Halliburton provides oilfield services and equipment to oil and gas producers, including drilling services, hydraulic fracturing, cementing and other technical services used throughout the process of drilling and completing oil and gas wells. As an oilfield services company, Halliburton doesn't own oil and gas reserves itself but instead earns revenue from the services and equipment it provides to exploration and production companies that do own those reserves. Its revenue and profitability are closely tied to drilling and completion activity levels among its oil and gas producer customers, which in turn depend on oil and gas prices and the capital spending plans of energy companies. Halliburton's business tends to be more cyclical than integrated oil majors, since oilfield services demand can rise and fall sharply as producers adjust drilling budgets in response to commodity price swings.