UBS Released Halliburton Earnings Preview

The firm issued new forecasts as Halliburton signed memorandums to re-enter Venezuela.

Updated on Sept. 23, 2026 in Oil and Gas

Bold flat-color editorial illustration of a brass oil pump jack and steel pipe fitting, representing industrial energy sector financial analysis. — UBS projected $5.58 billion in Halliburton Q3 revenue as the energy services firm finalized agreements to resume oilfield operations in Venezuela. AI Illustration. Upload story photo >

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UBS released a Q3 2026 earnings preview for Halliburton, projecting $5.58 billion in revenue and $1.03 billion in adjusted EBITDA. The report arrives as the energy services company signed two memorandums of understanding to return to Venezuela.

Why it matters

Halliburton has faced financial headwinds from high mobilization costs related to moving frac crews to Saudi Arabia and Argentina. Additionally, internal SAP migration efforts caused early accounts payable payments that impacted working capital.

UBS set a $42 price target for Halliburton with a 7.75x valuation multiple. Forecasts for Q4 include $5.69 billion in revenue and 2% top-line growth.

The players

UBS

This is a global financial services firm that provides investment research, wealth management, and banking services.

Halliburton

This is a major American multinational corporation and one of the world's largest oil field service companies.

Eneva

This is an energy company that signed a memorandum of understanding with Halliburton for activity in Venezuela.

WESCA

This is an entity that entered into a memorandum of understanding with Halliburton for operations in Venezuela.

The details

Halliburton previously generated over $500 million annually in Venezuela, a market where oil production once reached 2.5 million barrels per day. The company is now positioning itself for long-term growth through international expansion and anticipated improvements in North American frac activity by 2027.

Q3 2026: Halliburton reports quarterly earnings and revenue.
Q4 2026: Working capital headwinds are expected to normalize.
2027: Modest improvement is expected in North American frac activity.
FY2027: Adjusted EBITDA is estimated at $4.66 billion.
FY2028: Adjusted EBITDA is estimated at $4.94 billion.

Market Landscape

Halliburton's re-entry into Venezuela signifies a strategic pivot to reclaim historical revenue streams despite previous regional instability. This move positions the company to capitalize on potential production capacity recovery while diversifying its footprint away from recent North American frac pricing pressures.

Investors may see the company's valuation affected by the success of international expansion efforts against the backdrop of current frac pricing. Customers and stakeholders should monitor how the normalized working capital in 2027 impacts Halliburton's overall service capacity.

The takeaway

Halliburton is balancing short-term working capital pressures with a long-term strategy to diversify into international markets like Venezuela. Investors should note that while frac activity remains tempered, the company's commitment to global expansion serves as a hedge against North American cycles.