Halliburton Company
Halliburton is a U.S.-based oilfield services company that provides products and technical services used across the full well lifecycle, from locating hydrocarbons and drilling to completion and production optimization. Its business is organized around two operating segments, Completion and Production and Drilling and Evaluation, and it serves major, national, and independent oil and gas producers in more than 70 countries.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueServices and equipment used to complete wells, stimulate reservoirs, lift fluids, and optimize production.
Drilling, formation evaluation, testing, wireline, and digital workflow services for well construction.
Products
Reported · share of revenue- Services70.9 %
- Products29.1 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Halliburton sells primarily to oil and natural gas producers, including major integrated companies, national oil companies, and independent E&Ps. Customers buy its services to improve drilling efficiency, increase recovery, and maximize production, with demand tied closely to upstream capital spending and commodity prices.
Buy broad drilling, completion, and production services for large multi-basin projects and long-cycle developments.
Buy localized field services and project execution capabilities for domestic resource development.
Buy completion, drilling, and digital services to improve well productivity and lower lifting costs.
Buy pre-commissioning, commissioning, maintenance, and decommissioning services for pipeline and plant assets.
Buy carbon capture, geothermal, and clean-tech support services through newer initiatives and Labs.
Strategy
Halliburton is focused on improving cash generation, capital efficiency, and returns while defending share in core oilfield services markets. It is also extending its technology base into adjacent energy-transition areas such as carbon capture, geothermal, and clean-tech incubation through Halliburton Labs.
The business is cyclical and capital intensive, so disciplined capex supports returns and resilience.
Differentiated execution in completion and drilling services supports pricing and customer retention.
Adjacent markets can diversify growth away from traditional upstream spending cycles.
Geography
Halliburton operates in more than 70 countries, with business organized around North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. The United States is its largest market at 39% of consolidated revenue in 2025, while no other country exceeded 10%, making the company globally diversified but still meaningfully exposed to U.S. drilling and completion activity.
Risks
Halliburton’s results depend heavily on upstream spending, oil and gas prices, and customer capital discipline, so activity can weaken quickly in downturns. The company also faces competitive pricing pressure, receivables collection risk in certain markets, and impairment risk on goodwill and long-lived assets if market conditions deteriorate.
Customer activity depends on oil and gas prices, budgets, and rig counts.
Exposure: Core drilling and completion demand
Services are sold in highly competitive markets with many substantial competitors.
Exposure: Margins in both operating segments
Lower oil and gas prices can reduce expected cash flows and asset values.
Exposure: Goodwill and long-lived assets
The company bills in arrears and can face delayed or failed collections.
Exposure: Mexico customer receivable concentration
Accounting
Judgemental itemsCustomers pay in arrears and some markets have delayed collections.
Impact: Can change receivable carrying value and earnings
Reporting unit values depend on forecast margins, growth, and discount rates.
Impact: Could create large non-cash charges in weak cycles
Equipment and intangible values are tested against expected future cash flows.
Impact: Affects operating income and asset base
Deferred tax assets, foreign tax credits, and uncertain tax positions require judgment.
Impact: Can materially affect tax expense and effective tax rate
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Last updated: 11/08/2026