Here are 1-3 brief analogies for Halliburton:

• The **Caterpillar** of the oil and gas industry.

• The **Lockheed Martin** of oil and gas exploration.

• Drilling Services: Provides technologies and expertise for planning, drilling, and evaluating oil and gas wells.
• Completion Tools & Services: Offers equipment and techniques to prepare wells for hydrocarbon production and manage reservoir flow.
• Cementing Services: Delivers solutions for isolating zones in the wellbore to ensure well integrity and optimize production.
• Production Enhancement (Stimulation/Frac): Improves the flow of hydrocarbons from reservoirs through treatments like hydraulic fracturing and acidizing.
• Wireline & Perforating Services: Gathers downhole data and creates pathways for fluid communication between the wellbore and the reservoir.
• Artificial Lift & Production Optimization: Designs and installs systems to enhance hydrocarbon recovery and manage well performance throughout its lifecycle.

Halliburton's Major Customers

Halliburton (HAL) primarily sells its products and services to other companies within the energy industry, specifically those involved in oil and natural gas exploration and production. Due to the highly diversified nature of its business and global operations, Halliburton typically does not have one or a few "major customers" that account for a significant portion (e.g., more than 10%) of its consolidated revenue, as indicated in its SEC filings. Therefore, its "major customers" are best understood as the broad categories of companies it serves globally.

Halliburton's customer base comprises a vast array of companies across different segments of the upstream oil and gas sector. The categories of companies Halliburton serves include:

• International Oil Companies (IOCs): These are large, publicly traded multinational oil and gas companies that operate globally. Examples of such companies, which are frequent clients for Halliburton's services, include:
  • ExxonMobil (NYSE: XOM)
  • Chevron (NYSE: CVX)
  • Shell plc (NYSE: SHEL)
  • BP p.l.c. (NYSE: BP)
  • TotalEnergies SE (NYSE: TTE)
• National Oil Companies (NOCs): These are state-owned or state-controlled oil and gas companies, often among the largest producers globally. Examples of prominent NOCs that are customers include:
  • Saudi Arabian Oil Company (Saudi Aramco) (Tadawul: 2222)
  • Petróleo Brasileiro S.A. (Petrobras) (NYSE: PBR)
  • Abu Dhabi National Oil Company (ADNOC) - (While the parent company is not directly publicly traded, it is a major global NOC and a significant customer. Some of its subsidiaries are publicly listed.)
  • China National Offshore Oil Corporation (CNOOC Limited) (HKEX: 0883, SSE: 600938) - (A large Chinese NOC that utilizes Halliburton's services.)
• Independent Oil and Gas Companies: These are generally smaller, often regionally focused, publicly or privately held exploration and production (E&P) companies. Examples of major independent companies that use Halliburton's services include:
  • ConocoPhillips (NYSE: COP)
  • EOG Resources (NYSE: EOG)
  • Occidental Petroleum Corporation (NYSE: OXY)

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Jeffrey A. Miller Chairman of the Board, President and Chief Executive Officer

Jeffrey A. Miller joined Halliburton in 1997 and has served in various leadership roles of increasing responsibility throughout his tenure. He became President in 2014, Chief Executive Officer in 2017, and Chairman of the Board in 2019. Prior to joining Halliburton, Mr. Miller worked as a certified public accountant at Arthur Andersen. His previous roles at Halliburton include Chief Operating Officer, Senior Vice President of Global Business Development, Regional Vice President of Gulf of Mexico, and Operations Vice President of Angola and Indonesia. He holds a Bachelor of Science degree in agriculture and business from McNeese State University and an MBA from Texas A&M University.

Eric J. Carre Executive Vice President and Chief Financial Officer

Eric J. Carre was appointed Chief Financial Officer of Halliburton in 2022. He joined Halliburton in 1991 and has over 30 years of experience with the company. Mr. Carre previously served as Executive Vice President, Global Business Lines, and Chief Health, Safety & Environment Officer. His background also includes leadership positions such as Vice President of Drill Bits & Services, Vice President of Baroid, and Senior Vice President of the Drilling & Evaluation Division. Before his current role, he was the founder and Chief Technology Officer of Amazing Food Creations LLC from 2005 to 2010. He holds a master's degree in mechanical engineering from Université Libre de Bruxelles and an MBA in finance from the University of Wisconsin.

Van Beckwith Executive Vice President, Secretary and Chief Legal Officer

Van Beckwith serves as Executive Vice President, Secretary and Chief Legal Officer for Halliburton.

Lawrence Pope Executive Vice President of Administration, Chief Human Resources Officer

Lawrence Pope holds global leadership responsibilities for Supply Chain, Information Technology, Human Resources, Real Estate Services, Corporate Aviation, and Security at Halliburton. Before joining Halliburton, he was Senior Vice President of Administration for Kellogg, Brown & Root. He earned a bachelor's degree in economics from the University of Texas at Austin and an MBA from the Jesse H. Jones Graduate School of Business at Rice University.

Mark Richard President, Western Hemisphere

Mark Richard is the President of Halliburton's Western Hemisphere operations.

Accelerated Decarbonization and the Global Energy Transition

Halliburton (NYSE: HAL) is a multinational corporation and the world's second-largest oilfield services company, offering a wide array of products and services to the upstream oil and gas industry.

Addressable Markets for Halliburton's Main Products and Services

• Global Oilfield Services Market: This overarching market encompasses many of Halliburton's offerings, including drilling, completion, and production services.
  • The global oilfield services market was valued at USD 322.83 billion in 2024 and is projected to grow to USD 606.63 billion by 2035, at a Compound Annual Growth Rate (CAGR) of 5.90% from 2025 to 2035.
  • Another estimate placed the global market size at USD 311.65 billion in 2024, expected to reach USD 585.01 billion by 2034 with a CAGR of 6.50% from 2025-2034.
  • North America is a dominant region in the global oilfield services market.
• Global Drilling and Completion Services Market: Halliburton provides comprehensive drilling and completion solutions, including directional drilling, logging, and cementing services.
  • The global Oilfield Drilling and Completion Services market is projected to reach approximately USD 170 billion by 2025, with an estimated CAGR of around 5.5% through 2033.
  • More specifically, the global drilling services market is anticipated to expand from USD 22.3 billion in 2024 to USD 35.8 billion by 2034, growing at a CAGR of approximately 4.8%.
  • The global drilling services market size was recorded at USD 155.473 billion in 2025 and is expected to become USD 214.698 billion by 2033, growing at a CAGR of 4.117% during 2025 to 2033.
  • North America is expected to dominate the global drilling services market.
• Global Well Completion Equipment and Services Market: Halliburton offers completion tools and services.
  • The global well completion equipment and services market size is projected to grow from USD 10.59 billion in 2024 to USD 11.18 billion in 2025 at a CAGR of 5.6%, and is expected to grow to USD 14.77 billion in 2029 at a CAGR of 7.2%.
  • Another report indicates the global completion equipment market valuation at 21.4 USD billion in 2024, projected to reach 35.8 USD billion by 2035, growing at a CAGR of 4.77% from 2025 to 2035.
  • North America is currently the largest market for well completion equipment and services.
• Global Artificial Lift Market: Halliburton provides artificial lift solutions to optimize production from oil and gas wells.
  • The global artificial lift market expanded from USD 10.60 billion in 2024 to USD 11.37 billion in 2025, with a projected CAGR of 7.05% driving it toward USD 18.29 billion by 2032.
  • Another source valued the global artificial lift system market at USD 13.9 billion in 2024 and estimates it to grow at a CAGR of 7.7% from 2025 to 2034, reaching USD 29.1 billion by 2034.
  • The U.S. artificial lift system market is projected to exceed USD 11.5 billion by 2034.
  • North America dominated the artificial lift systems market with a revenue share of 27.7% in 2023.
• Global Well Intervention Market: Halliburton offers well intervention services.
  • The global well intervention market size was valued at USD 9.30 billion in 2023 and is projected to reach USD 12.01 billion by 2030, growing at a CAGR of 3.9% from 2024 to 2030.
  • North America accounted for the largest revenue share in the well intervention market at 39.5% in 2023.
• Global Oil & Gas Consulting Services Market: Halliburton provides consulting and project management services.
  • The global oil & gas consulting service market size was valued at approximately USD 15 billion in 2023 and is expected to grow significantly to reach around USD 28 billion by 2032, with a CAGR of 7%.
  • Another estimate projects the market, valued at approximately USD 15 billion in 2025, to reach approximately USD 25 billion by 2033, with a CAGR of 7% from 2025 to 2033.
  • North America's market size for oil & gas consulting services was estimated at USD 5 billion in 2023 and is expected to reach approximately USD 8.5 billion by 2032.

Halliburton (HAL) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. International Market Expansion and Penetration: Halliburton consistently highlights its international business as a significant growth engine. The company has demonstrated its ability to extract more value per rig in international markets, with regions like the Middle East/Asia and Europe/Africa showing increased revenue. Specific international business lines such as cementing, completion tools, and drilling fluids are identified as market leaders, driven by Halliburton's execution and technological advancements.
2. Advancements in Drilling Technology and Services: Growth is anticipated from Halliburton's drilling technology portfolio, including its Sperry Drilling business, which has seen international growth due to innovations like iCruise and iStar directional drilling and logging tools. The company also expects solid demand for its "Zeus platform" in North America, aiming to integrate innovative technologies to enhance efficiency and recovery.
3. Growth in Unconventional Resource Development: Halliburton plans to leverage international growth opportunities, particularly within unconventional plays. Although North American activity may experience some near-term softness, the company remains focused on maximizing value in the region through platforms relevant to unconventionals, indicating continued investment and opportunity in this sector.
4. Expansion of Well Intervention and Artificial Lift Services: The well intervention and artificial lift segments are expected to contribute to revenue growth, especially internationally. Halliburton has seen robust growth in these areas, supported by innovative technologies such as TrueSync and Intelevate in artificial lift.
5. Strategic Initiatives in Specialty Chemicals: Halliburton is expanding its international footprint in specialty chemicals, identifying this as a new opportunity for growth.

Share Repurchases

• Halliburton repurchased $1.005 billion in shares in 2024 and $800 million in 2023.
• The company repurchased approximately $507 million in securities during the first half of 2025.
• As of Q2 2025, Halliburton had approximately $2.5 billion in share repurchase authorization remaining.

Outbound Investments

• Halliburton made payments to acquire businesses totaling $162 million in the first six months of 2025.
• The company purchased an equity investment of $345 million in Q1 2025.
• Halliburton holds a 20% interest in a partnership with VoltaGrid, focusing on distributed power solutions for data centers, particularly in the Middle East.

Capital Expenditures

• Capital expenditures averaged $1.072 billion annually from fiscal years 2020 to 2024, peaking at $1.442 billion in 2024.
• The company's capital expenditures were $1.421 billion for the latest twelve months ending June 30, 2025. For 2025, capital expenditures are targeted at 5-6% of revenue, and for 2026, they are expected to decline by almost 30% to around $1 billion.
• Halliburton focuses on capital discipline, balancing growth investments with free cash flow generation, and allocating resources to projects with the highest potential for return.