Halliburton Company

Halliburton Company is an American multinational corporation that provides products and services to the energy industry across the full lifecycle of the reservoir — from locating hydrocarbons and drilling, to well construction, completion, and production optimization — operating in more than 70 countries with approximately 46,000 employees and generating $22.2 billion in revenue in fiscal 2025. It is, alongside Schlumberger and Baker Hughes, one of the three largest oilfield service companies in the world.

This is a story about an industry leader navigating a structurally lower-activity North American market while positioning for an international growth cycle that management believes is only beginning. The last two years have been difficult: revenue has declined from a FY2023 peak of $23.0 billion, operating income fell 41% in FY2025 as $831 million in impairment and restructuring charges hit the income statement, and North American rig counts have drifted steadily lower. But the company enters mid-2026 with a cleaner cost base, a strengthened international order book, and what its CEO describes as the strongest international opportunity set in many years.

The file turns on a single question: whether the combination of international growth engines — unconventional development spreading across a half-dozen countries, deepwater activity inflecting toward 2027, and energy-security-driven spending by import-dependent nations — can offset what is likely to be a permanently smaller North American pressure-pumping market, and at high enough margins to grow per-share earnings meaningfully from here.