Key Takeaways Halliburton launched the XTR CS injection valve for CO2 injection in CCUS wells.The wireline-retrievable system is non-elastomeric for harsh, low-temp environments.The valve meets API 14A standards and supports high rates with reduced wear.Halliburton Company (HAL) has introduced the XTR CS injection system, a wireline-retrievable safety valve solution engineered specifically for CO2 injection, as carbon capture, utilization and storage (CCUS) projects expand globally, ensuring well integrity. ...

来源：经济观察网 经济观察网 基于截至2026年2月15日的公开信息，哈里伯顿（HAL.US）近期值得关注的事件主要围绕 其最新财务表现、市场活动及业务展望。 业务进展情况第四季度公司与Volta Grid签署协议合作开发数据中心分布式发电解决方案，计划2028年 交付400兆瓦项目；同时获壳牌尼日利亚综合钻探服务合同，强化在能源服务领域的布局。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况公司于2026年1月21日公布2025年第四季度财报，净利润5.89亿美元，调整后每股收益0.69 美元，高于市场预期的0.55美元；总收入56.6亿美元，其中国际收入环比增长7%至35亿美元。运营现金 流达11.7亿美元，并回购2.5亿美元普通股。 机构观点2026年1月22日，哈里伯顿预测2026年国际收入将持平或小幅增长，北美收入预计同比下降高 一位数（2025年总收入增长约4%）。摩根大通（目标价35美元）、RBC Capital Markets（目标价38美 元）等机构近期发布评级，关注委内瑞拉市场潜在机会及北美需求疲软影响。 股票近期走势2026年2月4日，哈里伯顿成交额达5.99亿美元，较前一日增 ...

Core Insights - The AAM S&P 500 High Dividend Value ETF (SPDV) has returned 20.2% over the past year, outperforming the SPDR S&P 500 ETF Trust (SPY) which returned 15.5% [1] - SPDV focuses on high-yield companies, generating income through dividend-paying stocks and providing monthly distributions [1] Fund Performance - SPDV's largest holding is Newmont Corp at 3.48%, with a conservative payout ratio of 14.8%, ensuring stability in dividend payments [1] - The fund's monthly distributions have increased from $0.085 in early 2023 to $0.10 in January 2026, indicating improving cash flow from its holdings [1] Holdings Analysis - Halliburton, representing 2.57% of the portfolio, offers a 1.94% yield with a payout ratio of 45.3%, suggesting sustainability during downturns in the energy sector [1] - CVS Health, making up 2.45% of the portfolio, has raised concerns regarding dividend sustainability due to a 43.2% year-over-year decline in quarterly earnings [1]

AMERICAS ENERGY Energy Portfolio Strategy: Amid the Energy Rally, Highlighting 10 Buys With Above Average Upside As we discussed in the Pulse last Friday, the repricing of Energy equities has been significant this year, with the XLE +23% vs the S&P +1%. The strength has been driven by positive GDP revisions, a broader tech rotation as well as positive oil momentum amid smaller than expected surpluses and geopolitical uncertainty. We continue to value equities using a $70 Brent and $3.75 Henry Hub mid-cycle ...

Shares of Halliburton (NYSE: HAL) have been on a tear, climbing 55% since the oilfield services company beat third-quarter earnings estimates in October. After trading near multiyear lows throughout the summer, the stock has erased all of last year's losses as the market recognizes that management's cost initiatives are taking hold and global demand is improving. Fourth-quarter revenue was little changed sequentially and up only 1% year over year, but profitability showed signs of life despite a declining ...

Group 1: Helmerich & Payne (H&P) Overview - H&P views the Middle East as a primary growth driver, particularly for international shale development and increased rig demand [1] - The company is investing heavily in the Middle East to offset stagnation in the U.S. market, with plans to operate 24 rigs in Saudi Arabia by mid-2026 [1] - H&P reported mixed financial results for Q1 2026, with revenue of $1.02 billion exceeding expectations but a GAAP EPS of -$0.98 due to a $103 million non-cash impairment charge [2] Group 2: Industry Trends and Competitors - Major oilfield-service providers are increasingly focusing on the Middle East to hedge against volatility in the U.S. market, as the region can sustain production at lower oil prices [3] - The U.S. shale revolution has significantly increased production, but growth is now declining, with active oil-directed rigs dropping over 30% from late 2022 to October 2025 [4] - Companies like Patterson-UTI Energy and SLB are also targeting the Middle East for growth, leveraging their U.S. expertise and securing major contracts in the region [6][8] Group 3: Regional Opportunities - The Middle East is identified as a primary growth engine for several companies, including Weatherford and Halliburton, with strong opportunities in Saudi Arabia, UAE, Kuwait, and Oman [10][12] - Halliburton emphasizes the importance of mature field development and enhanced oil recovery (EOR) in the region, viewing it as a stable market for services [12] - SLB has secured a $1.5 billion contract with Kuwait Oil Company and is investing in local manufacturing and talent development in Oman [9]

Core Insights - Halliburton Company's fourth-quarter 2025 results showed earnings resilience despite a softer year-over-year backdrop, with revenues of $5.7 billion and adjusted earnings of 69 cents per share [1][8] - Profitability remained solid but lower than the prior year, with adjusted operating income of $829 million and an adjusted operating margin of 15% [1] - Cash generation was robust, with operating cash flow of $1.2 billion during the quarter, reflecting disciplined execution and a focus on returns [1] International Operations - International operations were the primary stabilizer, with full-year international revenues declining just 2% in 2025, outperforming broader activity trends [2] - Fourth-quarter results showed resilience across multiple regions, with growth in Europe, Africa, Latin America, and parts of the Middle East and Asia supported by higher completion tool sales and steady project execution [2] - Longer-cycle markets provided durable pricing and utilization, helping sustain margins despite declines in select countries [2] North America Performance - North America experienced a 6% decline in full-year regional revenues, with fourth-quarter results reflecting continued pressure from lower stimulation activity and cautious customer spending [3] - Management focused on cost discipline, selective activity, and technology deployment to protect returns, which helped support earnings quality despite weaker demand [3] - The company returned capital through $250 million of share repurchases during the quarter, emphasizing execution and financial discipline [3] Peer Comparisons - Halliburton's performance was consistent with its peers, as international operations also played a stabilizing role for other oilfield services companies [4] - SLB N.V. reported high single-digit sequential growth in international operations, driven by stronger activity in the Middle East, Asia, and Latin America [5] - Baker Hughes also saw resilience in international operations, particularly in Sub-Saharan Africa and Brazil, which helped stabilize earnings despite macro-driven pressures [6] Stock Performance - Halliburton's shares have gained over 70% in the past six months, outperforming the industry's growth [7]

Group 1 - Jefferies raised Halliburton's target price from $32 to $39, maintaining a "Buy" rating [1]

Core Viewpoint - Halliburton reported a revenue of $5.66 billion for Q4 2025, marking a year-over-year increase of 0.8% and exceeding the Zacks Consensus Estimate by 4.64% [1] Financial Performance - Earnings per share (EPS) for the quarter was $0.69, slightly down from $0.70 a year ago, but surpassed the consensus estimate of $0.54 by 27.78% [1] - Halliburton's stock has returned +5.2% over the past month, while the Zacks S&P 500 composite has decreased by -1.5% [3] Revenue Breakdown - North America: $2.21 billion, slightly above the $2.13 billion estimate, with a year-over-year change of -0.3% [4] - Middle East/Asia: $1.46 billion, below the $1.47 billion estimate, with a year-over-year decline of -11.7% [4] - Europe/Africa/CIS: $928 million, exceeding the $841.88 million estimate, reflecting a +16.7% year-over-year increase [4] - Latin America: $1.07 billion, above the $1.02 billion estimate, with a year-over-year increase of +11.9% [4] Segment Performance - Drilling and Evaluation: Revenue of $2.39 billion, slightly above the $2.37 billion estimate, with a year-over-year change of -1.8% [4] - Completion and Production: Revenue of $3.27 billion, exceeding the $3.08 billion estimate, with a year-over-year increase of +2.8% [4] - Operating income for Completion and Production was $570 million, surpassing the $477.74 million estimate [4] - Operating income for Drilling and Evaluation was $367 million, slightly above the $365.42 million estimate [4] - Corporate and other reported an operating income of -$66 million, better than the -$68.85 million estimate [4]

Sustainability and Environmental Initiatives - Halliburton aims to advance a sustainable energy future by developing technologies to lower emissions intensity and grow its low carbon energy business[14]. - The company has invested in developing environmentally friendly hydraulic fracturing technologies, including a fluid system sourced entirely from the food industry[44]. - Halliburton has not been obligated to compensate any indemnified party for environmental liability arising from hydraulic fracturing to date[46]. Geographic and Market Presence - In 2025, 39% of consolidated revenue was derived from the United States, with no other country exceeding 10% of total revenue[23]. - Halliburton operates in more than 70 countries, organized into four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia[22]. - The company recognizes that geopolitical factors and market conditions can impact operations, but believes geographic diversification reduces risks associated with interruptions in any single country[25]. Workforce and Employment - The company employed over 46,000 people worldwide as of December 31, 2025, with a modest voluntary turnover rate of 9%[32][34]. - In 2025, 91% of the workforce and 85% of management were on local terms in the countries where they work, reflecting a commitment to local workforce development[33]. Financial Performance - Total revenue for 2025 was $22,184 million, a decrease of 3.3% from $22,944 million in 2024[239]. - Operating income fell to $2,260 million in 2025, down 40.8% from $3,822 million in 2024[239]. - Net income attributable to the company decreased to $1,283 million in 2025, compared to $2,501 million in 2024, representing a decline of 48.7%[239]. - Basic net income per share for 2025 was $1.50, down from $2.84 in 2024, a decrease of 47.2%[239]. - Total operating costs and expenses increased to $19,924 million in 2025, up 4.2% from $19,122 million in 2024[239]. - Cash flows provided by operating activities were $2,926 million in 2025, a decrease of 24.4% from $3,865 million in 2024[245]. - Capital expenditures for 2025 were $1,254 million, down from $1,442 million in 2024, a reduction of 13.0%[245]. Assets and Liabilities - Total assets decreased to $25,010 million in 2025 from $25,587 million in 2024, a decline of 2.3%[243]. - Total liabilities decreased to $14,505 million in 2025, down from $15,039 million in 2024, a reduction of 3.5%[243]. - The allowance for credit losses increased to $805 million by the end of 2025, up from $754 million at the end of 2024[301]. - Long-term total debt remained stable at $7,158 million in 2025 compared to $7,160 million in 2024[313]. Internal Controls and Compliance - The company maintained effective internal control over financial reporting as of December 31, 2025, as confirmed by an independent audit[231]. - There have been no waivers from provisions of the company's Code of Business Conduct for the years 2023, 2024, or 2025[48]. - The company’s management concluded that its internal control over financial reporting was effective as of December 31, 2025[217]. Impairments and Charges - The company incurred impairments and other charges of $831 million in 2025, with $556 million attributed to Completion and Production and $247 million to Drilling and Evaluation[281]. - Total impairments and other charges for 2025 amounted to $831 million, which included $299 million in severance costs and $224 million for impairment of assets held for sale[275]. - Halliburton's impairment of assets held for sale related to its chemical business was $224 million in 2025, reflecting strategic shifts in operations[275]. Stock and Shareholder Information - The company repurchased $1,007 million in stock during 2025, compared to $1,005 million in 2024[245]. - The company repurchased 42.4 million shares of common stock in 2025, with approximately $2.0 billion remaining authorized for repurchases as of December 31, 2025[339]. - Stock-based compensation costs for 2025 were $213 million, with a net cost of $177 million after tax benefits[344]. Taxation and Deferred Tax Assets - Halliburton reported gross deferred tax assets of $3.6 billion with a related valuation allowance of $0.9 billion as of December 31, 2025[226]. - The total income tax provision for 2025 was $479 million on pre-tax income of $1.8 billion, resulting in an effective tax rate of 27.0%[324]. - As of December 31, 2025, total gross deferred tax assets amounted to $3.626 billion, while total gross deferred tax liabilities were $393 million[326].