Halliburton Company

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the first quarter of 2026 Halliburton Company Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, simply press star 1-1 on your telephone keypad. If your question has been answered or you wish to remove yourself from the queue, simply press star 1-1 again. As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Mr. David Colbert, Senior Director of Investor Relations. Sir, please begin.

Hello, and thank you for joining the Halliburton First Quarter 2026 Conference Call. We will make the recording of today's webcast available for seven days on Halliburton's website after this call. Joining me today are Jeff Miller, Chairman, President, and CEO, Shannon Slocum, Executive Vice President and COO, and Eric Correa. Executive Vice President, and CFO. Some of today's comments may include forward-looking statements that reflect Halliburton's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2025, current reports on Form 8-K, and other Securities and Exchange Commission filings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law. Our comments today also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures are included in our first quarter earnings release and in the quarterly results and presentation section of our website. Now, I'll turn the call over to Jeff.

Thank you, David, and good morning, everyone. Before I get into my thoughts on the current market and Halliburton's outlook, let me begin with a few highlights from the first quarter. We delivered total company revenue of $5.4 billion and operating margin of 13%. International revenue was $3.3 billion, an increase of 3% year over year. North America revenue was $2.1 billion, a decrease of 4% year over year. During the first quarter, we generated $273 million of cash flow from operations, $123 million of free cash flow, and repurchased $100 million of our common stock. Now let's turn to our market outlook. To begin, I believe the situation in the Middle East will have meaningful and long-lasting implications for the global energy sector. Here's what I expect. First, energy security is no longer simply a talking point. It demands action by every nation to ensure a reliable supply of oil and gas. I expect we will see increased investment in localized oil and gas developments and urgency to diversify sources of oil and gas for those countries without their own resources. Second, recovery of oil and gas production and inventories will not be a quick or simple process. Cumulative production deficits are in the several hundreds of millions of barrels and trending towards a billion. This represents several years of meaningful incremental demand to replace strategic reserves on top of what I believe will be continued structural demand growth. Big picture, this means the world is fundamentally tighter oil and gas than it was 60 days ago. In my view, that supports a durably stronger commodity environment and a far more constructive backdrop for upstream investment and oilfield services activity. I believe Halliburton will thrive in this market. We are active in all the major markets that matter with the right service lines, strategy, and technology. In addition, we are the services leader in North America which in my 30 years of experience has always been the first market to respond to price signals. With that, I'll turn the call over to Shannon.