Halliburton Company

What Halliburton does

• One of the world’s largest providers of products and services to the energy industry, offering technology and services across the life cycle of oil and gas reservoirs.
• Focus areas include locating hydrocarbons, managing geological data, drilling and formation evaluation, well construction and completion, and optimizing production.
• Operates in more than 70 countries with a broad, multinational workforce.

Organization and offerings

Two reportable segments:

Completion and Production

• Provides services and products to maximize reservoir and wellbore recovery, extend well life, and optimize production.
• Product service lines:
  • Artificial Lift: electrical submersible pumps, intelligent field management, and related solutions.
  • Cementing: bonding, zonal isolation, and casing equipment.
  • Completion Tools: downhole solutions, intelligent completions, liner hangers, sand control, multilateral systems, and service tools.
  • Multi-Chem: custom chemicals and services across completion, production, midstream, and downstream; portion of this business is being marketed for sale.
  • Pipeline & Process Services: pre-commissioning, commissioning, maintenance, and decommissioning.
  • Production Enhancement: stimulation and sand control.
  • Production Solutions: well intervention including coiled tubing, downhole tools, pumping, and nitrogen services.

Drilling and Evaluation

• Offers field and reservoir modeling, drilling fluids, evaluation, and precise wellbore placement solutions.
• Product service lines:
  • Baroid: drilling fluids, testing equipment, and waste management.
  • Drill Bits and Services: bits, downhole tools, and coring.
  • Halliburton Project Management: integrated project management for well construction and completion.
  • Landmark Software and Services: cloud-based digital and subsurface analytics.
  • Sperry Drilling: directional drilling, measurement-while-drilling, logging-while-drilling, and data systems.
  • Testing and Subsea: reservoir data acquisition, subsea safety, and managed pressure drilling.
  • Wireline and Perforating: open-hole and cased-hole logging, perforating, and related services.

Global footprint and customers

• Operations in more than 70 countries; over 46,000 employees representing 146 nationalities.
• Geographic revenue concentration (2025): about 39% of consolidated revenue from the United States; no other single country accounted for more than 10% of revenue.
• No single customer accounted for more than 10% of consolidated revenue in the periods presented.

2025 performance snapshot

• Revenue: total revenue decreased 3% year-over-year; international revenue down 2%; North America revenue down 6%.
• Segment margins: Completion and Production margin 17%; Drilling and Evaluation margin 15%.
• Cash flow and financing: generated $2.9 billion of cash flows from operations; retired $382 million of 3.8% notes due November 2025.
• Capital expenditure: capex ran at roughly 6% of revenue, with targets aligned to this level.
• Shareholder returns: returned $1.6 billion to shareholders through dividends and share repurchases.
• Sustainability and technology: Halliburton Labs engaged with 38 participant/alumni organizations; 50% of North American fracturing fleet transitioned to Zeus electric pumps.
• Intellectual property: owns a large portfolio of patents and licenses surrounding its technologies.
• Sale/divestitures: marketing for sale a portion of the Multi-Chem business with expected closing in the first half of 2026.

2026 focus and strategic priorities

• International growth in directional drilling, unconventionals, well intervention, and artificial lift; expand collaboration with VoltaGrid on behind-the-meter power generation.
• North America: drive value through the Zeus IQ electric fracturing platform, iCruise rotary steerable systems, and LOGIX automation.
• Digital: deploy digital and automation technologies to improve efficiency and performance.
• Capital efficiency: maintain approximately $1.1 billion in capex and improve utilization of existing capital through technology and process improvements.
• Shareholder returns: target returning over 50% of annual free cash flow to shareholders via dividends and share repurchases.
• Sustainable energy: continue developing technologies to reduce emissions intensity, grow low-carbon energy offerings, and support Halliburton Labs participants.

Workforce and governance

• Workforce: over 46,000 employees as of December 31, 2025; 22% covered by collective bargaining agreements; about 6,400 hires in 2025; 91% of workforce and 85% of management employed on local terms.
• Leadership and governance: executive officers and board with ongoing focus on risk, safety, and compliance, including cybersecurity and regulatory compliance.

Safety, compliance, and risk

• Industry risks include commodity price volatility, customer capital spending patterns, geopolitical and regulatory changes, environmental and safety regulations, and cybersecurity.
• The company emphasizes safety through the Journey to ZERO program and maintains compliance programs covering areas such as anti-corruption and export controls.

Notable notes

• Marketing for sale a portion of the Multi-Chem business; expected close in 1H 2026.
• Reported a material cybersecurity incident in 2024 and maintains a comprehensive cybersecurity governance and incident response framework.

Summary

Halliburton provides a comprehensive suite of oilfield services and products across two primary divisions — Completion and Production, and Drilling and Evaluation — supporting every stage of a reservoir’s life cycle. The company combines engineering, digital, and project-management capabilities with a broad global footprint and a diversified customer base, while maintaining a focus on capital efficiency, shareholder returns, safety, and sustainability. Revenue declined in 2025, but the company generated substantial operating cash flow and continues to invest in growth and technology initiatives for 2026.