Halliburton Co (NYSE: HAL) is an oilfield services company that provides products and services to oil and natural gas producers across the full reservoir lifecycle, from locating hydrocarbons and drilling to well completion and production optimization. It generates revenue on a transactional basis by selling services and equipment to major, national, and independent oil and gas producers worldwide. Halliburton operates two reporting segments: Completion and Production, and Drilling and Evaluation. With over 46,000 employees across more than 70 countries as of the FY2025 10-K filed February 6, 2026, the company is one of the largest oilfield services providers globally. Total revenue declined 3% in FY2025 versus FY2024, with North America revenue down 6% and International revenue down 2%. The United States accounted for 39% of consolidated revenue in FY2025. Halliburton's predecessor was established in 1919 and incorporated in Delaware in 1924.
- Revenue model
- Transactional services and product sales billed to oil and gas operators. Revenue is tied directly to drilling and completions activity, which fluctuates with oil and natural gas prices and worldwide rig count. The two segments are Completion and Production, and Drilling and Evaluation. Financial performance is materially affected by WTI crude (avg. $65.46/bbl in FY2025), Brent crude (avg. $69.10/bbl in FY2025), and Henry Hub natural gas prices (avg. $3.53/MMBtu in FY2025).
- Products and services
- Completion and Production segment: cementing, hydraulic fracturing and stimulation, sand control, artificial lift (including electrical submersible pumps), completion tools (liner hanger systems, sand control systems, multilateral systems, intelligent well completions), specialty chemicals through Multi-Chem (a portion of which was being marketed for sale as of the filing), pipeline and process services, production enhancement, coiled tubing, and hydraulic workover units. Drilling and Evaluation segment: directional and horizontal drilling, measurement-while-drilling, logging-while-drilling, surface data logging, wireline and perforating (open-hole logging, cased-hole services, formation evaluation), well testing and subsea services, managed pressure drilling, and reservoir data management.
- Customers and end markets
- Customers are major oil companies, national oil companies, and independent oil and natural gas producers. End market demand is driven by oil and natural gas prices, exploration and production budgets, global rig count, and completions intensity. North American customers increasingly operated within cash flows in FY2025 rather than prioritizing production growth, per the filing.
- Value-chain role
- Oilfield services provider positioned between equipment manufacturers and upstream oil and gas operators. Halliburton delivers services and technology at every stage of the reservoir lifecycle: subsurface evaluation, well drilling, completion, and production optimization. It does not own or operate producing wells.
- Geographic exposure
- Operations in more than 70 countries organized across four regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. The U.S. represented 39% of consolidated revenue in FY2025, 40% in FY2024, and 44% in FY2023. No single country outside the U.S. exceeded 10% of consolidated revenue in any of those years.
