Overview

• Halliburton CEO Jeff Miller highlighted heightened risks in the company's outlook, citing trade uncertainties, OPEC's production increases, and weakened oil prices.
• Baker Hughes revised its 2025 global upstream spending forecast to a high-single-digit decline, with North American spending expected to drop by low-double digits.
• Tariffs on steel and equipment are projected to impact Halliburton's Q2 earnings by 2–3 cents per share and Baker Hughes' annual EBITDA by $100–200 million.
• Halliburton's North American revenue fell 12% year-over-year in Q1 2025, driven by reduced onshore activity and equipment sales in the Gulf of Mexico.
• Both companies reported earnings misses, with Halliburton's stock dropping 6% and Baker Hughes' shares falling 5% as investors reacted to the revised outlooks.