Key Stats
Halliburton stands as one of the world’s leading oilfield services companies, providing products and services for oil and gas exploration worldwide. Founded in 1919 by Erle P. Halliburton, the company pioneered revolutionary cementing techniques that transformed the industry.
The organization operates through two main segments: Completion and Production, and Drilling and Evaluation. These divisions deliver comprehensive solutions from drilling through production optimization.
Halliburton has built its reputation on innovation, from introducing the first jet cement mixer to developing advanced hydraulic fracturing technologies. The company serves customers across diverse environments, from deepwater offshore operations to unconventional land resources.
Halliburton History
Erle P. Halliburton founded New Method Oil Well Cementing Company in Duncan, Oklahoma with borrowed equipment and pioneered oil well cementing techniques.
The company incorporated in Delaware with 56 employees. Stock ownership split between Erle Halliburton, his wife Vida, and seven major oil companies.
First international expansion began with equipment sales to Burma, marking the start of Eastern Hemisphere operations.
Completed first offshore cementing job using a truck mounted on a barge in the Gulf of Mexico, pioneering offshore services.
Acquired Brown & Root construction company for $36.7 million, expanding revenue to $345 million and entering the construction sector.
Merged with Dresser Industries in a $7.7 billion deal, creating Kellogg Brown & Root division and significantly expanding operations.
Split from KBR subsidiary to focus on core oilfield services. Reorganized operations into two divisions: Completion and Production, and Drilling and Evaluation.
Announced proposed $34.6 billion acquisition of Baker Hughes, which was later terminated in 2016 due to regulatory concerns.
Opened MultiChem manufacturing facility in Saudi Arabia, expanding regional production capabilities for specialty chemicals.
Halliburton Co-founders
Born in Tennessee in 1892, Erle P. Halliburton founded the company after working with Perkins Oil Well Cementing Company. He pioneered cementing techniques and held 38 patents for oilfield services and tools before his death in 1957.
Halliburton Competitors
Schlumberger leads the global oilfield services market, while other major competitors include Baker Hughes, Weatherford International, and National Oilwell Varco. These companies compete across drilling, completion, and production services worldwide.
| Company | Headquarters | Market Focus |
|---|---|---|
| Schlumberger (SLB) | Houston, TX | Global oilfield services leader |
| Baker Hughes | Houston, TX | Energy technology and services |
| Weatherford International | Houston, TX | Oil and gas equipment and services |
| National Oilwell Varco | Houston, TX | Drilling equipment and technology |
| Saipem | Milan, Italy | Offshore construction and drilling |
| Transocean | Vernier, Switzerland | Offshore drilling contractor |
| TechnipFMC | London, UK | Subsea and surface technologies |
| Liberty Energy | Denver, CO | Hydraulic fracturing services |
| China Oilfield Services | Beijing, China | Offshore oilfield services |
| Petrofac | Jersey, UK | Engineering and construction |
Halliburton Revenue
The company’s revenue reached $22.9 billion in 2024, remaining essentially flat compared to 2023. Revenue peaked at $24 billion in 2018 before declining during the 2020 industry downturn.
Halliburton Market Cap
Market capitalization fluctuates with commodity prices and industry conditions. The company’s market cap currently stands at approximately $23.2 billion, reflecting investor confidence in long-term energy sector fundamentals despite near-term headwinds.
Halliburton Acquisitions
Throughout its history, Halliburton has pursued strategic acquisitions to expand capabilities and geographic reach. The most significant acquisition came in 1998 when the company merged with Dresser Industries in a $7.7 billion deal.
This merger brought the M.W. Kellogg division under Halliburton’s umbrella, which combined with Brown & Root to form Kellogg Brown & Root. The construction and engineering division significantly expanded Halliburton’s service portfolio beyond traditional oilfield operations.
In 1962, Halliburton acquired Brown & Root for $36.7 million. This construction company, also founded in 1919, added major engineering and construction capabilities. The acquisition boosted revenues to $345 million and positioned Halliburton for large-scale infrastructure projects.
The company attempted its largest acquisition in 2014 when it announced plans to purchase Baker Hughes for $34.6 billion. The deal would have combined the second and third largest oilfield services companies, creating a powerful competitor to Schlumberger.
However, regulatory challenges proved insurmountable. The U.S. Department of Justice sued to block the merger in April 2016, citing competitive concerns in 23 market segments critical to energy production. After 18 months of regulatory review, both companies terminated the agreement in May 2016.
Halliburton paid Baker Hughes a $3.5 billion termination fee and redirected those funds toward share buybacks and debt reduction. The company refocused on organic growth and operational excellence rather than transformative mergers.
In 2007, Halliburton divested KBR through a spin-off, separating the construction and government services business from core oilfield operations. This strategic divestiture allowed management to concentrate resources on energy services where Halliburton held competitive advantages.
Earlier acquisitions included Welex in 1957, pioneering jet perforation technology, and Otis Engineering in 1959, which specialized in pressure control equipment. These transactions strengthened Halliburton’s well completion and production capabilities during a period of rapid industry growth.
