Halliburton Co.: 2Q26 Preview: Steady as She Goes Setup with Constructive International and Offshore Outlook

Research evidence excerpt

Halliburton Co.: 2Q26 Preview: Steady as She Goes Setup with Constructive International and Offshore Outlook

) 4,100 4,115 0.4%

gains, as management would rather see prices climb gradually than spike suddenly, Adj. EBITDA - 27E ($ mn) 4,500 4,575 1.7%

because a slow ascent draws customers into real negotiation, lets the market

establish what the equipment is genuinely worth, and lands everyone at a more Quarterly Forecasts (FYE Dec)

stable equilibrium, whereas a sharp jump only sets up the wrong incentives. HAL Adj. EPS ($)

noted that NAM pricing is coming through, with the company holding receptive 2025A 2026E 2027E

Q1 0.60 0.55A 0.65

conversations with customers. Commentary was nonetheless a touch more Q2 0.55 0.54 0.69

subdued than we expected on NAM pricing, with a bigger NAM pricing inflection Q3 0.58 0.61 0.74

likely down the road as a function of incremental committed activity, potentially Q4 0.69 0.66 0.74

FY 2.42 2.36 2.83

from just a couple of majors adding to long-term programs.

Style Exposure

Outside the Middle East, management expects FY26 international revenue growth

in the MSD to HSD, supported by robust customer engagement and strong

performance in key markets. Internationally, HAL appears to be gaining share,

with the standout being LatAm, anchored by a multibillion, multi-year integrated

completions award in Argentina marking the first Zeus e-frac deployment outside

NAM. Management struck a decidedly positive note on 2027 offshore markets

across LatAm, West Africa, and Northern Europe, with good inquiry levels across

Southeast Asia. Offshore development activity remains the far larger revenue

driver for the company, anchored by their Baroid drilling fluids line, directional