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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.
Oilfield services giant, Halliburton has secured nine conditional contracts for drilling and completion services pertaining to SNE Field Development Phase 1 offshore Senegal. Awarded by Australian energy giant, Woodside, the contracts granted include services such as drilling, logging, cementing, lower completions, e-line/slick line, coiled tubing and well testing. Phase 1 for the SNE field covers a stand-alone FPSO facility, aided with subsea infrastructure.
Oilfield services giant, Halliburton registered a second-quarter profit, beating analysts’ estimates. The firm’s quarterly report sent Halliburton’s shares to their biggest one-day gain in almost three years. While revenue for the firm dropped by 13.2% in North America, Halliburton registered a jump of over 12% in revenue from international markets to $2.60 billion.
With an aim to enhance the drilling efficiency, Halliburton has released first 3D reservoir mapping technology. This is a new logging-while-drilling (LWD) capability which will significantly improve well placement in complex reservoirs. It will give a detailed representation of subsurface structures. "In complex formations, visualizing data in a 3D environment helps operators significantly enhance reservoir understanding to drive better drilling decisions and maximize asset value", said VP of Sperry Drilling.
Oilfield services giant, Halliburton has secured an integrated offshore drilling services contract from Kuwait Oil Company. The contract pertains to exploration well in the Arabian Gulf. Halliburton will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. The contract also requires Halliburton to deliver the offshore rigs and supply vessels for the project.
Independent Oil and Gas plans to bring Maersk Drilling UK for its Harvey appraisal well project. It has signed a letter of intent for the same. The agreement is for the Maersk Resilient jack-up rig. IOG got the Harvey East licence in the 30th Licence Round after which it holds 100% of the Harvey license. Also, the company has almost closed the contract with Halliburton for the offshore drilling of this well.
Halliburton has introduced new technology in the market, Flex Managed Pressure Drilling System (MPD). It is a scalable and mobile technology which is designed to deliver greater rig efficiency. It assists the driller to control backpressure or choke position while drilling, tripping and making connections by providing a single, straightforward display. By deploying real-time hydraulic modelling, the system can also be used as a full MPD solution.
Oilfield services giant, Halliburton has informed about securing an integrated services contract with Royal Dutch Shell. The contract pertains to post-salt development and pre-salt exploration in the Campos and Santos Basins in Brazil. The three-year contract will require Halliburton to offer drilling services for bringing greater efficiency to the project through the integration of multiple product offerings and technologies.
Oilfield services giant, Halliburton has established Motors Center of Excellence which will work towards customizing motor designs for specific basin challenges. The center leverages mechanical engineering expertise to deliver highly durable motors that drill quicker and enables longer runs with a higher rate of penetration. Halliburton is looking forward to escalating research and development activities for delivering prominent drilling motors to the industry.
Oilfield services major, Halliburton registered $688 million in profits for the fourth quarter, wrapping up the year with a $1.66 billion in profits. Halliburton CEO Jeff Miller said in a statement that the company’s performance was optimized in North America while the softer domestic market was offset through its international business. Halliburton’s fourth-quarter earnings stayed in quite a contrast with Wall Street expectations.
Leading oil services firm, Halliburton has secured a well drilling contract from an Eni-led consortium in Iraq. Over the next two years, the Houston-based firm will utilize up to six rigs to drill development wells in the Zubair Oil Field in Iraq. Italian oil major, Eni leads a consortium of Oxydental, Kogas and Missan on the Zubair field, which has over more than four billion barrels of reserves.