Halliburton revenue 2010-2023

Halliburton generated 23.02 billion U.S. dollars in revenue in 2023. This was an increase of nearly three billion U.S. dollars from the previous year. In 2020, Halliburton's revenue recorded a record low, as the global oil industry struggled to adjust to steep demand decline and over-production in light of the coronavirus pandemic. Haliburton’s revenue that year was lower than during the 2009 recession and 2016 oil crisis.

Global and national standing

Founded in 1919 in Houston, Texas, Halliburton has a presence in over 70 countries and ranks among the leading oil equipment and services providers worldwide based on revenue. In 2023, it recorded one of its most profitable years in recent years on the back of rising oil production. It also diversified its profile by being awarded a multi-million dollar deal in the Black Sea.

Shale and the world oil glut

After the 2008 financial crisis, hydraulic fracturing was developed to affordably extract shale oil that was once out of reach in the United States and increase domestic production. Halliburton was a key player in rapidly expanding this technology, with the U.S. shale oil production having climbed to an estimated 26.9 trillion cubic feet in 2022. Until 2050, unconventional oil production is expected to continue seeing year-on-year growth and reach over 30 trillion cubic feet in annual production by 2035.