-- Oil and gas engineering services provider Halliburton (HAL) said Tuesday that completion and production revenue in Q1 2026 fell 3% or $104 million to $3 billion over the year, while operating income dropped 17% to $439 million.
The company said lower stimulation activity in North America, reduced completion tool sales and decreased pressure pumping services had a negative effect on Q1 revenues.
Those influences were partly offset by higher completion tool sales in the Western Hemisphere and increased pressure pumping services in Africa.
Drilling and evaluation revenue rose 4% or $89 million over the year to $2.4 billion, while operating income was flat at $351 million.
Results were positively influenced by higher project management activity in Latin America and higher demand for drilling-related services in Europe and the Western Hemisphere.
However, these gains were partially offset by lower activity in the Middle East, particularly in Saudi Arabia and Qatar, along with reduced wireline activity in the Eastern Hemisphere and a decline in fluid services in the Gulf of Mexico, the company said.
Middle East/Asia revenue in Q1 2026 declined 13% to $1.3 billion over the year.
The Iran conflict also impacted drilling and evaluation. "In the first quarter of 2026, the geopolitical conflict in the Middle East affected both divisions, with an impact of approximately 2 to 3 cents of net income per diluted share," according to the statement.
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