Halliburton Company

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Halliburton Company's third quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 11 on your telephone keypad. At this time, I would like to turn the conference over to Mr. David Coleman, Senior Director, Investment Relations. Sir, please begin.

Hello, and thank you for joining the Halliburton Third 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 Carre, 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 Hal Burton's Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q, 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 third 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. I am pleased with Halliburton's third quarter results. Our revenue exceeded our expectations, and we took important steps towards improving our margins. Here are a few highlights from the third quarter. We delivered total company revenue of $5.7 billion and adjusted operating margin of 12.8%. International revenue was $3.5 billion, an increase of 9% year over year. North America revenue was $2.2 billion, a decrease of 9% year over year. During the third quarter, we repurchased approximately $250 million of our common stock. Before Shannon covers our operations, let me share my thoughts on the market, an early view of the year ahead, and Halliburton's business today. Let's start with the market. We are another three months into one of the largest energy disruptions in history. Commodity prices remain elevated and geopolitical uncertainty is high. The world has lost an enormous amount of oil supply and the shortfall continues to grow. Our current estimates are that nearly 3 billion barrels of supply have been lost since the conflict began, and that about 1 billion barrels have been drawn from global inventories. I expect the work to restore production, rebuild inventories, and strengthen energy security will drive multi-year demand growth for oilfield services. Turning to our outlook for the business. Our early view of 2027 for Halliburton is revenue growth in the mid-single digits and operating income margins to expand about 200 basis points or to about 15%. Let me share with you what underpins my view and how Halliburton's business today makes me confident we will achieve those results. First, as a result of years of deliberate strategy and investment, Our international business, in fact, all of our businesses outside of North America hydraulic fracturing are the strongest they have been in many years. These businesses are growing, profitable, and winning on technology and our collaborative value proposition. My confidence is rooted in their strong execution and I am excited about the pipeline of opportunities in 2027 and beyond. I want to put North America hydraulic fracturing in the proper context for 2027. I could tell you anecdotes about pricing adjustments and list the reasons I think the North America frac market should improve. But what's important to understand is that Halliburton's path to growth and improved profitability that I just described does not require any recovery in North America frac. To us, it is purely upside. Shannon is going to take you through the operational details of this quarter, but I will leave you with this. I see growing multi-year demand for oilfield services. I see Halliburton delivering growth and margin improvement, and I see any North America frac business recovery is upside. With that, let me turn the call over to Shannon. Thanks, Jeff.