Halliburton Co.: 2Q26 Post Mortem and Model Update: Margin Curve Ball Slightly Dampens 2026 Outlook, but 2027 Growth Outlook Derisked by Contract Wins

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Halliburton Co.: 2Q26 Post Mortem and Model Update: Margin Curve Ball Slightly Dampens 2026 Outlook, but 2027 Growth Outlook Derisked by Contract Wins

Arun Jayaram AC North America Equity Research

(1-212) 622-8541 22 July 2026 J P M O R G A N

arun.jayaram@jpmchase.com

against an improving underlying activity and pricing backdrop.

• International (ex-ME) outlook: Management flagged four international growth

engines across production services, drilling, unconventionals, and intervention/lift

which underpin the company’s $2.5-3.0bn incremental International revenue target

by 2028. HAL flagged International ex-ME revenue is set to grow in the low double

digits in 2026 YoY (versus prior guide of MSD-HSD growth in 2026 YoY provided

last quarter), with upside to the 2028 target. The recent win-set only validated each

of the four engines and path to achieving these financial targets, spanning the

TotalEnergies GranMorgu deepwater award in offshore Suriname, the Sekal AS

acquisition that anchors HAL’s closed-loop geosteering offering (evidenced by

record wells for Aker BP in Norway), successful LOGIX automation deployment

with Eni offshore Indonesia, the mobilization of the first ZEUS fleet in Argentina

slated for 4Q26 startup that builds on the previously announced multi-year, multi-

billion YPF award, Sonatrach’s first Algeria unconventional award, and the multi-

year Pampa Energia digital transformation pact in Vaca Muerta. Encouragingly,

HAL expects growth on the back of a tight international market where “nobody is

really overbuilt.” New contract wins were explicitly framed as margin-accretive over

time as mobilization costs normalize into 2027-2028, consistent with the above-

normal incrementals we would expect to underpin margin expansion over the

intermediate term.