Trader Tim Seymour said Halliburton is a "best of breed" company in the sector and is very well positioned.
On Wednesday morning, Halliburton reported earnings of 1 cent a share on $3.83 billion in revenue. Analysts had expected the company to post a loss of six cents a share on $3.90 billion in revenue, according to a FactSet consensus estimate.
The stock rallied 4 percent on Wednesday and hit a new 52-week intraday high of $50.23.
Trader Pete Najarian said he used Halliburton's Wednesday rall to take some profits off the table. He said he's now looking at other companies like Marathon Oil.
Trader Guy Adami said he still likes Anadarko Petroleum in the space.