Halliburton (HAL)
Provides drilling, completion, production, and digital services across the oil and gas well lifecycle.
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Halliburton does not sell oil. It sells the work of drilling and finishing wells — crews, pumps, chemicals, tools and software that other companies' oilfields hire by the job or by the day. The American shale patch that long paid the bills has been shrinking, so the company is leaning on older wells abroad that need help producing, on software, and on a side bet supplying gas-fired power to data centres.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 16 more below
Production Enhancement (ZEUS fracturing)
Cracking open tight rock so oil and gas can flow — the single biggest line here, and the one that absorbed North America's price cutting in 2025. Its electric ZEUS pumping fleets have now left the United States for the first time, for YPF's Vaca Muerta work.
Competes with digiFrac electric fleets (Liberty Energy) · FORCE electric fleets (ProPetro) · Pressure pumping (SLB)
In plain English
Shale rock holds oil the way a sponge holds water: it is in there, but it will not come out on its own. Halliburton's crews park rows of pumps at the wellhead and force water, sand and chemicals down the hole until the rock splits and the sand holds the cracks open.
Producers pay per job, so there is nothing locking them in — when drilling slows or a rival cuts its price, the money goes, and in 2025 it went. The newer ZEUS fleets run on electric power fed by gas generators from VoltaGrid, a partner Halliburton also part-owns.
Completion Tools
The hardware that turns a drilled hole into a working well: steel hangers, seals and sand screens, around a seventh of revenue. Money lands when the kit is handed over, so a heavy fourth quarter is always followed by a thin first one.
Competes with Completions portfolio (SLB) · Completions & well intervention tools (Baker Hughes) · Liner systems and sand control (Weatherford)
In plain English
Before a well can earn anything, the bare hole has to be turned into plumbing — steel sleeves hung in place, rubber seals set so one layer of rock cannot bleed into another, fine screens to keep sand out of the oil.
Halliburton makes that kit and sells it inside bigger well packages rather than off a catalogue. Because it is goods handed over rather than a crew working by the day, the timing is lumpy: the jump from summer to the end of 2025 was three times the two years before it, and the drop back cost the segment margin. The growth is offshore, with buyers like bp and Eni.
Sperry Drilling
Steering the drill bit, roughly an eighth of revenue and the line most quarterly explanations lead with. The newer pitch is automation: LOGIX plus Sekal's rig-control software, bought in April 2026, aiming to let the rig drill itself.
Competes with Neuro autonomous drilling / PowerDrive (SLB) · i-Trak / AutoTrak (Baker Hughes) · Magnus rotary steerable (Weatherford)
In plain English
A modern well does not go straight down. It turns and runs sideways for a mile or more to stay inside a thin layer of oil-bearing rock, and somebody has to steer a bit that is far away and out of sight.
Halliburton rents out the steering gear and the people who run it — tools that bend the path, sensors reporting what rock is passing by — day after day for as long as the well takes. What is new is software taking the controls, which only pays off if the contractors who own the rigs are willing to hand those controls to a service company.
Baroid
Drilling mud and the chemistry around it, near a tenth of revenue. It gets used up as rock gets drilled, which is why management points here first when a quarter swings — rigs finishing programmes and moving to the next job.
Competes with M-I SWACO drilling fluids (SLB) · Drilling fluids (Baker Hughes) · Fluids Systems (Newpark)
In plain English
The unglamorous part that keeps the hole from caving in. As the bit chews downward, thick treated liquid is pumped down the pipe and back up the outside: it carries the cuttings away, cools the bit, and presses against the wall so the rock stays put.
Halliburton blends that liquid to order for each well, hauls it out and sells more as it disappears — nearer to selling flour to a bakery than to renting out a machine. Deep offshore wells swallow far more of it than shale wells do, which is why the Gulf of Mexico and the North Sea carry this line.
Production Solutions
Crews sent back into wells that already exist to coax more out of them. Halliburton's company-wide target of $2.5–3B in added revenue by 2028 rests on four growth areas and this is one; most new awards come from Middle East national oil companies.
Competes with Well and subsea intervention (SLB) · Well intervention and coiled tubing (Baker Hughes) · Well intervention and subsea well access (Expro Group)
In plain English
Old wells get tired. Sand builds up, pressure fades, parts of the hole collapse — and with new discoveries thin on the ground, operators lean harder on the wells they already have.
So a crew goes back in. They unspool a long reel of flexible pipe down the hole to clean it out, pump acid, or reopen layers that stopped producing. State oil companies with ageing fields buy this as programmes, well after well after well: Iraq's Basra Oil Company and Aramco's re-entry campaign are the big ones. Optime Subsea, bought outright in 2025, brings the same idea to wells sitting on the seabed.
Artificial Lift (Summit ESP)
Electric pumps that lift oil out of wells too weak to push it up themselves. One of the four named growth areas, growing off a small base because the pump business Halliburton bought had no international footprint — and the line where import tariffs bite hardest.
Competes with Centrilift ESP systems (Baker Hughes) · REDA ESP (SLB) · ChampionX artificial lift (SLB)
In plain English
When a well can no longer push its own oil to the surface, something has to lift it. The usual answer is a long, slim electric pump lowered deep down the hole and wired to a box at the surface, turning quietly day and night — a sump pump for a very deep basement.
Halliburton sells the pump, installs it, and sells the next one when it wears out, so a field full of them becomes a replacement business. Intelevate is the software sitting on top, watching the pumps and adjusting how hard they work. Growth means selling into countries where Halliburton already has crews and Summit never had customers.
Landmark Software and Services
Software that models what is underground and plans the wells that go into it. Small money, unusually rich margins — management named software as one reason its drilling segment's margin should tick up, and bought Norway's InformatiQ in 2026 to push it toward cloud-based tools.
Competes with DELFI E&P environment (SLB) · Leucipa / JewelSuite (Baker Hughes) · Upstream asset performance suite (AspenTech)
In plain English
Nobody can see underground, so engineers build a picture of it instead: where the oil sits, where the next well should go, how fast the field will fade. Landmark is the software that draws those pictures and plans the wells around them.
Oil companies pay to keep using it, year after year, the way an architecture firm pays for its drawing software. Because it is code rather than crews and steel, it earns far more per dollar of sales than the rest of the company — management calls it structurally high margin. The hard part is persuading operators to move off the systems they already run; SLB's DELFI is the one to beat.
VoltaGrid distributed power
Halliburton part-owns VoltaGrid, which builds gas-fired power units that sit next to the customer instead of plugging into the grid. The two have secured manufacturing for 400 megawatts aimed at Eastern Hemisphere data centres in 2028. Nothing is in revenue yet.
Competes with Mobile gas turbine fleets (ProEnergy) · Reciprocating gas gensets (Caterpillar) · Reciprocating gas gensets (Cummins)
In plain English
Power plants the size of shipping containers, burning natural gas, parked right beside whatever needs the electricity. VoltaGrid has been building them for Halliburton's electric fracturing fleets for about five years, and Halliburton has bought further in — $345M in early 2025, then joining Blackstone in a $1B investment in 2026.
The new idea is to point the same boxes at data centres, whose owners want power sooner than a grid connection can be arranged. Manufacturing is locked in for 400 megawatts to be delivered in 2028, paid for outside the oilfield budget. Real cash committed, no sales attached yet — worth watching, not yet worth counting.
Production Enhancement (ZEUS fracturing)Cracking open tight rock so oil and gas can flow — the single biggest line here, and the one that absorbed North America's price cutting in 2025. Its electric ZEUS pumping fleets have now left the United States for the first time, for YPF's Vaca Muerta work.Cracking open tight rock so oil and gas can flow — the single biggest line here, and the one that absorbed North America's price cutting in 2025. Its electric ZEUS pumping fleets have now left the United States for the first time, for YPF's Vaca Muerta work.
In plain English
Shale rock holds oil the way a sponge holds water: it is in there, but it will not come out on its own. Halliburton's crews park rows of pumps at the wellhead and force water, sand and chemicals down the hole until the rock splits and the sand holds the cracks open.
Producers pay per job, so there is nothing locking them in — when drilling slows or a rival cuts its price, the money goes, and in 2025 it went. The newer ZEUS fleets run on electric power fed by gas generators from VoltaGrid, a partner Halliburton also part-owns.
Competes with digiFrac electric fleets (Liberty Energy) · FORCE electric fleets (ProPetro) · Pressure pumping (SLB)
Completion ToolsThe hardware that turns a drilled hole into a working well: steel hangers, seals and sand screens, around a seventh of revenue. Money lands when the kit is handed over, so a heavy fourth quarter is always followed by a thin first one.The hardware that turns a drilled hole into a working well: steel hangers, seals and sand screens, around a seventh of revenue. Money lands when the kit is handed over, so a heavy fourth quarter is always followed by a thin first one.
In plain English
Before a well can earn anything, the bare hole has to be turned into plumbing — steel sleeves hung in place, rubber seals set so one layer of rock cannot bleed into another, fine screens to keep sand out of the oil.
Halliburton makes that kit and sells it inside bigger well packages rather than off a catalogue. Because it is goods handed over rather than a crew working by the day, the timing is lumpy: the jump from summer to the end of 2025 was three times the two years before it, and the drop back cost the segment margin. The growth is offshore, with buyers like bp and Eni.
Competes with Completions portfolio (SLB) · Completions & well intervention tools (Baker Hughes) · Liner systems and sand control (Weatherford)
Sperry DrillingSteering the drill bit, roughly an eighth of revenue and the line most quarterly explanations lead with. The newer pitch is automation: LOGIX plus Sekal's rig-control software, bought in April 2026, aiming to let the rig drill itself.Steering the drill bit, roughly an eighth of revenue and the line most quarterly explanations lead with. The newer pitch is automation: LOGIX plus Sekal's rig-control software, bought in April 2026, aiming to let the rig drill itself.
In plain English
A modern well does not go straight down. It turns and runs sideways for a mile or more to stay inside a thin layer of oil-bearing rock, and somebody has to steer a bit that is far away and out of sight.
Halliburton rents out the steering gear and the people who run it — tools that bend the path, sensors reporting what rock is passing by — day after day for as long as the well takes. What is new is software taking the controls, which only pays off if the contractors who own the rigs are willing to hand those controls to a service company.
Competes with Neuro autonomous drilling / PowerDrive (SLB) · i-Trak / AutoTrak (Baker Hughes) · Magnus rotary steerable (Weatherford)
BaroidDrilling mud and the chemistry around it, near a tenth of revenue. It gets used up as rock gets drilled, which is why management points here first when a quarter swings — rigs finishing programmes and moving to the next job.Drilling mud and the chemistry around it, near a tenth of revenue. It gets used up as rock gets drilled, which is why management points here first when a quarter swings — rigs finishing programmes and moving to the next job.
In plain English
The unglamorous part that keeps the hole from caving in. As the bit chews downward, thick treated liquid is pumped down the pipe and back up the outside: it carries the cuttings away, cools the bit, and presses against the wall so the rock stays put.
Halliburton blends that liquid to order for each well, hauls it out and sells more as it disappears — nearer to selling flour to a bakery than to renting out a machine. Deep offshore wells swallow far more of it than shale wells do, which is why the Gulf of Mexico and the North Sea carry this line.
Competes with M-I SWACO drilling fluids (SLB) · Drilling fluids (Baker Hughes) · Fluids Systems (Newpark)
Production SolutionsCrews sent back into wells that already exist to coax more out of them. Halliburton's company-wide target of $2.5–3B in added revenue by 2028 rests on four growth areas and this is one; most new awards come from Middle East national oil companies.Crews sent back into wells that already exist to coax more out of them. Halliburton's company-wide target of $2.5–3B in added revenue by 2028 rests on four growth areas and this is one; most new awards come from Middle East national oil companies.
In plain English
Old wells get tired. Sand builds up, pressure fades, parts of the hole collapse — and with new discoveries thin on the ground, operators lean harder on the wells they already have.
So a crew goes back in. They unspool a long reel of flexible pipe down the hole to clean it out, pump acid, or reopen layers that stopped producing. State oil companies with ageing fields buy this as programmes, well after well after well: Iraq's Basra Oil Company and Aramco's re-entry campaign are the big ones. Optime Subsea, bought outright in 2025, brings the same idea to wells sitting on the seabed.
Competes with Well and subsea intervention (SLB) · Well intervention and coiled tubing (Baker Hughes) · Well intervention and subsea well access (Expro Group)
Artificial Lift (Summit ESP)Electric pumps that lift oil out of wells too weak to push it up themselves. One of the four named growth areas, growing off a small base because the pump business Halliburton bought had no international footprint — and the line where import tariffs bite hardest.Electric pumps that lift oil out of wells too weak to push it up themselves. One of the four named growth areas, growing off a small base because the pump business Halliburton bought had no international footprint — and the line where import tariffs bite hardest.
In plain English
When a well can no longer push its own oil to the surface, something has to lift it. The usual answer is a long, slim electric pump lowered deep down the hole and wired to a box at the surface, turning quietly day and night — a sump pump for a very deep basement.
Halliburton sells the pump, installs it, and sells the next one when it wears out, so a field full of them becomes a replacement business. Intelevate is the software sitting on top, watching the pumps and adjusting how hard they work. Growth means selling into countries where Halliburton already has crews and Summit never had customers.
Competes with Centrilift ESP systems (Baker Hughes) · REDA ESP (SLB) · ChampionX artificial lift (SLB)
Landmark Software and ServicesSoftware that models what is underground and plans the wells that go into it. Small money, unusually rich margins — management named software as one reason its drilling segment's margin should tick up, and bought Norway's InformatiQ in 2026 to push it toward cloud-based tools.Software that models what is underground and plans the wells that go into it. Small money, unusually rich margins — management named software as one reason its drilling segment's margin should tick up, and bought Norway's InformatiQ in 2026 to push it toward cloud-based tools.
In plain English
Nobody can see underground, so engineers build a picture of it instead: where the oil sits, where the next well should go, how fast the field will fade. Landmark is the software that draws those pictures and plans the wells around them.
Oil companies pay to keep using it, year after year, the way an architecture firm pays for its drawing software. Because it is code rather than crews and steel, it earns far more per dollar of sales than the rest of the company — management calls it structurally high margin. The hard part is persuading operators to move off the systems they already run; SLB's DELFI is the one to beat.
Competes with DELFI E&P environment (SLB) · Leucipa / JewelSuite (Baker Hughes) · Upstream asset performance suite (AspenTech)
VoltaGrid distributed powerHalliburton part-owns VoltaGrid, which builds gas-fired power units that sit next to the customer instead of plugging into the grid. The two have secured manufacturing for 400 megawatts aimed at Eastern Hemisphere data centres in 2028. Nothing is in revenue yet.Halliburton part-owns VoltaGrid, which builds gas-fired power units that sit next to the customer instead of plugging into the grid. The two have secured manufacturing for 400 megawatts aimed at Eastern Hemisphere data centres in 2028. Nothing is in revenue yet.
In plain English
Power plants the size of shipping containers, burning natural gas, parked right beside whatever needs the electricity. VoltaGrid has been building them for Halliburton's electric fracturing fleets for about five years, and Halliburton has bought further in — $345M in early 2025, then joining Blackstone in a $1B investment in 2026.
The new idea is to point the same boxes at data centres, whose owners want power sooner than a grid connection can be arranged. Manufacturing is locked in for 400 megawatts to be delivered in 2028, paid for outside the oilfield budget. Real cash committed, no sales attached yet — worth watching, not yet worth counting.
Competes with Mobile gas turbine fleets (ProEnergy) · Reciprocating gas gensets (Caterpillar) · Reciprocating gas gensets (Cummins)
Named in filings, launches and programs
- CementingServicePumps cement down the well to lock the steel casing to the rock and stop fluids crossing between layers. Roughly 6–7% of sales.
- Wireline and PerforatingServiceLowers instruments down the hole to read the rock, then punches holes through the casing where the oil should flow in. Around 6–8% of sales.
- Halliburton Project ManagementServiceTakes on whole wells rather than single services; carries the fixed-price and field-management contracts for national oil companies. Roughly 5–6% of sales.
- Testing and SubseaServiceMeasures what a new well can actually produce; through Optime Subsea, bought in 2025, also works on seabed wells without the usual heavy cable to the surface.
- Drill Bits and ServicesProduct lineMakes and runs the cutting heads at the end of the drill pipe, in roller-cone and fixed-cutter styles. About 3–4% of sales.
- Pipeline & Process ServicesServiceCleans, tests and commissions pipelines and plant piping — one of the smallest named lines, roughly 1.5–2% of sales.
- Aramco Jafurah gas programmeCustomer program · RampingMulti-year fracturing and completion work inside a broader multi-billion-dollar Aramco contract for its unconventional gas programme, awarded July 2026.
- Aramco onshore re-entry contractsCustomer program · RampingFixed-price contracts to go back into roughly 285 planned onshore oil wells for Aramco, awarded July 2026.
- YPF Vaca Muerta completionsCustomer program · RampingMulti-year exclusive completions award from YPF, and the first place ZEUS electric fleets went outside the United States — relocated from North America, not newly built.
- Basra Oil Company contractCustomer programField-management and engineering work on Iraq's Bin Umar and Sindbad fields, including putting Landmark's software in there. Awarded July 2026.
- Deepwater well-construction awardsCustomer programBundled drilling and completion contracts offshore: TotalEnergies' GranMorgu in Suriname, Eni's Cronos off Cyprus, bp's Bumerangue in Brazil.
- Ahmadi Innovation ValleyCustomer programA multi-year agreement with Kuwait Oil Company to run a joint research and technology-development centre, signed July 2026.
- OCTIV Auto Frac and SensoriProduct · RampingAutomated fracturing execution and tools that measure the cracks being made; deploying in Saudi Arabia from the third quarter of 2026.
- Sekal and InformatiQBrandTwo 2026 purchases: Sekal's DrillTronics rig-control software, folded into LOGIX, and InformatiQ's Norwegian cloud-based subsurface tools, feeding Landmark.
- Halliburton LabsEcosystemAn accelerator for hard-technology startups; Electroflow, Osmoses and SiTration joined the portfolio in August 2026.
- Venezuela re-entryCustomer program · AnnouncedA US licence issued in February 2026 reopened oilfield work in Venezuela, where Halliburton worked until 2019. No revenue yet, and no spending in guidance.
CementingService
Pumps cement down the well to lock the steel casing to the rock and stop fluids crossing between layers. Roughly 6–7% of sales.
Wireline and PerforatingService
Lowers instruments down the hole to read the rock, then punches holes through the casing where the oil should flow in. Around 6–8% of sales.
Halliburton Project ManagementService
Takes on whole wells rather than single services; carries the fixed-price and field-management contracts for national oil companies. Roughly 5–6% of sales.
Testing and SubseaService
Measures what a new well can actually produce; through Optime Subsea, bought in 2025, also works on seabed wells without the usual heavy cable to the surface.
Drill Bits and ServicesProduct line
Makes and runs the cutting heads at the end of the drill pipe, in roller-cone and fixed-cutter styles. About 3–4% of sales.
Pipeline & Process ServicesService
Cleans, tests and commissions pipelines and plant piping — one of the smallest named lines, roughly 1.5–2% of sales.
Aramco Jafurah gas programmeCustomer program · Ramping
Multi-year fracturing and completion work inside a broader multi-billion-dollar Aramco contract for its unconventional gas programme, awarded July 2026.
Aramco onshore re-entry contractsCustomer program · Ramping
Fixed-price contracts to go back into roughly 285 planned onshore oil wells for Aramco, awarded July 2026.
YPF Vaca Muerta completionsCustomer program · Ramping
Multi-year exclusive completions award from YPF, and the first place ZEUS electric fleets went outside the United States — relocated from North America, not newly built.
Basra Oil Company contractCustomer program
Field-management and engineering work on Iraq's Bin Umar and Sindbad fields, including putting Landmark's software in there. Awarded July 2026.
Deepwater well-construction awardsCustomer program
Bundled drilling and completion contracts offshore: TotalEnergies' GranMorgu in Suriname, Eni's Cronos off Cyprus, bp's Bumerangue in Brazil.
Ahmadi Innovation ValleyCustomer program
A multi-year agreement with Kuwait Oil Company to run a joint research and technology-development centre, signed July 2026.
OCTIV Auto Frac and SensoriProduct · Ramping
Automated fracturing execution and tools that measure the cracks being made; deploying in Saudi Arabia from the third quarter of 2026.
Sekal and InformatiQBrand
Two 2026 purchases: Sekal's DrillTronics rig-control software, folded into LOGIX, and InformatiQ's Norwegian cloud-based subsurface tools, feeding Landmark.
Halliburton LabsEcosystem
An accelerator for hard-technology startups; Electroflow, Osmoses and SiTration joined the portfolio in August 2026.
Venezuela re-entryCustomer program · Announced
A US licence issued in February 2026 reopened oilfield work in Venezuela, where Halliburton worked until 2019. No revenue yet, and no spending in guidance.