With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Energy sector dominated this year for the first time since 2008, with 28 companies featured on the list.

100 Fastest-Growing Companies

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500 2021-211-Halliburton

Operating in over 70 countries with more than 40,000 employees worldwide, Halliburton is one of the world's largest oilfield services companies. The 102-year-old company dropped 69 spots on the Fortune 500 list after reporting a 36% drop in sales and a loss of nearly $3 billion for 2020.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-142-Halliburton

The world's second-largest oilfield services company.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

Fortune Global 500

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Fastest-growing Companies

Revenue 3 Yr Growth Rank

Revenue 3 Yr Annual Growth Rate

EPS 3 Yr Growth Rank

EPS 3 Yr Annual Growth Rate

Total Return 3 Yr Rank

Total Return 3 Yr Annual Rate

Beat S&P 500 3 Yr Return

Current Streak

Years on List

Sector

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Founded in 1919 by Erle P. Halliburton, a pioneer in oil well cementing, Halliburton is a global provider of products and services to the energy industry. Halliburton is considered one of the big three global oilfield services firms along with SLB and Baker Hughes. It operates through two main segments: completion and production, and drilling and evaluation. The completion and production segment specializes in production enhancement, cementing, sand control, and well intervention services, while the drilling and evaluation segment focuses on drilling fluid systems, directional drilling, wireline and perforating, and advanced digital solutions. Halliburton is widely viewed as the U.S. leader in hydraulic fracturing completions, better known as fracking. Halliburton’s technological innovations include achieving the world’s first closed-loop, autonomous fracturing operation, and pioneering AI tools that optimize exploration, drilling, and production workflows. Its DS365.ai platform enables data management, scalable AI/ML model deployment, and app development.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Halliburton (HAL): Company Profile, Stock Price, News, Rankings

legacy

Halliburton

halliburton

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Q4 2025 Halliburton Company Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question, simply press star one one on your telephone keypad. As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Mr. David Coleman, Senior Vice President of Investor Relations. Sir, please begin.

Hello, and thank you for joining the Halliburton Q4 2025 Conference Call. We will make a recording of today's webcast available for seven days on Halliburton's website after this call. Joining me today are Jeff Miller, Chairman, President, and CEO, and Eric Carre, Executive Vice President and CFO. Some of today's comments may include forward-looking statements that reflect Halliburton's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in Halliburton's Form 10-K for the year ended December 31st, 2024, Form 10-Q for the quarter ended September 30th, 2025, recent current reports on Form 8-K, and other Securities and Exchange Commission filings.

We undertake no obligation to revise or update publicly any forward-looking statements for any reason except as required by law. Our comments today also include non-GAAP financial measures.

Additional details and reconciliation to the most directly comparable GAAP financial measures are included in our Q4 earnings release and in the quarterly results and presentation section of our website. Now, I'll turn the call over to Jeff.

Thank you, David, and good morning, everyone. I am pleased with Halliburton's Q4 performance and the way we closed out 2025. We outperformed our expectations with stronger-than-anticipated activity and solid execution in both our North America and international completion and production businesses. It is clear that Halliburton's strategy and value proposition deliver differentiated results. Here are some of the highlights from 2025. We delivered total company revenue of $22.2 billion and adjusted operating margin of 14%. International revenue was $13.1 billion, down 2% year over year. North America revenue was $9.1 billion, a decrease of 6% year over year. During the year, we generated $2.9 billion of cash flow from operations, $1.9 billion of free cash flow, and repurchased $1 billion of our common stock.

Finally, we returned 85% of our free cash flow to shareholders, reducing our share count to its lowest levels in 10 years.

These results reflect hard work and dedication by the men and women of Halliburton all around the world. I want to thank each Halliburton employee for your dedication to safety and our value proposition, maximizing value for our customers and delivering returns for our shareholders. Now let's turn to our macro outlook for 2026. We believe 2026 will be a year of rebalancing. The return of OPEC spare capacity and higher non-OPEC production have created a market with abundant supply. We expect supply increases to moderate this year as demand continues to rise. Near-term, absent geopolitical disruptions, we expect commodity prices are unlikely to rise. We anticipate moderate softness in some key markets, particularly North America. We expect international activity to be stable year over year. Medium-term, we believe supply and demand will rebalance.

We expect the combination of steeper decline rates, diminishing reservoir quality, and limited exploration success to create favorable tailwinds for oilfield services. I expect the next cycle to begin where it always has: in North America, followed by a global push to meet the growing demand. Let me close our macro outlook with this: I am confident in the future of oilfield services and excited about Halliburton's opportunities now and in the years ahead. Let's turn to our international business. Halliburton delivered another solid quarter, underscoring the strength of our global franchise and the resilience of our strategy. For the full year, international revenue was $13.1 billion, a decrease of 2% year over year, outperforming a 7% decline in rig count.

While we experienced notable declines during the year in Saudi Arabia and Mexico, the remainder of our international business demonstrated strong growth of about 7%.

Looking ahead to 2026, we expect total international revenue to be flat to up modestly. I am confident in the outlook for our international business. First, our collaborative value proposition is winning. What began as alliances with independence has expanded to include IOCs and NOCs across all of our regions. Today, this collaborative approach consistently drives outperformance for Halliburton and our customers. Deep collaboration is in our DNA, and we believe it is the future of oilfield services. I am confident Halliburton is uniquely positioned to lead and thrive through this collaborative strategy. Second, our drilling and formation evaluation technology is now a differentiator for Halliburton in all markets. T

he depth of our drilling portfolio allows us to compete and win in the most technically demanding integrated projects worldwide. Finally, I believe the market structure is evolving in a way that differentially favors Halliburton.

We see consistent international growth in unconventionals, development, drilling, and intervention, all of which are directly aligned with Halliburton's strengths. Let's take a closer look at our international growth engines: unconventionals, drilling, production services, and artificial lift, where we have a clear line of sight to outperform the overall market. We continue to make great progress. In unconventionals, Halliburton uniquely brings North America technology to the international market. Today, we operate in seven countries and see growing adoption of Simul-Frac and continuous pumping operations, along with our auto frac and sensor technology. In drilling, we completed the first fully autonomous geosteering run for a customer in the Caribbean, where we maximized reservoir contact and delivered outstanding performance for the customer.

Finally, artificial lift delivered record international quarterly revenue and is now active in 15 countries.

Turning to our international power business, our strategic collaboration with VoltaGrid continues to gain momentum. I am pleased with our progress so far. Customers recognize that Halliburton's global footprint and reputation for execution are a strong complement to VoltaGrid's distributed power platform. The opportunity pipeline is expanding rapidly across the Eastern Hemisphere, with several projects already in engineering review. During the quarter, Halliburton and VoltaGrid secured manufacturing capacity for 400 MW of modular power systems. I am convinced, more than ever, that these opportunities will manifest and provide a significant avenue for future growth. To summarize, Halliburton's international business is strong, our collaborative value proposition is winning, our technology is delivering, and our growth engines are aligned with the evolution of the market.

I am confident that Halliburton will outperform in 2026. Before we leave international, here are a few of my views on Venezuela.

I have always believed that oil and gas is the key to Venezuela's economic recovery. I'm excited about the tremendous opportunity for Halliburton in Venezuela. Halliburton entered Venezuela in 1938 and only exited in 2019 because we are an American company in compliance with U.S. sanctions. Halliburton knows this market well, and we will grow our business there as soon as commercial and legal terms are resolved, including payment certainty. The early steps are already well underway. Now moving on to North America. Halliburton delivered a strong Q4, supported by less-than-anticipated white space and solid execution. For the full year, revenue was $9.1 billion, down 6% year over year. As we look towards 2026, we expect North America revenue to decline, high single digits compared to 2025.

This outlook reflects the full-year impact of reduced customer activity in land operations, our decision to stack uneconomic fleets, and the timing of customer programs in the Gulf of Mexico. Here are three observations on North America that shape our view and strategy. First, attrition is accelerating at a time when new capital investment is falling. Equipment is working harder than it ever has due to widespread adoption of continuous pumping and simul frac. This is why I believe a small increase in demand will tighten the market quickly. Second, the largest opportunity for the industry is to increase recovery, and I believe that this is only possible with technology adoption. This is why I am so excited about  ZEUS IQ . Third, when the commodity outlook improves, we believe North America will be the first to recover.

We have seen this countless times in the past, and the same drivers are in place today. Our strategy in North America is to maximize value. This means that we prioritize returns over market share, and we develop technology that addresses customers' most critical opportunities, improving recovery and drilling longer, faster, more precise wells. Let's look at how we do that. First, with respect to return, as we have done in the past, we will continue to stack equipment that is uneconomic. Prudent stacking of equipment preserves it for the recovery in North America and becomes an avenue to feed our growing international unconventionals business. With respect to technology, our differentiated Zeus platform is driving value through automation and subsurface measurement.

Only Halliburton's Zeus platform directly measures and automates the control of sand placement, which I believe are critical building blocks for improving recovery.

This quarter, customer adoption of  ZEUS IQ ,  Sensori, and auto frac increased by 18%, which tells me it is working. We are also differentiated with our iCruise rotary steerable system and LOGIX automation, which deliver precision and reliability in long laterals. No trend in unconventionals is more clear than the growth of lateral lengths along with complex geometries such as horseshoe wells. We see this trend in every major basin. The impact of iCruise has been dramatic on our North America drilling services business, which grew meaningfully this year despite a 6% decline in rig count. The high performance of iCruise and LOGIX and the secular trend towards rotary steerable drilling in North America give me great confidence in the continued success of our drilling services business.

To summarize North America, our priority is clear. We will maximize value. We have consistently executed this strategy and delivered differentiated results.

I am confident this strategy will deliver value for our customers, Halliburton, and our shareholders. Before I turn the call over to Eric, let me close with this: I've never been more excited about the future of Halliburton, and here's why. Oil and gas have a critical and recognized role to play in the energy mix of the future. The shift from idealism to pragmatism is refreshing and consistent with the reality that there will be growing demand for oilfield services for decades to come. Our value proposition is clear. We collaborate and engineer solutions to maximize asset value for our customers. The proven outperformance of our strategy and the ongoing shift towards collaborative work means Halliburton is squarely where the market is headed. And finally, our differentiated technology delivers exceptional value for our customers and for Halliburton.

I am confident Halliburton will deliver leading returns and capitalize on future growth opportunities. Finally, I am also pleased to announce an important leadership update. Shannon Slocum has been promoted to Chief Operating Officer effective January 1st. Shannon's COO role will be important to our success as we execute our strategy, and I look forward to him joining us on future earnings calls. With that, I'll turn the call over to Eric to provide more details on our financial results. Eric.

Thank you, Jeff, and good morning. Our Q4 reported net income per diluted share was $0.70. Adjusted net income per diluted share was $0.69. Total company revenue for Q4 2025 was $5.7 billion, flat when compared to Q3 2025. Adjusted operating income was $829 million, and adjusted operating margin was 15%. Our Q4 cash flow from operations was $1.2 billion, and free cash flow was $875 million.

During Q4, we repurchased $250 million of our common stock. For the full year, we repurchased approximately 42 million shares at an average price of $23.8 per share. Now turning to the segment results. Beginning with our completion and production division, revenue in Q4 was $3.3 billion, flat when compared to Q3 2025. Operating income was $570 million, an increase of 11% when compared to Q3 2025, and operating income margin was 17%. Revenue improvements were primarily driven by higher year-end completion tool sales globally and offset by lower stimulation activity in the Western Hemisphere. Operating income increased due to activity mix improvements from completion tool sales. In our drilling and evaluation division, revenue in Q4 was $2.4 billion, flat when compared to Q3 2025. Operating income was $367 million, an increase of 5% sequentially, and operating income margin was 15%.

Revenue improvements driven by higher wireline activity in the Eastern Hemisphere and increased year-end software sales were offset by lower fluid services in North America. Operating income increased due to better activity mix from our wireline business in the Eastern Hemisphere and year-end software sales. Now let's move on to geographic results. Our Q4 international revenue increased 7% when compared to Q3 2025. Europe-Africa revenue in Q4 was $928 million, an increase of 12% sequentially. This increase was primarily driven by higher completion tool sales in the North Sea and improved activity across multiple product service lines in Africa. Middle East Asia revenue in Q4 was $1.5 billion, an increase of 3% sequentially. This improvement was primarily driven by increased well intervention services and higher stimulation activity in the Middle East and improved activity across multiple product service lines in Asia.

Latin America revenue in Q4 was $1.1 billion, a 7% increase sequentially. This increase was primarily driven by higher completion tool sales in Brazil and the Caribbean and higher software sales in Mexico. In North America, Q4 revenue was $2.2 billion, a 7% decrease sequentially. This decline was primarily driven by lower stimulation activity in U.S. land and Canada, decreased fluid services in the Gulf of Mexico, and lower well intervention services in U.S. land. Moving on to other items. In Q4, our corporate and other expense was $66 million. We expect our Q1 corporate expenses to increase about $5 million. In Q4, we spent $42 million on SAP S/4HANA migration, which is included in our results. For Q1, we expect SAP expenses to be about $45 million. Net interest expense for the quarter was $86 million. For Q1, we expect net interest expense to increase about $5 million.

Other net expense in Q4 was $25 million. We expect Q1 expense to be about $35 million. Our normalized effective tax rate for Q4 was 19.8%. Based on our anticipated geographic earnings mix, we expect our Q1 and full year 2026 effective tax rate to be approximately 21%. Capital expenditures for Q4 were $337 million, which is $100 million lower than expected due to late equipment deliveries. For the full year 2026, we expect capital expenditures to be about $1.1 billion, consistent with our prior guidance adjusted for the timing impact of late deliveries. This guidance excludes any capital spending necessary for a potential re-entry into Venezuela. Now let me provide you with comments on our expectation for Q1 2026. In our completion and production division, in Q1, we anticipate a higher than normal roll-off of year-end completion tool sales and lower international activity.

As a result, we anticipate sequential revenue to decrease 7%-9% and margins to decline about 300 basis points. In our drilling and evaluation division, we expect sequential revenue to decline 2%-4% and margins to decline 25 to 75 basis points. I will now turn the call back to Jeff.

Thanks, Eric. Let me summarize the key takeaways from today's discussion. Halliburton delivered solid Q4 results and closed 2025 with strong execution despite the market environment. Oil and gas have a critical and recognized role to play in the energy mix of the future. I expect 2026 to be a rebalancing year, which I am confident is followed by a period of sustained strong growth. Halliburton's international business is strong. Our collaborative value proposition is winning, our technology is delivering, and our growth engines are aligned with the evolution of the market.

In North America, we will maximize value, meaning we will stack fleets that do not make adequate return and focus our investments on differentiated technologies that solve for our customers' greatest opportunities. I expect that as macro fundamentals improve, North America will be the first to respond. I am confident in the outlook for our business and Halliburton's ability to deliver leading returns and capitalize on future growth opportunities. And now let's open it up for questions.

Ladies and gentlemen, if you have a question or comment at this time, please press star one one on your telephone keypad. If your question has been answered or you wish to remove yourself from the queue, simply press the pound key. Again, if you have a question or comment at this time, please press star one one on your telephone keypad. Stand by while we compile the Q&A roster.

Our first question or comment comes from the line of Saurabh Pant from Bank of America. Mr. Pant, your line is open.

Jeff, maybe I want to start with the topic which everybody has been bombarding us for the past two weeks, which is Venezuela, if you don't mind. I noted, Jeff, you said in your prepared remarks, right, that I know it's early days, right, but you talked about early steps are well underway. Right? So my question is, maybe just help us think about how quickly can Halliburton, your customers, move into the country? What do you need to see to start doing that? And then secondly, ultimately, I know this is not certain, right, but what is the potential size of the opportunity and how quickly can you scale up in Venezuela?

Look, I think we could scale up fairly quickly. We're working through the mechanics around licenses and things that we're certain will get in place. But as far as returning to the country, we move equipment around all over the world, so we can move equipment quite quickly. We still have a footprint there in Venezuela in terms of operating bases and whatnot. And so getting equipment there to work is fairly straightforward. There are operators in Venezuela today, and so I think there are opportunities for us sooner rather than later to get back to work. And so we're assessing what we would do and where we would start. My phone is ringing off the hook in terms of interest in Halliburton being there. And so confident that we could move fairly quickly in Venezuela and excited about that.

As far as the size of the market, small market today relative to what it was a decade ago, a decade ago, it was probably a $500 million business for us pretty consistently. Now, as time dragged on, that market started to shrink and it got smaller. But I'm quite optimistic about longer term being a much bigger business. And I think in the near term, getting back to work and contributing to our business at Halliburton.

Right. No, that's a good update, Jeff. I think we need to keep stay in tune on what's going on, but that sounds like a good opportunity. Just a very different pivot going back to 2026, Jeff. I know you gave some color on your expectations for activity, for revenue, which frankly is in line to a little better than I think several people were thinking.

So that's a good place to start. But on the margin side of things, Jeff, as we think about the pluses and minuses, pricing is part of it and not just NAM, but international pricing, operating leverage, cost is part of it. And then, Eric, maybe a little color on SAP spending trajectory. If we put all of that together, what does the margin side of the story look like for 2026? Any preliminary thoughts on that?

Well, look, I think the second half looks stronger than the first half, most certainly. When we look around the world, it's pretty steady around the world. Obviously, larger tenders are going to be more competitive, and we see some of those. But by and large, it's a stable market internationally. And so I see, again, progress as we get certainly into the second half of the year around margins.

Yeah, Saurabh, and as it relates. Go ahead, Saurabh.

No, no, I was going to jump to your SAP question, but if you have a follow-up for Jeff, go ahead.

Okay, yeah. So SAP, we guided $45 million for Q1, and that's pretty much the run rate that you should be thinking about throughout 2026, so $40-45 million. We anticipate the project to complete in Q4 of this year, which is a little later than we had earlier guided. We've adjusted the plan slightly as we learn, progressing through the rollout of the system. We've also broadened the scope of the project to include some of the adjacent processes, such as outsourcing our payroll and redesigning our overall OTC process.

So in summary, about $40 million, $45 million a quarter until the end of the year and project completed in Q4 with expected savings of about $100 million a year after the project is completed.

Right. Saurabh, maybe back to your first question a little bit here as well. So if I look at all of 2026, as I said, I think second half's better than the first half. But again, North America is taking a conservative posture. I think we've got some bright spots internationally. But I think the more important point is what's happening in terms of the rebalancing of the market. And that's really this pragmatic view of the world as opposed to idealistic barrels are being absorbed. Decline rates are higher now than they were in terms of because unconventionals are a larger part of the supply stack. And quite frankly, exploration success has been anemic.

And while all that's happening, demand is growing. So I think we're setting up for a rebalancing year in 2026 of supply and demand to be followed by very sustained strength.

Right. No, that makes a ton of sense, Jeff. Like you said, rebalancing year, and really the focus should be on 2027, 2028, right? And hopefully, things go in the right direction. So thank you, Jeff. Eric, thanks a lot.

Thank you. Our next question or comment comes from the line of Neil Mehta from Goldman Sachs. Mr. Mehta, your line is now open.

Hey, Jeff. Good morning, team. Quick question here first on the international breakdown. You said up slightly 2026 versus 2025. Can you just go give us a tour around the world, Jeff, and give us perspective by market? Where do you see increments and decrements?

Look, and our outlook at this point is flatish to maybe up a little modestly. Look, I think Latin America leads the way in terms of growth. Brazil, deep water is powering ahead. Argentina, we see quite a bit of growth, and that's obviously right in our wheelhouse. Ecuador, Guyana, obviously. Guyana has been a strong business for us and will continue to be. And so overall, Latin America, very much a bright spot. Middle East, I think it's flatish, flatish, maybe even down slightly. And I say that just because I'm well aware of the activity growth in Saudi Arabia, but taking a bit more conservative view of the timing and pacing of that coming back. It likely will, but it's less clear to me sort of how impactful and how early that would be.

But overall, the rest of the Middle East is very, very solid business, pleased with that business. And then Asia-Pacific really looks fairly flatish to us. A lot of gas demand in Asia. So positive things happening, but overall flatish for 2026 anyway.

Yeah, that's a helpful breakdown. Jeff, maybe take a moment to talk about VoltaGrid. I think we've gotten more comfortable as an investment community around that business and the potential, and you've announced an important joint venture in the Middle East. So from where you sit, how important is this business for you guys? How big can it be? Do you see yourself as a logical consolidator over time? Do you like the minority position? Just your perspective, anything you're willing to share about it.

Look, I'd say I'm really excited about where we are in the outlook for that business and the international piece of that business. I won't comment on the U.S. I think that's well understood in the pace of growth there and our role and ownership in VoltaGrid. As we look around the world, a lot of interest from customers around the combination of VoltaGrid technology and Halliburton's proven execution and footprint and capability. And so solid pipeline, like the volume. And so I think that this could be a very big business over time. I mean, it's like all businesses where we're starting. We're very familiar with the business. It's going to grow at the pace that it will, but we've already committed to 400 MWs. I think 400 MWs is a good start as we place those.

And what we've seen historically is that we place a few hundred MWs, and then that tends to grow over time as data centers expand. And there's just no question that there's not enough electricity power generation in the world today in the US or anywhere else. So very confident in this, and I think it could be a very big business over time.

Our next question or comment comes from the line of David Anderson from Barclays. Mr. Anderson, your line is now open.

Great. Thank you very much. Good morning, Jeff. How are you?

You talked about rebalancing of the market. I was wondering if you could talk more specifically about North America and the stimulation market and how that's rebalancing.

You talked about the attrition going on, but I'm wondering how pricing is holding up here and whether or not you see this firming up throughout the year. Because you're also seeing equipment moving over to the Middle East. I know you talked about you bringing some equipment down to Vaca Muerta. So how is that component kind of factoring into pricing? Do you expect pricing to kind of hold up here, and is this sort of a part of the rebalancing story?

Yeah. Look, I think frac pricing is fairly stable at this point. Q4 is fairly stable, and as we go into Q1, our frac business stays fairly stable as well going into Q1. Now, from a pricing standpoint, broadly, I think that given where pricing is and performance of companies in that market, we're fortunate that we outperform the market by quite a bit.

But pricing reaches a point where it's not. Companies aren't investing in it. We are moving equipment away from it. And so I think it's certainly stable at that level. And yeah, I think there's incentives to move equipment outside the U.S., which we're doing in some cases. And so I think we're at a bottom, and I would expect that that improves over time, but I'm not going to give you a date when it improves. But I think the bias is towards there's not investment in the market in terms of more equipment, and equipment is wearing out, which we know. And equipment, in some cases, is moving outside the U.S., and some equipment in ours, in some cases, is being stacked. So I think all of those are positive and rational behavior in a market where we require returns.

On that side, I was wondering if you could talk, Eric, maybe you could talk a little bit more about the C&P margin progression throughout the year. The guide for Q1 is more or less in line with what we were looking for. But how should we think about kind of where the rest of the year shakes out on the margin side? And perhaps you could also just talk a little bit about how Multi-Chem, the sale of Multi-Chem impacts that, and maybe the decision to sell Multi-Chem. And does that provide an uplift for margins throughout the year?

So let me start with the Multi-Chem. So we think the sale should be completed this quarter. The impact on the margin will be positive, but frankly, it will not be material overall.

Talking about the progression of CMP margin, we think the margin progress throughout the year. But let me give you some color as well to the guide of margins from Q4 to Q1. Because while it is not out of line with the differential in margin that we've seen in prior years, the actual makeup is a bit different. So if you look at the Q1, so we guided about 300 basis points down for CMP margin. So that is actually coming from three buckets. The first bucket, which is over half of the drop, is related to the roll-off of completion tool sales. That part is not unusual. What is a bit unusual is the amount of completion tool sales we had in Q4. If you look at the progression Q3 to Q4, our completion tool revenue increase was 3X what we saw in the prior two years.

So that talks a lot to the strength of our completion business. But that's about over half of the drop. Then you get about 25% of the drop that's related to the typical seasonality in the international business for CMP as our CMP business increasingly has an increasingly large footprint in the international markets. And that's about 3%-6% reduction in revenue. So that's kind of typical with historical decreases. And the rest is really a product's geographic mix issue, which is really not structural as it relates to CMP. And then there is a bit of an optical view on Q4 to Q1, which is we typically have a lot of tailwind with the U.S. frac business, which goes through seasonal factor, I mean, seasonality in Q4 and benefits from an uplift going into Q1.

We don't have any of that this year as our Q1 frac business in the U.S. looks to be just straight flat to Q4. So again, a little bit of color as the makeup of the delta is a bit different from prior years.

Thank you. All right. Our next question or comment comes from the line of Arun Jayaram from JPMorgan. Mr. Jayaram, your line is now open.

Yeah. Good morning, Jeff and Eric. Appreciate the outlook comments on 2026. I was wondering if we could maybe think about what your outlook comments around international North America could mean for overall margins. You gave us some good color on where you expect revenues to kind of shake out. But just trying to narrow thoughts around the streets today sitting at just under $4 billion of EBITDA for 2026.

Just want to get just general comfort level of where the street sits today based on your outlook comments.

No, if you look at just kind of margins overall as Jeff progresses, we think H2 is better than H1, so you're going to see some slight progression through the year. While we typically don't comment on street estimates or provide guidance at this stage on margins, the $4 billion that you quoted is really within the range of outcomes that we are looking at.

Great. That's helpful, Eric. Just my follow-up, Jeff, in your prepared comments, you talked about  ZEUS IQ  and some of the things that Halliburton's doing to help North American operators boost well predictivity.

I also wanted to talk to you a little bit about some of the updates we've gotten from the majors where they're talking about using lightweight proppant and surfactants. And I was wondering if you could discuss some of these efforts and maybe how you're helping clients maybe to use some of these emerging technologies, and could these be needle movers for how?

Well, look, my comments are around our technology and the technology that we produce and very pleased with what we're doing. And I think that the ability to place proppant and do things with proppant effectively is one of the really unique features of  ZEUS IQ . And I think that's under all conditions a very valuable solution and, as I said, a building block to how recovery is improved.

Because quite frankly, where the sand goes has been an unknown in this business since it started in 1947, and really, just in the last year or two, have we been able to directly measure sand placement and also control where sand goes, and this is primarily because of the Zeus setup and its ability to handle the pressure and the things required in order to respond to the reservoir.

Thank you. Our next question or comment comes from the line of James West from Melius Research. Mr. West, your line is open.

So Jeff, clearly international outlook, second half better than first half. We get that, but as well, a little bit of a wild card.

But, curious where you think there could be pockets of strength that emerge, knowing that neither you or I, as long as we've been doing this, have a crystal ball and the cycle is always going to play out a little bit differently. But we've got a lot of things in the works here that could influence the oil price and so could cause some markets to either inflect higher or lower. But where do you think maybe the surprises could come from if you think about a higher oil price environment in the second half and leading into, of course, as you described, a solid upturn in 2027, 2028?

Well, look, I think Argentina is one that's going to respond. It's already responding. But I think when I think about that market, the pace of interest in international investors in that market is high.

I mean, that's become a very solid market that's going to become more and more responsive to commodity price in a positive way. Kudos to the operators in that market today who have taken on the challenge of building infrastructure and evacuating the hydrocarbons from the market. I mean, these are all of the things that a very dynamic market can do and will do, and that's what we're seeing being done in Venezuela or, excuse me, in Argentina. I think the Caribbean's another place we're really excited about the possibilities and what could happen sort of throughout the Caribbean as we look at next year. I think that West Africa is another where we're seeing sort of renewed interest and better, seems like better terms for operators and better terms for us where we're able to execute sort of all of our services in these markets.

So I'm pleased with that. I think that's a bright spot. And then ultimately, Algeria, I think over time in 2026 could become a brighter spot than we would expect. So I'm thinking about upside surprise. I think those are some of the places where we could see those.

Okay. That's very helpful, Jeff. And just a follow-up for me on the power markets broadly. VoltaGrid is obviously you with your investment there and taking them into the Middle East and leveraging your platform is critical here. How are you thinking about other potential investments in power? Is VoltaGrid kind of your main objective here, or are you talking with others? I mean, how do you think about just the build-out of the electrification theme and the data center theme and the power theme as it relates to Halliburton?

Halliburton (HAL) Q4 2025 Earnings Call Transcript

Company Participants