HALLIBURTON: 2Q26 Earnings Review - Near-Term Friction, Longer-Term Traction

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HALLIBURTON: 2Q26 Earnings Review - Near-Term Friction, Longer-Term Traction

Global Research

26 July 2026ab

Halliburton Equities

United States2Q26 Earnings Review - Near-Term Friction,

Longer-Term Traction Oil Drilling, Equipment & Services

12-month rating Neutral *

12m price target US$39.00Soft 3Q26 Guide Weighs On Stock

Prior : US$40.00

It was a messy 2Q26 update for HAL, with margin pressure in 2Q26, while the 3Q26

outlook came in 2% below prior Street estimates. The latter we attribute to some Price (24 Jul 2026) US$33.36

temporary headwinds, including higher mobilization costs, which should roll off in RIC: HAL.N BBG: HAL US

4Q26. Looking past the headwinds, NAM activity should improve further in 2H26 and

into 2027, while HAL's recent Middle East contract wins and International growth Trading data and key metrics

engines should support the long-term outlook for HAL. We reiterate our Neutral Rating, 52-wk range US$42.98-20.50

but increase our PT multiple 0.5x to reflect the Int’l growth ahead. Market cap. US$27.9b

Shares o/s 835m (COM)

Key Takeaways from HAL's 2Q26 Update Free float 100%

3Q26 guide. The 3Q26 guide came in softer than prior expectations, with Avg. daily volume ('000) 3,606

segment-level operating income being guided 2% below Street estimates ahead Avg. daily value (m) US$135.7

of the update. We attribute most of the pressure to some temporary headwinds, Common s/h equity (12/26E) US$11.4b

including some offshore rig movements, the mobilization of 2 frac crews to P/BV (12/26E) 2.4x

Argentina and Jafurah, and a GoA project that potentially slipped from the Net debt to EBITDA (12/26E) 1.2x

calendar. Baking this all in, we forecast 3Q26 Adj. EPS of $0.58 and Adj. EBITDA or

$1,021mm. EPS (UBS, diluted) (USD)

12/26E

NAM Outlook.