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Halliburton Co HAL

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Halliburton Revenue Crashes Due to COVID-19, but Profitability Surprisingly Resilient

Preston Caldwell Equity Analyst

Analyst Note

| Preston Caldwell |

Halliburton's revenue took a 37% sequential plunge in the second quarter along with industrywide activity due to the impact of COVID-19 on oil demand. Surprisingly, though, adjusted operating margin only fell to 7.4% from 10% in the prior quarter. This is a far better performance on the profitability side than during the 2016 downturn, when adjusted operating margins hit a low of just 1.6% in the second quarter of 2016 (despite revenue being 15% higher than in the second quarter of 2020). The impressive bottom-line performance was due to aggressive cost-cutting, which has been executed ahead of schedule. 

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Company Profile

Business Description

Halliburton is the world's second- largest oilfield-services company. Building from its origins pioneering oil and gas well cementing in the 1920s, Halliburton has evolved into the premier wellbore engineering company, with leading business lines in cementing, completion equipment, and pressure pumping. It added drilling services as a second key area of focus via its 1998 acquisition of Dresser and today stands second only to industry leader Schlumberger. Owing to its strategic bet on U.S. shale starting nearly two decades ago, Halliburton has played an unparalleled role in facilitating the shale revolution.

3000 North Sam Houston Parkway East
Houston, TX, 77032
T +1 281 871-2699
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 40,000