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Halliburton Co. is “uniquely positioned to outperform” as the business aligns with the company’s strengths even as 2025 shapes up to be a soft year, CEO Jeff Miller said on the company’s fourth-quarter earnings call.
“I see customer activity shifting towards drilling technology, unconventionals, well intervention and artificial lift, all of which are areas where Halliburton excels,” Miller said. “We see strong adoption of both our completions and drilling technologies, and I am confident our financial performance will widely outpace our competition.”
The Zeus electric fracturing platform, the Octiv auto frac system and the Sensori monitoring platform have all performed well, he said.
Halliburton is making new deliveries of Zeus and expects “e-fleets [to] comprise 50% of our fleet by the end of 2025,” Miller said. The company says the platform reduces transition times and delivers more hydraulic horsepower hours.
Octiv “is already used on over 50% of our Zeus spreads, with more growth expected this quarter,” Miller said. Sensori “was used on more than 2,500 frac stages in North America” in the fourth quarter. Halliburton’s high-cruise rotary steerables “are on a pace to capture about 30%” of the North American market by year-end.
“I expect further adoption of these technologies as our customers fully integrate them into their workflows,” he said.
Miller said the market forces are going Halliburton’s way as well.
“I believe the next catalyzing inflection for North America services will be up, not down,” he said. “The most pressing energy problem in North America today is the power shortage driven by electrification and power demand for AI, and this cannot be solved without significant amounts of natural gas.”
Combined with expected increases in LNG exports, “these are the bedrock of our North America franchise as we move into the second half of the decade,” Miller said.
Halliburton reported fourth-quarter net income of $615 million, or $0.70 per share, on revenue of $5.6 billion. Miller said he expected North America revenue in 2025 to remain flat with the second half of 2024. Internationally, he expected “growth in most international markets, offset by activity reduction in Mexico.”