Halliburton helps oil and gas producers drill, finish and keep wells flowing. In the third quarter of 2026 its profit on each dollar of sales recovered while revenue barely grew; the question is whether that lasts.
The fuel in a car's tank, or the gas that heats a home, may have started in a well that Halliburton helped build. Oil and gas producers around the world hire it to find oil and gas underground, drill into the rock, finish the well and keep it flowing. Its biggest line of work is hydraulic fracturing (pumping fluid and sand into rock at high pressure to crack it open so oil and gas can escape). Producers pay Halliburton for each of these jobs.
Producers pay mostly for services rather than equipment. The larger engine, Completion and Production, is built around fracturing for producers working shale, dense rock layers that hold oil and gas. In 2025 it brought in $12.8 billion of the company's $22.2 billion of revenue. The second engine, Drilling and Evaluation, supplies drill bits, drilling and testing work, software and consulting. Activity and prices in Completion and Production and in North America, the largest region, move group profit the most, while some regions abroad have grown. What remains depends on the price of each job against costs such as sand, chemicals and metals. If those costs rise and cannot be passed on to customers, margins in the main engine fall.
Create a free account to unlock the rest of this report and access all published research.
This report is general, non-personalized research provided solely for informational and educational purposes. It is not financial or investment advice, a personalized recommendation, an offer to the public, a solicitation, an instruction to buy, sell or hold a financial instrument, or an invitation to engage in an investment activity. ReasyPort is not an authorised or regulated investment firm and does not provide a MiFID II investment service.
This report is based on primary and public sources identified in the report, including issuer filings, annual and interim reports, regulated announcements, investor-relations materials, market data and, where relevant, institutional macroeconomic publications. Facts should be read separately from interpretations, estimates and opinions.
Text, analyses, summaries, translations and charts may be produced with the support of Artificial Intelligence and are subjected to deterministic data and consistency checks before publication. These controls reduce, but cannot eliminate, errors, omissions or incorrect interpretations. Editorial responsibility for publication remains with the producer identified above.
This report is based on a structured review of public information, including the issuer's official filings, annual and interim reports, investor-relations materials, regulated announcements, exchange or supervisory disclosures where available, and other institutional or publicly available sources.
Financial figures may be presented in the issuer's reporting currency and may follow the accounting classifications used in the original disclosures. Market data, daily price history, foreign-exchange translation, and valuation chart coverage may be delayed, incomplete, unavailable, or omitted where a reliable local-market series is not available.
ReasyPort View labels, fair values, forecasts, scenarios, price references and other forward-looking statements are editorial estimates or opinions, not facts or trading instructions. They depend on the assumptions, methodology, market price and information available on the stated reference date and may change without notice. The report is not monitored or updated in real time.
Any relationship, compensation, material holding or other circumstance known to ReasyPort that could reasonably impair the objectivity of a report must be disclosed with that report. Questions, corrections and potential conflicts may be reported through the legal contact shown above.
Public and primary sources, automated extraction and data providers may contain material errors, omissions, inaccuracies, restatements or delays. Accuracy, completeness and timeliness are therefore not guaranteed, and important information should be checked against the original source before it is used.
To the maximum extent permitted by applicable law, ReasyPort, the author, the publisher and the persons involved in producing the report are not liable for losses arising from decisions made solely in reliance on this report. Nothing in this notice excludes or limits any liability that cannot lawfully be excluded or limited.
Any investment decision should be made independently, if appropriate with the support of a licensed financial adviser. Investments in financial instruments involve risks, including the possible partial or total loss of invested capital.
Research methodology, assumptions and disclosuresMeaning of ReasyPort View