olivLaw · US equity research
Halliburton Company HAL
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Halliburton (NYSE: HAL) is one of the world's largest providers of products and services to the energy industry, operating in more than 70 countries. Revenue in fiscal 2025 fell to 22.2 billion USD, 3% below 2024, and reached 5.7 billion USD in the third quarter of 2026. Management's early outlook for 2027 points to mid-single digit revenue growth and an operating margin of about 15%, if the North American market stays flat.
At the close of 04 Nov 2026, Halliburton Company (HAL) stock was 33.00 USD (−3.14% on the day), with market capitalisation 27.3 bn USD, P/E 13.8 on diluted EPS of 2.39 USD over the last 12 months, dividend yield 2.06%, beta 0.89, 52-week range 25.62–42.98 USD. Latest reported quarter (Q3 2026): revenue of 5.7 bn USD (+1.8% YoY), net income of 417.0 m USD (+2,216.7% YoY), diluted EPS 0.50 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.6
- weak (30–45)
- Bollinger (20, 2)
- 31.48 – 36.42
- in the lower half of the band · %B 0.31 · band width 14.6%
- SMA 50 / 200
- 34.22 / 35.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.31 / 0.33
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.7% | −1.1% | +1.8 pp | — |
| 3 months | +3.7% | −0.5% | +4.2 pp | — |
| 6 months | −18.3% | +4.4% | −22.7 pp | — |
| Year to date | +16.8% | +12.3% | +4.5 pp | — |
| 1 year | +23.1% | +13.5% | +9.5 pp | +0.4% |
| 3 years | −18.1% | +76.4% | −94.5 pp | −31.7% |
| 5 years | +33.7% | +63.7% | −30.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.6 bn | 5.4 bn | 5.5 bn | 5.6 bn | 5.7 bn | 5.4 bn | 5.7 bn | 5.7 bn |
| Operating income | 932.0 m | 431.0 m | 727.0 m | 356.0 m | 746.0 m | 679.0 m | 778.0 m | 624.0 m |
| Depreciation & amortisation | 275.0 m | 277.0 m | 284.0 m | 285.0 m | 290.0 m | 295.0 m | 296.0 m | 296.0 m |
| Pre-tax income | 793.0 m | 306.0 m | 611.0 m | 219.0 m | 635.0 m | 569.0 m | 664.0 m | 513.0 m |
| Income tax | 179.0 m | 103.0 m | 131.0 m | 199.0 m | 46.0 m | 105.0 m | 126.0 m | 94.0 m |
| Net income | 615.0 m | 204.0 m | 472.0 m | 18.0 m | 589.0 m | 461.0 m | 534.0 m | 417.0 m |
| Diluted EPS | 0.70 ≈ | 0.24 | 0.55 | 0.02 | 0.70 ≈ | 0.55 | 0.64 | 0.50 |
| Operating cash flow | 1.5 bn | 377.0 m | 896.0 m ≈ | 488.0 m ≈ | 1.2 bn | 273.0 m | 824.0 m ≈ | 368.0 m ≈ |
| Capex | 426.0 m | 302.0 m | 354.0 m | 261.0 m | 337.0 m | 192.0 m | 235.0 m ≈ | 266.0 m ≈ |
| Dividends paid | 148.0 m | 147.0 m | 145.0 m ≈ | 144.0 m ≈ | 143.0 m | 142.0 m | 143.0 m ≈ | 141.0 m ≈ |
| Share repurchases | 309.0 m | 250.0 m | 257.0 m ≈ | 250.0 m ≈ | 250.0 m | 100.0 m | 208.0 m ≈ | 250.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 59 percentile of its own 27-quarter history (min 0.0, median 10.1, max 456.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.0 bn | 22.4 bn | 14.4 bn | 15.3 bn | 20.3 bn | 23.0 bn | 22.9 bn | 22.2 bn |
| Revenue YoY | +16.4% | −6.6% | −35.5% | +5.9% | +32.7% | +13.4% | −0.3% | −3.3% |
| Net income | 1.7 bn | -1.1 bn | -2.9 bn | 1.5 bn | 1.6 bn | 2.6 bn | 2.5 bn | 1.3 bn |
| Net income YoY | unavailable | −168.3% | unavailable | unavailable | +7.9% | +67.8% | −5.2% | −48.7% |
| Diluted EPS | 1.89 | -1.29 | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | −168.3% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 6.9% | -5.0% | -20.4% | 9.5% | 7.7% | 11.5% | 10.9% | 5.8% |
| Free cash flow | 1.1 bn | 915.0 m | 1.2 bn | 1.1 bn | 1.2 bn | 2.1 bn | 2.4 bn | 1.7 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.2 bn USD
- Financial debt
- 7.2 bn USD
- Net debt
- 5.0 bn USD
- Equity
- 10.5 bn USD
- Total assets
- 25.0 bn USD
- Debt / equity
- 0.68x
- Current ratio
- 2.04x
- ROE
- 12.2%
- ROA
- 5.1%
- FCF margin
- 7.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 14.4 bn | 15.3 bn | 20.3 bn | 23.0 bn | 22.9 bn | 22.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Research & development | 309.0 m | 321.0 m | 345.0 m | 408.0 m | 426.0 m | 411.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Operating income | -2.4 bn | 1.8 bn | 2.7 bn | 4.1 bn | 3.8 bn | 2.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Depreciation & amortisation | 1.1 bn | 904.0 m | 940.0 m | 998.0 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 06 Feb 2026verified |
| EBITDA | -1.4 bn ≈ | 2.7 bn ≈ | 3.6 bn ≈ | 5.1 bn ≈ | 4.9 bn ≈ | 3.4 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Pre-tax income | -3.2 bn | 1.3 bn | 2.1 bn | 3.4 bn | 3.2 bn | 1.8 bn | SEC (XBRL)· 06 Feb 2026verified |
| Income tax | -278.0 m | -216.0 m | 515.0 m | 701.0 m | 718.0 m | 479.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Net income | -2.9 bn | 1.5 bn | 1.6 bn | 2.6 bn | 2.5 bn | 1.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Weighted average diluted shares | 881.0 m | 892.0 m | 908.0 m | 902.0 m | 883.0 m | 853.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Dividend per share | 0.32 | 0.18 | 0.48 | 0.64 | 0.68 | — | SEC (XBRL)· 12 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.6 bn | 3.0 bn | 2.3 bn | 2.3 bn | 2.6 bn | 2.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Inventories | 2.3 bn | 2.4 bn | 2.9 bn | 3.2 bn | 3.0 bn | 3.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Current assets | 9.5 bn | 9.9 bn | 11.0 bn | 11.5 bn | 12.4 bn | 11.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Property, plant & equipment, net | 4.3 bn | 4.3 bn | 4.3 bn | 4.9 bn | 5.1 bn | 5.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Goodwill | 2.8 bn | 2.8 bn | 2.8 bn | 2.9 bn | 2.8 bn | 2.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total assets | 20.7 bn | 22.3 bn | 23.3 bn | 24.7 bn | 25.6 bn | 25.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Accounts payable | 1.6 bn | 2.4 bn | 3.1 bn | 3.1 bn | 3.2 bn | 3.1 bn | SEC (XBRL)· 06 Feb 2026verified |
| Short-term debt | 695.0 m | 11.0 m | 0 | 0 | 381.0 m | 0 | SEC (XBRL)· 06 Feb 2026verified |
| Long-term debt | 9.1 bn | 9.1 bn | 7.9 bn | 7.6 bn | 7.2 bn | 7.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Current liabilities | 4.4 bn | 4.3 bn | 5.3 bn | 5.6 bn | 6.1 bn | 5.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total liabilities | 15.7 bn | 15.6 bn | 15.3 bn | 15.3 bn | 15.0 bn | 14.5 bn | SEC (XBRL)· 06 Feb 2026verified |
| Equity | 5.0 bn | 6.7 bn | 8.0 bn | 9.4 bn | 10.5 bn | 10.5 bn | SEC (XBRL)· 06 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.9 bn | 1.9 bn | 2.2 bn | 3.5 bn | 3.9 bn | 2.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Capex | 728.0 m | 799.0 m | 1.0 bn | 1.4 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Free cash flow | 1.2 bn ≈ | 1.1 bn ≈ | 1.2 bn ≈ | 2.1 bn ≈ | 2.4 bn ≈ | 1.7 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Investing cash flow | -486.0 m | -534.0 m | -967.0 m | -1.7 bn | -1.7 bn | -1.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Financing cash flow | -1.0 bn | -838.0 m | -1.8 bn | -1.7 bn | -1.7 bn | -2.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Dividends paid | 278.0 m | 161.0 m | 435.0 m | 576.0 m | 600.0 m | 579.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Share repurchases | 100.0 m | 0 | 250.0 m | 800.0 m | 1.0 bn | 1.0 bn | SEC (XBRL)· 06 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 27.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation68
- Balance sheet68
- Quality84
- Growth25
- Returns83
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.94 – 55.53 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA16.57 – 45.87 (Mid 31.77)8 companies used · median multiple 7.9x · quartiles 4.8x – 10.8xACDC, CLB, HOS, KLXE, NESR, OII, PUMP, WTTR
- Peers: P/E42.97 – 55.53 (Mid 51.68)9 companies used · median multiple 21.6x · quartiles 18.0x – 23.2xCLB, HOS, NESR, NGS, OII, RNGR, SLB, TUSK, WTTR
- Dividend discount (DDM)8.94 – 12.02 (Mid 10.25)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.8% | 92 (vs peers) | 12% |
| Net margin · Quality | 8.9% | 83 (vs peers) | 7% |
| FCF conversion · Quality | 80.0% | 71 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 3.0% | 25 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.3x | 55 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 13.8x | 82 (vs peers) | 12% |
| EV/EBITDA · Valuation | 8.1x | 50 (vs peers) | 12% |
| FCF yield · Valuation | 5.9% | 73 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 5.0% | 72 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 35.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 2/3 factors with a value
- Growth· partial25/100 · 1/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns83/100 · 2/2 factors with a value
- Valuation68/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HALLIBURTON COMPANY (HAL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 22.2 bn USD in 2025; YoY growth -3.3%; net margin 8.9%; ROE 18.8%; net debt/EBITDA 1.3x.
The estimated value range is 16.57–45.87 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 31.77 USD, the price of 33.00 USD leaves a potential of -3.7% (value / price − 1) and a margin of safety of -3.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.8%
- Net margin: 8.9%
- FCF conversion: 80.0%
- Current ratio: 2.0x
- P/E (TTM): 13.8x
- FCF yield: 5.9%
- Shareholder yield (distributions): 5.0%
- Payout ratio (FCF): 35.6%
What contradicts it
- Revenue CAGR 3Y: 3.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +23% / −18% |
| OIIOceaneering International Inc | 3.6 bn | 11.0 | 31.1% | 11.4% | +4.6% | +49% / +76% |
| NESRNational Energy Services Reunited Corp. | 2.2 bn | 23.2 | 9.4% | 5.8% | +1.7% | +54% / unavailable |
| RESRpc, Inc. | 1.3 bn | — | -3.0% | -1.8% | +15.0% | +11% / −19% |
| HOSHornbeck Offshore Services, Inc. | 904.9 m | 23.0 | 2.5% | 3.0% | −4.9% | −8% / −34% |
| PUMPProPetro Holding Corp. | 788.8 m | — | 0.2% | 0.2% | −12.1% | −33% / −30% |
| ACDCProFrac Holding Corp. | 723.0 m | — | -57.4% | -22.8% | −11.4% | +12% / −51% |
| WTTRSelect Water Solutions, Inc. | 681.6 m | 21.3 | 3.5% | 2.2% | −3.1% | +67% / +127% |
| CLBCore Laboratories Inc. | 442.2 m | 28.6 | 5.7% | 3.0% | +0.5% | −36% / −46% |
| NGSNatural Gas Services Group, Inc. | 373.4 m | 18.0 | 7.3% | 10.8% | +9.9% | −7% / +89% |
| TUSKMammoth Energy Services, Inc. | 145.3 m | 10.3 | 5.3% | 17.1% | −2.9% | +64% / −32% |
| NINENine Energy Service, Inc. | 101.3 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 21.5 m | — | — | -9.7% | −10.2% | −39% / −89% |
| RCONRecon Technology, Ltd | 8.9 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −20% / −45% |
| WBIWaterBridge Infrastructure LLC | — | 434.0 | 0.5% | 0.5% | +66.2% | +14% / unavailable |
| LBRTLiberty Energy Inc. | — | 54.2 | 2.0% | 0.9% | −7.2% | −26% / −34% |
| RNGRRanger Energy Services, Inc. | — | 21.6 | 5.1% | 2.6% | −4.2% | +0% / +39% |
1- and 3-year price returns: for HAL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.43 Total return -41% · Per year -41% | 34.37 Total return 4% · Per year 4% | 51.80 Total return 57% · Per year 57% |
| 3 years | 18.29 Total return -45% · Per year -18% | 36.47 Total return 11% · Per year 3% | 60.43 Total return 83% · Per year 22% |
| 5 years | 17.22 Total return -48% · Per year -12% | 38.69 Total return 17% · Per year 3% | 70.50 Total return 114% · Per year 16% |
- Exit P/E± 9.12
- Net margin± 6.38
- Annual revenue growth± 5.31
- Annual dilution± 0.54
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Halliburton (NYSE: HAL) is one of the world's largest providers of products and services to the energy industry, operating in more than 70 countries 1. Revenue in fiscal 2025 fell to 22.2 billion USD, 3% below 2024 1, and reached 5.7 billion USD in the third quarter of 2026 3. Management's early outlook for 2027 points to mid-single digit revenue growth and an operating margin of about 15%, if the North American market stays flat 3.
SWOT
Strengths
- A broad technology range covers the full reservoir lifecycle, giving customers an integrated solution.
- Global presence across many countries and a diversified customer base reduce dependence on any single market.
- Credit ratings and committed bank credit support the company's financial flexibility.
Weaknesses
- North American activity, an important market, has steadily declined, weighing on revenue and margins.
- Large letters of credit and guarantees are outstanding, and delayed customer payments are a vulnerability.
- Impairment and other charges have weighed on operating margin in some quarters.
Opportunities
- Restoring production and rebuilding inventories after energy disruptions could generate demand over several years.
- International expansion in offshore drilling, unconventionals and artificial lift could bring new contracts.
- Electric power and behind-the-meter solutions could open a new service segment.
Threats
- Volatile oil and gas prices could lead customers to cut investment budgets.
- Geopolitical tensions and armed conflicts could disrupt operations in important regions.
- Trade tariffs and sanctions could raise costs and limit access to certain markets.
Risks
- Dependence on North American activityhigh
Fewer US land rigs have reduced revenue in the region, and a further contraction could affect consolidated results.
- Geopolitical and sanctions riskhigh
Operations in several countries can be affected by armed conflict, political instability and sanctions, and the impact could be significant in a large region.
- Exposure to a Mexican customermedium
A single primary customer in Mexico accounts for a meaningful share of receivables, and payment delays could affect cash flow.
- Cost inflation and supply chainmedium
Higher raw material and logistics costs and long lead times could reduce margins if they cannot be passed on to customers.
- Impairments and restructuring costslow
Impairment charges and the SAP S4 implementation could continue to weigh on operating results.
Investment thesis
What would need to be true (bull case)
- If international and offshore demand keeps growing, revenue and margins could return to higher levels in the coming years.
- Digital and automation technologies could raise operating efficiency and differentiate the company from competitors.
- A recovery in North American activity would be an additional growth factor that management treats as upside.
What would break the thesis
- If North American activity stays weak, revenue could keep falling and margins could remain under pressure.
- Geopolitical risks and trade tariffs could disrupt international projects and raise costs.
- If customers cut investment budgets after lower oil prices, demand for services could weaken.
What to watch
- Completion of the partial sale of the chemicals business and its effect on revenueQ4 2026
- Delivery of the roughly 15% operating margin indicated for 20272027
- Trend in North American activity and the number of US land rigsQ1 2027
- Completion of the SAP S4 migration and its associated costsQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Segments
Completion and Production
The segment provides cementing, stimulation, specialty chemicals, well intervention, artificial lift and completion products 1. Revenue in the third quarter of 2026 was 3.1 billion USD, down 4% sequentially, mainly due to lower stimulation activity in the Western Hemisphere 3.
Drilling and Evaluation
The segment offers reservoir modelling, drilling fluids, evaluation, precise wellbore placement and the Landmark software platform 1. Revenue in the third quarter of 2026 rose to 2.6 billion USD, up 4% sequentially, supported by activity in the Middle East and Latin America 3.
Market context
Oil and gas markets remained volatile in 2026 because of geopolitical developments and global economic uncertainty, with WTI averaging about 87 USD per barrel in the third quarter of 2026 2. Higher commodity prices generally support operator investment, although customers remain focused on capital discipline and expected returns 2. In North America activity remained under pressure from fewer US land rigs, while international markets were more positive 1.
Management has indicated that restoring production and rebuilding inventories after recent energy disruptions could drive multi-year demand growth for oilfield services 3. That demand remains conditional on trade policy, tariffs and the broader outlook for global supply 2.
Trends
- Recovery in international activitytailwind
International revenue rose in the third quarter of 2026, supported by offshore contracts and activity in the Middle East, Latin America and Europe/Africa, which could offset weakness in North America 3.
- Pressure in North Americaheadwind
Hydraulic fracturing activity and US land rigs continue to decline, and North American revenue fell in the third quarter of 2026 3. If this trend persists, margin pressure could continue.
- Cost inflation and tariffsmixed
Costs for logistics, chemicals and cement have risen, and US tariffs add uncertainty; the company tries to pass part of these costs to customers 2.
- Digitalisation and automationtailwind
Platforms such as LOGIX and remote operations are being extended to offshore and onshore projects, which could improve operational efficiency and margins over time 3.
Competitive position
The oilfield services market is highly competitive, and Halliburton competes with many large providers on price, service quality, HSE standards and technical proficiency 1. The company cannot estimate the total number of competitors because its markets are vast and cross many geographic lines 1.
Differentiating factors the company highlights include its electric fracturing technology, integrated drilling and completion services and Landmark digital solutions 23. Loss of large contracts or pricing pressure could weaken its competitive position.
- SLB
A major competitor active across drilling, completion and production services worldwide, as described in the market context of the analysed sources.
- Baker Hughes
Provides drilling and evaluation services in the same international and North American markets; the sources do not detail its financial profile.
- Weatherford International
A completion and production services provider competing in the same technology segments; further information is not available in the analysed sources.
- Nabors Industries
A competitor in land and offshore drilling, where activity depends on the number of active rigs; precise data is not part of the analysed sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Halliburton Sees Multi-Year Demand Growth From Energy DisruptionBloomberg Markets · 20 Oct 2026 · EN
- Halliburton Shuns Falklands Oil ProjectOil Price · 06 Oct 2026 · EN
- Halliburton уведомила Аргентину, что не будет участвовать в Sea Lion у Мальвинских острововInterfax Russia (RU) · 02 Oct 2026 · RU
- Halliburton and SLB Are 2 Energy Stocks Riding the Oilfield Recovery. 1 Is Clearly the Better Buy.Yahoo Finance — News · 22 Sept 2026 · EN
- Halliburton Signs Deals to Expand Venezuela Energy PresenceYahoo Finance — News · 21 Sept 2026 · EN
- Halliburton (HAL) Wins Integrated Cyprus Contract. Can Broader Services Improve Returns?Yahoo Finance — News · 20 Sept 2026 · EN
- Halliburton Secures bp Contract for Deepwater Appraisal Campaign in BrazilYahoo Finance — News · 25 Aug 2026 · EN
- Halliburton, Valero and 3 More Stocks Set Up for a Fragile Hormuz TruceOil Price · 29 Jun 2026 · EN
- Blackstone and Halliburton Said to Invest $1 Billion in VoltaGridBloomberg Markets · 11 May 2026 · EN
The latest news item in our archive is from 20 Oct 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report23 Oct 2026
- Current report20 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Sept 2026Other events
- Quarterly report24 Jul 2026
- Current report21 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jun 2026Other events
- Current report20 May 2026Shareholder vote
- Quarterly report24 Apr 2026
- Current report21 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Halliburton Company · 06 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Halliburton Company · 23 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Halliburton Company · 20 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.