Halliburton delivered a strong earnings performance in the first quarter of 2026, with net income rising to $461 million, or $0.55 per share, compared to $204 million a year earlier, as improved operating efficiency and international activity drove margin expansion.
Revenue was broadly unchanged at $5.4 billion, reflecting a mixed operating environment in which international growth offset declines in North America. Operating income rose to $679 million from $431 million a year earlier, underscoring higher profitability even in a stable revenue environment.
The company’s performance highlights a growing divergence between regions. North America revenue fell 4% year-on-year to $2.1 billion, impacted by lower stimulation and artificial lift activity, particularly in US land operations. This reflects a broader slowdown in shale activity as producers maintain capital discipline amid oil price volatility.
By contrast, international revenue rose 3% to $3.3 billion, with particularly strong gains in Latin America and Europe/Africa. Latin America revenue increased 22%, driven by increased activity in Brazil, Ecuador and Argentina, while Europe/Africa saw an 11% increase thanks to increased drilling and completion activity.
However, the Middle East and Asia region declined 13%, reflecting lower activity in key markets such as Saudi Arabia and Qatar. The company noted that geopolitical tensions in the Middle East shaved approximately $0.02 to $0.03 per share from earnings during the quarter.
At the segment level, completion and production revenue fell 3% to $3 billion as lower pressure pumping and completion activity in North America and the Middle East affected results. Meanwhile, Drilling and Appraisal revenue rose 4% to $2.4 billion, supported by increased project management activity in Latin America and increased drilling services in Europe.
CEO Jeff Miller pointed to early signs of a recovery in North America, suggesting the slowdown could be bottoming out. At the same time, he highlighted the company’s resilience internationally, where growth has overcome disruptions linked to geopolitical instability.
Halliburton’s results come amid a changing global oilfield services landscape. After years of US-led shale-fueled growth, international markets are increasingly becoming the main driver of expansion, backed by national oil companies driving upstream investment.
At the same time, capital discipline among U.S. producers continues to limit activity levels, limiting demand for high-margin services like hydraulic fracturing. This trend has put pressure on North American service providers and favored companies with strong international exposure.