Halliburton CEO Jeff Miller Warns of Tighter Global Oil and Gas Markets

Halliburton Co. CEO Jeff Miller stated that the global outlook for oil and natural gas has become “fundamentally tighter” than it was just 60 days prior, citing shifting market dynamics despite recent quarterly results that met expectations.

Miller’s comments came during Halliburton’s second-quarter 2025 earnings call, where the company reported adjusted earnings of 55 cents per diluted share and revenue of $5.51 billion, slightly above the $5.42 billion consensus estimate. While revenue topped estimates and operating income improved to $727 million from $431 million in the prior quarter, Miller cautioned that near-term activity in key international markets may weaken, potentially offsetting strength elsewhere.

He noted that although Halliburton is “more differentiated, more collaborative, and better positioned than ever before,” the oilfield services market will be “softer than I previously expected over the short to medium term.” Activity reductions in a few large international regions could outweigh gains in other areas, though he reaffirmed the company’s long-term focus on growth areas including drilling, unconventional resources, artificial lift, and production services.

Segment performance showed completion and production revenue rising 2% sequentially to $3.2 billion, driven by strong pressure pumping and completion tool sales in the Western Hemisphere, though pricing pressure affected U.S. Land stimulation services. Drilling and evaluation revenue also increased 2% to $2 billion.

Free cash flow reached approximately $582 million, with operating cash flow totaling $896 million. Operating margin improved to 13%, up from about 8% in the previous quarter.

Miller, who has led Halliburton as CEO since 2017 and became chairman of the board in January 2019, brings decades of industry experience. A certified public accountant, he began his career at Arthur Andersen before joining Halliburton in 1997, working in operations across Venezuela, Angola, Indonesia, and Dubai before moving into executive roles in Houston in 2010.

His leadership has overseen major workforce adjustments, including the termination of 35,000 jobs in 2015 during the oil downturn—approximately 40% of Halliburton’s global workforce at the time. The company continues to face scrutiny over its environmental impact as a major contributor to hydraulic fracturing operations worldwide.

Despite near-term headwinds, Miller emphasized Halliburton’s strategic resilience, pointing to improved collaboration and operational differentiation as foundations for navigating evolving energy demand.