SynMax Research:
Halliburton (HAL)
North America revenue in the fourth quarter of 2025 was $2.2 billion, a decrease of 7% sequentially. This decline was primarily driven by lower stimulation activity in US Land and Canada, decreased fluid services in the Gulf of America, and lower well intervention services in US Land. Partially offsetting these decreases were improved cementing activity and higher completion tool sales in US Land and the Gulf of America.
Halliburton expects North America to be the first to respond when macro fundamentals improve.
Kinger Morgan (KMI)
Overall, total demand for natural gas is expected to grow by 17% through 2030, led by LNG exports. The company has long-term contracts to move 8 Bcf/d of natural gas feedstocks to LNG facilities, which is projected to grow to 12 Bcf/d by the end of 2028. Kinder Morgan is also actively exploring more than 10 Bcf/d of opportunities to serve the natural gas power generation sector.
In the markets Kinder Morgan serves, the company expects robust growth in power demand in the coming years, driven both by population growth and data center siting. In fact, approximately 70% of future power demand from data centers under development is in states served by the company’s assets.
Kinder Morgan has begun construction on the approximately $1.8 billion Trident Intrastate Pipeline. The roughly 216-mile, 2 Bcf/d project is designed to provide high-demand natural gas transportation service from Katy, Texas, to the industrial corridor near Port Arthur, Texas. The company expects to place the first phase of the project in service in the first quarter of 2027 and the second phase in the fourth quarter of 2028.
Liberty Energy (LBRT)
During the year, Liberty Energy strengthened their customer relationships by expanding their simulfrac offering with strategic, dedicated customers and delivering meaningful efficiencies. By leveraging the company’s developed AI-driven asset optimization software and the company’s digiTechnologiesSM transition, Liberty Energy reduced total maintenance costs per unit of work by approximately 14%.
U.S. power demand is rising at the fastest pace in decades. The convergence of AI-driven data center expansion, the onshoring of domestic manufacturing, and increased industrial electrification has created structural demand growth for power.
Fourth quarter completions activity defied normal seasonal declines, surpassing expectations. Completions demand is projected to hold firm in 2026. North American producers are responding to global oil and gas dynamics with flat oil production targets and modest growth in gas-directed activity.
Recent pricing pressures on completions services, combined with the slowdown in activity, have driven an acceleration in equipment cannibalization and attrition, while underinvestment in next generation technology has limited the replacement of lost capacity. As the market recalibrated at the start of the year, fewer crews are available to meet any incremental completions demand.
National Fuel Gas (NFG)
National Fuel Gas is a Northeast natural gas producer. The company's 2026 production guidance is unchanged from the prior reporting quarter. 2026 CapEx guidance is also unchanged from the prior reporting quarter. The company’s calendar quarter Q4 2025 natural gas production was 1.18 Bcf/d, higher than midpoint guidance of 1.13 Bcf/d.
The firm’s integrated upstream and gathering capital efficiency improvements are projected to continue into 2026. Expect lower CapEX and higher production YOY for 2026.
There is a 30% improvement in capital efficiency (FY26E vs. FY23) where production is up 20% and CapEx is down 15%. Well and facility design optimization continues to drive improved productivity.
Schlumberger (SLB)
SLB expects to see a continued drop in North American land activity for 2026. SLB plans a speedy comeback into Venezuela.
The company’s data center business has grown faster than expected. As we move into 2026, SLB believes that the headwinds experienced in key regions in 2025 are behind us. In particular, the company expects rig activity in the Middle East to increase compared to today’s level.
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