Halliburton
Sector unknown·HAL · USA (SEC 10-K)·Fiscal year to 31/12/2025
Description of business and strategy Halliburton Company (Halliburton) is one of the world's largest providers of products and services to the energy industry.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Oil
Raw materials and inputs
DriverNegative impact: weakens
“The level of exploration, development, and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of 2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Absent geo-political disruptions, we expect commodity prices are unlikely to rise.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025.”
Annual report 2025A · The company itself
Market
“Description of business and strategy Halliburton Company (Halliburton) is one of the world's largest providers of products and services to the energy industry.”
Annual report 2025A · The company itself
Market
“BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide.”
Annual report 2025A · The company itself
Market
“Halliburton has fostered a culture of unparalleled service to the world's major, national, and independent oil and natural gas producers.”
Annual report 2025A · The company itself
Market
“We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers or the consolidation of such customers could have a material adverse effect on our business and our consolidated results of operations.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“The level of exploration, development, and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere.”
Annual report 2025A · The company itself
Market
“Description of business and strategy Halliburton Company (Halliburton) is one of the world's largest providers of products and services to the energy industry.”
Annual report 2025A · The company itself
Market
“BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide.”
Annual report 2025A · The company itself
Market
“Halliburton has fostered a culture of unparalleled service to the world's major, national, and independent oil and natural gas producers.”
Annual report 2025A · The company itself
Market
“We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers or the consolidation of such customers could have a material adverse effect on our business and our consolidated results of operations.”
Annual report 2025A · The company itself
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“However, market conditions can trigger constraints in the supply of certain raw materials, such as proppants (primarily sand), chemicals, metals, gels, and electronic components (circuit boards).”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges or tariffs can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact.”
Annual report 2025A · The company itself
Market
“-Multi-Chem: provides customized specialty chemicals and services for completion, production, midstream, and downstream to optimize flow assurance and integrity.”
Annual report 2025A · The company itself
Digitalisation
Technology
Market
“Drilling and Evaluation provides field and reservoir modeling, drilling, fluids, evaluation and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities.”
Annual report 2025A · The company itself
Market
“-Halliburton Project Management: provides integrated solutions by leveraging the full line of our well construction, well completion, and well intervention services to solve customer challenges throughout the entire well lifecycle, including project management and integrated asset management. -Landmark Software and Services: provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management. -Sperry Drilling: provides drilling systems and services that offer directional control for precise wellbore placement while providing important measurements about the characteristics of the drill string and geological formations while drilling wells.”
Annual report 2025A · The company itself
Market
“These services include directional and horizontal drilling, measurement-while-drilling, logging-whiledrilling, surface data logging, and rig site information systems. -Testing and Subsea: provides acquisition and analysis of dynamic reservoir information and reservoir optimization solutions through a broad portfolio of well testing tools, data acquisition services, fluid sampling, surface well testing, subsea safety systems via modular and scalable systems that simplify complex subsea operations and a range of managed pressure drilling solutions like underbalanced drilling, rotating control devices and continuous circulating systems.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Data centres
Technology
StrategyPositive impact: strengthens
“This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“In April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Trade tensions and tariffs continue to shape the demand outlook amid varying market responses. We continue to monitor and assess the impact of tariffs on goods being imported into the United States.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Due to new tariffs imposed during 2025 by the United States, the incremental expense was approximately $89 million.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Our business is directly affected by changes in capital expenditures by our customers, and reductions in their capital spending could reduce demand for our services and products and have a material adverse effect on our business, consolidated results of operations, and consolidated financial condition.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Examples of how weather can impact our business include: -the severity and duration of the winter in North America can have a significant impact on drilling activity and on natural gas storage levels; -the timing and duration of the spring thaw in Canada directly affects activity levels due to road restrictions; -typhoons and hurricanes can disrupt coastal and offshore operations; and -severe weather during the winter normally results in reduced activity levels in the North Sea.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our business could be materially and adversely affected by severe weather, particularly in Canada, the Gulf of America, and the North Sea.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“We are increasingly dependent on digital technologies and services to conduct our business. We use these technologies for internal and operational purposes, including data storage, processing, and transmissions, as well as in our interactions with customers and suppliers. Examples of these digital technologies include analytics, automation, and cloud services. Our digital technologies and services, and those of our customers and suppliers, are subject to the risk of cybersecurity incidents and, given the nature of such incidents, some can remain undetected for a period of time despite efforts to detect and respond to them in a timely manner.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Nevertheless, we have experienced cybersecurity incidents and attempted breaches in the past, one of which resulted in an unauthorized third party gaining access to certain of our systems and exfiltrating information from those systems, which we previously disclosed in Form 8-Ks we filed with the SEC on August 23, 2024 and September 3, 2024. The incident caused disruptions and limitation of access to portions of our business applications supporting aspects of our operations and corporate functions, required us to incur significant costs, and required a significant amount of attention from management and our workforce.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The efforts we have taken, and may undertake in the future, to respond to these evolving or new regulations and to environmental initiatives of customers, investors, and others may increase our costs.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“However, market conditions can trigger constraints in the supply of certain raw materials, such as proppants (primarily sand), chemicals, metals, gels, and electronic components (circuit boards).”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Raw materials essential to our operations and manufacturing, such as sand, chemicals, metals, gels, and electronic components (circuit boards), are normally readily available. Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges or tariffs can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Artificial intelligence
Technology
DriverNegative impact: weakens
“We are increasingly dependent on digital technologies and services to conduct our business. We use these technologies for internal and operational purposes, including data storage, processing, and transmissions, as well as in our interactions with customers and suppliers. Examples of these digital technologies include analytics, automation, and cloud services. Our digital technologies and services, and those of our customers and suppliers, are subject to the risk of cybersecurity incidents and, given the nature of such incidents, some can remain undetected for a period of time despite efforts to detect and respond to them in a timely manner.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Currency exposure
Macro
DriverNegative impact: weakens
“A sizable portion of our consolidated revenue and consolidated operating expenses is in foreign currencies. As a result, we are subject to significant risks, including: -foreign currency exchange risks resulting from changes in foreign currency exchange rates and the implementation of exchange controls; and -limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries.”
Annual report 2025A · The company itself
Other currencies
Macro
DriverNegative impact: weakens
“For example, we have experienced these conditions in Argentina and other countries and though we have utilized processes to repatriate cash when we believe it is appropriate to do so, we have incurred losses from devaluation of the local currency and from repatriating cash.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. The execution of certain trades known as Blue Chip Swaps effectively results in a parallel U.S. dollar exchange rate.”
Annual report 2025A · The company itself
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Electricity
Raw materials and inputs
DriverNegative impact: weakens
“In addition, as we increase the roll-out of our Zeus electric fracturing systems, we might face challenges to source sufficient electric power or there might not be adequate infrastructure to support the operation of our systems.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Financial regulation
Regulation
DriverMixed impact: mixed
“Due to economic and political conditions, tax rates in the United States and other jurisdictions may be subject to significant change.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Global trade volumes
Macro
DriverNegative impact: weakens
“Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Inflation
Macro
InputNegative impact: weakens
“Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“As of December 31, 2025, we employed over 46,000 people worldwide representing 146 nationalities and operated in more than 70 countries, with approximately 22% of our employees subject to collective bargaining agreements.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
DriverNegative impact: weakens
“There have been significant business consolidations within the oil and natural gas industry in recent years. These and any future consolidations may result in reduced capital spending by our customers, which may lead to a lower demand for our services and products.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
InputNegative impact: weakens
“However, market conditions can trigger constraints in the supply of certain raw materials, such as proppants (primarily sand), chemicals, metals, gels, and electronic components (circuit boards).”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Shipping and logistics
End markets
DriverNegative impact: weakens
“Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
United States
Geography
Geography
“In 2025, 2024, and 2023, based on the location of services provided and products sold 39%, 40%, and 44%, respectively, of our consolidated revenue was from the United States (U.S.).”
Annual report 2025A · The company itself
Geography
“North America revenue in 2025 was $9.1 billion, a 6% decrease compared to 2024, largely driven by lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“Middle East/Asia revenue in 2025 was $5.8 billion, a 4% decrease compared to 2024, resulting from lower activity across multiple product service lines in Saudi Arabia and Malaysia.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Europe/Africa/CIS revenue in 2025 was $3.4 billion, a 12% increase compared to 2024, resulting from higher activity across multiple product service lines in Norway and Romania, increased stimulation activity in Congo, higher project management activity in Africa, and improved well construction activity in Namibia.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 22.18 bn USD |
| Revenue growth vs. the year before, same method | -3.3 % |
| EBITDA reported by the company | 3.4 bn USD |
| Net debt debt incl. leasing minus cash | 5.93 bn USD |
| Diluted EPS per share | N/A |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | N/A |
| Growing | ✗ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.