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Derek John Podhaizer

Director and Senior Research Analyst at Piper Sandler & Co.

Derek Podhaizer is a Director and Senior Research Analyst at Piper Sandler, specializing in energy equity research with a core focus on oilfield services, geothermal, and power services. He covers a diverse range of companies including Halliburton, Liberty Energy, Baker Hughes, Helmerich & Payne, Patterson-UTI, NOV Inc., TechnipFMC, Weatherford International, Ormat Technologies, and Solaris Energy Infrastructure, among others. Over his career, Podhaizer has issued more than 100 stock ratings with a reported success rate of approximately 57% and an average return of 6.6% per recommendation; his most notable buy call resulted in a 188.7% return. Podhaizer joined Piper Sandler as a director following a decade as Vice President covering oilfield services at Barclays, and began his career as an audit senior assistant at Deloitte; he holds both bachelor's and master's degrees in accounting from Fairfield University and is FINRA registered with securities licenses.

Derek John Podhaizer's questions to HALLIBURTON (HAL) leadership

Derek John Podhaizer's questions to HALLIBURTON (HAL) leadership • Q3 2025

Question

Derek John Podhaizer asked for more details on Halliburton's frac equipment idling, including the number of fleets idled, permanently impaired, and expected to return, and its significance for market attrition and 2026 supply/demand. He also inquired about Q3 2025 free cash flow being light, working capital trends for Q4, and early indications for 2026 free cash flow given reduced CapEx.

Answer

Jeffrey Miller, Chairman, President, and CEO, reiterated that Halliburton idles uneconomic equipment, contributing to 'attrition in motion,' and believes North America pricing will tighten quickly with minimal market recovery. Eric Carre, Executive Vice President and CFO, confirmed Q3 FCF was lower due to higher revenue, slightly lower collections, and cash charges, but expects to meet the $1.7 billion full-year 2025 target. For 2026, he noted $800 million in additional liquidity from cost reductions and lower CapEx, but mentioned a potentially more conservative approach to cash utilization due to market volatility.

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