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Halliburton Co HAL

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Halliburton Reports Modestly Improved Q3 Results; Company Managing to Offset Higher Input Costs

Preston Caldwell Senior Analyst

Analyst Note

| Preston Caldwell |

Halliburton's third-quarter revenue increased 4% sequentially, driven by higher pricing and activity. Adjusted operating margins increased 20 basis points to 11.9%, representing incrementals of 16%, slightly below the rate seen so far during the pandemic recovery. This was partly due to cost pressures, although management also noted that the Completion & Production segment added higher costs to prepare for higher activity in coming quarters. Our fair value estimate and narrow moat rating are unchanged following the results.

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Company Profile

Business Description

Halliburton is the world's second- largest oilfield-services company. Building from its origins pioneering oil and gas well cementing in the 1920s, Halliburton has evolved into the premier wellbore engineering company, with leading business lines in cementing, completion equipment, and pressure pumping. It added drilling services as a second key area of focus via its 1998 acquisition of Dresser and today stands second only to industry leader Schlumberger. Owing to its strategic bet on U.S. shale starting nearly two decades ago, Halliburton has played an unparalleled role in facilitating the shale revolution.

3000 North Sam Houston Parkway East
Houston, TX, 77032
T +1 281 871-2699
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 40,000