Halliburton NEWS

Halliburton Company has been awarded a contract to provide completions, liners, and monitoring products and services for the carbon capture and storage (CCS) system within the HyNet North West project in the Liverpool Bay (U.K.).

Club holding Halliburton (HAL) reported stronger-than-expected first-quarter results before the bell Tuesday, validating our investment in the oilfield services company as it capitalizes on years of underinvestment in drilling capacity.

In line with a myriad of oil companies that decided to suspend or completely abandon any operations in Russia following its invasion of Ukraine, three giant U.S. oilfield services players Halliburton, Schlumberger, and Baker Hughes announced that they would be doing the same.

Halliburton Company and TGS-NOPEC Geophysical ASA announced a collaboration to bring advanced seismic imaging to fiber optic sensing. The alliance will provide operators with advanced insight to determine their reservoir potential for oil and gas production or carbon storage. The Halliburton FiberVSP™ and Odassea™ distributed acoustic sensing solutions will now incorporate TGS's seismic imaging workflows that process the entire seismic wavefield to generate high-resolution reservoir images.

Halliburton introduced Cerebro Force in-bit sensors, a first-of-its-kind technology that captures weight, torque and bending measurements directly from the bit to improve understanding of downhole environments, optimize bit design and increase drilling efficiency. Built on Halliburton’s successful in-bit vibration sensing platform, Cerebro Force utilizes downhole data to reduce or eliminate surface measurement uncertainty and inefficiencies caused by bit design, bottomhole assembly and drilling parameter selection.

Halliburton, Microsoft and Accenture entered into a five-year strategic agreement to advance Halliburton’s digital capabilities in Microsoft Azure. Under the agreement, Halliburton will move to cloud-based digital platforms and strengthen its customer offerings by, Enhancing real-time platforms for remote operations, Improving analytics capability with the Halliburton Data Lake utilizing ML & AI, and Accelerating the deployment of new technology and applications, including SOC2 compliance, for Halliburton’s system reliability and security.

Halliburton introduced the DynaTrac Real-Time Wireless Depth Correlation System, a new technology that reduces uncertainty and saves rig-time by enabling operators to accurately position packers, perforating guns and the bottom-hole assembly without running wireline or moving the work string. This system takes static measurements to determine the position of the BHA before and after setting the retrievable packer.

U.S. oilfield services giant, Halliburton yesterday recorded a $1 billion loss on charges and cut its budget by 50%, largest yet among top energy companies. The move came as U.S. crude futures tumbled to lows not seen in two decades. The Houston-based firm registered a net loss of $1.02 billion in the last quarter, compared with a profit of $152 million in the corresponding quarter last year.

Oilfield services major, Halliburton yesterday informed about cutting about 350 jobs in Oklahoma and that its executives would reduce their salaries amid a deepening oil price rout. Spokeswoman Emily Mir said, “This was a difficult decision, but is necessary action as we face challenging market conditions,”. In a filing to the state, Halliburton said that permanent job cuts could begin this week at its Duncan, Oklahoma, facility.

Oilfield services giant, Halliburton yesterday said that it will furlough 3500 staff in Houston for 60 days amidst expenditure cut by shale producers due to falling oil prices. The move will mean that the affected staff will be working in a cycle of one-week on and one-week off during the period. While benefits will remain during the furlough, payment will not be made to workers for the weeks not at work.

Oilfield services giant, Halliburton, yesterday, reported a net loss in the fourth quarter, slipping on a charge of over $2.2 billion on its fracking business because of falling demand from oil and gas producers in North America. The Houston-based firm reported a net loss attributable of $1.7 billion, or $1.88 per share, compared with a profit of $664 million, a year earlier.

Oilfield services giants, Halliburton and Petrofac have become the new members of the drilling exploration pact previously between Seapulse and Maersk Drilling. Under the pact, the quartet will carry out work on a “global wells programme”. The alliance will see Petrofac providing well management services, and Halliburton will deliver integrated well services. Maersk Drilling will offer drilling services and subcontracts.

Halliburton is cutting jobs at its Bakersfield plant in California, as the US firm scuffles with sinking profits amid a global slowdown in oil and gas activity. In a filing with California authorities, Halliburton said that the layoff plan will have an immediate impact on 70 employees. The company recently laid off 800 employees in Oklahoma, apart from 650 employees across Colorado, Wyoming, New Mexico and North Dakota.

Halliburton has introduced a new logging-while-drilling technology, PixStar High-Resolution Ultrasonic Imaging Service. With the help of this new technology, operators will get real-time images of the borehole which will make it easy for them to identify fractures. It will also improve well stability and optimize completion design. PixStar has ultrasonic transducer through which high-resolution images are developed.

Halliburton yesterday informed that it will let go of 650 jobs across the United States amidst slowing oil and gas activities. Spokeswoman for Halliburton, Emily Mir said, “Making this decision was not easy, nor taken lightly, but unfortunately it was necessary as we work to align our operations to reduced customer activity,”. Cowen and Co have projected a fall of 11% in the expenditure by U.S. independent producers this year.

Halliburton has won an international license for gravel pack completions. This is for ExxonMobil's patented Non-Aqueous Fluid Gravel Packing (NAFPac) technique. “As the global completions leader, Halliburton is pleased to collaborate with ExxonMobil to expand the use of the NAFPac solution", said the Vice President of Completion Tools for Halliburton. NAFPac process runs the gravel-pack screens in NAF, gravel pack the well and displaces the casing in a single trip.

Halliburton has brought a new measurement while drilling (MWD) technology to the industry that will make drilling operations more efficient. QuickPulse Automated Directional Gamma Service by Halliburton combines directional, vibration and gamma-ray sensors with a strong transmission. It has the capability to overcome any downhole interference. The transmission of data takes place in every three seconds which makes it impressively quick.

Halliburton has added new technology to its product line. Oil field service company has acquired from Westerton a new portfolio of electro-mechanical downhole cutting tools and related tubing punches. This equipment will offer a safe and reliable alternative to operators for conventional pipe recovery and intervention across the well lifecycle. It will not only reduce the cost of construction of new wells but also extend the life of old wells.