Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $132 million, below the original guidance of $135 to $145 million, with adjusted EBITDA of $9.6 million [6][14] - The U.S. rig count declined from 592 at the end of Q1 to 549 at the end of Q3, a decrease of approximately 7% [6][7] - Cash and cash equivalents were $14.4 million, with total liquidity of $40.3 million as of September 30, 2025 [12] Business Line Data and Key Metrics Changes - Cementing revenue decreased by approximately 6% to $49.3 million, with a 4% decrease in completed jobs [14] - Wireline revenue fell by approximately 15% to $28.2 million, with a 4% decrease in completed stages [14] - Completion tools revenue decreased by approximately 16% to $31.2 million, with a 27% decrease in completed stages [14] - Coiled tubing revenue decreased by approximately 7% to $23.4 million, despite an average blended day rate increase of approximately 5% [14][15] Market Data and Key Metrics Changes - The average rig count in the Permian Basin declined by approximately 15% from Q1 to Q3 [7] - Natural gas prices averaged approximately $3.03 in Q3, down from $3.19 in Q2 [8] - International revenue grew by approximately 19% year-over-year, driven by increased sales in the UAE, Argentina, and Australia [8] Company Strategy and Development Direction - The company aims to grow market share both domestically and internationally while lowering costs without compromising service quality [19] - The completion tools division is focusing on R&D to adapt to customer consolidation and changes in completion designs [8] - The company is navigating challenging market dynamics and anticipates typical seasonality affecting Q4 activity [19] Management Comments on Operating Environment and Future Outlook - The management noted significant pricing pressure and market share losses due to competition and declining activity levels [7][19] - For Q4, the company projects revenue between $122 million and $132 million, expecting continued low pricing and seasonal slowdowns [19] - The management expressed concerns about the pressure on operators and the service sector, complicating the outlook for relief in pricing [23] Other Important Information - The company did not generate excess cash flow in the last two fiscal quarters, resulting in no cash flow offers to noteholders [14] - CapEx spend during Q3 was $3.5 million, with a full-year budget unchanged at $15 to $25 million, likely coming in at the lower end [16] Q&A Session Summary Question: When will customers recognize the need for relief in the service market? - Management indicated that the industry is nearing a point where operators are starting to consider the need for relief due to underinvestment and rising costs [23] Question: Is there potential for a step change in coiled tubing equipment needs? - Management acknowledged the technical need for a step change in equipment but noted that capital investment is currently challenging due to pressure on the service sector [24]

Core Viewpoint - Halliburton Company is experiencing a shift in analyst expectations, with a decrease in the consensus price target, yet it shows positive financial performance indicators in recent quarters [2][3][6] Financial Performance - In Q3 2025, Halliburton reported a net income of $18 million, or $0.02 per diluted share, with adjusted net income rising to $496 million, or $0.58 per diluted share, an improvement from Q2's $472 million, or $0.55 per diluted share [3][6] - Total revenue for Q3 reached $5.6 billion, indicating strong operational performance [4] Analyst Opinions - The consensus price target for Halliburton has decreased by $3.00 over the past year, from $24.5 to $21.5, reflecting a more conservative outlook from analysts [2][6] - Analyst Charles Minervino from Susquehanna has set a more optimistic price target of $48 for Halliburton, suggesting potential for growth despite the general caution among other analysts [4][6] Upcoming Events - Halliburton is scheduled to host a conference call on October 21, 2025, to discuss its third-quarter financial results, which may provide further insights into the company's performance and future prospects [5]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $150.5 million, an increase of approximately 6% compared to Q4 2024, and within the guidance range of $146 million to $152 million [6] - Adjusted EBITDA for the quarter was $16.5 million, reflecting a 17% increase quarter over quarter, with adjusted EBITDA margins at approximately 26% [6][7] - Cash and cash equivalents as of March 31, 2025, were $17.3 million, with total liquidity of $53.8 million [11][12] Business Line Data and Key Metrics Changes - Cementing revenue increased by approximately 4% to $57.2 million, with jobs completed rising by approximately 11% [12][13] - Wireline revenue grew by approximately 7% to $29.6 million, with 7,713 wireline stages completed, an increase of approximately 15% [13] - Coiled tubing revenue increased by approximately 16% to $29.9 million, driven by a 36% increase in coiled tubing days [14] Market Data and Key Metrics Changes - The U.S. rig count remained flat in Q1 2025, yet the company achieved revenue growth across all service lines [7] - Pricing across service lines was mostly stable, except for wireline operations in the Northeast, which experienced lower stage pricing due to previous bidding processes [8][9] Company Strategy and Development Direction - The company is focused on market share gains and cost reductions, with a strong emphasis on technology development and maintaining service quality [6][19] - The recent appointment of Joey Hall to the Board of Directors is aimed at enhancing industry expertise within the company [20] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the impact of declining oil prices and increased costs due to tariffs on future activity levels [16][18] - The company anticipates Q2 revenue to decline compared to Q1, projecting between $138 million and $148 million [19] - Management remains optimistic about the long-term outlook for natural gas and its potential positive impact on earnings [17] Other Important Information - The company refinanced its ABL revolving credit facility, increasing liquidity and financial flexibility [10][11] - The average blended revenue per cementing job decreased by approximately 6%, while the average blended revenue per wireline stage decreased by approximately 7% [12][13] Q&A Session Summary Question: Pricing pressures and impacted business lines - Management indicated that pricing pressure is primarily seen in the cementing division, particularly in West Texas, due to tariff impacts and commodity price evaluations [24][25] Question: Oil price guidance and its implications - Management stated it is too early to provide specific guidance on oil prices, emphasizing the importance of market evaluations by customers [31][32] Question: Ability to pass on tariff costs to customers - Management confirmed plans to pass on tariff costs to customers, as the service sector cannot absorb these increases [33][34] Question: Outlook for natural gas markets - Management expressed excitement about the natural gas market, particularly in Haynesville, but confirmed no plans to relocate equipment at this time [36][37] Question: International tool sales and opportunities - Management reported positive performance in international tool sales and highlighted ongoing development of completion tools to meet stringent international requirements [38][39]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $150.5 million, an increase of approximately 6% compared to Q4 2024, and within the guidance range of $146 million to $152 million [5] - Adjusted EBITDA for the quarter was $16.5 million, reflecting a 17% increase quarter over quarter, with incremental adjusted EBITDA margins of approximately 26% [5][6] - Cash and cash equivalents as of March 31, 2025, were $17.3 million, with total liquidity of $53.8 million [11] Business Line Data and Key Metrics Changes - Cementing revenue increased by approximately 4% to $57.2 million, with jobs completed rising by approximately 11% [12][13] - Wireline revenue grew by approximately 7% to $29.6 million, with 7,713 wireline stages completed, an increase of approximately 15% [13] - Coiled tubing revenue increased by approximately 16% to $29.9 million, with utilization significantly higher compared to Q4 [8][14] Market Data and Key Metrics Changes - The U.S. rig count remained flat in Q1, yet the company achieved revenue growth across all service lines [6] - Pricing across service lines was mostly stable, except for wireline operations in the Northeast, which experienced lower stage pricing due to bidding impacts [7] Company Strategy and Development Direction - The company is focused on market share gains and cost reductions, with a strong emphasis on technology development and maintaining service quality [5][19] - The recent appointment of Joey Hall to the Board of Directors is aimed at enhancing industry expertise within the company [20] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainty in the energy industry due to declining oil prices and increased costs from tariffs, impacting customer plans and activity levels [16][18] - The company anticipates Q2 revenue to decline compared to Q1, projecting between $138 million and $148 million [19] - Management remains optimistic about the long-term outlook for natural gas and its potential positive impact on earnings [17] Other Important Information - The company completed a refinancing of its ABL revolving credit facility, increasing liquidity and financial flexibility [9][10] - General and administrative expenses for Q1 were $13.3 million, with a full-year CapEx budget unchanged at $15 million to $25 million [14][15] Q&A Session Summary Question: Pricing pressures and impacted business lines - Management indicated that pricing pressure is primarily seen in the cementing division, largely due to tariffs and commodity price fluctuations [22][23] Question: Oil price guidance - Management stated it is too early to provide specific guidance on oil prices, emphasizing the importance of market conditions and customer evaluations [27][28] Question: Ability to pass on tariff costs - Management confirmed plans to pass tariff costs onto customers, as the service sector cannot absorb these increases [30][31] Question: Natural gas market outlook - Management expressed excitement about the natural gas market and confirmed no plans to relocate equipment at this time [33][34] Question: International tool sales - Management reported positive performance in international tool sales and highlighted ongoing development of completion tools [36]