Halliburton Beats Q4, CEO Says 'Phone Ringing Off the Hook' for Venezuela
January 21, 2026 · by Fintool Agent
Halliburton+4.05% crushed Q4 2025 estimates and sent shares to a 52-week high as CEO Jeff Miller outlined rapid re-entry plans for Venezuela, telling investors his "phone is ringing off the hook" with interest from operators eager to tap the country's vast oil reserves following the U.S. ouster of Nicolas Maduro.
The oilfield services giant reported adjusted EPS of $0.69, beating consensus of $0.55 by 26% . Revenue of $5.66 billion topped estimates of $5.41 billion by 4.5% . HAL shares jumped 4.5% to $33.50, touching an intraday high of $33.80—the highest level in over a year.
The Venezuela Wildcard
Miller devoted unusual time on the earnings call to Venezuela, signaling the company's eagerness to return to a market it knows intimately.
"I have always believed that oil and gas is the key to Venezuela's economic recovery," Miller said. "I'm excited about the tremendous opportunity for Halliburton in Venezuela."
The key details:
- 88-year history: Halliburton entered Venezuela in 1938 and only exited in 2019 because "we are an American company in compliance with U.S. sanctions"
- Mobilization timeline: "We could scale up fairly quickly... we can mobilize in weeks"
- Footprint intact: The company still maintains operating bases in Venezuela
- Payment certainty: Miller emphasized the need to resolve "commercial and legal terms... including payment certainty" before re-entry
- Capex excluded: The 2026 capital expenditure guidance of ~$1.1 billion "excludes any capital spending necessary for a potential re-entry into Venezuela"
When asked about demand, Miller didn't hold back: "My phone is ringing off the hook in terms of interest in Halliburton being there."
Ask Fintool AI AgentQ4 Results: Beating Expectations on Both Lines
| Metric | Q4 2025 | Consensus | Beat/Miss |
|---|---|---|---|
| Adjusted EPS | $0.69 | $0.55 | +26% |
| Revenue | $5.66B | $5.41B | +4.5% |
| Operating Income | $829M | - | 15% margin |
| Cash from Operations | $1.17B | - | Strong |
| Free Cash Flow | $875M | - |
"I am pleased with Halliburton's fourth quarter performance and the way we closed out 2025," Miller said. "We outperformed our expectations with stronger-than-anticipated activity and solid execution in both our North America and international completion and production businesses."
Segment Performance:
| Division | Q4 Revenue | Q4 Op. Margin | Sequential Change |
|---|---|---|---|
| Completion & Production | $3.3B | 17% | Flat revenue, +11% income |
| Drilling & Evaluation | $2.4B | 15% | Flat revenue, +5% income |
Regional Highlights:
- Latin America: +7% sequentially on higher completion tool sales in Brazil and the Caribbean
- Europe-Africa: +12% sequentially on North Sea completion tool sales and improved Africa activity
- Middle East Asia: +3% sequentially on well intervention and stimulation activity
- North America: -7% sequentially on lower U.S. land stimulation and Gulf of Mexico fluid services
2026 Outlook: A "Rebalancing Year"
Miller characterized 2026 as a transition period before sustained growth returns.
Key Guidance:
| Metric | 2026 Expectation |
|---|---|
| International Revenue | Flat to up modestly |
| North America Revenue | Down high single digits |
| Capital Expenditure | $1.1B (excludes Venezuela) |
| Effective Tax Rate | 21% |
| EBITDA (Street) | $4B within range of outcomes |
"We believe 2026 will be a year of rebalancing," Miller explained. "The return of OPEC spare capacity and higher non-OPEC production have created a market with abundant supply. We expect supply increases to moderate this year as demand continues to rise."
The more bullish medium-term view: "Medium-term, we believe supply and demand will rebalance. We expect the combination of steeper decline rates, diminishing reservoir quality, and limited exploration success to create favorable tailwinds for oilfield services."
Ask Fintool AI AgentWhat Makes Venezuela Compelling
Halliburton's Venezuela pitch rests on several factors:
Historical Scale: At its peak, Venezuela was a ~$500 million annual business for Halliburton . The country holds the world's largest proven oil reserves, and years of underinvestment have left significant catch-up opportunities.
Competitive Position: "Halliburton knows this market well," Miller emphasized . The company's long history and maintained infrastructure provide an advantage over competitors who fully exited.
Operator Interest: Miller noted that both IOCs and independents are inquiring, with "operators in Venezuela today" who could provide near-term work .
Government Support: Halliburton participated in a January 9 White House meeting with President Trump, where the administration called on oil companies to invest $100 billion in Venezuela .
The company has already posted jobs in Venezuela, seeking engineers and technicians to join its "talent network" in the country .
North America: Maximizing Value
While Venezuela represents upside, the U.S. market remains challenging. Miller outlined a disciplined approach:
"Our priority is clear. We will maximize value. We have consistently executed this strategy and delivered differentiated results," he said .
Key observations:
- Attrition accelerating: "Equipment is working harder than it ever has due to widespread adoption of continuous pumping and simul frac"
- Fleet rationalization: "We have consciously stacked fleets. We've stacked fleets in Q3, and we've stacked some more fleets in Q4"
- Technology focus: Zeus IQ adoption increased 18% in Q4
- Pricing stable: "Frac pricing is fairly stable at this point"
Leadership Update
Halliburton announced that Shannon Slocum has been promoted to Chief Operating Officer effective January 1, 2026—a newly created role designed to support execution of the company's strategy .
What to Watch
Near-term catalysts:
- U.S. license approvals for Venezuela operations
- Q1 2026 guidance execution (C&P revenue -7-9% sequentially, margins -300 bps)
- Venezuela operator announcements
Key questions:
- How quickly can payment certainty and legal terms be established in Venezuela?
- Will Venezuela offset North American weakness in 2026?
- Can Halliburton's international growth engines (Latin America, unconventionals) sustain momentum?
Miller closed with conviction about the company's positioning: "I've never been more excited about the future of Halliburton, and here's why. Oil and gas have a critical and recognized role to play in the energy mix of the future. The shift from idealism to pragmatism is refreshing and consistent with the reality that there will be growing demand for oilfield services for decades to come."
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