{"schemaVersion":1,"research":true,"symbol":"hal","name":"Halliburton Co","topic":"moat","path":"/stock/hal/moat","status":"published","version":7,"updatedAt":"2026-10-19T16:12:15.519Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Halliburton has deployed proprietary technology, engineering expertise and global operating reach, but the passages do not establish durable customer lock-in, superior costs or protected pricing. Actual pricing gains in 2023 were followed by stimulation price reductions in 2026. Continued customer collaboration and technology deployments support differentiation, while declining segment margins and underlying operating income show vulnerability. The evidence supports capabilities but cannot establish a durable economic moat across the business.","advantages":[{"mechanism":"intangible_assets","claim":"Proprietary technology and engineering expertise provide current differentiation: Halliburton reports substantial electric-pump deployment and successful complex offshore applications. Their durable economic advantage over competing offerings remains unestablished.","durability":"Continued technology deployment supports an existing capability, but the catalog does not establish exclusive customer benefits, patent protection periods, sustained price premiums or competitors' inability to replicate performance.","risks":"Continual technological development, potential intellectual-property challenges and dependence on technical personnel could erode differentiation. Actual stimulation price reductions show that technology does not protect pricing throughout the portfolio.","invalidation":"The differentiation thesis would weaken if deployed technologies lose repeat customer use, competing alternatives match their performance and cost, or material intellectual-property rights are invalidated. Sustained technology-linked premiums and repeat awards through a downturn would support upgrading the moat assessment.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8","e9"]},{"mechanism":"cost_advantage","claim":"Global operations and procurement practices offer a plausible source of purchasing and delivery efficiencies, but the supplied disclosures do not demonstrate a relative cost advantage.","durability":"The operating footprint is established; the size, persistence and exclusivity of any cost benefit are undisclosed. Scale alone does not establish efficient scale or barriers to entry.","risks":"Numerous substantial competitors, inflation and variable customer activity can absorb procurement efficiencies. Management's intended partial cost pass-through is not demonstrated pricing power.","invalidation":"A relative cost-advantage claim would fail if comparable jobs show no sustained delivered-cost or capital-efficiency benefit against alternatives. Comparative operating evidence through weak demand would be needed to establish the claim.","competitors":[],"evidenceIds":["e10","e11"],"counterEvidenceIds":["e5","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"2025 performance overview; electric fracturing fleet deployment","excerpt":"•Sustainability: We continued progress toward a sustainable energy future by expanding Halliburton Labs’ 38 participant and alumni organizations, and achieving the milestone of 50% of our North American fracturing fleet transitioned to Zeus electric pumps."},{"id":"e2","sourceId":"filing-8","location":"Selective Technology & Highlights; expandable liner hanger deployment","excerpt":"•Halliburton successfully deployed its VersaFlex® expandable liner hanger system in"},{"id":"e3","sourceId":"filing-8","location":"Selective Technology & Highlights; offshore customer project","excerpt":"the bp-operated Azeri–Chirag–Gunashli project offshore Azerbaijan in the Caspian"},{"id":"e4","sourceId":"filing-8","location":"Selective Technology & Highlights; longstanding collaboration","excerpt":"Sea. The operation reinforces the companies’ long-standing collaboration and"},{"id":"e5","sourceId":"filing-2","location":"Business environment; competition across segments","excerpt":"The industry we serve is highly competitive, with numerous competitors across each of our business segments."},{"id":"e6","sourceId":"filing-1","location":"Risk factors; potential intellectual-property invalidation or circumvention","excerpt":"We may not be able to successfully preserve these intellectual property rights in the future, and these rights could be invalidated, circumvented, or challenged."},{"id":"e7","sourceId":"filing-1","location":"Risk factors; continual technological development","excerpt":"The market for our services and products is characterized by continual technological developments to provide better and more reliable performance and services."},{"id":"e8","sourceId":"filing-1","location":"Risk factors; dependence on technical personnel","excerpt":"We believe that our success depends upon our ability to attract, employ, and retain technical personnel with the ability to design, utilize, and enhance these services and products."},{"id":"e9","sourceId":"filing-2","location":"Second-quarter operating results; reduced stimulation pricing","excerpt":"stimulation services in US Land and Latin America."},{"id":"e10","sourceId":"filing-1","location":"Business description; workforce and global operating footprint","excerpt":"With over 46,000 employees, representing 146 nationalities in more than 70 countries, 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."},{"id":"e11","sourceId":"filing-4","location":"Executive overview; procurement scale and sourcing practices","excerpt":"We monitor market trends and work to mitigate cost impacts through economies of scale in global procurement, technology modifications, and efficient sourcing practices."},{"id":"e12","sourceId":"filing-2","location":"Market conditions; actual inflationary cost increases","excerpt":"Globally, we continue to be impacted by inflationary cost increases, primarily related to logistics, chemicals, and cement."},{"id":"e13","sourceId":"filing-2","location":"Market conditions; intended partial inflation pass-through","excerpt":"As a standard practice, we generally seek to pass a portion of these cost increases on to our customers and believe we have effective solutions in place to minimize their operational impact."},{"id":"e14","sourceId":"filing-2","location":"Business environment; dependence on customer capital spending","excerpt":"Because a significant portion of our business supports our customers' capital spending programs, our financial performance is closely tied to oil and natural gas prices and worldwide drilling and completions activity."},{"id":"e15","sourceId":"filing-5","location":"2023 highlights; activity and realized pricing gains","excerpt":"Our International revenue increased 17% and our North America revenue increased 9% in 2023 compared to 2022, with improved margins driven by increased activity and pricing gains."},{"id":"e16","sourceId":"filing-5","location":"2023 highlights; segment operating margins","excerpt":"Overall, our Completion and Production and Drilling and Evaluation operating segments finished the year with 21% and 17% operating margins, respectively."},{"id":"e17","sourceId":"filing-4","location":"2024 highlights; segment operating margins","excerpt":"Overall, our Completion and Production and Drilling and Evaluation operating segments finished the year with 20% and 16% operating margins, respectively."},{"id":"e18","sourceId":"filing-1","location":"2025 highlights; segment operating margins","excerpt":"Overall, our Completion and Production and Drilling and Evaluation operating segments finished the year with 17% and 15% operating margins, respectively."},{"id":"e19","sourceId":"filing-8","location":"First-half 2026 operating segment and geographic comparison","excerpt":"By Operating Segment and Geographic Region\n(Millions of dollars)\n(Unaudited)\nSix Months Ended\nJune 30, \nRevenue\n2026\n2025\nBy operating segment:\nCompletion and Production\n$6,218\n$6,291\nDrilling and Evaluation\n4,898\n4,636\nTotal revenue\n$11,116\n$10,927\nBy geographic region:\nNorth America\n$4,412\n$4,495\nLatin America\n2,213\n1,873\nEurope/Africa/CIS\n1,875\n1,595\nMiddle East/Asia\n2,616\n2,964\nTotal revenue\n$11,116\n$10,927\nOperating Income\nBy operating segment:\nCompletion and Production\n$913\n$1,044\nDrilling and Evaluation\n689\n664\nTotal operations\n1,602\n1,708\nCorporate and other\n(152)\n(132)\nSAP S4 upgrade expense\n(88)\n(62)\nImpairments and other (charges) credits\n95\n(356)\nTotal operating income\n$1,457\n$1,158\nSee Footnote Table 2 for Reconciliation of Operating Income to Adjusted Operating Income."},{"id":"e20","sourceId":"filing-8","location":"First-half 2026 reconciliation of operating income to adjusted operating income","excerpt":"FOOTNOTE TABLE 2\nHALLIBURTON COMPANY\nReconciliation of Operating Income to Adjusted Operating Income\n(Millions of dollars)\n(Unaudited)\nSix Months Ended\nJune 30, \n2026\n2025\nOperating income\n$1,457\n$1,158\nImpairments and other charges (credits):\nGain on investments\n(64)\n—\nLoss on sale of a business\n17\n—\nSeverance costs\n—\n107\nImpairment of assets held for sale\n—\n104\nImpairment of real estate facilities\n—\n53\nOther\n(48)\n92\nTotal impairments and other charges (credits) (a)\n(95)\n356\nAdjusted operating income (b) (c)\n$1,362\n$1,514\n(a)\nDuring the six months ended June 30, 2026, Halliburton recognized a pre-tax credit of $95 million primarily due to a"},{"id":"e21","sourceId":"filing-1","location":"Risk factors; customer-required long-term fixed-price contracts","excerpt":"long-term, fixed price contracts. Some of these contracts are required by our customers, primarily national oil companies."},{"id":"e22","sourceId":"filing-2","location":"Revenue note; remaining long-term performance obligations","excerpt":"Revenue allocated to remaining performance obligations for these long-term contracts is not material."},{"id":"e23","sourceId":"filing-2","location":"Receivables note; primary Mexico customer across reporting dates","excerpt":"Receivables from our primary customer in Mexico accounted for approximately 7% of our total receivables as of both June 30, 2026 and December 31, 2025."},{"id":"e24","sourceId":"filing-2","location":"Receivables note; realized payment delays and collection history","excerpt":"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."},{"id":"e25","sourceId":"filing-1","location":"2025 highlights; operating cash flow and debt retirement","excerpt":"We generated $2.9 billion of cash flows from operations and retired $382 million of our 3.8% notes due November 2025."},{"id":"e26","sourceId":"filing-3","location":"Appendix D; 2025 operating cash flow and free cash flow reconciliation","excerpt":"HALLIBURTON 2026 Proxy Statement D-1 Appendix D Non-GAAP Reconciliation HALLIBURTON COMPANY Reconciliation of Total Cash Flows from Operating Activities to Free Cash Flow (Millions of dollars) Year Ended December 31, 2025 Total cash flows provided by operating activities $2,926 Capital expenditures (1,254) Proceeds from sales of property, plant, and equipment 185 Free cash flow (a) $1,857 (a) Free cash flow is a non-GAAP measure which is calculated as “Total cash flows provided by operating activities (operating cash flow)” less “capital expenditures” plus “proceeds from the sale of property, plant, and equipment.”"},{"id":"e27","sourceId":"filing-1","location":"Liquidity and capital resources; actual 2025 shareholder distributions","excerpt":"We returned $1.6 billion of capital to shareholders in 2025 through dividends and share repurchases."},{"id":"e28","sourceId":"filing-2","location":"Condensed cash flow statement; first-half spending, financing and cash generation","excerpt":"HAL Q2 2026 FORM 10-Q | 4 Table of Contents HALLIBURTON COMPANY Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, Millions of dollars 2026 2025 Cash flows from operating activities: Net income $1,002 $683 Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization 591 561 Impairments and other charges (credits) (95) 356 Changes in assets and liabilities: Receivables (429) 140 Inventories (85) (24) Accounts payable 327 (16) Other operating activities (214) (427) Total cash flows provided by operating activities 1,097 1,273 Cash flows from investing activities: Capital expenditures (427) (656) Payments to acquire businesses, net of cash acquired (107) (162) Purchases of equity investments (101) (345) Purchases of investment securities (93) (115) Proceeds from sales of property, plant, and equipment 121 89 Sales of investment securities 49 65 Sale of an equity investment — 120 Other investing activities (68) (36) Total cash flows used in investing activities (626) (1,040) Cash flows from financing activities: Stock repurchase program (308) (507) Dividends to shareholders (285) (292) Other financing activities (26) (12) Total cash flows used in financing activities (619) (811) Effect of exchange rate changes on cash (10) (2) Decrease in cash and cash equivalents (158) (580) Cash and equivalents at beginning of period 2,206 2,618 Cash and equivalents at end of period $2,048 $2,038 Supplemental disclosure of cash flow information: Cash payments during the period for: Interest $202 $214 Income taxes $240 $382 See Notes to Condensed Consolidated Financial Statements."},{"id":"e29","sourceId":"filing-5","location":"Liquidity and capital resources; original SAP completion expectation","excerpt":"During the second quarter of 2023, we began our migration to SAP S4 which we expect to complete by the end of 2025."},{"id":"e30","sourceId":"filing-5","location":"Liquidity and capital resources; original SAP budget and 2023 expenditure","excerpt":"The migration is estimated to cost approximately $250 million, of which we have incurred $51 million through December 31, 2023."},{"id":"e31","sourceId":"filing-1","location":"Liquidity and capital resources; actual 2025 SAP expense","excerpt":"During the year ended December 31, 2025, we incurred $154 million in expense on our SAP S4 migration."},{"id":"e32","sourceId":"filing-2","location":"Liquidity and capital resources; revised SAP completion expectation","excerpt":"During 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026."},{"id":"e33","sourceId":"filing-2","location":"Liquidity and capital resources; first-half 2026 SAP expense","excerpt":"For the six months ended June 30, 2026, we incurred $88 million in expense on our SAP S4 migration and expect the estimated cost to be approximately $45 million in the third quarter of 2026."},{"id":"e34","sourceId":"filing-3","location":"Executive compensation; 2025 annual incentive metrics","excerpt":"Performance measured against: •60% Net Operating Profit After Taxes (NOPAT) •20% Asset Turns •20% Non-Financial Strategic Metrics Award values were targeted at the market median for 2025."},{"id":"e35","sourceId":"filing-3","location":"Executive compensation; existing alignment and compensation governance provisions","excerpt":"Good Compensation Governance Practices At-A-Glance What We Do What We Don’t Do Use a mix of relative and absolute financial metrics No repricing of underwater stock options Structure the majority of total direct compensation opportunity to be performance-based, at-risk, and long-term No excessive perquisites Deliver rewards that are based on the achievement of long-term objectives and the creation of shareholder value No guaranteed bonuses or uncapped incentives Maintain a clawback policy in the event of a material financial restatement No single trigger vesting upon a change of control Maintain robust executive and Director stock ownership requirements No excise tax gross-ups Use an independent, external compensation consultant No hedging or pledging of company securities by executives and Directors Benchmark against a relevant group of peer companies No buyout or exchange of underwater options Ensure rigorous oversight of incentive metrics, goals, and the pay-for-performance relationship No special or one-time stock grants for internal promotions Hold an annual say-on-pay vote No liberal share counting or recycling 54 HALLIBURTON 2026 Proxy Statement www.halliburton.com Elements of our Executive Compensation Program for 2025 Halliburton’s executive compensation program for the 2025 plan year was composed of base salary, a short-term incentive, and long-term incentives as described below: Reward Element Objective Key Features How Award Value is Determined 2025 Decisions FIXED Base Salary To compensate executives based on their responsibilities, experience, and skill set."},{"id":"e36","sourceId":"filing-3","location":"Performance Unit Program; negative-ROCE payout constraint","excerpt":"Additionally, payout of the primary metric (relative ROCE) is capped at target when average Halliburton ROCE for the applicable three-year performance period is negative."},{"id":"e37","sourceId":"filing-3","location":"Performance Unit Program; three-year relative shareholder-return modifier","excerpt":"The PUP also uses a relative TSR modifier that compares three-year performance against the constituents of the OSX and can increase or decrease the incentive opportunity payout by 25%, which adds a long-term performance component to the PUP directly linked to stock price."},{"id":"e38","sourceId":"filing-1","location":"Cybersecurity; realized operational disruption and significant costs","excerpt":"The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our workforce."},{"id":"e39","sourceId":"filing-3","location":"Board leadership; lead independent director responsibilities","excerpt":"The Lead Independent Director’s responsibilities include the following: liaises between the independent Directors and the Chairman participates in shareholder engagement approves agendas for Board meetings and ensures the agendas provide opportunities for the Board to provide input on the Company’s business strategy and management’s execution of that strategy advises management on and approves information sent to the Board and approves schedules for meetings of the Board presides over meetings and executive sessions of the independent Directors authorizes the retention of outside advisors and consultants who report directly to the Board leads the Board’s annual evaluation of the Chief Executive Officer schedules meetings of the independent Directors as appropriate participates in efforts to identify and recruit candidates for Board membership Our Lead Independent Director Charter is available on our website at www.halliburton.com."},{"id":"e40","sourceId":"filing-3","location":"Corporate governance; standing committee independence","excerpt":"All standing Committees of the Board are comprised solely of independent Directors."},{"id":"e41","sourceId":"filing-3","location":"Board attendance; actual 2025 meetings and independent executive sessions","excerpt":"12 HALLIBURTON 2026 Proxy Statement www.halliburton.com Board Attendance During 2025, the Board held 7 meetings and met in executive session of the independent Directors, without management present, on 4 occasions."},{"id":"e42","sourceId":"filing-2","location":"Business segment information; combined chairman and executive leadership","excerpt":"Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief"},{"id":"e43","sourceId":"filing-7","location":"October 2026 release; actual director appointment","excerpt":"15, 2026 – Halliburton (NYSE: HAL) announced the appointment of David Hernandez to its board of directors to serve until the Company’s 2027 Annual Meeting of Shareholders."}],"changes":["The uncertain moat verdict is retained after re-examining the current catalog; all four moat grades remain null.","Retention remains mixed, now supported more directly by a disclosed offshore deployment within a longstanding customer collaboration, rather than relying principally on receivables continuity.","Added first-half 2026 segment results and the adjusted operating-income reconciliation: reported income growth includes credits and a favorable comparison against prior-year charges.","Capital discipline, execution, incentive alignment and governance grades are retained using current catalog evidence. The October director appointment establishes refreshment activity but does not establish improved oversight outcomes."],"limitations":["All supplied sources are issuer disclosures. Reported operating results and existing contractual or governance provisions support numerical assessments, while technology superiority and efficiency claims have limited comparative substantiation.","Competition passages identify generic competitors without naming current rivals. Baker Hughes appears as a rig-data provider and historical merger counterparty; that context does not establish current competitive coverage. Customers and collaborators are not treated as competitors.","No comparative job economics, technology-specific price premiums, customer switching costs, renewal rates or comprehensive contract repricing rights are supplied.","Actual management ownership and compliance with ownership requirements are not established. Proposed plan amendments are not used as evidence of adoption, grants or vesting.","All source dates retain dateKind filed; embedded release dates are distinct from filing dates. The latest operating evidence covers June 2026, while the October disclosure concerns a board appointment.","Generic intellectual-property, personnel and technology risks describe possible erosion, not demonstrated failures. Margin compression and realized price reductions do not by themselves establish that the whole business lacks a moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Deployed proprietary technology and global reach establish capabilities, but comparative costs, exclusionary protection and sustainable customer benefits are insufficiently disclosed to establish a structural economic advantage.","evidenceIds":["e1","e2","e3","e10","e5"]},{"criterion":"durability","grade":null,"rationale":"A longstanding collaboration supports continuity, but the duration and defensibility of economic benefits are unestablished. Technological change and potential intellectual-property circumvention remain prospective erosion risks.","evidenceIds":["e4","e6","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Repeat collaboration and complex deployments do not establish that customers face material switching costs or lack viable alternatives. Immaterial remaining long-term performance obligations do not resolve dependency.","evidenceIds":["e2","e3","e4","e22"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Technology deployment continues while pricing and operating performance weaken. Without an established structural advantage and comparative outcomes, resilience of a moat cannot be determined.","evidenceIds":["e1","e9","e19","e20"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Pricing gains contributed to 2023 growth, whereas reduced stimulation pricing in US Land and Latin America hurt 2026 results. This is mixed observed pricing performance; intended inflation pass-through does not establish successful realization.","evidenceIds":["e15","e9","e13"]},{"criterion":"retention","grade":2,"rationale":"A successful deployment within a longstanding customer collaboration and Drilling and Evaluation growth support continuing demand. This is qualitative and indirect operating evidence, without retention rates or proof that demand persists after price increases. Mexico receivables continuity is weaker supporting evidence and includes payment delays.","evidenceIds":["e2","e3","e4","e19","e23","e24"]},{"criterion":"margin_resilience","grade":1,"rationale":"Completion and Production margins fell from 21% in 2023 to 20% in 2024 and 17% in 2025; Drilling and Evaluation fell from 17% to 16% and 15%. First-half 2026 segment income declined in aggregate despite revenue growth, and adjusted operating income declined. Continued profitability offsets but does not overcome this fragile resilience.","evidenceIds":["e16","e17","e18","e19","e20","e9"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Some customers require long-term fixed-price project contracts, demonstrating constraints on repricing. Partial inflation pass-through is sought through negotiation. Immaterial remaining long-term obligations limit extrapolation to the whole business, and broader escalation and termination rights are unavailable.","evidenceIds":["e21","e13","e22"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual operating cash generation, debt retirement and distributions support discipline. First-half 2026 capital expenditure and repurchases declined alongside lower operating cash flow. SAP spending exceeded its original budget and completion slipped, making documented commitments versus outcomes mixed; investment and buyback returns remain unestablished.","evidenceIds":["e25","e26","e27","e28","e29","e30","e31","e32","e33"]},{"criterion":"incentive_alignment","grade":3,"rationale":"The existing program combines profit and asset-efficiency metrics, long-term performance incentives, a three-year relative shareholder-return modifier, a negative-ROCE payout constraint, ownership requirements, clawbacks and hedging restrictions. These demonstrate strong alignment provisions, although actual ownership compliance and comprehensive payout outcomes are missing. Proposed amendments are excluded.","evidenceIds":["e34","e35","e36","e37"]},{"criterion":"execution","grade":2,"rationale":"Electric-pump deployment, complex offshore delivery, cash generation and Drilling and Evaluation growth support execution. SAP delays and excess spending, cybersecurity disruption and declining aggregate segment income make the record mixed. Operating achievements are indirect evidence of management effectiveness and do not isolate management's contribution.","evidenceIds":["e1","e2","e3","e19","e25","e29","e30","e31","e32","e33","e38"]},{"criterion":"governance","grade":3,"rationale":"Independent standing committees, defined lead independent director authority and four actual independent executive sessions in 2025 demonstrate functioning oversight arrangements. Combined chairman and executive leadership limits independence at the top. The October appointment demonstrates refreshment activity without proving improved governance outcomes.","evidenceIds":["e39","e40","e41","e42","e43"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"70d55635ff912eef6d0fd9048a111332b164b16c2754cb6428563437977f593c","updatedAt":"2026-10-19T16:12:15.519Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm","publishedAt":"2026-02-06","sha256":"ff5b3229856890791ae55d111eec5d95799a2dc024ab34ebda2e61fbe661e0cd","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm","publishedAt":"2026-07-24","sha256":"b61fdc982b24ff20c5a96dc9edda4a546cfe485a40c9f63e8d6b0cd8d366ea0f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501226000033/hal-20260330.htm","publishedAt":"2026-03-31","sha256":"b3f4469383e95a470bfa8d4362ae25fa2adefd136f1316a3a2dd1dac8873994d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501225000010/hal-20241231.htm","publishedAt":"2025-02-12","sha256":"184e7414df8abdab939b4fb387d31284e1f08c44a85a33528363e39c17ae6531","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501224000007/hal-20231231.htm","publishedAt":"2024-02-06","sha256":"12c1008ba5010aa7554f789879827c0fa7d8ebe40d67a8a53b68e8b6988d50c0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501226000039/hal-20260331.htm","publishedAt":"2026-04-24","sha256":"944410bdde7a699fb9b03439ab6da06499bb1ad4a4fe938391ca19c147202964","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501226000069/pressreleaseofhalliburto.htm","publishedAt":"2026-10-15","sha256":"f17286656b44a4492e18e77ca26a25b356d6fdef2380add9ec59e174926b2a91","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm","publishedAt":"2026-07-21","sha256":"996779e8b759244d38453b858d0b576d44d8e435e774047ca6ab5c34d8f4fc8c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/45012/000004501226000036/livemastererdocument.htm","publishedAt":"2026-04-21","sha256":"27ba6fb58c8a4119c83b9cd29059d0e63d74aa1a45d508107ae51888c772b0a1","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e086572fe7a1f0528ec852ead48aa8bbd82dd3cff23e911f285854849a0b248e","usage":{"input_tokens":111727,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3763,"reasoning_output_tokens":123}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":11.768551814318405,"roic":null,"fcf_margin":7.270349787512259,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; 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