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Halliburton is North America’s largest oilfield-services company as measured by market share. Despite industry fragmentation, it holds a leading position in the hydraulic fracturing and completions market, which makes up nearly half of its revenue. It also holds strong positions in other service offerings like drilling and completions fluids, which leverages its expertise in material science, as well as the directional drilling market. While we consider SLB the global leader in reservoir evaluation, we think Halliburton leads in any activity from the reservoir to the wellbore. Halliburton's innovations have helped multiple producers lower their development costs per barrel of oil equivalent, with techniques that have been honed over a century of operations.

EOG Resources is an oil and gas producer with acreage in several US shale plays, primarily in the Permian Basin and the Eagle Ford. At the end of 2024, it reported net proven reserves of 4.7 billion barrels of oil equivalent. Net production averaged roughly 1,232 thousand barrels of oil equivalent per day in 2025 at a ratio of 69% oil and natural gas liquids and 31% natural gas.

The major stocks indices are all higher at midday. Bad news was good news this morning, as the nonfarm payrolls report surprised everyone. The U.S. shed 23,000 jobs last month against expectations of a gain of 80,000. The three-month average for new jobs fell to 20,000 from 111,000, and employment declined in local government, education, and retail trade. The stalwart Healthcare sector continued to grow, but at a slower pace. Meanwhile, June payrolls were revised lower by 37,000 to 20,000 and May was reduced by 66,000 to 63,000. The unemployment rate declined to 4.1%. But that generally bad news comes with some optimism, as investors are now happier about prospects for interest rates. After the report was released, the probability that the fed funds rate will end the year at the current 3.5%-3.75% target range rose to 26.2% from 18.1%. There was no expectation of a rate cut before or after the report. The probability that the funds rate will be 25 basis points higher at the end of the year rose to 44.8% from 43.3%, but the probably that rates will be higher by 50 basis points or more declined to 29% from 38.6%. With all that said, stocks are headed for a second winning week. The S&P 500 is up about 2% over the past five days, while the Nasdaq is up 3%, the DJIA is up 1.5%, and the Russell 2000 up 1.6% over the same period.

Shell plc is an Anglo-Dutch multinational oil and gas company. The firm was created by the merger of Royal Dutch Petroleum Co. and U.K.-based Shell Transport & Trading Co. It is the seventh-largest company in the world in terms of revenue and one of the six oil and gas 'supermajors.' The SHEL ADS are not a component of the S&P 500, and the company currently employs about 84,000 people.