Halliburton Co
NYSE:HAL
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Halliburton Co
Halliburton Co., a titan in the oilfield services industry, is a firm whose roots reach back to 1919 when Erle P. Halliburton laid the groundwork for what would become a worldwide leader in energy services. The company's journey is interwoven with the evolution of the energy sector itself, embodying the twin imperatives of innovation and resilience. Halliburton's business model revolves around providing a comprehensive suite of services and products to the upstream oil and gas industry. From exploration to production, the company offers solutions that encompass well construction, formation evaluation, and completion and production services, essentially acting as an indispensable partner in the process of extracting hydrocarbons from beneath the earth's surface. By integrating cutting-edge technology with decades of expertise, Halliburton aids its clients in maximizing the efficiency and profitability of their oil and gas fields.
Operating across more than 80 countries, Halliburton generates revenue through a blend of strategic service offerings and technology-driven solutions. At its core, the company thrives by aligning its business strategies with the dynamic needs of its clients, focusing heavily on research and development to stay ahead in this competitive sector. This commitment to innovation is exemplified by its significant investments in modernizing drilling equipment, perfecting well completion techniques, and enhancing real-time data analytics capabilities. This not only facilitates smoother and more effective extraction processes for its clients but also fortifies Halliburton's position as a crucial linchpin in the global energy supply chain. Ultimately, Halliburton's financial success is deeply linked to the performance of the oil and gas markets, as its fortunes ebb and tide alongside the imperative demand for energy resources worldwide.
Halliburton Co., a titan in the oilfield services industry, is a firm whose roots reach back to 1919 when Erle P. Halliburton laid the groundwork for what would become a worldwide leader in energy services. The company's journey is interwoven with the evolution of the energy sector itself, embodying the twin imperatives of innovation and resilience. Halliburton's business model revolves around providing a comprehensive suite of services and products to the upstream oil and gas industry. From exploration to production, the company offers solutions that encompass well construction, formation evaluation, and completion and production services, essentially acting as an indispensable partner in the process of extracting hydrocarbons from beneath the earth's surface. By integrating cutting-edge technology with decades of expertise, Halliburton aids its clients in maximizing the efficiency and profitability of their oil and gas fields.
Operating across more than 80 countries, Halliburton generates revenue through a blend of strategic service offerings and technology-driven solutions. At its core, the company thrives by aligning its business strategies with the dynamic needs of its clients, focusing heavily on research and development to stay ahead in this competitive sector. This commitment to innovation is exemplified by its significant investments in modernizing drilling equipment, perfecting well completion techniques, and enhancing real-time data analytics capabilities. This not only facilitates smoother and more effective extraction processes for its clients but also fortifies Halliburton's position as a crucial linchpin in the global energy supply chain. Ultimately, Halliburton's financial success is deeply linked to the performance of the oil and gas markets, as its fortunes ebb and tide alongside the imperative demand for energy resources worldwide.
Revenue & Margins: Halliburton reported full-year 2025 revenue of $22.2 billion and an adjusted operating margin of 14%. Q4 revenue was $5.7 billion, flat sequentially, with strong execution in North America and internationally.
International Performance: International revenue was $13.1 billion for the year, down 2% YoY but outperformed a 7% decline in rig count. International revenue is expected to be flat to up modestly in 2026.
North America Trends: North America revenue was $9.1 billion, down 6% YoY. The company anticipates North America revenue to decline by high single digits in 2026 due to reduced customer activity and the stacking of uneconomic fleets.
Cash & Shareholder Returns: Halliburton generated $2.9 billion in operating cash flow and $1.9 billion in free cash flow for 2025, returning 85% of free cash flow to shareholders and reducing share count to a 10-year low.
2026 Outlook: Management sees 2026 as a year of market rebalancing, with moderate softness in some markets short-term, but expects a stronger second half and positions for future growth, particularly with technology and international opportunities.
Venezuela Opportunity: Halliburton is preparing for a return to Venezuela, citing quick scalability once commercial and legal terms are resolved, with long-term optimism for market growth.
Power Business Growth: The VoltaGrid collaboration is gaining momentum, with 400 megawatts of modular power systems secured and a robust pipeline of opportunities, particularly in the Eastern Hemisphere.
Q1 2026 Guidance: The company expects sequential revenue and margin declines in both major divisions due to roll-off of year-end sales and lower activity.
