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Halliburton
HAL · NYSEEnergy — Oilfield Services
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
Fuel &resourcesuranium, gas, coal, acrea…Equipment &servicesturbines, grid gear, rigs…Generation &productionpower plants & wellsDistribution &takeawaythe wires & pipes that de…Demand &marketsdata centres, homes, refi…SNDFrac sand & proppantSTLSteel & OCTGCHMOilfield chemicalsCATCaterpillarHALHalliburtonFRCHydraulic fracturing & e-fracDRLDrilling services & fluidsCMPCompletion & artificial liftLMLandmark / iEnergyARASaudi AramcoFANGDiamondback EnergyXOMExxonMobil···E&P producersVGVoltaGridREFRefiners & marketsDCData centres···Industry & export markets
Company details
Market cap
~$30B
P/E ratio
~21×
Div yield
~2.0%
EPS (TTM)
~$1.60
Profit margin
~7%
Rev. growth
-3%
Revenue
~$22B
Free cash flow
~$0.9B
In plain English
Halliburton is one of the world's largest oilfield-services contractors: it doesn't pump its own oil, it drills, fracs, cements and completes other companies' wells — turning an oil major's acreage into flowing barrels. Two engines drive it: Completion & Production (the pressure-pumping and well-completion business) and Drilling & Evaluation (the rigs-down-hole tools, drilling fluids and Landmark software). After its ~$35B Baker Hughes merger was blocked in 2016, it has grown by smaller bolt-ons and is now pushing its gas-power know-how into the AI-data-centre boom via VoltaGrid.
In simple terms
What Halliburton really sells
Halliburton is one of the world's largest oilfield-services contractors: it doesn't pump its own oil, it drills, fracs, cements and completes other companies' wells — turning an oil major's acreage into flowing barrels. Two engines drive it: Completion & Production (the pressure-pumping and well-completion business) and Drilling & Evaluation (the rigs-down-hole tools, drilling fluids and Landmark software). After its ~$35B Baker Hughes merger was blocked in 2016, it has grown by smaller bolt-ons and is now pushing its gas-power know-how into the AI-data-centre boom via VoltaGrid.
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Risk read
Elevated
SteadierMore speculative
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