Analysts at Tudor Pickering Holt said the buybacks would grab as much attention as the results, though Halliburton shares fell 1.1 percent to $45.32 on Monday after a strong run in recent months.
"We do not believe the market is yet fully appreciating its solid and growing international footprint," Sterne Agee analyst Stephen Gengaro wrote.
The Houston-based company reported a drop in second-quarter profit to $679 million, or 73 cents per share, from $737 million, or 79 cents per share, a year ago. Analysts expected 72 cents per share, according to Thomson Reuters I/B/E/S. Revenue rose 1 percent to $7.3 billion.
(Read more: Here come the earnings—more surprises?)
"Relative to our primary competitors, we have delivered leading year-over-year international revenue growth for five consecutive quarters," Lesar said in a statement.
On Friday, sector leader Schlumberger posted higher-than-expected earnings on greater international exposure, in stark contrast to U.S.-anchored Baker Hughes.
A collapse in pricing for hydraulic fracturing services has weighed on all players as natural gas drillers have cut back in response to weak gas prices, but U.S. activity is showing signs of recovery. Barclays has seen a 4 percent rise in drilling permits in June in the 30 states it surveys, and the U.S. gas-directed rig count is rising.
Analysts worried about a slump in the fourth quarter, when exploration and production budgets start to empty out, though Lesar believes higher oil prices should lead to "budget reloading." He expected profit margin improvement to continue in North America after a 1.2 percentage-point rise to 17.5 percent over the second quarter.
The U.S. gas rig count fell to an 18-year low of 353 in June, even as the count outside North America climbed to its highest in 30 years, according to Baker Hughes data.
Halliburton highlighted more activity and sales in Malaysia, China and Angola, while saying that Latin America should bounce back after a disappointing first half.
Halliburton shares are up 23 percent in the last three months, versus 18 percent for Schlumberger and 10 percent for Baker Hughes. Halliburton got a big boost in April, when it revealed talks to settle its liability related to the massive 2010 Gulf of Mexico spill.
The company said the talks slowed recently because BP, operator of the blown-out well, has been in a legal battle over a separate settlement of claims with people and businesses in the Gulf states.