The oil and gas services industry is clearly under strain - spending is down, drilling activity in North America is weak, and management says the market will stay soft for the rest of 2025. Halliburton itself is laying off staff and trimming operations rather than expanding.
It all sounds like more than just a rough patch, it feels structural. If upstream investment stays flat, and the company’s manufacturing costs and tariffs keep biting, then the rebound might be far off. I barely believe in their pivot into data-center and electrified tech, and that’s a long way anyway from making up for the core business falling apart.