1. Risk Management University of Houston March 2011

2. page - 2 Q&ABusiness Overview & 2011 ResultsRisk Management

3. page - 3 Halliburton Overview  Provides a broad suite of products and services to help explore for and produce oil and gas  2010 sales of $18 billion  Equity market capitalization of over $37 billion, as of December 31, 2010  2010 return on capital employed of 14% (1)  Three business segments -Drilling & Evaluation -Completion & Production -Consulting & Project Management (1) Return on capital employed defined as: (net income attributable to company) / (total shareholders’ equity + total debt)

4. page - 4 Why Halliburton? CustomersFounded:Employees Corporate Headquarters Research Centers Operational Countries 2010 FAST FACTS 191950,000+Houston Dubai National, International and Independent entities worldwide 1470+ Halliburton Locations Halliburton Headquarters Halliburton Research Centers

5. page - 5 Drilling and Evaluation Consulting and Project Management Completion and Production Landmark Sperry Drilling Testing and Subsea Drill Bits and ServicesBaroid Wireline and Perforating Product Service Line (PSL)

6. page - 6 Completion and Production Drilling and Evaluation Consulting and Project Management Completion and Production Cementing Completion Tools Production Enhancement Boots & Coots Well Intervention Product Service Line (PSL)

7. page - 7 Consulting and Project Management Drilling and Evaluation Consulting and Project Management Completion and Production Consulting Project Management Product Service Line (PSL)

8. page - 8 Year Ended December 31, 2008 (in millions) Completion and Production Production Enhancement Cementing Completion Tools Drilling and Evaluation Sperry Wireline Baroid Security DBS Drill Bits Software & Asset Solutions Testing & Subsea Halliburton Divisions – 2010 Revenue ($ billions)

9. page - 9 Middle East / Asia North America Europe / Africa / CIS Latin America North America International Global Operations – 2010 Revenue

10. page - 10 North America vs International  Spectrum of extremes  North America -Efficient (immediate response to commodity price changes) -Transactional -Extreme volatility  International -Longer terms -Less transactional -Dampens extremes 10

11. page - 11 2010 Acquisitions – Risk Management Due Diligence  Boots & Coots, Inc. – Well intervention services and pressure control products -Location: International -Employees: 700  Professional Wireline Rentals LLC – Various wellhead and subsurface rental equip -Location: U.S. -Employees: 300  Wellbore Energy Solutions, Inc. – Wellbore cleaning services -Location: U.S. -Employees: 30  Diamond Rotating Heads Inc. – Low pressure rotating control heads for drilling -Location: U.S. -Employees: 14  Evans Engineering, Inc. – Downhole rental jars -Location: U.S. -Employees: 17  Permedia Research Group – Modeling software and services -Location: Canada -Employees: 20

12. page - 12 Q&ABusiness Overview & ResultsRisk Management

13. page - 13 Enterprise Risk Management  Methods, framework, and processes utilized to manage risks by taking an integrated and holistic view of the various uncertainties involved across the organization. It is the process whereby an organization optimizes the manner in which it controls risks.  Required by SEC and NYSE  Evaluated and rated by rating agencies based on effectiveness of program.  ERM sponsored at highest levels of Halliburton  Direct and independent reporting to Audit Committee of BOD  Sustainable monitoring plans for risks and controls  Cultural permeation 200620072008200920052010 Initial Risk Assessments Completed Senior Leadership Established Formal Strategy For Sustainability Assessments Updated & Validated Monitoring Processes Established Global Awareness Develop & Refine Risk Assessment Processes

14. page - 14 ERM Leadership Board of Directors Halliburton Senior Management RM Committee Chairman: Sr VP & Treasurer Director Risk Management VP Internal Audit & Controls Chief Ethics & Compliance Officer Operations Advisory Committee President Global Business Lines President Western Hemisphere President Eastern Hemisphere Sr Director Intellectual Asset Management Sr Director Operations Finance Corporate Advisory Committee VP & Controller EVP Administration VP and Deputy General Counsel CIO VP Supply Chain VP Tax Working Team Risk Management, Internal Controls, Treasury, Audit, Law Subject Matter Experts (“SME”) Determined as needed

15. page - 15 Risk Management Organization  Functional reporting to Treasury and CFO  Insurance Programs  Insurance and self-insurance procurement  Fronting programs and captives  Brokerage relationships  Global Claims  Occupational injury administration  Insurance recovery (all lines)  Claim services vendor relationships  Risk Management Information Systems  Data Management  Financial and executive reporting  Risk Management Accounting  Budget control  Cost allocation  Reserve management

16. page - 16 Risk Management Responsibilities  Identify exposures to risk of loss  Determine desired means of managing exposures to risk of loss  Support SEC risk compliance  Obtain insurance required by and in accordance with applicable laws  Negotiate customer insurance terms and assure compliance  Support pursuit of new business opportunities  Support due diligence for acquisitions and mergers  Provide surety services  Maximize insurance assets through efficient claim recovery

17. page - 17 Insurance Purchasing Philosophy  Utilize insurance risk transfer only in the following circumstances:  Required by law or contract and fronting is not possible/practicable  Catastrophic exposures, i.e. materially adverse impact to company  Premium is lower than expected losses

18. page - 18 Insurance Program D&O Liability Hartford Max Re AWAC HCC AIG RSUI AIG Arch XL ACE Endurance HCC RLI AWAC Hartford AIG Arch ACE Side A DIC Fiduciary Liability HCC AIG ELU Axis CNA Work Comp Statutory Limits Ace Air Craft USAIG Vessels Lloyds Crime AIG Well Control Lloyds Offshore Property Lloyds Cargo Ace Onshore Property AIG / Zurich / ACE Swiss Re Lexington Liberty / Zurich AWAC Lloyds Munich Re / Arch AWAC DeductibleType of Coverage Summary of Insurance Excess Liability ACE (Bermuda) Lloyds Liberty Mutual XL (Bermuda) AISLIC Lloyds Arch / XL / Allied GL / AL / EL

19. page - 19 Case study - Cargo Risk  Thousands of shipments annually to over 100 countries  CIF sales require third party insurer  Maximum value any one shipment $15mm  5 year average loss approximately $2.2mm  Average includes 2010 loss of $3mm in single shipment  Loss ratio exceeding 100% for last 5 years  Expected renewal premium $2.5mm

20. page - 20 Additional Discussion