Halliburton Company more than doubled its net income in the second quarter.
But the firm also admits the oilfield services market is softer than expected and is moving to address the “near term softness.”
The Houston firm, which was founded in Oklahoma and remains an active oil and gas force in the state, reported second quarter net income of $472 million or 55 cents per diluted share. This compares to net income for the first quarter of 2025 of $204 million, or $0.24 per diluted share.
Adjusted net income in the first quarter of 2025, excluding impairments and other charges, was $517 million, or $0.60 per diluted share. Halliburton’s total revenue for the second quarter of 2025 was $5.5 billion, compared to total revenue of $5.4 billion in the first quarter of 2025. Operating income was $727 million in the second quarter of 2025, compared to operating income of $431 million in the first quarter of 2025. Adjusted operating income3 in the first quarter of 2025, excluding impairments and other charges, was $787 million.
“Halliburton today is more differentiated, with deeper technology advantages to address our customers’ requirements, and more collaborative than ever before. I believe our value proposition, to collaborate and engineer solutions to maximize asset value for our customers, is a powerful driver of both customer and shareholder value,” commented Jeff Miller, Chairman, President and CEO.
“What I see tells me the oilfield services market will be softer than I previously expected over the short to medium term. We will of course take action to address this near term softness, and we remain fully committed to our shareholder returns framework.
“In international markets, while activity reductions in a few large markets will likely overshadow the solid performance of other geographies, I am confident our strategy is the right one, and our growth engines, including unconventionals, drilling, production services and artificial lift, remain key to that strategy.
“In North America, my customer conversations tell me technology and service execution are key to maximizing the value of their assets and I believe Halliburton has unmatched capability to deliver both of these at scale, which is why I expect Halliburton to continue to outpace our competitors in this important market,” concluded Miller.
Operating Segments
Completions and Production
Completion and Production revenue in the second quarter of 2025 was $3.2 billion, an increase of $51 million, or 2%, when compared to the first quarter of 2025, while operating income in the second quarter of 2025 was $513 million, a decrease of $18 million, or 3%, when compared to the first quarter of 2025. Revenue increased due to improved pressure pumping services and higher completion tool sales in the Western Hemisphere, improved well intervention services internationally, and increased pipeline and process services in the Eastern Hemisphere. Offsetting these increases were lower activity across multiple product service lines in the Middle East and lower Artificial Lift activity in US Land. The decline in operating income was primarily driven by lower pricing for stimulation services in US Land.
Drilling and Evaluation
Drilling and Evaluation revenue in the second quarter of 2025 was $2.3 billion, an increase of $42 million, or 2%, when compared to the first quarter of 2025, while operating income in the second quarter of 2025 was $312 million, a decrease of $40 million, or 11%, when compared to the first quarter of 2025. Revenue increased due to increased drilling-related services globally. Offsetting these increases were decreased software sales globally, lower wireline activity and decreased testing services in Middle East/Asia, and lower activity across multiple product service lines in Namibia. Operating income decreased due to seasonal roll off of software sales and increased startup and mobilization costs incurred across multiple product service lines.
Geographic Regions
North America
North America revenue in the second quarter of 2025 was $2.3 billion, relatively flat when compared to the first quarter of 2025. These results were primarily driven by increased stimulation activity in Canada, higher fluid services and improved cementing activity in US Land, and increased completion tool sales in the region. These increases were offset by lower artificial lift activity in US Land, decreased fluid services and lower wireline activity in the Gulf of America, and decreased software sales in the region.
International
International revenue in the second quarter of 2025 was $3.3 billion, an increase of 2% when compared to the first quarter of 2025.
Latin America revenue in the second quarter of 2025 was $977 million, an increase of 9% sequentially. This increase was primarily due to improved activity across multiple product service lines in Mexico and Brazil and increased well intervention services in Argentina. Partially offsetting these increases were decreased project management activity in Ecuador and lower drilling services and decreased cementing activity in Argentina.
Europe/Africa revenue in the second quarter of 2025 was $820 million, an increase of 6% sequentially. This increase was primarily driven by higher activity across multiple product service lines in Norway. Partially offsetting this increase was decreased well construction activity in Namibia and lower completion tool sales across Africa.
Middle East/Asia revenue in the second quarter of 2025 was $1.5 billion, a decrease of 4% sequentially. This decrease was primarily due to lower activity across multiple product service lines in Saudi Arabia and Kuwait. Partially offsetting these decreases were increased drilling activity and improved well intervention services in the region.