Eric Carre
Executive Vice President and Chief Financial Officer at HAL
Executive
About Eric Carre
Eric J. Carre is Executive Vice President and Chief Financial Officer of Halliburton, serving as CFO since May 2022 after leading Global Business Lines from 2016–2022; he is 59 per the 2025 proxy and 58 in the 2024 10-K executive roster published in February 2025 . Under his finance leadership, Halliburton delivered 2024 revenue of $22.944 billion, operating income of $3.822 billion, free cash flow of $2.646 billion, and returned $1.6 billion to shareholders, with ROCE of 16.1% and a five-year TSR value of $120.56 vs a $100 base in 2019 . Shareholders supported the executive pay program with ~97% say‑on‑pay approval in 2024, reflecting alignment with performance-focused metrics (relative ROCE and TSR in PUP; NOPAT/Asset Turns and strategic goals in annual plan) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Halliburton | EVP, Global Business Lines | May 2016 – Apr 2022 | Not disclosed in filing |
| Halliburton | CFO | Since May 2022 | Finance leadership over capital returns, free cash flow, ROCE-focused incentives |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No external directorships disclosed in 10‑K/Proxy |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $875,000 | $910,000 |
| All Other Compensation ($) | $412,825 | $432,951 |
| • Restricted Stock Dividends ($) | $66,013 | $69,556 |
| • HRSP Employer Match ($) | $16,950 | $16,945 |
| • HRSP Basic Contribution ($) | $6,900 | $6,900 |
| • Benefit Restoration Plan Award ($) | $39,550 | $39,550 |
| • SERP Allocation ($) | $300,000 | $300,000 |
Notes:
- HRSP = Halliburton Retirement and Savings Plan. SERP allocations and Benefit Restoration awards are part of fixed benefit programs; no tax gross‑ups for perquisites are provided .
Performance Compensation
Annual Performance Pay Plan (2024)
| Component | Weight | Target | Threshold | Maximum | Actual 2024 |
|---|---|---|---|---|---|
| NOPAT ($B) | 60% | 3.192 | 2.933 | 3.451 | 2.979 |
| Asset Turns (x) | 20% | 1.811 | 1.775 | 1.847 | 1.755 |
| Sustainability/Our People | 10% + 10% | Binary (Target only) | — | — | Achieved (both) |
- Payout outcome: 50% of target for all NEOs, including CFO .
- CFO Target Award Opportunities: Threshold 32%, Target 100%, Max 200% of base salary .
- CFO 2024 Annual Plan cash paid: $459,204 (subset of Non‑Equity Incentive Plan Comp) .
Long-Term Incentives (2024 Grants, structure)
| Vehicle | Weighting | Vesting/Performance | CFO 2024 Grant Details |
|---|---|---|---|
| Performance Units (PUP; 50% cash / 50% stock) | 70% of LTI | 3-year; relative ROCE vs peer group; TSR modifier ±25% | Target shares 28,703; Threshold 7,176; Max 57,406; grant date 1/2/2024 |
| Restricted Stock | 30% of LTI | Time-based, 20% per year over 5 years; dividends paid | 24,603 shares granted on 1/2/2024 |
- 2022 PUP Cycle Result (paid in 2024): ROCE ranking between 50th–75th percentile; payout 192.22% of target; TSR modifier neutral; CFO cash paid $1,914,703 (equity portion reported separately) .
- 2024 PUP Cycle target set at 55th percentile ROCE; TSR modifier applies; cap at target if HAL’s average ROCE is negative .
Reported Pay (Grant-date fair value, 2024)
| Component | Amount ($) |
|---|---|
| Stock Awards (RS + PS grant-date fair value) | $1,985,648 |
| Non-Equity Incentive Plan Compensation (Annual + 2022 PUP cash) | $2,373,907 |
Equity Ownership & Alignment
| Ownership Metric | Amount |
|---|---|
| Beneficial Ownership (shares) | 302,439; less than 1% of class |
| Options exercisable within 60 days | 124,159 |
| Stock Options outstanding (exercisable) | 148,909 |
| Restricted Stock Not Vested (# / $) | 79,928 / $2,173,243 |
| Performance Shares – Unearned (# / $) | 55,374 / $1,505,619 |
| 2024 Stock Vested (shares / $) | 118,844 / $3,434,986 |
| Ownership Guidelines | 3x base salary for CEO direct reports; all NEOs met as of 12/31/2024 |
| Hedging/Pledging | Prohibited for executives and directors |
Employment Terms
- Employment agreement includes substantial non‑compete and non‑solicitation provisions post‑separation .
- Severance (termination by Company without cause or by executive for good reason): lump sum equal to two years’ base salary; restrictions on restricted stock lapse .
- Change‑in‑Control: double‑trigger; upon a Qualifying Termination, stock options/RS vest, performance awards pay/vest at target (cash and shares), Annual Plan pays at target; no excise tax gross‑ups; no individual CIC agreements .
Post-Termination/CIC Values (as of 12/31/2024)
| Scenario | Severance ($) | RS ($) | Performance Cash ($) | Performance Shares ($) | Nonqualified Plans ($) | Total ($) |
|---|---|---|---|---|---|---|
| Termination w/o Cause | 1,820,000 | 2,173,242 | — | — | 5,472,766 | 9,466,008 |
| CIC with Qualifying Termination | 1,820,000 | 2,173,242 | 2,020,667 (target) | 1,505,618 (target, valued at 12/31/24 close) | 5,472,766 | 12,992,293 |
Clawbacks:
- SEC/NYSE-mandated clawback policy; supplementary recoupment for fiduciary, COBC violations, or supervisory failures; no recoupments in 2024 .
Investment Implications
- High alignment with shareholder outcomes: variable pay dominates; annual plan tied to NOPAT/Asset Turns plus strategic metrics; long-term PUP tied to relative ROCE with TSR modifier; governance practices include ownership requirements and anti‑hedging/pledging .
- Limited insider selling pressure near term: sizable unvested RS and performance shares with multi‑year vesting; options are legacy and fully exercisable; pledging prohibited; all NEOs meet ownership guidelines, reducing forced selling risk .
- Retention risk moderate: strong severance (2x salary) and CIC protections (target vesting) plus robust long‑term incentive mix support retention; compensation peer groups and competitive targeting mitigate external poaching .
- Trading signals: 2024 annual plan paid 50% of target amid mixed NOPAT/Asset Turns, but 2022 PUP paid ~192% reflecting superior multi‑year ROCE; if ROCE/TSR outperformance persists, future PUP realizations can sustain compensation momentum and signal durable operational execution .