HALLIBURTON CO (HAL)

Halliburton Company, founded in 1919 and incorporated in Delaware in 1924, is one of the world's largest providers of products and services to the energy industry, operating in more than 70 countries with over 46,000 employees representing 146 nationalities. The company serves major, national, and independent oil and natural gas producers throughout the reservoir lifecycle, from locating hydrocarbons to drilling, completion, and production optimization. Halliburton operates through two segments: Completion and Production, which includes Artificial Lift, Cementing, Completion Tools, Multi-Chem, Pipeline & Process Services, Production Enhancement, and Production Solutions; and Drilling and Evaluation, which includes Baroid, Drill Bits and Services, Halliburton Project Management, Landmark Software and Services, Sperry Drilling, Testing and Subsea, and Wireline and Perforating.

The company has made a strategic decision to market for sale a portion of its chemical business, with sale expected in the first half of 2026. In 2025, total revenue decreased 3% versus 2024, with International revenue down 2% and North America revenue down 6%; Completion and Production and Drilling and Evaluation segments posted operating margins of 17% and 15%, respectively. The company generated $2.9 billion in operating cash flow, retired $382 million of its 3.8% notes, kept capital expenditures at approximately 6% of revenue, and returned $1.6 billion to shareholders via dividends and share repurchases.

Sustainability initiatives included maintaining Halliburton Labs' 38 participant and alumni organizations and transitioning 50% of its North American fracturing fleet to Zeus electric pumps. Strategic priorities include growing international business in directional drilling, unconventionals, well intervention, and artificial lift; expanding a strategic collaboration with VoltaGrid on behind-the-meter power; maximizing North American value through technologies like the Zeus IQ electric fracturing platform, iCruise rotary steerable systems, and LOGIX automation; advancing digital and automation deployment; maintaining capital expenditures around $1.1 billion; returning over 50% of annual free cash flow to shareholders; and continuing development of lower-carbon energy technologies. Business operations are organized around four geographic regions—North America, Latin America, Europe/Africa/CIS, and Middle East/Asia—with the U.S. accounting for 39% of consolidated revenue in 2025 (down from 40% in 2024 and 44% in 2023), and no other single country contributing more than 10%.

The company operates in highly competitive global markets, with competition based on price, service delivery, HSE standards, service quality, talent retention, geological expertise, product quality, and technical proficiency, and it maintains substantial numbers of competitors across its diverse and geographically dispersed service and product lines.