Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses that can raise prices without losing customers, that earn high returns on capital without constant reinvestment, and that get stronger every year they exist. Halliburton is none of these things. It is a well-run company — perhaps the best operator in North American oilfield services — in a genuinely difficult industry. It sells services into a customer base of oil companies who treat every contract as a competitive auction, its revenues are hostage to a commodity price it cannot influence, and it must pour roughly a billion dollars a year into capital equipment just to stay in place. Charlie used to say that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. Jeff Miller and his team are capable and disciplined.
Recent filings analysed: 10-Q (2026-07-24), 8-K (2026-06-29), 8-K (2026-05-20), 10-Q (2026-04-24).
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