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Halliburton sells services and products to major, national and independent oil and natural gas producers worldwide. Customers pay it to help locate reservoirs, drill and assess wells, prepare them for production and improve output from producing wells. Services generate most of its revenue, with product sales contributing the rest.
Completion and Production is its larger business, helping customers prepare wells to produce and keep production flowing. A significant part of this business involves pumping fluid, sand and additives into shale wells to fracture the rock so oil and gas can flow—a process called hydraulic fracturing. Drilling and Evaluation supplies the tools, fluids, measurements and geological analysis used to drill wells and assess the resources they reach.
Demand depends on producers’ spending on exploration, development and production, which responds to oil and gas prices and expectations about future prices. The United States is Halliburton’s largest national market, but revenue is spread across customers rather than dominated by one. Local restrictions or bans on hydraulic fracturing limit where and how it can provide that service.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
SLB competes with Halliburton worldwide for oil and gas operators’ spending on evaluating reservoirs, building wells, production systems and oilfield software. Its Well Construction and Production Systems results are the closest comparisons for Halliburton’s well-building and production work.
Baker Hughes competes with Halliburton to help oil and gas operators drill, evaluate, complete, maintain and produce from wells. Watch its Oilfield Services & Equipment results rather than the whole company: its industrial technology business also serves LNG, power and other industrial customers.
Weatherford competes with Halliburton worldwide to supply oil and gas operators with drilling, evaluation, well-construction, completion and production equipment and services. Its Well Construction and Completions results offer a focused comparison for the work both companies sell to prepare wells for production.
Liberty Energy Inc. directly competes with Halliburton for North American producers’ work to fracture wells and prepare them for production. Its completion-services revenue offers a close view of the market behind Halliburton’s U.S. land pressure-pumping weakness in 2025.
Patterson-UTI Energy Inc competes with Halliburton for producers’ well-completion, directional-drilling and drill-bit spending, but also earns money operating drilling rigs under contract. Its completion-services results give a cleaner comparison with Halliburton than results that include its rig business.
ProFrac Holding Corp. competes with Halliburton to fracture wells for North American unconventional oil and gas producers. Watch its Stimulation Services results for that overlap; ProFrac also makes its own sand, chemicals and equipment, giving its business a different cost structure.
ProPetro Holding Corp. competes with Halliburton for Permian Basin producers’ hydraulic-fracturing, wireline and cementing work. Its customers’ high-intensity completions—longer horizontal wells, more stages and more sand per well—provide a concrete view of the completion work Halliburton also pursues.
NOV and Halliburton both depend on drilling and completion spending, while NOV sells equipment to producers, contractors and service companies and competes in selected well tools and services. NOV’s shorter-cycle tool sales, rentals and consumables offer a different view of oilfield spending from its large equipment projects.
TechnipFMC competes with Halliburton to sell surface pressure-control equipment to oil and gas producers, but also works with it on subsea well and intervention technologies. Watch their alliance’s work on all-electric wells and subsea interventions, where TechnipFMC’s systems combine with Halliburton’s well-completion and production expertise.
RPC, Inc. competes with Halliburton for oil and gas companies’ specialized well-site services and downhole-tool work, principally in the United States. Its Technical Services revenue captures equipment, crews and materials used at customer wells, making it the relevant line to compare with Halliburton’s field services.
National Energy Services Reunited Corp. (NESR) competes with Halliburton for Middle Eastern and North African oil and gas companies’ drilling, evaluation, completion and production work. Its revenue from that region is a focused comparison, though Halliburton reports the Middle East together with Asia and North Africa within Europe/Africa/CIS.
Helmerich & Payne supplies rigs and crews to producers’ well-building programs that also need Halliburton’s drilling, fluids and evaluation services, tying both to drilling budgets. H&P’s rigs active under contract are a concrete measure of the drilling activity that matters to Halliburton.
Nabors and Halliburton both depend on producers’ well-building activity; Nabors supplies rigs and crews and also competes in steering wells, measuring while drilling and controlling well pressure. Its Drilling Solutions results capture these additional services rather than the rig charges themselves.
Innovex International, Inc. competes with Halliburton by selling well products and renting the tools used to install them directly to oil and gas operators. Its product-sales revenue is the clearest comparison for Halliburton’s completion tools, rather than treating Innovex as a broad field-services company.
KLX Energy Services Holdings, Inc. competes with Halliburton for U.S. onshore producers’ directional-drilling, completion and well-intervention work. Its Southwest results cover the Permian Basin and Eagle Ford, offering a regional view of the drilling and completion services both companies sell.
Nine Energy Service, Inc. competes with Halliburton to help unconventional oil and gas producers bring horizontal, multistage wells into production using completion services and downhole tools. Watch its international completion-tool sales as well as North America: tools sold outside the United States are an important revenue stream for Nine.
Core Laboratories Inc. overlaps with Halliburton in helping oil and gas customers understand reservoirs and improve well output through perforation, stimulation and related products and services. Its Production Enhancement results are the closer comparison for Halliburton’s completion and stimulation work; Reservoir Description focuses on analyzing reservoir rock and fluids.
TETRA Technologies, Inc. competes with Halliburton to supply completion fluids and test production for oil and gas customers internationally, while sometimes serving Halliburton’s customers as a subcontractor. Its Completion Fluids & Products results offer the more focused comparison for the fluids Halliburton sells to prepare wells for production.
Halliburton Company earningsThis company
Halliburton sells drilling, completion and production services to oil and gas operators, and this report will show whether customer spending and segment margins are holding up.
Read revenue and operating margins together for Completion and Production and Drilling and Evaluation. Steady or rising revenue with margins holding up would show that customers are still buying Halliburton’s work and the segments are turning it into profit; falling revenue and margins would point to weaker customer spending or less favorable economics. Then separate company-level impairments and other charges, which can pull consolidated operating income below segment performance. The conclusion is whether the core businesses themselves are holding up.
Weatherford International plc earningsWFRD
Weatherford’s well-construction and completions business competes with Halliburton for similar operator work, so its results offer a read on the spending and competition Halliburton faces.
Focus on Weatherford’s Well Construction and Completions results, then compare the direction with Halliburton’s own Drilling and Evaluation and Completion and Production businesses. Stronger Weatherford results would be consistent with support for the shared well-building and completion market, but could also mean Weatherford is winning more work; weaker results could reflect softer customer spending or weaker performance at Weatherford. Halliburton’s own figures help distinguish a market-wide shift from a competitor-specific one.
Liberty Energy Inc. earningsLBRT
Liberty Energy’s completion services compete with Halliburton for North American fracturing work, and its revenue can show whether demand in that shared market is holding up.
Read Liberty Energy’s completion-services revenue alongside the direction of Halliburton’s North American business. Steady or rising Liberty revenue would suggest demand in their shared fracturing market has not clearly weakened; declines at both companies would point more toward producers pulling back on this work than toward a Halliburton-only loss of business. A competitor’s revenue alone cannot separate market demand from changes in market share, so the key is whether the two companies’ results move together.
EIA Crude Oil Stocks Change (Oct/16)
Halliburton sells drilling, well-completion and production services to oil and gas companies, so the EIA’s count of crude oil and fuel in storage can affect oil prices and, in turn, customers’ spending on its services.
Read a larger stock build as a sign of looser supply that may weigh on oil prices and lead customers to defer work, weakening Halliburton’s service revenue; a stock draw may tighten supply, support prices and customer activity, and support that revenue.
Helmerich & Payne, Inc. earningsHP
Helmerich & Payne supplies rigs and crews to producers, and its rigs active under contract show the drilling activity that also drives demand for Halliburton’s well services.
Look at how many Helmerich & Payne rigs are active under contract, alongside revenue in Halliburton’s Drilling and Evaluation business. More active rigs would show livelier producer well-building programs and a larger base of potential work for Halliburton’s drilling, fluids and evaluation services; fewer rigs would signal possible pressure on those programs and services. The companies sell different services, but rig activity helps show whether the drilling market Halliburton serves is expanding or contracting.
