Halliburton Company provides products and services to the energy industry worldwide. It operates in two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, and service tools, as well as liner hanger, sand control, and multilateral systems; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping and nitrogen services; and pipeline and process services, such as pre-commissioning, commissioning, maintenance, and decommissioning. This segment also provides electrical submersible pumps, as well as artificial lift services. The Drilling and Evaluation segment offers drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; oilfield completion, production, and downstream water and process treatment chemicals and services; drilling systems and services; wireline and perforating services consists of open-hole logging, and cased-hole and slickline; and drill bits and services comprising roller cone rock bits, fixed cutter bits, hole enlargement, and related downhole tools and services, as well as coring equipment and services. This segment also provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management; testing and subsea services, such as acquisition and analysis of reservoir information and optimization solutions; and project management and integrated asset management services. Halliburton Company was founded in 1919 and is based in Houston, Texas.
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Here are 1-3 brief analogies for Halliburton:
- Like John Deere for oil and gas: providing the specialized equipment, technology, and services needed for drilling and production.
- Like Caterpillar for oil fields: supplying the heavy machinery and essential services required for large-scale energy infrastructure projects.
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- Drilling Services: Provides technologies and services for drilling oil and gas wells, including directional drilling, drilling fluids, and drill bits.
- Wireline and Perforating Services: Offers data acquisition services for formation evaluation and well performance monitoring, along with perforating guns for well completion.
- Cementing Services: Supplies cementing materials and services essential for securing well casings and isolating geological zones in oil and gas wells.
- Stimulation Services (Hydraulic Fracturing): Delivers hydraulic fracturing and other reservoir stimulation techniques to enhance hydrocarbon recovery from challenging formations.
- Completion Tools and Services: Provides equipment and services for completing wells, enabling safe and efficient production of oil and gas.
- Production Enhancement Services: Offers solutions and technologies to optimize oil and gas production throughout the life of a well.
- Artificial Lift Systems: Designs and installs systems like electric submersible pumps (ESPs) to lift oil and gas to the surface when reservoir pressure is insufficient.
- Digital Solutions: Develops software and data analytics platforms for reservoir modeling, well planning, and real-time operations optimization.
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Major Customers of Halliburton (HAL)
Halliburton (HAL) sells primarily to other companies, specifically to those involved in the exploration, development, and production of oil and natural gas. Given the nature of its business as a leading provider of products and services to the energy industry, its customer base is highly diversified globally, and no single customer typically accounts for a material portion of its consolidated revenue. However, its major customers can be categorized as follows:
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International Oil Companies (IOCs): These are large, publicly traded multinational corporations that operate across various regions globally, involved in all aspects of the oil and gas industry. Halliburton provides a wide range of services and equipment to support their exploration and production activities.
- ExxonMobil (XOM)
- Chevron (CVX)
- Shell plc (SHEL)
- BP p.l.c. (BP)
- TotalEnergies SE (TTE)
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National Oil Companies (NOCs): These are state-owned or state-controlled entities that often hold significant reserves and production capabilities within their respective countries. NOCs are frequently among Halliburton's largest customers in certain regions due to their extensive operations.
- Saudi Aramco (2222.SR)
- Petrobras (PBR)
- China National Offshore Oil Corporation (CNOOC) (0883.HK / CEO)
- Abu Dhabi National Oil Company (ADNOC) (United Arab Emirates)
- Petróleos Mexicanos (Pemex) (Mexico)
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Independent Oil and Gas Companies: These companies vary in size and often focus on specific geographic regions or types of unconventional resource plays. They rely on Halliburton for advanced drilling, completion, and production optimization services.
- EOG Resources (EOG)
- ConocoPhillips (COP)
- Occidental Petroleum (OXY)
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- U.S. Silica Holdings (SLCA)
- Covia Holdings (CVIA)
- Tenaris S.A. (TS)
- Ecolab (ECL)
- Dow Inc. (DOW)
- Caterpillar Inc. (CAT)
- Cummins Inc. (CMI)
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Jeffrey A. Miller, Chairman, President and Chief Executive Officer
Jeffrey A. Miller joined Halliburton in 1997 and has served in various leadership roles of increasing responsibility, including Chief Operating Officer, Senior Vice President of Business Development, Regional Vice President of Gulf of Mexico, and Operations Vice President of Angola and Indonesia. He was named President in 2014, CEO in 2017, and Chairman of the Board on January 1, 2019. Before joining Halliburton, Mr. Miller worked as a certified public accountant at Arthur Andersen. He holds a Bachelor of Science in agriculture and business from McNeese State University and a Master of Business Administration from Texas A&M University. He has extensive mergers and acquisitions experience.
Eric Carre, Executive Vice President and Chief Financial Officer
Eric Carre leads Halliburton's financial strategy and functions and joined the Company in 1991. He has held multiple operational roles in the Middle East, Asia Pacific, and Europe/Africa regions, as well as leadership positions including Vice President of Drill Bits & Services, Vice President of Baroid, Senior Vice President of the Drilling & Evaluation Division, and Executive Vice President of Global Business Lines and Chief Health, Safety and Environment (HSE) Officer. Mr. Carre 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 in Madison.
Van Beckwith, Executive Vice President, Secretary and Chief Legal Officer
Van Beckwith has served as Executive Vice President, Secretary and Chief Legal Officer since December 2020. Prior to this, he was Senior Vice President and General Counsel from January 2020. Before joining Halliburton, Mr. Beckwith held roles at Baker Botts L.L.P from January 1999 to December 2019.
Lawrence J. Pope, Executive Vice President of Administration, Chief Human Resources Officer
Lawrence J. Pope has global leadership responsibilities for Supply Chain, Information Technology, Human Resources, Real Estate Services, Corporate Aviation and Security. Previously, he served as Vice President of Human Resources and Operational Excellence for Halliburton.
Shannon Slocum, President, Eastern Hemisphere
Shannon Slocum is responsible for the Eastern Hemisphere and is a member of the Halliburton Executive Committee. He joined Halliburton in 2005 as Senior Manager of Innovation and Marketing and has held various leadership roles, including Senior Vice President, Global Business Development and Marketing, Senior Vice President for the Eurasia, Europe, and Sub-Saharan Africa region, and Vice President of Cementing.
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The accelerating global energy transition away from fossil fuels represents a clear emerging threat. This shift, driven by government policies, increasing investor and public pressure for decarbonization, and the rapid advancement and cost reduction of renewable energy technologies, directly reduces the long-term demand for Halliburton's core oil and gas exploration, drilling, and production services. As energy companies pivot towards lower-carbon portfolios and new energy sources gain market share, the addressable market for Halliburton's specialized offerings could contract significantly and at an accelerating pace, mirroring how new paradigms disrupted established industries in the past.
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Halliburton (NYSE: HAL) offers a comprehensive portfolio of products and services primarily for the upstream oil and gas industry, encompassing the entire lifecycle of a reservoir. Based on available market research, the addressable markets for Halliburton's main products and services are outlined below:
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Oil and Gas Well Drilling Services: The global oil and gas wells drilling services market size was valued at approximately USD 50.21 billion in 2024 and is projected to reach USD 59.12 billion by 2029. North America was the largest region in this market in 2024.
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Drilling and Completion Fluids: The global market for drilling and completion fluids was estimated at USD 10.8 billion in 2024 and is expected to grow to USD 15.3 billion by 2033. North America dominates the global market for drilling and completion fluids.
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Well Cementing: The global well cementing market was valued at approximately USD 9.8 billion in 2024 and is anticipated to reach USD 14.2 billion by 2033.
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Well Completion: The global well completion market was valued at USD 40.21 billion in 2023.
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Reservoir Engineering (including software and services): The global reservoir engineering market was valued at approximately USD 24.8 billion in 2024 and is anticipated to reach USD 38.7 billion by 2033. North America leads this market, accounting for approximately 40% of total revenue.
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Oil and Gas Consulting and Project Management: The global oil and gas consulting services market was estimated at USD 15 billion in 2025 and is projected to reach approximately USD 25 billion by 2033. North America and Europe currently hold the largest market share.
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Well Intervention: 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. North America accounted for the largest revenue share in 2023.
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Halliburton (HAL) is expected to drive future revenue growth over the next two to three years through several key strategies:
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International Market Expansion and Outperformance: Halliburton anticipates significant revenue growth from its international operations. The company expects to outperform the international services market in 2025 and beyond, with particular strength and growth observed in regions such as the Middle East and Asia.
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Advanced Technological Solutions and Digitalization: A core driver of future revenue is Halliburton's continuous investment in and deployment of cutting-edge technologies. This includes artificial intelligence (AI), automation, and digital platforms designed to enhance efficiency, reduce costs for clients, and improve well performance across various service lines. Technologies like oilfield automation, geosteering technology, AI-driven subsurface modeling, the Zeus Electric frac platform, Octiv Auto Frac, and Sensori are key to differentiating services and generating increased value for customers.
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Strategic Focus on Key Growth Engines and Service Lines: Halliburton is strategically focusing on specific "growth engines" that are expected to contribute meaningfully to its business. These include advancements in drilling technology, unconventional solutions, well intervention, and artificial lift. Improved artificial lift activity in regions like North America and the Middle East has already demonstrated its ability to offset declines in other areas, indicating a targeted approach to expand revenue within these high-potential service offerings.
