipeline services and well
These increases were partially offset by reduced project
construction activity in the United Kingdom, and decreased stimulation
management activity, stimulation activity, and testing services in
activity in the Congo.
Mexico.

©2022 Halliburton. All rights reserved. 23

 Segment and Geographic Results
Millions of dollars

©2022 Halliburton. All rights reserved. 24

 Financial Metrics
Total Revenue (Normalized) Return on Capital Employed(a)
(b)
Peer Group HAL HAL Peer Group
150
140 1Q17 = 100

11%
130
120

9%
8%
110

7%

7%
100

5%
4%
90

3%

3%

3%
80
70
60
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
2017 2018 2019 2020 2021

Debt Maturity Profile(c) ($MM) Cash Flow Performance(a) ($MM)

1,000 $3,157
$2,468 $2,445
600 $1,881 $1,911
400
$1,253 $1,349 $1,439 $1,369
104 $1,105

2017 2018 2019 2020 2021

Operating Cash Flow Free Cash Flow

(a) Excludes certain charges. See slide 26 for reconciliation of Return on Capital Employed to Adjusted Return on
Capital Employed and slide 27 for reconciliation of Cash Flows from Operating Activities to Free Cash Flow.
(b) Peer Group includes Schlumberger and Baker Hughes Company
(c) Total debt outstanding beyond 2030 is $6,500 MM

©2022 Halliburton. All rights reserved. 25

 Reconciliation of As Reported ROCE to Adjusted ROCE
($millions) 2017 2018 2019 2020 2021

As reported net income (loss) attributable to company $(463) $1,655 $(1,131) $(2,945) $1,457

Interest expense, after-tax 517 479 450 559 362

As reported operating profit (loss), after-tax $54 $2,134 $(681) $(2,386) $1,819

Adjustments, after-tax 1,440 5 2,215 3,530 492

Adjusted operating profit, after-tax (a) $1,494 $2,139 $1,534 $1,144 $1,327

Average capital employed (b) $20,561 $19,591 $19,243 $16,724 $15,081

As reported ROCE (c) 0% 11% (4%) (14%) 12%

Adjusted ROCE (c) 7% 11% 8% 7% 9%

(a) Management believes that operating income adjusted for certain charges is useful to investors to assess and understand operating performance,
especially when comparing results with previous and subsequent periods or forecasting performance for future periods, primarily because
management views the charges to be outside of the company's normal operating results. Management analyzes operating income without the
impact of these charges as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. See slide
24 for further details on these adjustments, pre-tax.

(b) Average capital employed is a statistical mean of the combined values of debt and shareholders’ equity for the beginning and end of the period.

(c) As reported return on capital employed (ROCE) is calculated as: “As reported operating profit, after-tax” divided by “Average capital employed.”
Adjusted ROCE is calculated as: “Adjusted operating profit, after-tax” divided by “Average capital employed.”

©2022 Halliburton. All rights reserved. 26

 Reconciliation of Cash Flows from Operating Activities
to Free Cash Flow

($millions) 2017 2018 2019 2020 2021

Total cash flows provided by operating activities $2,468 $3,157 $2,445 $1,881 $1,911

Capital expenditures
(1,373) (2,026) (1,530) (728) (799)

Proceeds from sales of property, plant, and equipment 158 218 190 286 257

Free cash flow (a) $1,253 $1,349 $1,105 $1,439 $1,369

(a) The Free Cash Flow metric is a non-GAAP financial measure, which is calculated as “Total cash flows provided by operating activities” less “Capital
expenditures” plus “Proceeds from sales of property, plant, and equipment.” Management believes that Free Cash Flow is a key measure to assess liquidity
of the business and is consistent with the disclosures of our direct, large-cap competitors. Prior periods presented are consistent with this metric.

©2022 Halliburton. All rights reserved. 27

 Why Invest in Halliburton

Strong international business and the only integrated

service provider in North America

Driving new business opportunities and efficiencies through

digital and automation (Halliburton 4.0)

Unique growth opportunities in specialty chemicals and

artificial lift businesses

Advancing a sustainable energy future for our customers,

our Company, and all our stakeholders

Committed to capital efficiency and delivering industry-

leading returns and strong free cash flow

©2022 Halliburton. All rights reserved. 28