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HALHalliburton

Energy · Oilfield Services · NYSE

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The 10-K against last year's

327 changes: 256 added, 36 removed, 35 reworded

10-K Feb 6, 2026 vs Feb 12, 2025

MD&ARedline ↓

84.4%

of the text changed · 6,437 words now

Legal ProceedingsRedline ↓

80.1%

of the text changed · 161 words now

Accounting PoliciesRedline ↓

77.0%

of the text changed · 1,673 words now

10-K 0000045012-26-000015 (2026-02-06) vs 10-K 0000045012-25-000010 (2025-02-12) Not compared: Risk Factors.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: ~~cut words struck through~~, new words highlighted and underlined.

MD&A 105 words changed in this paragraph; it is 30% similar to last year's version.

Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2013. The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through 2023, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the Internal Revenue Service (the IRS).

Source: Item 7, 10-K 0000045012-26-000015 vs Item 7, 10-K 0000045012-25-000010

Accounting Policies 104 words changed in this paragraph; it is 31% similar to last year's version.

~~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.

Source: Item 8, Note 1 – Description of Company and Significant Accounting Policies, 10-K 0000045012-26-000015 vs Item 8, Note 1 – Description of Company and Significant Accounting Policies, 10-K 0000045012-25-000010

Legal Proceedings 70 words changed in this paragraph; it is 30% similar to last year's version.

The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings.

Source: Item 3, via Note 11 – Commitments and Contingencies, 10-K 0000045012-26-000015 vs Item 3, via Note 11 – Commitments and Contingencies, 10-K 0000045012-25-000010

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of HAL's Risk Factors and MD&A, 10-K 2026-02-06 against 10-K 2025-02-12. Each links to the text at sec.gov.

All 327 Added 256 Removed 36 Reworded 35 Quiet changes 0

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedMD&A

In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery