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FY2026 Q1
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Отчётный звонок Halliburton Company
Вывод Buzzberg
Macro backdrop fundamentally tighter; energy security drives investment
Halliburton reported Q1 2026 results roughly in line with expectations, with a clear shift in tone toward optimism due to the Middle East conflict structurally tightening global oil markets. Management sees early signs of a North America frac recovery (white space gone, spot calls increasing) and robust international growth outside the Middle East, highlighted by a massive YPF contract in Argentina. Near-term guidance embeds $0.07-$0.09/sh Middle East headwind in Q2, but the medium-term outlook is durably constructive. Total Q1 revenue $5.4B, EPS $0.55, operating margin 13%; conflict impact ~$0.02-$0.03/sh in the quarter.
Вывод Buzzberg Macro backdrop fundamentally tighter; energy security drives investment Halliburton reported Q1 2026 results roughly in line with expectations, with a clear shift in tone toward optimism due to the Middle East conflict structurally tightening global oil markets. Management sees early signs of a North America frac recovery (white space gone, spot calls increasing) and robust international growth outside the Middle East, highlighted by a massive YPF contract in Argentina. Near-term guidance embeds $0.07-$0.09/sh Middle East headwind in Q2, but the medium-term outlook is durably constructive. Total Q1 revenue $5.4B, EPS $0.55, operating margin 13%; conflict impact ~$0.02-$0.03/sh in the quarter. Читать полный анализСвернуть анализ
Halliburton reported Q1 2026 results roughly in line with expectations, with a clear shift in tone toward optimism due to the Middle East conflict structurally tightening global oil markets. Management sees early signs of a North America frac recovery (white space gone, spot calls increasing) and robust international growth outside the Middle East, highlighted by a massive YPF contract in Argentina. Near-term guidance embeds $0.07-$0.09/sh Middle East headwind in Q2, but the medium-term outlook is durably constructive. Total Q1 revenue $5.4B, EPS $0.55, operating margin 13%; conflict impact ~$0.02-$0.03/sh in the quarter.
- North America frac market showing early tightening: white space filled, spot inquiries rising; premium dual-fuel fleet on cusp of sold-out.
- International (ex-Middle East) growth guided to mid-to-high single digits for 2026, led by Latin America (Argentina YPF mega-contract, Brazil, Guyana/Suriname).
- YPF award includes multi-billion dollar integrated completions with first Zeus electric frac outside North America; equipment being moved from US to Argentina.
COMPLETION_AND_PRODUCTIO Выручка$3BФакт
DRILLING_AND_EVALUATION Выручка$2.4BФакт
Выручка$5.402B-5% к/к
EPS$0.55-20% к/к
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
North America frack calendar white space gone; spot calls rising
Guidance
International growth outside Middle East expected mid-to-high single digits
Показать ещё 3 тезиса
Demand
Multi-billion dollar YPF award for integrated completions in Argentina
Guidance
Middle East disruptions to hit Q2 EPS by $0.07-$0.09
Supply
Premium frack equipment nearing sold-out point
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| COMPLETION_AND_PRODUCTIO Выручка | $3B | Факт |
| DRILLING_AND_EVALUATION Выручка | $2.4B | Факт |
| Выручка | $5.402B | -5% к/к |
| EPS | $0.55 | -20% к/к |
| Валовая маржа | 14.62% | Факт |
| Операционная маржа | 12.57% | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $1.1B | $1.1B | Обозначен |
| Операционная маржаCOMPLETION_AND_PRODUCTIO | FY2026 Q2 | 0.5%–1% | 0.75% | Обозначен |
| Операционная маржаDRILLING_AND_EVALUATION | FY2026 Q2 | -1.25%–-0.75% | -1% | Обозначен |
| ВыручкаCOMPLETION_AND_PRODUCTIO | FY2026 Q2 | 4%–6% | 5% | Обозначен |
| ВыручкаDRILLING_AND_EVALUATION | FY2026 Q2 | -2%–0% | -1% | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed a more constructive outlook, citing structural tightness in oil and gas markets, early signs of North America recovery, and strong international momentum outside the Middle East.
Инвестиции и мощности
Halliburton reiterated its full-year 2026 capital expenditure target of about $1.1 billion, slightly higher than the initial $1 billion due to delayed equipment deliveries. Management indicated it intends to stay within a 5% to 6% of revenue range and may adjust within that range depending on opportunities, with spending weighted toward growth engines.
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Компаниис момента звонка
Клиенты
Клиенты
Shannon Slocum
Halliburton plans to move frac equipment from North America to Argentina for the YPF contract due to better pricing and multi-year runway, redrawing the international supply chain for high-spec fleets. — This shift tightens North American capacity further while establishing Zeus electric frac technology in international markets, potentially accelerating adoption by other operators.
Доказательства
“YPF recently awarded Halliburton a multi-billion dollar award for integrated completion services in Argentina.”
Внешние сигналы
Альфа цепочки поставок · 4с момента звонка
Frac calendar white space for H1 2026 is completely gone, and inbound calls for spot work are increasing, signaling the leading edge of capacity tightening in North America.
Доказательства
“the FRAC calendar white space in the first half of the year is now gone.”
The premium dual-fuel frac fleet market is within a handful of fleets of being fully sold out, meaning a small demand shift could trigger pricing leverage.
Доказательства
“we're within a handful of fleets...premium fleets, dual fuel type fleets of being absolutely sold out as an industry.”
Halliburton plans to move frac equipment from North America to Argentina for the YPF contract due to better pricing and multi-year runway, redrawing the international supply chain for high-spec fleets.
Доказательства
“we're moving that equipment out of North America because we believe we have good pricing there and a sustainable program.”
Halliburton guided Q2 2026 Middle East conflict impact at $0.07–$0.09 per share, with an additional $0.03–$0.05 risk if offshore restart is delayed.
Доказательства
“the assumptions we made for the Middle East for the second quarter... if the restart...are delayed, this could mean another impact to our business of, say, $0.03 to $0.05 potentially.”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 1. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.