Halliburton Co. (NYSE: HAL) is approaching 100 years of age and remains one of the stalwarts in the energy industry with 50,000 employees and over $20.6 billion of revenue in 2017. Although Halliburton's proposed acquisition of Baker Hughes Inc. (NYSE: BHI) in 2016 did not come to fruition due to antitrust concerns, Halliburton has a long history of acquisitions and currently has over 30 subsidiaries. These subsidiaries span the globe and are domiciled in countries ranging from the United States, the Netherlands and Canada to Uruguay and Venezuela.

On July 23, 2018, Halliburton released Q2 earnings. The company reported an income from continuing operations of $511 million. The reported income from continuing operations for the first quarter of 2018 was $46 million. For the first quarter of 2018, the company reported an operating income of $354 million. Operating income for the second quarter was $789 million.

The following are three of Halliburton's more important subsidiaries.


Baroid is housed within Halliburton's Drilling and Evaluation segment, which is responsible for the modeling of oil and natural gas fields and reservoirs. The segment also helps oil and gas companies to drill fields with precision and optimize the extraction of hydrocarbons. Baroid, specifically, is a supplier of drilling fluid additives and related services. 

Baroid became a part of Halliburton in 1998 when Halliburton acquired Dresser Industries Inc., a major rival at the time, in an all-stock transaction. The transaction was a one-for-one stock deal and put a value on Dresser of nearly $8 billion at the time. Dresser had acquired Baroid four years prior for $1 billion.


Like Baroid, Landmark (formerly Landmark Graphics Corp.) is housed within Halliburton's Drilling and Evaluation segment. Landmark is a leading provider of Halliburton's technology solutions including software for exploration and production (E&P) companies, as well as for data analysis solutions. One of Landmark's software solutions is OpenWorks, a data management system that organizes data and information generated from drilling wells. OpenWorks facilitates communication between parties on projects and encourages collaboration to optimize well locations.

Halliburton originally purchased the Landmark Graphics Corp. in 1996 in a stock-for-stock transaction similar to the Dresser deal. Interestingly, Dick Cheney was the CEO of Halliburton at the time and would later go on to become vice president of the United States under U.S. President George W. Bush.

Sperry Drilling

Sperry Drilling can also be found within Halliburton's Drilling and Evaluation segment, as is the case with Baroid and Landmark. Sperry provides Halliburton's clients with systems and services for a host of drilling operations, such as horizontal and directional drilling, as well as systems for information gathering on rig sites. Additionally, Sperry offers engineering optimization that helps Halliburton's clients reduce the risk at drilling sites and increase productivity. Sperry also offers real-time consulting to E&P companies to ensure that wells are drilled in a safe manner and that oil and gas are extracted in the most efficient manner possible.

 The successor of Sperry Drilling, the Sperry-Sun Well Drilling Company, was founded in 1929 as a joint venture between the Sun Oil Company and the Sperry-Gyroscope Company. Sun Oil Company's Joseph N. Pew Jr. went into business with Elmer Sperry to develop well-drilling methods that were more optimal than those available at the time. Sun Oil bought out Sperry's stake in the Sperry-Gyroscope Company in 1947, and in 1974, merged Sperry-Gyroscope with another drilling company, Reamco Inc. The resulting company was renamed Sperry-Sun Inc.

Sun Oil later restructured and sold Sperry-Sun to NL Industries Inc. (NYSE: NL) for $252 million in 1981. At the time, NL Industries contained Baroid before it was sold to Dresser Industries. NL packaged Sperry-Sun into Baroid in 1988 and spun off Baroid amid hard times in the oil industry before being acquired by Dresser and, eventually, Halliburton.