Halliburton Chairman, President, and CEO Jeff Miller has warned of a “softer” oilfield services market than he previously expected in the company’s second quarter results statement, which was published recently.
“What I see tells me the oilfield services market will be softer than I previously expected over the short to medium term,” Miller said in the statement.
“We will of course take action to address this near-term softness, and we remain fully committed to our shareholder returns framework,” he added.
“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,” Miller continued.
“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,” he went on to note.
In the statement, Miller said the company “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,” Miller added.
In its statement, Halliburton announced a net income of $472 million, or $0.55 per diluted share, for the second quarter of 2025. The company highlighted in the statement that its net income in the first quarter was $204 million, or $0.24 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, the statement noted, adding that operating income was $727 million in the second quarter of 2025, compared to operating income of $431 million in the first quarter of 2025.
Halliburton revealed in its statement that Completion and Production revenue in the second quarter of 2025 was $3.2 billion, which it pointed out was an increase of $51 million, or two percent, when compared to the first quarter of 2025. The company highlighted that the segment’s operating income in the second quarter was $513 million, which it pointed out was a decrease of $18 million, or three percent, when compared to the first quarter.
“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,” Halliburton said in the statement.
“Offsetting these increases were lower activity across multiple product service lines in the Middle East and lower Artificial Lift activity in U.S. Land. The decline in operating income was primarily driven by lower pricing for stimulation services in U.S. Land,” it added.
Halliburton’s Drilling and Evaluation revenue in the second quarter was $2.3 billion, the company highlighted in the statement, pointing out that this was an increase of $42 million, or two percent, when compared to the first quarter. The segment’s operating income in the second quarter was $312 million, the company outlined, noting that this was a decrease of $40 million, or 11 percent, when compared to the first quarter of 2025.
“Revenue increased due to increased drilling-related services globally,” Halliburton said in the statement.
“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,” it added.
“Operating income decreased due to seasonal roll off of software sales and increased startup and mobilization costs incurred across multiple product service lines,” it went on to state.
North America revenue in the second quarter was $2.3 billion, Halliburton said in the statement, noting that this was 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 U.S. Land, and increased completion tool sales in the region,” the company added.
“These increases were offset by lower artificial lift activity in U.S. Land, decreased fluid services and lower wireline activity in the Gulf of America, and decreased software sales in the region,” it said.
International revenue in the second quarter of 2025 came in at $3.3 billion, the company revealed in the statement, pointing out that this was an increase of two percent when compared to the first quarter.
Latin America revenue in the second quarter of 2025 was $977 million, according to the statement, which noted that this was an increase of nine percent 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,” Halliburton said in the statement.
“Partially offsetting these increases were decreased project management activity in Ecuador and lower drilling services and decreased cementing activity in Argentina,” it added.
Europe/Africa revenue in the second quarter of 2025 was $820 million, the statement revealed, pointing out that this was an increase of six percent 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,” Halliburton stated.
Middle East/Asia revenue in the second quarter of 2025 was $1.5 billion, according to the statement, which highlighted that this was a decrease of four percent 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,” Halliburton said.
Halliburton’s second quarter results statement highlighted that the company’s net income came in at $709 million in the second quarter of 2024. Halliburton’s total revenue was $5.8 billion in the second quarter of last year, with $3.4 billion of that coming from the company’s Completion and Production segment and $2.4 billion coming from its Drilling and Evaluation segment, the statement outlined.
North America contributed $2.48 billion of the company’s total revenue in the second quarter of 2024, Latin America contributed $1.09 billion, Europe/Africa/CIS contributed $757 million, and the Middle East/Asia contributed $1.49 billion, Halliburton pointed out in its latest financial results statement.
To contact the author, email andreas.exarheas@rigzone.com
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