Stephen David Gengaro's questions to HALLIBURTON (HAL) leadership • Q3 2025
Question
Stephen David Gengaro asked for Halliburton's views on 2026, specifically regarding frac activity being below levels needed to sustain U.S. production and how E&Ps might react. He also inquired about changes in the competitive landscape for growth areas like artificial lift and chemicals, and how these changes aid Halliburton's ability to gain market share.
Answer
Jeffrey Miller, Chairman, President, and CEO, projected North America to be 'flattish to down a little bit next year' in terms of activity and capital spend, with E&Ps conserving capital. He explained that in artificial lift, Halliburton's performance and technology, including IntelliVate software and AI, provide differentiation, driving outsized growth. He noted that ESP has become a more critical tool for maximizing oil production from existing assets, giving Halliburton a unique position for secular growth.