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Stephen David Gengaro

Managing Director and Senior Equity Research Analyst at Stifel Financial Corp.

Stephen David Gengaro is a Managing Director and Senior Equity Research Analyst at Stifel, specializing in Oilfield Services and Equipment with coverage across major energy and industrial companies, including Tesla, Halliburton, Schlumberger, Baker Hughes, Generac Holdings, and U.S. Silica Holdings. He is recognized for his strong performance record, with a 47% success rate and an average return of 12.3% per rating over 860 transactions, and has received accolades from Forbes, Marine Money Magazine, StarMine, and The Wall Street Journal for his stock picking and earnings accuracy. Gengaro joined Stifel in April 2018 after holding senior analyst roles at Loop Capital, Sterne, Agee & Leach/CRT Capital, Jefferies, and Furman Selz/ING Barings/ABN AMRO, and brings over 20 years of experience in equity research. He holds an MBA from Boston College and a BA in Economics from The Catholic University of America, and is fully FINRA registered with the requisite securities licenses.

Stephen David Gengaro's questions to HALLIBURTON (HAL) leadership

Question · Q3 2025

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.

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