Key Highlights

  • Halliburton (NYSE:HAL): USD 5.7 billion third-quarter revenue, North America down 5%, results reported October 20, 2026.
  • TechnipFMC (NYSE:FTI): USD 16.44 billion backlog, USD 10 billion subsea order target, USD 420.1 million buyback.
  • Diamondback Energy (NASDAQ:FANG): USD 2.331 billion second-quarter free cash flow, USD 16.0 billion buyback authorization, results expected November 2, 2026.
  • EOG Resources (NYSE:EOG): sub-USD 50 breakeven, USD 2.8 billion second-quarter free cash flow, results expected November 5, 2026.

Halliburton (NYSE:HAL)

Halliburton (NYSE:HAL) traded near USD 34.81 on October 26, 2026, with a market value near USD 29.0 billion, a 14.57 trailing P/E and a 1.95% yield; third-quarter revenue was USD 5.7 billion. International revenue rose 3% to USD 3.5 billion, adjusted operating margin was 12.8%, and about USD 250 million of shares were repurchased in the quarter. Adjusted net income was USD 501 million, adjusted operating margin was 12.8%, and about USD 250 million of shares were repurchased. Adjusted operating margin of 12.8% compares with a GAAP margin of 10.9%, and GAAP EPS was USD 0.50. Management called the North America hydraulic fracturing recovery purely upside and guided to margins near 15% in early 2027. Free cash flow was USD 156 million on USD 368 million of operating cash flow. North America revenue at Halliburton (NYSE:HAL) fell 5% to USD 2.2 billion despite USD 100 oil, because services follow activity, and free cash flow was only USD 156 million. The CEO expects mid-single-digit growth and about 15% margins in early 2027, so producer budgets reported from October 30 will matter for Halliburton (NYSE:HAL).

TechnipFMC (NYSE:FTI)

TechnipFMC (NYSE:FTI) traded near USD 70.22 on October 26, 2026, up 0.47%, with a market value near USD 27.54 billion and a 24.47 trailing P/E; second-quarter revenue was USD 2.763 billion. Backlog was USD 16.44 billion, free cash flow was USD 487.9 million, USD 420.1 million went to buybacks and the company expects USD 10 billion of subsea inbound orders in 2026. Revenue was USD 2.763 billion, up 9.0% year over year, and adjusted EBITDA was USD 581.9 million, a 21.1% margin. Inbound orders of USD 2.727 billion included USD 2.507 billion in subsea, and backlog was USD 16.44 billion. Free cash flow was USD 487.9 million and the company repurchased 5.9 million shares for USD 420.1 million. Guidance for subsea revenue is USD 9.2 billion to 9.6 billion with an adjusted EBITDA margin of 21% to 22%. Inbound orders at TechnipFMC (NYSE:FTI) fell 3.7% year over year despite high crude, because offshore sanctioning lags price, and a Middle East settlement could delay awards further. Guidance of USD 9.2 billion to 9.6 billion in subsea revenue is unchanged, and the next results date for TechnipFMC (NYSE:FTI) was not confirmed in the reviewed material.

Diamondback Energy (NASDAQ:FANG)

Diamondback Energy (NASDAQ:FANG) traded near USD 206.10 on October 26, 2026, up 0.17%, with a market value near USD 57.71 billion and a 39.93 trailing P/E; second-quarter adjusted free cash flow was USD 2.331 billion. Realized oil of USD 96.82 a barrel funded buybacks, a USD 1.10 dividend and a USD 1.6 billion net debt reduction, and the repurchase authorization was doubled to USD 16.0 billion. Net income attributable was USD 1.882 billion, or USD 6.65 a share, on capital spending of USD 996 million in the quarter. Oil guidance for 2026 was raised to 522 thousand barrels a day or more, and total output to 1,000 thousand barrels of oil equivalent a day or more. The base dividend is USD 1.10 a share, and about 547,716 shares were repurchased for roughly USD 100 million in the third quarter to date. Net debt of USD 12.304 billion fell about USD 1.6 billion in the quarter, and the buyback authorization was doubled to USD 16.0 billion. Diamondback Energy (NASDAQ:FANG) realized a negative USD 2.15 per thousand cubic feet on gas, hedges trimmed oil realizations, and a 39.93 trailing P/E leaves less room if crude falls. Third-quarter results are expected on November 2, 2026, after the close, with oil guided to 517 to 527 thousand barrels a day at Diamondback Energy (NASDAQ:FANG).

EOG Resources (NYSE:EOG)

EOG Resources (NYSE:EOG) traded near USD 163.66 on October 26, 2026, with a market value near USD 85.84 billion, a 12.73 trailing P/E and a 2.50% yield; second-quarter free cash flow was USD 2.8 billion. The company cites a West Texas Intermediate breakeven below USD 50, about USD 8 billion of 2026 free cash flow at strip prices and a pledge to return at least 70% of it. Year-end cash was USD 4.9 billion against net debt of USD 3 billion, and USD 1.3 billion of the second-quarter return came from buybacks. Adjusted EPS of USD 5.70 and adjusted operating cash flow of USD 8.29 a share were described as record results. Delaware Basin direct well costs fell to below USD 710 per foot, and the Encino Utica synergy target of USD 150 million was exceeded early. Full-year capital spending is maintained at USD 6.5 billion, and USD 11.7 billion remains on the buyback authorization. CEO Ezra Yacob expects volatility tied to the Iran conflict, and a settlement could pull crude from USD 101 toward the USD 60 to 80 range that the 2027 plan of EOG Resources (NYSE:EOG) assumes. Third-quarter results are expected on November 5, 2026, after the close, with USD 11.7 billion of buyback capacity for EOG Resources (NYSE:EOG).

Where Things Stand

They can gain, but at different speeds. Producers such as Diamondback and EOG Resources earned USD 2.331 billion and USD 2.8 billion of free cash flow in the second quarter at prices near USD 97. Service companies lag: Halliburton's North America revenue fell 5% in the third quarter and TechnipFMC's orders were down 3.7%. The balance of evidence favors producers now and services in 2027, if producer budgets rise.