[HAL] Halliburton: Q3 2026 Earnings Preview on Frac Pricing and Margins

Halliburton is one of the world's largest diversified energy services companies, supplying oil and gas producers with hydraulic fracturing, cementing, completion tools, drilling fluids, directional drilling and wireline services and products[1]. The Halliburton Q3 2026 earnings preview centers on a call scheduled for 2026-10-20, when the company will report the third quarter of 2026, ending September 30, 2026[2]. In the latest disclosed quarter, the second quarter of 2026, revenue was $5.714 billion, up 4% year over year and 6% sequentially, and the Completion and Production (C&P) margin was 14.8%[3]; excluding a $95 million one-time credit, adjusted operating income was $683 million for a 12% margin, adjusted earnings per share were $0.55 and operating cash flow was $824 million[4]. On the July 21 call, management guided third-quarter C&P revenue flat to down 2% sequentially with margins up 125 to 175 basis points, Drilling and Evaluation (D&E) revenue down 3% to 5% with margins up 25 to 75 basis points, and full-year capital spending of about $1.1 billion[5]. The Drillr earnings calendar, updated September 25, shows analyst consensus of $0.585 in third-quarter EPS and $5.586 billion in revenue[2].

Three things matter most in this report. First, whether the C&P margin rises from 14.8% in the second quarter to above 16%, and whether management attributes the gain explicitly to US land frac pricing[6]; C&P produced 57.6% of 2025 revenue and 61% of segment operating income, so its margin is the largest source of company-wide profit improvement and the first hard number to test the claim that North America is recovering[7]. Second, whether Middle East/Asia revenue holds the second quarter's $1.298 billion, and whether Latin America and Europe/Africa can keep growing from a combined $2.140 billion, up 19% year over year[3]; these two opposing forces lifted international revenue about 6% year over year in the second quarter, while guidance assumes only that Middle East activity stays where it is[8]. Third, whether receivables start to convert to cash: receivables rose $429 million in the first half and operating cash flow of $1.097 billion trailed the prior-year $1.273 billion[9], while management said it intends to restore the buyback pace of recent years[10], so collections will decide whether operating cash flow can keep funding that pace.

Company Background and Business Structure

Halliburton is a global oilfield services company with a dispersed customer base and a majority of revenue outside the United States. It operates in more than 70 countries; in 2025, 39% of revenue came from the United States and no other country exceeded 10%[1]. Customers include international oil companies, national oil companies and independent producers, and no single customer accounted for more than 10% of revenue[11]. This dispersion means results depend more on the North American land activity cycle and on national oil company budgets than on decisions by any one large customer.

The company reports two segments, and Completion and Production is larger than Drilling and Evaluation and more dependent on North American fracturing. C&P provides cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift and completion tools, while D&E provides drilling fluids, drill bits, directional drilling, wireline logging and perforating, testing, and Landmark software and project management[12]. In 2025, C&P revenue was $12.782 billion with operating income of $2.128 billion, and D&E revenue was $9.402 billion with operating income of $1.379 billion; by region, North America generated $9.066 billion, Latin America $3.935 billion, Europe/Africa/CIS $3.351 billion and Middle East/Asia $5.832 billion[7].

Revenue is mostly services and costs are mostly people, owned equipment and materials, so changes in activity and price are amplified in profit. In 2025, services revenue was $15.729 billion, about 71% of the total, billed on activity and contract rates; product sales of $6.455 billion, about 29%, came from completion tools, drill bits, chemicals and similar items[13]. Halliburton manufactures most of its own equipment, which lets it adjust capital spending to market conditions and move equipment between countries[14]; international work is largely multi-year contracts or integrated projects that incur equipment and crew mobilization costs before start-up, and national oil companies tend to pay on longer terms. In April 2026 the company sold part of its chemicals business and booked a $17 million loss on the sale in the second quarter[15].

Financial History and Current Position

Halliburton's revenue has been broadly flat for three years, but profit fell sharply in 2025. Revenue moved from $23.018 billion in 2023 and $22.944 billion in 2024 to $22.184 billion in 2025, while net income attributable to the company fell from $2.638 billion and $2.501 billion to $1.283 billion, or $1.50 per share in 2025[13]. Revenue declined 3% in 2025, with North America down 6% and international down 2%[16]; operating income was $2.260 billion, far below $3.822 billion in 2024, and included $831 million of impairments and other charges[17]. Excluding those items, total segment operating income was $3.507 billion, down 19%, with a C&P margin of 16.6% and a D&E margin of 14.7%[7].

Operating cash flow in 2025 covered capital spending and funded large shareholder returns. Operating cash flow was $2.9 billion and capital expenditures were $1.3 billion; the company repurchased 42.4 million shares for $1.0 billion, paid $579 million in dividends and ended the year with $2.2 billion of cash[18]. Dividends and buybacks together returned $1.6 billion[19].

The first quarter of 2026 was the margin low point, with revenue and operating income both below the fourth quarter of 2025. First-quarter revenue was $5.402 billion and operating income $679 million; C&P operating income was $439 million for a 14.6% margin and D&E operating income was $351 million for a 14.7% margin, compared with a C&P margin of 17.4% in the fourth quarter of 2025[20]. First-quarter net income attributable to the company was $461 million, or $0.55 per share[4], and operating cash flow was only $273 million[21].

Revenue and cash flow recovered clearly in the second quarter of 2026, but the C&P margin was only slightly higher than in the first quarter. Second-quarter revenue was $5.714 billion; C&P revenue was $3.202 billion with operating income of $474 million, a 14.8% margin, and D&E revenue was $2.512 billion with operating income of $338 million, a 13.5% margin[3]. Reported operating income of $778 million included a $95 million credit, mainly a $54 million gain from a change in ownership of an equity investment, a $10 million gain from remeasuring an equity investment and a $48 million government refund, partly offset by the loss on the chemicals sale[15]; excluding it, adjusted operating income was $683 million for a 12% margin, net income attributable to the company was $534 million ($0.64 per share, $0.55 adjusted), operating cash flow was $824 million, free cash flow was $668 million and buybacks were about $200 million[4].

The balance sheet at the end of the second quarter was sound, but receivables were rising. On June 30, cash was $2.048 billion, long-term debt was $7.071 billion and net receivables were $5.325 billion, up from $4.942 billion at the end of 2025[21].

Operating Model

Halliburton's revenue is roughly active work in each region multiplied by contract rates, plus product sales. Services revenue reflects frac crews, drilling and logging jobs, well intervention and similar activity times price, while product sales come from completion tools, drill bits, chemicals and software[13]. North American revenue moves mainly with US land fracturing and completion activity and pricing, while international revenue moves with multi-year contract start-ups, national oil company budgets and conditions in the Middle East[7]; new contracts usually go through an equipment mobilization phase first, so revenue tends to show up at least a quarter after the award.

Operating income equals the two segments' operating income less corporate expense and SAP S4 upgrade expense, plus or minus impairments and other items. In 2025, segment operating income of $3.507 billion, less $262 million of corporate expense, $154 million of SAP expense and $831 million of impairments and other charges, produced operating income of $2.260 billion[7]. Cost of services and cost of sales consist mainly of people, equipment depreciation and maintenance, materials and logistics, most of which are semi-fixed, which is why a 3% revenue decline in 2025 produced a 19% drop in segment operating income; the company says it generally tries to pass much of the inflation in chemicals, cement and logistics on to customers[22]. Quarterly margins also depend on equipment mobilization, seasonal software sales and product mix: second-quarter D&E operating income fell sequentially because of the seasonal roll-off of software sales[23], and C&P was held back by higher maintenance costs, equipment mobilization and project delays in the high-margin Gulf of Mexico business[24].

Operating cash flow equals net income plus depreciation and amortization less any increase in working capital, and free cash flow subtracts capital spending from that. Halliburton's capital return framework commits at least 50% of annual free cash flow to dividends and buybacks; in 2025 the quarterly dividend was $0.17 per share, or about $145 million a quarter in aggregate[19]. Capital spending for 2026 is planned at about $1.1 billion, down from $1.3 billion in 2025[14]. Revenue growth or payment delays by national oil companies tie up receivables first, and receivables rose $429 million in the first half of 2026[9]; that cash is available for buybacks only once it is collected.

This model has four visibility limits that readers should keep in mind when interpreting the third-quarter report. First, the company does not disclose frac fleet counts, pricing, utilization or product-line revenue, so North American pricing can only be inferred from the C&P margin, North American revenue and management commentary. Second, Middle East/Asia is reported as one region, so changes in Asia can mask the trend in the Middle East. Third, the chemicals business was sold in April, so sequential comparisons of third-quarter C&P and North American revenue include the divestiture, and the company has not disclosed the quarterly revenue of the business it sold. Fourth, year-over-year comparisons for the third quarter depend on the prior-year figures the company presents in its own report, so the quarterly assessment here relies mainly on third-quarter sequential guidance and second-quarter actuals.

Industry and Competitive Position

Halliburton competes on scale and integrated service in a highly competitive global oilfield services market. The company describes itself as one of the world's largest diversified energy services companies and lists price, service delivery, health, safety and environmental standards, service quality, talent retention, understanding of reservoir geology, product quality and technical proficiency as competitive factors[1]. Within the industry, Halliburton ranks with SLB and Baker Hughes among the largest global service companies, holds a leading scale position in North American land fracturing and is the last remaining full-product-line integrated provider in North America.

North America is where Halliburton's technology advantage is most concentrated and where cyclicality is strongest. By 2025, half of its North American frac fleet had moved to Zeus electric pumps[16], but the company also stacked fleets that were uneconomic[25]. The average US land rig count was 540 in the second quarter, below 558 a year earlier[26], while WTI crude averaged about $96 a barrel, 33% above roughly $72 in the first quarter[27]. On the first-quarter call, the company said the white space in its first-half frac calendar was gone[28], which suggests the improvement in demand shows up in scheduling and pricing rather than in a larger rig count.

International markets are the main destination for Halliburton's exported North American capability. Management said it will move equipment to wherever returns are higher, and C&P frac equipment has already gone to Argentina, Algeria and the UAE, among others[29]; the first Zeus fleet in Argentina has been mobilized and is planned to start in the fourth quarter, and Algeria's national oil company awarded Halliburton its first unconventional integrated drilling and completions program[30]. In the second quarter the company also won Aramco lump-sum turnkey contracts covering about 285 wells and an unconventional gas stimulation contract in Saudi Arabia[31], and management said its four growth engines of production services, drilling, unconventionals and artificial lift could add $2.5 billion to $3 billion of annual revenue by 2028, with upside[32].

The available material limits any competitive comparison. It contains only Halliburton's own disclosures and no competitor frac pricing, market share or segment margins, so Halliburton's pricing power relative to SLB or Baker Hughes cannot be quantified. The company's claimed advantages in Zeus electric pumps and integrated contracts can only be tested indirectly through its own C&P margin and international revenue.

Core Debates

Can North American frac pricing lift Completion and Production margin from 14.8% back above 16%, rather than relying on the chemicals divestiture and product mix?

This question determines the quality of Halliburton's profit recovery. C&P is the largest segment, contributing 57.6% of 2025 revenue and 61% of segment operating income, but its margin fell from 20.4% in 2024 to 16.6% in 2025[7] and was only 14.8% in the second quarter of 2026[3]. Management guided a sequential C&P margin gain of 125 to 175 basis points for the third quarter[5], the largest single source of company-wide profit improvement and the first hard number to test the claim that North America is recovering.

The case for pricing rests on management's repeated statements about the calendar and price, but the opposing explanation is equally strong. In the first quarter the company said the white space in its first-half frac calendar was gone[28], and in the second quarter it said "It's price first," with the entire North American fleet working and getting price[29]. On the other side, the second-quarter C&P margin came in at the low end of guidance, which management attributed to higher maintenance, equipment mobilization and delays in the high-margin Gulf of Mexico business[24]; the third-quarter margin guidance also relies on artificial lift, recovery of completion tool deliveries in the Gulf and a Middle East recovery in addition to US land frac[6], and the chemicals divestiture changed the product mix[15]. Management also said plainly that it will move equipment abroad to higher-return markets[29], which could reduce North American revenue.

The numeric baseline for this debate rests on three second-quarter measures. North America revenue was $2.276 billion (versus $2.259 billion in the second quarter of 2025 and $2.136 billion in the first quarter of 2026), C&P revenue was $3.202 billion (versus $3.171 billion a year earlier), and the C&P margin was 14.8%, or $474 million of operating income on $3.202 billion of revenue[3]; that margin was 14.6% in the first quarter of 2026 and 17.4% in the fourth quarter of 2025[20]. The transmission runs from US land rig and completion programs filling the frac calendar, to gradual frac price increases and higher utilization of active equipment, to a higher C&P margin; moving lower-return equipment abroad first cuts North American revenue and incurs mobilization cost, pressuring the margin in the quarter before it improves later.

What remains unresolved is the source of margin improvement, not whether the margin improves. If the third-quarter C&P margin meets guidance while North American revenue falls, the better reading is that mix and equipment redeployment improved the margin rather than broad North American pricing. The report should show three things: whether the C&P margin reaches 16.05% or more (the second quarter's 14.8% plus 125 basis points); whether North American revenue holds the second quarter's $2.276 billion or falls because of redeployment and the chemicals sale; and whether management attributes the improvement first to US land frac pricing and explains fourth-quarter seasonality. A C&P margin below 15.5% blamed on North American pricing or activity, or renewed gaps in the frac calendar with North American revenue down more than 5% sequentially, would overturn the recovery case.

Can Middle East revenue stop falling while new contracts in Latin America and Europe/Africa keep international growth intact?

The international trend determines whether Halliburton can offset North American cyclicality. International operations were 59% of 2025 revenue, and Middle East/Asia is the largest piece of that[7]. The regional conflict in 2026 cut second-quarter Middle East/Asia revenue 11% year over year[33], while Latin America and Europe/Africa together grew 19%, lifting total international revenue about 6%[3]. Third-quarter guidance assumes steady Middle East activity, with neither a recovery to pre-war levels nor a major disruption built in[8]; if the Middle East keeps sliding, or Latin America and Europe/Africa fall back noticeably from their high second-quarter base, the company's full-year international growth story will be tested.

The evidence for growth is a large set of new contracts, but they contribute little to third-quarter revenue. In the second quarter the company announced Aramco integrated turnkey contracts covering about 285 wells, a Saudi unconventional gas stimulation contract, an integrated deepwater contract for GranMorgu in Suriname and an integrated field management contract in Iraq[31], and said its four growth engines could add $2.5 billion to $3 billion of annual revenue by 2028 with upside[32]. The opposing view is that most of these contracts start between late 2026 and 2027, so the current quarter carries only mobilization cost; the pace of Middle East recovery still depends on day-to-day developments in the region[34], and the company itself said it is very difficult to forecast[8]. The third quarter can therefore test whether the Middle East has stopped falling and whether revenue outside it is holding, but not the profitability of the new contracts.

The numeric baseline for this debate is four second-quarter measures. Middle East/Asia revenue was $1.298 billion (versus $1.454 billion in the second quarter of 2025 and $1.318 billion in the first quarter of 2026)[3], and $1.456 billion in the fourth quarter of 2025[20]; Latin America at $1.123 billion plus Europe/Africa at $1.017 billion totaled $2.140 billion, against $1.797 billion a year earlier; international revenue was $3.438 billion, against $3.251 billion a year earlier; and the D&E margin was 13.5%, or $338 million of operating income on $2.512 billion of revenue[3], compared with 14.7% in the first quarter. Three transmission paths apply: the conflict paused work in Kuwait, Iraq, Qatar and elsewhere[35] while alternative supply routes raised logistics and material costs[36], together depressing Middle East/Asia revenue and both segment margins; start-ups of new contracts in Argentina, Algeria, the North Sea, Suriname and Saudi Arabia add Latin America and Europe/Africa revenue, but pre-start mobilization costs weigh on margins first; and the D&E product mix, with less drilling fluids and testing and a seasonal software pickup, sets the D&E margin[6].

What remains unresolved is whether a Middle East floor and growth outside the Middle East can hold at the same time. Management's own third-quarter commentary already includes a slight sequential decline in Latin America and Europe/Africa after a 19% second quarter, partly offset by the Middle East recovery[6]. The report should show whether Middle East/Asia revenue holds $1.298 billion; whether Latin America plus Europe/Africa keeps double-digit year-over-year growth from the $2.140 billion level; whether the D&E revenue decline stays within 3% to 5% with the margin rising above 13.7%; and whether the fourth-quarter start of the Argentina Zeus fleet stays on schedule. A sequential Middle East/Asia decline of more than 5% would show conflict effects beyond the guidance assumption, and year-over-year growth below 10% in Latin America plus Europe/Africa would weaken the growth-outside-the-Middle-East argument.

Receivables absorbed $429 million in the first half; can collections improve in the third quarter enough to support buybacks of at least $200 million a quarter?

Cash collections decide whether Halliburton's shareholder returns can keep being funded by operating cash flow. Roughly $1.1 billion a year of capital spending, nearly $600 million of dividends and about $1 billion of buybacks all depend on operating cash flow; in 2025 dividends were $579 million and buybacks $1.0 billion[18]. Operating cash flow in the first half of 2026 was $1.097 billion, below $1.273 billion a year earlier, partly because receivables rose $429 million[9]. Management has said it intends to restore the buyback pace of recent years[10]; if collections do not improve in the second half, buybacks would have to rely on cash reserves or borrowing.

Second-quarter cash flow showed signs of improvement, but the receivables balance remains high. Operating cash flow was $824 million and free cash flow $668 million in the second quarter[4], and working capital swung from a first-quarter use to a $65 million contribution; the notional amount of credit default swaps tied to the primary Mexican customer fell from $592 million to $217 million[37]. The opposing view is that June receivables of $5.325 billion were still $383 million above the start of the year[21], that a rising share of national oil company customers and Middle East logistics disruption could both lengthen collection periods, and that because the first quarter is usually a working-capital build, the second-quarter improvement may be only a seasonal reversal.

The numeric baseline for this debate is receivables, operating cash flow and buybacks. Net receivables were $5.325 billion on June 30, 2026 (versus $4.942 billion on December 31, 2025), second-quarter operating cash flow was $824 million ($273 million in the first quarter and $1.097 billion for the first half), and share repurchases on the second-quarter cash flow statement were $208 million ($100 million in the first quarter)[21]; full-year 2025 operating cash flow was about $2.9 billion and buybacks were $1.007 billion[18]. The transmission runs from revenue growth and national oil company payment terms to higher receivables, which tie up working capital and reduce operating cash flow; operating cash flow less roughly $1.1 billion of annual capital spending gives free cash flow for dividends and buybacks. The primary Mexican customer accounts for about 7% of receivables, or about $370 million on the June balance[37]; every additional $100 million tied up in receivables is roughly half a quarter of buybacks.

What remains unresolved is whether the second-quarter collection improvement carries into the third quarter. The report should show whether quarter-end receivables are no higher than June's $5.325 billion, whether quarterly operating cash flow is at least $700 million, and whether quarterly buybacks stay above $200 million. If receivables keep rising and operating cash flow falls below $500 million, buybacks could be forced to slow; if the Mexican customer delays payments again and its share of receivables rises above 10%, the collection-improvement case would also be overturned.

Risks and Falsifiers

The first risk is a reversal in oil prices and customer spending, which would hit both the North American recovery and international start-ups. WTI averaged about $96 a barrel in the second quarter, 33% above the first quarter, supporting customer activity[27]; in its 2025 annual report, however, the company had anticipated lower North American revenue and flat to modestly higher international revenue in 2026[25], and a rapid fall in oil prices as the conflict eases could delay both the North American recovery and international start-ups. The exposed line is total revenue: North America is about 40% and international about 60%, and a 3% revenue decline in 2025 cut segment operating income 19%[7]. If the third-quarter report keeps the language of sequential North American improvement and low-double-digit international growth outside the Middle East[30], this risk has not materialized.

The second risk is that North American price gains are absorbed by costs. Sand, chemicals, logistics and maintenance costs are rising, and the company only says it generally tries to pass cost increases on to customers[22]; if contracts cannot pass them through, price increases merely offset costs, and mobilization costs from redeployed equipment also depress margins before start-up[24]. The exposed line is C&P operating income: with quarterly C&P revenue of about $3.2 billion, each 50 basis points of margin is worth about $16 million of operating income. A C&P margin of 16.05% or more, with the company confirming that US land price increases have covered costs, would falsify this risk.

The third risk is renewed escalation of the Middle East conflict. Third-quarter guidance assumes stable operations and no major disruption[8]; escalation would cut activity while raising logistics, fuel and material costs[36]. The exposure is about $1.3 billion of quarterly Middle East/Asia revenue: the company had estimated in advance that the conflict would cost 7 to 9 cents of second-quarter earnings per share[36], against second-quarter adjusted EPS of $0.55[4]. If Middle East/Asia revenue is no lower than $1.298 billion and the company flags no new disruption, this risk has not materialized.

The fourth risk is slower collections from national oil companies. The primary Mexican customer has a history of payment delays, Middle East customers are affected by the conflict, and a rising international share itself lengthens overall collection periods[37]. The exposed item is the $5.325 billion receivables balance, of which the primary Mexican customer is about 7%, or roughly $370 million; every additional $100 million tied up in receivables equals about half a quarter of buybacks. Quarter-end receivables no higher than $5.325 billion, with no payment delays flagged by the company, would falsify this risk.

What to Watch Next

• North American frac pricing: the C&P margin, 14.8% in the second quarter, confirms the pricing case at 16.05% or more and is falsified below 15.5% if blamed on North American price or activity. North American revenue should hold $2.276 billion after redeployment and the chemicals sale; a sequential drop of more than 5% with calendar gaps would falsify the case. Management should attribute the margin gain first to US land frac pricing, after saying "It's price first" in the second quarter; attribution mainly to mix and the divestiture would weaken it.
• Middle East and international growth: Middle East/Asia revenue of $1.298 billion should stop falling; a sequential decline of more than 5% would falsify the stabilization case. Latin America plus Europe/Africa, at $2.140 billion and up 19% in the second quarter, should keep double-digit year-over-year growth; below 10% weakens the case. D&E revenue of $2.512 billion and a 13.5% margin should move within guidance, down 3% to 5% with a margin above 13.7%. The Argentina Zeus fleet should still be on track for a fourth-quarter start.
• Collections and buybacks: receivables of $5.325 billion at the end of June should not rise; operating cash flow, $824 million in the second quarter, should be at least $700 million, and below $500 million with rising receivables would falsify the case; buybacks of $208 million in the second quarter should stay above $200 million.

Conclusion

Halliburton's results are driven by activity and contract rates in each region, and because most costs are semi-fixed, small revenue changes become large profit changes: a 3% revenue decline in 2025 cut segment operating income 19%. In the second quarter of 2026 the company reported $5.714 billion of revenue, a 12% adjusted operating margin and a 14.8% C&P margin, with $2.048 billion of cash, $7.071 billion of long-term debt and $5.325 billion of receivables at the end of June. The central unresolved relationship is whether a C&P margin recovery comes from North American frac pricing rather than mix and the divestiture, whether the Middle East can stop falling under the steady-state assumption in guidance, and whether receivables can turn into the operating cash flow that funds buybacks.

Between the second-quarter release on July 21, 2026 and September 26, searches of Drillr news and research reports found no independent third-party commentary on Halliburton, and the news covered only oil prices and the Middle East situation. The assessment here therefore rests solely on the company's own disclosures and call commentary, with no outside perspective to test management's claims about North American pricing and its international growth engines, and readers should treat that as a coverage gap.

The current understanding would be clearly strengthened if the third-quarter report showed this combination: a C&P margin of 16.05% or more, North American revenue holding $2.276 billion with management crediting US land pricing, Middle East/Asia revenue of at least $1.298 billion, and receivables no longer rising with operating cash flow of at least $700 million supporting buybacks above $200 million. Conversely, a C&P margin below 15.5%, a sequential Middle East/Asia decline of more than 5%, or rising receivables with operating cash flow below $500 million would clearly weaken it.

Sources

[1] HAL 10-K filed 2026-02-06 · markets and competition · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[2] Drillr earning_call_calendar (updated 2026-09-25) · HAL Q3 2026 estimates · 2026-09-25 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[3] HAL 8-K filed 2026-07-21 · Q2 2026 segment and regional table · 2026-07-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm

[4] HAL 8-K filed 2026-07-21 · Q2 2026 results summary · 2026-07-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm

[5] HAL Q2 2026 earnings call (2026-07-21) · Q3 2026 guidance · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[6] HAL Q2 2026 earnings call (2026-07-21) · Q3 guidance drivers by division · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[7] HAL 10-K filed 2026-02-06 · 2025 revenue and operating income by segment and region · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[8] HAL Q2 2026 earnings call (2026-07-21) · Middle East assumptions in guidance · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[9] HAL 10-Q filed 2026-07-24 · first-half 2026 working capital changes · 2026-07-24 · Form 10-Q · https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm

[10] HAL Q2 2026 earnings call (2026-07-21) · buyback run rate · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[11] HAL 10-K filed 2026-02-06 · customers and raw materials · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[12] HAL 10-K filed 2026-02-06 · operating segments and product service lines · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[13] HAL 10-K filed 2026-02-06 · FY2023-FY2025 statement of operations · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[14] HAL 10-K filed 2026-02-06 · 2026 capital spending plan · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[15] HAL 8-K filed 2026-07-21 · Q2 2026 impairments and other credits · 2026-07-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm

[16] HAL 10-K filed 2026-02-06 · 2025 highlights and 2026 focus · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[17] HAL 10-K filed 2026-02-06 · 2025 financial results overview · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[18] HAL 10-K filed 2026-02-06 · 2025 liquidity and uses of cash · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[19] HAL 10-K filed 2026-02-06 · capital return framework · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[20] HAL 8-K filed 2026-04-21 · Q1 2026 and Q4 2025 segment and regional results · 2026-04-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000036/livemastererdocument.htm

[21] HAL 8-K filed 2026-07-21 · Q2 2026 balance sheet and cash flows · 2026-07-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm

[22] HAL 10-K filed 2026-02-06 · cost inflation pass-through · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[23] HAL 8-K filed 2026-07-21 · Q2 2026 segment commentary · 2026-07-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm

[24] HAL Q2 2026 earnings call (2026-07-21) · Q2 margin versus guidance · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[25] HAL 10-K filed 2026-02-06 · 2026 business outlook · 2026-02-06 · Form 10-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm

[26] HAL 10-Q filed 2026-07-24 · average rig counts · 2026-07-24 · Form 10-Q · https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm

[27] HAL 10-Q filed 2026-07-24 · commodity prices and rig counts · 2026-07-24 · Form 10-Q · https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm

[28] HAL Q1 2026 earnings call (2026-04-21) · North America frac calendar · 2026-04-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[29] HAL Q2 2026 earnings call (2026-07-21) · North America pricing and fleet redeployment · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[30] HAL Q2 2026 earnings call (2026-07-21) · international growth outside the Middle East · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[31] HAL 8-K filed 2026-07-21 · Q2 2026 contract awards · 2026-07-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm

[32] HAL Q2 2026 earnings call (2026-07-21) · international growth engine target · 2026-07-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[33] HAL 10-Q filed 2026-07-24 · Q2 2026 Middle East/Asia year-over-year · 2026-07-24 · Form 10-Q · https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm

[34] HAL 10-Q filed 2026-07-24 · business outlook · 2026-07-24 · Form 10-Q · https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm

[35] HAL 8-K filed 2026-07-21 · Q2 2026 regional commentary · 2026-07-21 · Form 8-K · https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/livemastererdocument.htm

[36] HAL Q1 2026 earnings call (2026-04-21) · Middle East impact and supply chain costs · 2026-04-21 · Earnings call transcript · https://gateway.drillr.ai/mcp/private

[37] HAL 10-Q filed 2026-07-24 · receivables concentration and Mexico · 2026-07-24 · Form 10-Q · https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm