Halliburton Co.

Q2 headline performance (good): strong cash generation + margin - Total company revenue $5.7B (+6% YoY); adjusted operating margin 12%. - International revenue $3.4B (+6% YoY) (reported as highest Q2 in >10 years). - North America revenue $2.3B flat YoY; sequential improvement noted. - Cash flow from operations $824M and free cash flow $668M; repurchased ~$200M of common stock. - Financial results by division: Completion & Production (C&P) revenue $3.2B (+6% YoY), operating income margin 15%; Drilling & Evaluation (D&E) revenue $2.5B (+5% YoY), operating margin 13%.

International strength despite Middle East disruption (good + surprising): record-like momentum - Leadership emphasized international as outperforming broadly, including Europe/Africa up sharply sequentially (e.g., Europe Africa revenue $1.0B, +19% sequentially). - Middle East remains the key drag but is described as recovering from conflict flows with pockets of disruption (e.g., Iraq, Bahrain), and offshore activity increasing though not yet pre-conflict levels. - Investors highlight: management repeatedly stressed they are winning work that will be executed even if the pace of recovery is fluid.

Operational / technology-driven growth engines (opportunity): closed-loop automation + scale - Multiple technology/automation wins were cited as growth drivers: - Octave automation pumping controls first offshore implementation (North Sea STEM vessel). - SikAl + Logix integrated closed-loop drilling solution; example: back-to-back record wells for Aker BP. - Zeus IQ deployment in North America for improved near-well/cross-well measurements and tighter treatment control. - International unconventionals: Algeria (Sonatrac) first unconventional award, Argentina Zeus fleet mobilized for expected start-up in Q4. - Strategic theme: compete on technology and engineered collaboration, not “horsepower,” and use global scale to drive returns and margin expansion.