Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure

Business Segment Information

We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment.

The following table presents information on our business segments.

		Three Months Ended September 30,				Nine Months Ended September 30,
Millions of dollars		2024		2023		2024		2023
Revenue:
Completion and Production		$	3,299	$	3,487	$	10,073	$	10,372
Drilling and Evaluation		2,398		2,317		7,261		6,907
Total revenue		$	5,697	$	5,804	$	17,334	$	17,279
Operating income:
Completion and Production		$	669	$	746	$	2,080	$	2,119
Drilling and Evaluation		406		378		1,207		1,123
Total operations		1,075		1,124		3,287		3,242
Corporate and other (a)		(60)		(64)		(190)		(181)
SAP S4 upgrade expense		(28)		(23)		(91)		(36)
Impairments and other charges (b)		(116)		—		(116)		—
Total operating income		$	871	$	1,037	$	2,890	$	3,025
Interest expense, net of interest income		(85)		(94)		(269)		(297)
Loss on Blue Chip Swap transactions (c)		—		—		—		(104)
Other, net (d)		(52)		(27)		(180)		(96)
Income before income taxes		$	734	$	916	$	2,441	$	2,528
(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)	For the three and nine months ended September 30, 2024, the amount includes a $45 million charge attributable to Completion and Production, a $34 million charge attributable to Drilling and Evaluation, and a $37 million charge attributable to Corporate and other. See Note 2 for further discussion on impairments and other charges.
(c)	The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. Our execution of certain trades, known as Blue Chip Swaps, which effectively results in a parallel U.S. dollar exchange rate, resulted in a $104 million pre-tax loss during the nine months ended September 30, 2023.
(d)	During the nine months ended September 30, 2024, Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt.