Core Insights - DISA Technologies Inc. has successfully closed an oversubscribed Series A2 financing round, raising a total of $30 million, which includes $23 million in primary funding and $7 million in secondary funding [1] - The investment round was led by Evok Innovations and included significant participation from Constellation Technology Ventures, Valor Equity Partners, Veriten, and existing investors like Halliburton Labs [1][3] Company Overview - DISA Technologies specializes in high-impact solutions for mineral recovery and uranium remediation, utilizing its patented High-Pressure Slurry Ablation (HPSA) technology [2][9] - The HPSA technology is designed to improve mineral processing efficiency and environmental remediation, specifically targeting critical minerals and cleaning up Abandoned Uranium Mine waste [2][3] Strategic Partnerships - The investment from Constellation Technology Ventures emphasizes the strategic importance of DISA's uranium remediation efforts, particularly following a successful EPA Treatability Study and a signed MOU with the Navajo Nation EPA for a commercial-scale demonstration project [3] - Evok Innovations and Valor Equity Partners provide strategic value through their focus on energy innovation and operational expertise, respectively, while Veriten offers industry insights [4][5] Future Prospects - The funding will enable DISA to accelerate the commercial deployment of HPSA units, enhancing its capabilities in both mining operations and uranium remediation [3][8] - DISA aims to transform toxic legacy waste into strategic assets, contributing to sustainability, energy resilience, and national security [3]

Here is how Halliburton performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: View all Key Company Metrics for Halliburton here>>> While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a cru ...

Core Insights - Halliburton reported revenue of $5.51 billion for the quarter ended June 2025, a year-over-year decline of 5.5%, with EPS of $0.55 compared to $0.80 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $5.44 billion, resulting in a surprise of +1.35%, while EPS met the consensus estimate [1] Revenue Breakdown - Latin America revenues were $977 million, exceeding the estimated $911.06 million, but reflecting a year-over-year decline of -10.9% [4] - Europe/Africa/CIS revenues reached $820 million, surpassing the estimated $769.7 million, with a year-over-year increase of +8.3% [4] - North America revenues were $2.26 billion, matching the estimate but showing a year-over-year decline of -9% [4] - Middle East/Asia revenues totaled $1.45 billion, slightly below the estimated $1.51 billion, with a year-over-year decline of -2.9% [4] - Drilling and Evaluation revenues were $2.34 billion, exceeding the estimate of $2.27 billion, but reflecting a year-over-year decline of -3.8% [4] - Completion and Production revenues were $3.17 billion, slightly below the estimate of $3.18 billion, with a year-over-year decline of -6.8% [4] Operating Income - Operating income for Completion and Production was $513 million, below the average estimate of $539.22 million [4] - Corporate and other reported an operating loss of $-66 million, better than the estimated loss of $-86.6 million [4] - Operating income for Drilling and Evaluation was $312 million, slightly below the estimate of $313.49 million [4] Stock Performance - Halliburton shares returned +8.6% over the past month, outperforming the Zacks S&P 500 composite's +4.6% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) Halliburton's H1 2025 revenue decreased to **$10.9 billion** and net income to **$676 million**, driven by lower segment revenues and a **$356 million** impairment charge [Condensed Consolidated Statements of Operations](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue decreased to **$5.51 billion** and net income to **$472 million**, with a **$356 million** impairment charge significantly impacting the period's results Condensed Consolidated Statements of Operations (Q2 & YTD) | Metric (in millions, except EPS) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $5,510 | $5,833 | $10,927 | $11,637 | | **Operating Income** | $727 | $1,032 | $1,158 | $2,019 | | **Net Income Attributable to Company** | $472 | $709 | $676 | $1,315 | | **Diluted Net Income Per Share** | $0.55 | $0.80 | $0.78 | $1.48 | - The company recorded **$356 million** in "Impairments and other charges" in the first six months of 2025, with no such charges in the comparable 2024 period[10](index=10&type=chunk) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were **$25.38 billion**, with cash at **$2.04 billion**, total liabilities at **$14.83 billion**, and shareholders' equity stable at **$10.55 billion** Key Balance Sheet Items | Metric (in millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash and equivalents** | $2,038 | $2,618 | | **Total current assets** | $11,671 | $12,382 | | **Total assets** | $25,377 | $25,587 | | **Total current liabilities** | $5,844 | $6,050 | | **Long-term debt** | $7,163 | $7,160 | | **Total liabilities** | $14,830 | $15,039 | | **Total shareholders' equity** | $10,547 | $10,548 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow was **$1.27 billion**, investing activities used **$1.04 billion** (including a **$345 million** equity investment), and financing activities used **$811 million**, resulting in a **$580 million** cash decrease Six Months Ended June 30 Cash Flow Summary | Cash Flow Activity (in millions) | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,273 | $1,568 | | **Net cash used in investing activities** | $(1,040) | $(774) | | **Net cash used in financing activities** | $(811) | $(838) | | **Decrease in cash and equivalents** | $(580) | $(126) | | **Cash and equivalents at end of period** | $2,038 | $2,138 | [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a **$356 million** impairment charge, segment revenue declines, geographic revenue, income tax matters, shareholder equity changes, and financial instruments including credit default swaps Impairments and Other Charges (YTD 2025) | Charge Type (in millions) | Amount | | :--- | :--- | | Severance costs | $107 | | Impairment of assets held for sale | $104 | | Impairment of real estate facilities | $53 | | Other | $92 | | **Total** | **$356** | - The company repurchased **12 million shares** for **$252 million** in Q2 2025, with approximately **$2.5 billion** remaining authorized for repurchases as of June 30, 2025[62](index=62&type=chunk) - Halliburton has entered into credit default swaps (CDSs) with a notional amount of **$909 million** as of June 30, 2025, related to borrowings by a primary customer in Mexico to facilitate payment of receivables[71](index=71&type=chunk)[47](index=47&type=chunk) - A new federal tax law, the "One Big Beautiful Bill Act," signed on July 4, 2025, may affect the company's ability to use Foreign Tax Credits, with the impact currently under evaluation[74](index=74&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q2 2025 revenue decline to challenging market conditions, expecting full-year 2025 revenue to decrease in both international and North American markets due to activity reductions and pricing pressure [Executive Overview](index=15&type=section&id=Executive%20Overview) Halliburton's Q2 2025 performance saw a **6% revenue decrease** to **$5.5 billion** and operating income of **$727 million**, driven by declining oil prices and reduced activity in both segments - Strategic priorities include international growth, maximizing North American value with electric fracturing and automation, driving digital differentiation, maintaining capital efficiency (capex ~**6% of revenue**), and returning over **50% of annual free cash flow** to shareholders[78](index=78&type=chunk) - Market conditions in Q2 2025 were characterized by declining oil prices due to trade tensions and increased OPEC+ supply, leading to a decline in both U.S. and international rig counts compared to Q1 2025[81](index=81&type=chunk) Q2 2025 vs Q2 2024 Performance Summary | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $5.5 billion | $5.8 billion | -6% | | **Operating Income** | $727 million | $1.0 billion | -29% | | **Completion & Production Revenue** | $3.2 billion | $3.4 billion | -7% | | **Drilling & Evaluation Revenue** | $2.3 billion | $2.4 billion | -4% | [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains solid liquidity with **$2.0 billion** cash and a **$3.5 billion** credit facility, generating **$1.3 billion** operating cash flow in H1 2025 while using cash for capex, repurchases, and dividends Significant Sources and Uses of Cash (First Six Months 2025) | Category | Amount (in millions) | | :--- | :--- | | **Sources:** | | | Cash flows from operating activities | $1,300 | | **Uses:** | | | Capital expenditures | $656 | | Stock repurchases | $507 | | Dividends to shareholders | $292 | | Purchase of an equity investment | $345 | - The company maintains a capital return framework with a goal of returning at least **50% of annual free cash flow** to shareholders through dividends and share repurchases[94](index=94&type=chunk) - As of June 30, 2025, the company had **$2.0 billion** in cash and equivalents and **$3.5 billion** available under a revolving credit facility[97](index=97&type=chunk) [Business Environment and Results of Operations](index=19&type=section&id=Business%20Environment%20and%20Results%20of%20Operations) Q2 2025 saw lower commodity prices and rig counts, with WTI crude at **$64.63/bbl**, leading to an anticipated full-year 2025 revenue decline in both international and North American markets Average Commodity Prices & Rig Counts | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Oil Price - WTI ($/bbl)** | $64.63 | $81.71 | | **Worldwide Rig Count (Avg)** | 1,596 | 1,702 | - Business Outlook: Management expects full-year 2025 international revenue to decrease, primarily due to activity reductions in Saudi Arabia and Mexico, with North America full-year 2025 revenue also expected to decline due to lower activity and pricing pressure[111](index=111&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure has not materially changed since the disclosures in its 2024 Annual Report on Form 10-K - There have been no material changes in the company's market risk exposure since December 31, 2024[148](index=148&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025[149](index=149&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[150](index=150&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) Details on legal proceedings are cross-referenced to Note 9 of the condensed consolidated financial statements - Details on legal proceedings are located in Note 9 to the financial statements[152](index=152&type=chunk) [Item 1(a). Risk Factors](index=27&type=section&id=Item%201%28a%29.%20Risk%20Factors) No material changes to risk factors have occurred since those disclosed in the 2024 Annual Report on Form 10-K - As of June 30, 2025, there have been no material changes in risk factors from those disclosed in the 2024 Form 10-K[153](index=153&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, Halliburton repurchased **12.7 million shares** at an average price of **$20.93 per share**, with approximately **$2.5 billion** remaining authorized for future repurchases Share Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - 30 | 4,108,199 | $21.17 | | May 1 - 31 | 4,784,123 | $20.43 | | June 1 - 30 | 3,785,125 | $21.29 | | **Total** | **12,677,447** | **$20.93** | - Approximately **$2.5 billion** remained authorized for repurchases under the program as of June 30, 2025[156](index=156&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including supplemental indentures, executive agreements, and CEO/CFO certifications

Core Insights - Halliburton reported Q2 2025 GAAP revenue of $5.51 billion, exceeding expectations by 1.7%, but showed a 5.5% decline year-over-year [1][2][5] - Adjusted EPS for the quarter was $0.55, aligning with consensus estimates, while net income fell to $472 million, a decrease of 33.4% compared to the previous year [1][2][5] - The company faces margin pressures and a cautious outlook due to subdued demand in the oilfield services market [1][13] Financial Performance - Revenue for Q2 2025 was $5.51 billion, down from $5.83 billion in Q2 2024, reflecting a 5.5% year-over-year decline [2][5] - Operating margin decreased to 13% from 17.7% in the previous year, indicating ongoing profitability challenges [2][5] - Free cash flow dropped to $582 million, a 41.7% decrease from $999 million in Q2 2024 [2] - Net income for the quarter was $472 million, down from $709 million in the previous year, marking a 33.4% decline [2][5] Segment Performance - The Completions & Production segment generated $3.17 billion in revenue, an 8% decrease year-over-year, with operating income down 3% from Q1 2025 [6] - The Drilling & Evaluation segment reported $2.34 billion in revenue, down 3.8% year-over-year, with operating income decreasing 11% compared to Q1 2025 [7] - North America revenue was $2.26 billion, down 9% year-over-year, while Latin America and the Middle East/Asia regions also experienced declines [8][9] Strategic Focus - Halliburton operates in over 70 countries, focusing on oilfield services and products, with core segments in Completions & Production and Drilling & Evaluation [3][4] - The company emphasizes digital transformation, international growth, and sustainability, with capital expenditures targeted at 6% of revenue in 2024 [4] - Halliburton Labs has been expanded to support the transition to sustainable energy [4] Technological Advancements - The company launched EarthStar 3DX for enhanced geological insights and introduced automated drilling technologies in partnership with Nabors Industries [10] - A closed-loop hydraulic fracturing system was developed with Chevron U.S.A to improve well performance [10] Capital Management - Halliburton returned $250 million to shareholders through share repurchases and maintained a quarterly dividend of $0.17 per share [12] - Total capital expenditures for the quarter were $354 million, reflecting the company's commitment to capital discipline [11] Future Outlook - Management has adopted a cautious outlook, anticipating softer demand in the oilfield services sector and highlighting risks related to oil and gas price volatility [13]

Market Overview - The market capitalization of major US stocks shows varied performance, with Oracle at 762.30 billion, Mastercard at 321.36 billion, and Visa at 770.15 billion, reflecting increases of +0.66%, +0.86%, and +0.68% respectively [3] - Exxon Mobil's market cap is 679.53 billion, with a slight decrease of -0.98%, while Johnson & Johnson and Netflix show minor changes of -0.08% and -0.05% respectively [3] - Companies like Wells Fargo and Cisco have market caps of 270.15 billion and 279.59 billion, with respective increases of +0.98% and -0.58% [3] Notable Stock Movements - T-Mobile US Inc experienced a significant increase of +6.20%, reaching a market cap of 272.19 billion [3] - General Electric and Coca-Cola saw market caps of 285.05 billion and 298.76 billion, with increases of +0.37% and +0.91% respectively [3] - Companies like Disney and Goldman Sachs have market caps of 229.06 billion and 221.80 billion, with slight changes of +0.01% and -0.60% [3] Sector Performance - The technology sector shows mixed results, with Intel at 991.05 billion, down -3.28%, while AMD increased by +2.46% to 254.92 billion [5] - The consumer goods sector is represented by companies like Procter & Gamble and Coca-Cola, with market caps of 371.68 billion and 298.76 billion, showing slight increases [3][4] - The energy sector, represented by Exxon Mobil and Chevron, shows varied performance, with Exxon down -0.98% and Chevron up +0.66% [3] Summary of Key Companies - Oracle's market cap stands at 762.30 billion, reflecting a positive trend [3] - Mastercard and Visa show strong performance with market caps of 321.36 billion and 770.15 billion, both increasing [3] - Companies like Pfizer and Comcast have market caps of 1579.81 billion and 1332.00 billion, with Pfizer showing minimal change and Comcast down -3.16% [4][5]

Halliburton is idling some oilfield equipment in response to deteriorating demand among shale companies https://t.co/5nEhNi71vY ...

Core Insights - Halliburton Company (HAL) reported second-quarter 2025 adjusted net income per share of 55 cents, matching the Zacks Consensus Estimate but down from 80 cents in the same quarter last year, reflecting softer activity in North America offset by international growth [1][9] - Revenues for the quarter were $5.5 billion, a 5.5% decline year over year, but exceeded the Zacks Consensus Estimate by 1.1% [1][9] Regional Performance - North American revenues decreased by 9% year over year to $2.3 billion, falling short of projections by nearly $60 million [2] - International revenues declined by 3% from the previous year to $3.3 billion, but surpassed estimates of $3.1 billion [2] Segment Analysis - The Completion and Production segment reported operating income of $513 million, down from $723 million last year and below the estimate of $537.7 million, attributed to lower stimulation service prices and reduced activity in the Middle East [3] - The Drilling and Evaluation unit's profit fell to $312 million from $403 million year over year, missing the estimate of $316.6 million due to seasonal software sales slowdown and increased startup costs, partially offset by higher global drilling-related services [4] Financial Position - Halliburton's capital expenditure for the second quarter was $354 million, exceeding the projection of $338.2 million [5] - As of June 30, 2025, the company had approximately $2 billion in cash and cash equivalents, with long-term debt of $7.2 billion, resulting in a debt-to-capitalization ratio of 40.4% [5] - The company repurchased $250 million of its stock during the quarter and generated $896 million in cash flow from operations, leading to a free cash flow of $582 million [5] Management Outlook - Management anticipates a softer oilfield services market in the near to medium term, with mixed international activity, and remains committed to shareholder returns [7] - The company aims to outperform peers in North America through scale, technology leadership, and strong service execution [7]

Financial Data and Key Metrics Changes - The reported net income per diluted share for Q2 2025 was $0.55, with total company revenue of $5.5 billion, reflecting a 2% increase compared to Q1 2025 [19] - Operating income was $727 million, with an operating margin of 13% [19] - Cash flow from operations was $896 million, and free cash flow was $582 million [19] Business Line Data and Key Metrics Changes - Completion and Production division revenue for Q2 was $3.2 billion, a 2% increase from Q1, but operating income decreased by 3% to $513 million [20] - Drilling and Evaluation division revenue also increased by 2% to $2.3 billion, but operating income decreased by 11% to $312 million [21] Market Data and Key Metrics Changes - International revenue for Q2 was $3.3 billion, showing a 2% sequential growth, with notable increases in Latin America and Europe Africa [9] - North America revenue remained flat at $2.3 billion, with seasonal improvements offset by lower service pricing and reduced artificial lift activity [13] Company Strategy and Development Direction - The company plans to align its business with current market conditions by reducing costs and reallocating underperforming assets [26] - Halliburton aims to focus on growth engines such as unconventionals, drilling, production services, and artificial lift, which are seen as key to its international strategy [9][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the oilfield services market is expected to be softer than previously anticipated due to reduced activity and lower discretionary spending in international markets [6] - The company remains confident in its future, emphasizing its differentiated technology and collaborative approach to maximize asset value for customers [18] Other Important Information - The company expects international artificial lift revenue to grow over 20% this year and plans to double the installed base of its remote operations and automation platform [13] - Capital expenditures for Q2 were $354 million, with expectations to be about 6% of revenue for the full year [25] Q&A Session Summary Question: C and P margins were softer in the quarter; what are the contributing factors? - Management explained that the softness was due to lower pricing for stimulation services in the U.S. and reduced activity in Saudi Arabia, with expectations for a 1% to 3% revenue decline in Q3 [30][32] Question: What is the outlook for customer activity in North America? - Management indicated that customers are cautious and focused on conserving cash, with expectations for activity to pick up earlier in 2026 but not until there are catalysts for change [35][36] Question: How is Halliburton positioned in the unconventional market, particularly in the Middle East? - Management expressed confidence in their positioning and noted ongoing work in the UAE, emphasizing a disciplined approach to bidding based on returns [56][57] Question: What is the impact of tariffs on the artificial lift market? - Management acknowledged that tariffs have affected the U.S. land artificial lift market, with efforts underway to adjust the supply chain [105] Question: What is the expected performance in Mexico and Kuwait? - Management noted solid growth expectations in Kuwait, while Mexico's performance remains uncertain due to ongoing issues [108]

Financial Data and Key Metrics Changes - The reported net income per diluted share for Q2 2025 was $0.55, with total company revenue of $5.5 billion, reflecting a 2% increase compared to Q1 2025 [19] - Operating income was $727 million, with an operating margin of 13% [19] - Cash flow from operations was $896 million, and free cash flow was $582 million [19] Business Line Data and Key Metrics Changes - In the Completion and Production division, Q2 revenue was $3.2 billion, a 2% increase from Q1 2025, but operating income decreased by 3% to $513 million [20] - The Drilling and Evaluation division reported Q2 revenue of $2.3 billion, also a 2% increase from Q1 2025, but operating income decreased by 11% to $312 million [21] Market Data and Key Metrics Changes - International revenue for Q2 was $3.3 billion, showing a 2% sequential growth, with notable increases in Latin America and Europe Africa, while Saudi Arabia experienced a reduction in activity [8][22] - North America revenue remained flat at $2.3 billion compared to Q1 2025, with seasonal improvements offset by lower service pricing and reduced artificial lift activity [13][14] Company Strategy and Development Direction - The company plans to align its business with current market conditions by reducing costs and reallocating underperforming assets [27] - Key growth engines identified include unconventionals, drilling, production services, and artificial lift, with a focus on technology and operational excellence [9][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the oilfield services market is expected to be softer than previously anticipated due to reduced activity and lower discretionary spending in international markets [5] - The company remains confident in its strategic execution and believes it is well-positioned to deliver industry-leading returns despite near-term challenges [6][18] Other Important Information - Capital expenditures for Q2 were $354 million, with expectations for full-year capital expenditures to be about 6% of revenue [25] - The company anticipates a negative impact from tariffs of approximately $35 million in Q3 2025 [26] Q&A Session Summary Question: About C and P margins and guidance for Q3 - Management explained that softer margins were due to reduced activity in Saudi Arabia and pricing headwinds in U.S. Land, with expectations for a 1% to 3% revenue decline in Q3 [30][31][32] Question: Customer conversations regarding North American frac business - Management indicated that customers are cautious and focused on technology and service quality, with expectations for activity to pick up in early 2026 [34][35] Question: Current state of E&Ps and pricing dynamics - Management discussed the importance of supply and demand fundamentals, noting that they will not work at uneconomic levels and will strategically stack fleets as necessary [40][45] Question: Unconventional market opportunities - Management highlighted growth potential in Argentina and Saudi Arabia, with expectations for continued double-digit growth in international frac business [48][50] Question: Cost structure and margin protection - Management emphasized the need to variabilize costs and maintain efficiency, targeting a reduction in costs as activity slows down [76][78] Question: Impact of tariffs on artificial lift market - Management confirmed that tariffs are affecting the U.S. land artificial lift market, while international demand is driven by technology in conventional wells [104][105] Question: Outlook for Mexico and Kuwait - Management expressed optimism for growth in Kuwait, while noting that issues in Mexico remain unsettled, leading to a cautious outlook [107][108]