HALHalliburtonBullishHalliburtonSLBNeutral

2w ago on

Our piece “Pressure Building: Halliburton Co. (HAL) Is Priced for Shrinking Margins Just as the Pumps Run Tight” highlights North America’s largest frack provider trading at 15.3x 2026 EPS and 8.5x EV/EBITDA, versus 21.7x and 11.1x for chief rival SLB. The market is pricing HAL’s 13% operating margin as if it will continue to fall. The company's frack schedule says otherwise: unscheduled days have disappeared and pricing power is rising. Every 100 bps of margin recovery adds ~$0.20 of EPS. The pumps are running tight. The market hasn’t taken notice. https://t.co/x9e6LtpJWS

HALHalliburtonBullishHalliburton

10/8/2026 on

This table is featured in our piece "Pressure Building: Halliburton Co. (HAL) Is Priced for Shrinking Margins Just as the Pumps Run Tight" https://t.co/9lSaGHrH3x It shows that Halliburton's growth moving offshore: international revenue has grown from $12.5B to $13.4B since 2023, while North American revenue has fallen from $10.5B to $9.0B. International revenue now makes up 60% of the total, up from 54% in 2023. The market still values HAL as a shrinking North American fracker, pricing the firm at 15.3x earnings and 8.5x EV/EBITDA However, HAL expects international revenue to reach ~$16B by 2028. At a 15% margin, that extra $2.5–$3B would add about $0.40 of EPS. That is not indicative of a business in decline.

HALHalliburtonBullishHalliburtonSLBNeutral

10/6/2026 on

This chart is featured in our piece "Halliburton Co. (HAL)" https://t.co/9lSaGHrH3x It shows HAL's international revenue rising from $10.7B in 2022 to $13.4B over the 12 months ending June 2026, while its share of total revenue climbed from ~53% to 60%. A company known as North America's largest fracker now earns 3 of every 5 revenue dollars abroad. HAL expects international revenue of about $16B in 2028, which would add ~$0.40 of EPS at a 15% operating margin. The market currently pays 8.5x EV/EBITDA for that growth, against 11.1x for SLB, HAL's chief competitor.

HALHalliburtonBullishHalliburton

10/5/2026 on

Our piece "Halliburton Co. (HAL)" highlights a supply hole the market seems to be ignoring: the Iran War has removed 2.6B barrels of oil supply, the largest cumulative disruption since 1979, and the U.S. Strategic Petroleum Reserve currently holds 285M barrels, its lowest level since 1982. Refilling that supply hole requires new drilling, and U.S. shale's shortcut is gone. The count of drilled-but-uncompleted wells has fallen for 14 straight months to 4,935, the lowest on record and less than half the 2020 peak. Producers now have to drill new wells to sustain output, and HAL is North America's largest fracking provider. Further, HAL trades at 15.3x earnings, a ~30% discount to the market. https://t.co/9lSaGHrH3x

HALHalliburtonBullishHalliburtonBKRBaker HughesNeutralBaker HughesSLBNeutral

10/2/2026 on

This table is featured in our piece "Pressure Building: Halliburton Co. (HAL) Is Priced for Shrinking Margins Just as the Pumps Run Tight" https://t.co/tARtVtM7FF It shows HAL's revenue holding roughly flat since 2023,, while its operating margin fell from 17.7% to 13.1% and its earnings per share fell from $3.13 to $2.37. The market seems to be betting that margins will keep shrinking: HAL trades at 15.3x this year's expected earnings, versus about 22x for rivals SLB and Baker Hughes. The ground may be shifting under that bet. Years of underinvestment have left less fracking equipment available in North America, and HAL's management says its fracking schedule is now fully booked. Every one-point gain in margin adds about $0.20 to earnings per share, nearly 10% of the past year's earnings.