Q2 2025 Earnings Release – view the complete report (pdf)
- Net income of $0.55 per diluted share.
- Cash flow from operations of $896 million and free cash flow1 of approximately $582 million.
- Revenue of $5.5 billion and operating margin of 13%.
- Approximately $250 million of share repurchases.
HOUSTON – July 22, 2025 – Halliburton Company (NYSE: HAL) announced today net income of $472 million, or $0.55 per diluted share, for the second quarter of 2025. This compares to net income for the first quarter of 2025 of $204 million, or $0.24 per diluted share. Adjusted net income2 in the first quarter of 2025, excluding impairments and other charges, was $517 million, or $0.60 per diluted share. Halliburton’s total revenue for the second quarter of 2025 was $5.5 billion, compared to total revenue of $5.4 billion in the first quarter of 2025. Operating income was $727 million in the second quarter of 2025, compared to operating income of $431 million in the first quarter of 2025. Adjusted operating income3 in the first quarter of 2025, excluding impairments and other charges, was $787 million.
“Halliburton today is more differentiated, with deeper technology advantages to address our customers’ requirements, and more collaborative than ever before. I believe our value proposition, to collaborate and engineer solutions to maximize asset value for our customers, is a powerful driver of both customer and shareholder value,” commented Jeff Miller, Chairman, President and CEO.
“What I see tells me the oilfield services market will be softer than I previously expected over the short to medium term. We will of course take action to address this near term softness, and we remain fully committed to our shareholder returns framework.
“In international markets, while activity reductions in a few large markets will likely overshadow the solid performance of other geographies, I am confident our strategy is the right one, and our growth engines, including unconventionals, drilling, production services and artificial lift, remain key to that strategy.
“In North America, my customer conversations tell me technology and service execution are key to maximizing the value of their assets and I believe Halliburton has unmatched capability to deliver both of these at scale, which is why I expect Halliburton to continue to outpace our competitors in this important market,” concluded Miller.
Operating Segments
Completions and Production
Completion and Production revenue in the second quarter of 2025 was $3.2 billion, an increase of $51 million, or 2%, when compared to the first quarter of 2025, while operating income in the second quarter of 2025 was $513 million, a decrease of $18 million, or 3%, when compared to the first quarter of 2025. Revenue increased due to improved pressure pumping services and higher completion tool sales in the Western Hemisphere, improved well intervention services internationally, and increased pipeline and process services in the Eastern Hemisphere. Offsetting these increases were lower activity across multiple product service lines in the Middle East and lower Artificial Lift activity in US Land. The decline in operating income was primarily driven by lower pricing for stimulation services in US Land.
Drilling and Evaluation
Drilling and Evaluation revenue in the second quarter of 2025 was $2.3 billion, an increase of $42 million, or 2%, when compared to the first quarter of 2025, while operating income in the second quarter of 2025 was $312 million, a decrease of $40 million, or 11%, when compared to the first quarter of 2025. Revenue increased due to increased drilling-related services globally. Offsetting these increases were decreased software sales globally, lower wireline activity and decreased testing services in Middle East/Asia, and lower activity across multiple product service lines in Namibia. Operating income decreased due to seasonal roll off of software sales and increased startup and mobilization costs incurred across multiple product service lines.
Geographic Regions
North America
North America revenue in the second quarter of 2025 was $2.3 billion, relatively flat when compared to the first quarter of 2025. These results were primarily driven by increased stimulation activity in Canada, higher fluid services and improved cementing activity in US Land, and increased completion tool sales in the region. These increases were offset by lower artificial lift activity in US Land, decreased fluid services and lower wireline activity in the Gulf of America, and decreased software sales in the region.
International
International revenue in the second quarter of 2025 was $3.3 billion, an increase of 2% when compared to the first quarter of 2025.
Latin America revenue in the second quarter of 2025 was $977 million, an increase of 9% sequentially. This increase was primarily due to improved activity across multiple product service lines in Mexico and Brazil and increased well intervention services in Argentina. Partially offsetting these increases were decreased project management activity in Ecuador and lower drilling services and decreased cementing activity in Argentina.
Europe/Africa revenue in the second quarter of 2025 was $820 million, an increase of 6% sequentially. This increase was primarily driven by higher activity across multiple product service lines in Norway. Partially offsetting this increase was decreased well construction activity in Namibia and lower completion tool sales across Africa.
Middle East/Asia revenue in the second quarter of 2025 was $1.5 billion, a decrease of 4% sequentially. This decrease was primarily due to lower activity across multiple product service lines in Saudi Arabia and Kuwait. Partially offsetting these decreases were increased drilling activity and improved well intervention services in the region.
Other Financial Items
During the second quarter of 2025, Halliburton:
- Repurchased approximately $250 million of its common stock.
- Paid dividends of $0.17 per share.
- Spent $32 million on SAP S4 migration.
Selective Technology & Highlights
- Halliburton jointly developed a new process with Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, that enables closed-loop, feedback-driven completions in Colorado. This intelligent fracturing process combines automated stage execution with subsurface feedback to optimize delivery of energy into the wellbore without relying on human intervention. The capability improves the previous implementation of autonomous hydraulic fracturing technology.
- Halliburton and Nabors Industries achieved the first fully automated surface and subsurface execution of rotary and slide drilling operations in Oman. The integration of the companies’ digital solutions delivered land-based, closed-loop drilling solutions to improve operational efficiency, consistency, and real-time decision-making capabilities. Halliburton’s LOGIX™ automation and remote operations solutions, and Nabors SmartROS® rig operating system enabled seamless orchestration of drilling parameters, real-time data analytics, integrated experience management, and remote control of operations.
- Halliburton launched EarthStar® 3DX, the industry’s first 3D horizontal look-ahead resistivity service. The technology provides operators with geological insights into horizontal wells up to 50 feet before penetration by the bit. The capability to gather real-time data allows operators to identify hazards and make informed decisions.
- Halliburton was awarded a 5-year contract by Repsol Resources UK to support the full well lifecycle on their platform assets in the UK North Sea. Halliburton will provide subsurface technology, drilling and completion services, and digital solutions for major new developments. The company will deliver a rigless intervention framework that enables Repsol Resources UK to optimize well construction, production, and intervention to maximize plug and abandonment (P&A) operations.
- Halliburton won a contract for GeoFrame Energy’s geothermal and direct lithium extraction (DLE) project. Through this collaboration, Halliburton will plan and design the first demonstration phase wells in the Smackover Formation in East Texas. Work is expected to begin in late 2025.
(1) Free cash flow is a non-GAAP financial measure; please see reconciliation of Cash Flows from Operating Activities to Free Cash Flow in Footnote Table 5.
(2) Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income to Adjusted Net Income in Footnote Table 3 and 4.
(3) Adjusted operating income is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1 and 2.
About Halliburton
Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us on LinkedIn, YouTube, Instagram, and Facebook.
Forward-looking Statements
The statements in this press release that are not historical statements are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: changes in the demand for or price of oil and/or natural gas, including as a result of development of alternative energy sources, general economic conditions such as inflation and recession, the ability of the OPEC+ countries to agree on and comply with production quotas, and other causes; changes in capital spending by our customers; the modification, continuation or suspension of our shareholder return framework, including the payment of dividends and purchases of our stock, which will be subject to the discretion of our Board of Directors and may depend on a variety of factors, including our results of operations and financial condition, growth plans, capital requirements and other conditions existing when any payment or purchase decision is made; potential catastrophic events related to our operations, and related indemnification and insurance; protection of intellectual property rights; cyber-attacks and data security; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, the environment, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; assumptions regarding the generation of future taxable income, and compliance with laws related to and disputes with taxing authorities regarding income taxes; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls, tariffs, and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; delays or failures by customers to make payments owed to us; infrastructure issues in the oil and natural gas industry; availability and cost of highly skilled labor and raw materials; completion of potential dispositions, and acquisitions, and integration and success of acquired businesses and joint ventures. Halliburton’s Form 10-K for the year ended December 31, 2024, Form 10-Q for the quarter ended March 31, 2025, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton’s business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Conference Call Details
Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, July 22, 2025, to discuss its second quarter 2025 financial results. The call will begin at 8:00 a.m. CT (9:00 a.m. ET).
Please visit the Halliburton website to listen to the call via live webcast. A recorded version will be available for seven days under the same link immediately following the conclusion of the conference call. You can also pre-register for the conference call and obtain your dial in number and passcode by clicking here.
CONTACTS
Investor Relations Contact
David Coleman
Investors@halliburton.com
281-871-2688
Media Relations
Alexandra Franceschi
PR@halliburton.com
281-871-2601