Halliburton Ends 2025 on Down Note in North America

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Written by Daniel Graeber for IIR News Intelligence (Sugar Land, Texas)

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Summary

Halliburton ended last year on a down note, taking a hit from its operations in North America. Signs of $50 crude continue to create headwinds for the industry.

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Revenue Down 7% in North America

Amid forecasts for a lower-for-longer price cycle for crude oil, upstream services firm Halliburton Company (Houston, Texas) said its North American revenue was down 7% sequentially in the fourth quarter.

Also, the company reported $569 million in net earnings for the just-ended quarter, down from $615 million in fourth-quarter 2024.

Halliburton on Wednesday helped kick off the reporting season with fourth-quarter results, amid broad-based concern about the global economy and shifting demand centers for energy products away from China. Supported largely by a geopolitical risk premium, West Texas Intermediate (WTI), the U.S. benchmark for the price of oil, was trading at about $60.50 per barrel early Wednesday.

In its monthly Short-Term Energy Outlook, the U.S. Energy Information Administration predicted WTI would average $52.21 per barrel this year, some 20% below last year's average and below the point at which many shale drillers can make a profit.

In North America, Halliburton reported fourth-quarter revenue of $2.2 billion, down 7% from the prior quarter. The company blamed the downturn on lower activity across the board, in both Canada and the U.S.

Jeff Miller, the company's top leader, said Halliburton was pursuing a valuation strategy for its North American operations, which he believes will recover.

"I expect North America is the first to respond when macro fundamentals improve," he said.

In Canada, IIR Energy shows Halliburton working mostly on plugging and abandoning offshore facilities. In the U.S. market, the company is involved in everything from lithium mining operations in Texas to supporting a pre-treatment unit for renewable feedstock at a refinery in Louisiana.

By the Numbers

• 7% increase in international revenue
• 7% decline in North American revenue
• $50 crude in sight for 2026

A No Good, Very Bad Year

Halliburton, along with many of its peers, is coming off a bad year. Miller said last year that he expected the oilfield services industry would be softer than initially expected. For the first quarter of 2025, the company reported North American revenue down 12% year-on-year.

Based on more recent activity, operations are thriving in Canada, but perhaps stalling out in the U.S. Baker Hughes (Houston) reported that Canada added 29 rigs during the seven-day period ending January 16, while the U.S. lost one. Both, however, are down from year-ago levels.

Canada, meanwhile, is busy with nation-building projects meant to expand non-U.S. trade, with Prime Minister Mark Carney telling delegates at the World Economic Forum that the international order as we know it is over. Working to cut U.S. trade in half to counter U.S. President Donald Trump's trade aggressions, Canada is pressing for more exports of both crude oil and liquefied natural gas (LNG) from its western shores.

In the U.S., the mood has been soured despite support from Trump, who's worked to block renewable developments in favor of fossil fuels. Trump had advocated for $50 crude, though that would be a blow to the domestic industry.

In its fourth-quarter energy survey, the Federal Reserve Bank of Dallas said 48% of the executives it surveyed in the oil and gas services sector said capital spending would decline in 2026, relative to year-ago levels. Only 29% expected spending to increase.

"Decreasing oil prices are making many of our firm's wells non-economic," one respondent said.

Overseas was Different

Overseas, meanwhile, saw revenue improve for Halliburton during the last fiscal quarter of 2025.

"Halliburton's international business is strong," Miller said. "Our collaborative value proposition is winning, our technology is delivering and our growth engines are aligned with the evolution of the market."

Halliburton's overseas performance bested that from North America. The company reported international revenue of $3.5 billion, an increase of 7% from third quarter levels.

Key Takeaways

• No break for the upstream services industry
• Halliburton could be an early bellwether
• Strong performance for the company overseas

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).