Halliburton Co.: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Halliburton Co.: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

25 June 2026

Halliburton Co. Overweight

HAL, HAL US

J.P. Morgan Natural Resources Conference Takeaways Price (25 Jun 26):$34.67

Oil & Gas Exploration & Production

We met with HAL on the sidelines at our J.P. Morgan Natural Resources Arun Jayaram AC

Conference this week. The HAL team included EVP and COO Shannon Slocum (1-212) 622-8541

and Senior Director of IR David Coleman, who attended the conference and hosted arun.jayaram@jpmchase.com

1x1 and group meetings with investors. Jason Kim

(1-212) 622-1408

• Net takeaway: Neutral. HAL’s messaging at our conference was jason.b.kim@jpmchase.com

consistent with their commentary on the 1Q26 print, albeit with a more Sowmya Vemulapalli

(1-212) 270-4660

favorable tone on 2027 offshore markets and LatAm, which are sowmya.vemulapalli@jpmchase.com

important drivers of HAL’s international segment. The company was J.P. Morgan Securities LLC

constructive on NAM fundamentals, but their commentary on pricing

was a bit more subdued than we anticipated with incremental activity

gains likely required to support a more impactful impact on NAM

pricing. HAL’s NAM pricing commentary was consistent with what

we've heard from several of their frac peers at the conference, including

LBRT and PUMP.

• Tighter-for-longer backdrop in the Middle East. The most

commonly fielded topic fielded by investors was around the Middle

East, in which HAL would naturally expect recovery in 2H26, absent

any further geopolitical flare-ups. As a reminder, the previous 2Q26

forecast contemplated a $0.07-0.09/share impact from anticipated

disruptions, and an assumed offshore recovery through the quarter