Halliburton weathers Iran disruption, sees early North America rebound

(WO) - Halliburton signaled early signs of a North America recovery while maintaining international growth momentum, even as geopolitical disruptions weighed on Middle East activity in first-quarter 2026.

The oilfield services provider reported revenue of $5.4 billion for the quarter, with net income of $461 million. While overall revenue remained flat year-over-year, the company pointed to improving fundamentals in key upstream markets.

“In North America, I see clear signs that we are in the early innings of a recovery,” said Chairman, President and CEO Jeff Miller.

North America revenue declined 4% year-over-year, reflecting lower stimulation and artificial lift activity, but was partially offset by increased drilling-related services. The outlook suggests a potential shift after a period of subdued activity in U.S. shale.

Internationally, Halliburton reported stronger performance, with revenue rising 3% year-over-year, led by gains in Latin America and Europe/Africa. Activity in markets such as Brazil, Argentina, Norway and Angola supported growth, particularly in drilling and completion services.

Miller noted that international operations “outpaced disruptions from the Middle East conflict,” where activity declines in Saudi Arabia and Qatar weighed on results. The company estimated the regional conflict reduced earnings by approximately $0.02 to $0.03 per share.

Segment performance reflected a mixed upstream environment. Drilling and Evaluation revenue increased 4%, driven by higher project activity, while Completion and Production revenue declined 3% due to weaker North America stimulation and Middle East pressure pumping.

Halliburton also highlighted continued technology deployment, including advancements in directional drilling, digital well construction and automated well placement, underscoring ongoing efficiency gains in both conventional and offshore developments.

“I expect that our consistent focus on returns and capital discipline will drive long-term success,” Miller said.