Episode Details

Halliburton’s Q4 report looks deceptively quiet on the surface—revenue was flat, and North American activity is shrinking. But dig a little deeper, and Big Red is making some of the wildest pivots we’ve seen in the oil patch.

In this episode, Susie and Miro break down how Halliburton managed to squeeze out an 11% jump in operating profit even while "stacking" frac fleets across the U.S. to protect pricing power. It’s a masterclass in discipline over market share. 🛢️

The real story, however, is where they are going next. We unpack CEO Jeff Miller’s surprisingly bullish comments about re-entering Venezuela ("early steps are well underway") and the bizarre-but-brilliant plan to use fracking power technology to feed energy-hungry AI data centers.

From geopolitical gambles to manufacturing pivots, we discuss if this "year of rebalancing" is a warning sign or a buying opportunity. 🇻🇪⚡