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Commodities

Halliburton to Develop Data Center for Beetaloo in Australia

Halliburton (HAL) has entered an agreement to develop Australian energy firm Beetaloo Energy's a vertically integrated data center project in the Northern Territory of Australia, according to Beetaloo Thursday.As per the non-binding memorandum of understanding, Halliburton is expected to provide technical services support to assess and develop upstream gas resources required for the project, Beetaloo Energy said in a statement on Thursday.The project will rely on Beetaloo Energy's Beetaloo Basin gas resources and a newly acquired 185-hectare site at Weddell, near Darwin.Halliburton is expected to help with upstream field development, integrated drilling services, and project execution.The project is contingent upon concept studies, consortium formation, financing, and relevant government and regulatory approvals, the statement said.Beetaloo Digital is a wholly-owned subsidiary of Beetaloo Energy which intends to create a vertically integrated infrastructure supported by the parent company's gas resource in the Beetaloo Basin, Northern Territory.It intends to produce new capacity instead of using power from the existing grid, the statement said.

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Commodities

US Land Drilling Activity Holds Firm Despite Minor Oil, Gas Rig Changes, RBC Says

US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.

$AESI$BKR$COP$CRGY$DVN$EOG$EXE$HAL$HP$LBRT$NBR$NOV$OXY$PTEN$SLB$XOM
Wire

Halliburton Soft Q3 Guide Weighs On Stock, UBS Says

Halliburton (HAL) delivered a "messy" Q2 update, with margin pressure in Q2, while the Q3 outlook came in 2% below market estimates, UBS said in a note Sunday.The miss was due to some temporary headwinds, including higher mobilization costs, which should roll off in Q4, the report said.Looking ahead, the note said North America activity should improve in H2 and into 2027, while recent Middle East contract wins and International growth should support long-term outlook.UBS kept its neutral rating while lowering its price target to $39 from $40.Price: $32.63, Change: $-0.73, Percent Change: -2.20%

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Oil & Energy

Global Oil Prices Retreat as US-Iran Ceasefire Eases Supply Fears, TPH Says

Global oil prices pulled back from a spike late last week, as easing geopolitical tensions following a pause in direct US-Iran strikes outweighed fresh friction in the Bab el-Mandeb Strait and ongoing disruptions to key Middle Eastern trade routes, according to TPH Energy Research in a Monday note.Matt Portillo, analyst at TPH Energy, said Brent crude futures hovered at about $88.20 per barrel, retreating from a peak of $96.80/bbl hit on Friday.The pullback follows optimism surrounding potential peace talks and indications that further immediate escalation has been averted.However, energy markets remain on edge. TPH analysts said that while US and Iranian officials have paused hostilities, Saudi-Houthi tensions escalated last week.The Houthis implemented a naval blockade in the Bab el-Mandeb Strait, targeted two Saudi oil tankers, and launched strikes at Saudi oil infrastructure, which were successfully defended, following a retaliatory strike by Riyadh.Flows through key regional arteries remain complicated. Transits through the Strait of Hormuz are significantly depressed, and about 4 to 4.5 million barrels per day of Yanbu oil exports must be rerouted.TPH said two Chinese tankers laden with Saudi crude recently managed to transit the Strait, market participants are grappling with logistical bottlenecks, as fully laden Very Large Crude Carriers are unable to pass through the Suez Canal, forcing alternative routes that more than double transit times.Portillo said as the corporate earnings season kicks into gear, energy executives and investors are parsing industry results for deeper insights into the macroeconomic landscape across upstream and oilfield services sectors.On the oilfield services front, recent commentary from Halliburton (HAL) and Liberty Energy (LBRT) indicates that analyst expectations for pressure pumping price gains were overly optimistic, pointing instead to more modest growth.Meanwhile, upbeat commentary on deepwater markets from Halliburton and SLB (SLB) continues to reinforce a broader industry preference for international exposure over North American onshore Lower 48 plays.On the upstream gas front, early results from EQT (EQT), Range Resources (RRC), and Ovintiv (OVV) highlighted a growing focus on longer-term supply and demand dynamics through the coming decade.Though near-term market fundamentals face lingering headwinds looking toward 2027, long-only investor interest has begun to pick up.TPH analysts highlighted that both EQT and RRC have maintained a prudent stance on supply growth as new demand sources develop. A primary catalyst for outperformance last week was EQT's announcement of a 10-year supply agreement to power generation facilities, linked to PJM power market pricing rather than local in-basin benchmarks.Price: $32.58, Change: $-0.78, Percent Change: -2.35%

$EQT$HAL$LBRT$OVV$RRC$SLB
Wire

Halliburton's Outlook Improves as New Awards Build Momentum After Flat Q2, RBC Says

Halliburton's (HAL) outlook for the rest of the year is improving as international projects ramp up and North American markets tighten, RBC Capital Markets said Wednesday in a report.Underlying market conditions are strengthening, though the flat Q2 performance was "masked" by mobilization costs tied to recent contract wins and continued drag from the Middle East, the report said.Halliburton has secured multiple unconventional fracturing awards globally in recent months, including a multibillion-dollar deal with YPF (YPF) in Argentina and a new award with Aramco for Jafurah completion work starting in Q3, the report said.RBC lowered its EBITDA estimates by 2% to $4.18 billion for 2026 and $4.57 billion for 2027, and introduced a 2028 forecast of $4.97 billion, up 9% from a year earlier and below the market consensus of $5.07 billion.Still, RBC said it sees "solid value" in Halliburton shares on the brighter international and North American prospects.RBC maintained its outperform rating on Halliburton stock and its $45 price target.Price: $32.80, Change: $-0.39, Percent Change: -1.19%

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Oil & Energy

Iraq, US Reportedly Sign $200 Billion in Energy Deals

Iraq reportedly signed energy deals with the US worth $200 billion, to increase domestic production capacity and support associated gas developments, according to media outlets on Wednesday.The two countries inked seven agreements, including a deal with Halliburton (HAL) for the management of the Bin Umar and Sindbad oilfields, a deal with HKN Energy to develop the Himreen oilfield, and a contract with Chevron (CVX) to operate the West Qurna 2 field and develop the Nasiriyah and Balad oilfields, The National reported.The country's oil production capacity is around 4.8 million barrels per day at present, Reuters reported, citing Iraq's oil minister Basim Mohammed Khudair.The presence of US companies in Iraq highlights the attractiveness of the country's oil investment environment, Khudair reportedly said.Aside from the US, Iraq has also signed a deal with Syria for the rehabilitation of the Haditha-Baniyas oil pipeline and is currently in discussion with Turkey for the renewal of an agreement pertaining to oil exports through the Ceyhan pipeline, according to the oil minister.

$CVX$HAL
Sectors

Sector Update: Energy Stocks Edge Higher Premarket Tuesday

Energy stocks were edging higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.1%.The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 0.8% higher.Front-month US West Texas Intermediate crude oil was 2.2% higher at $85.05 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $90.92 per barrel, and natural gas futures were up 0.2% at $2.87 per 1 million British Thermal Units.Halliburton (HAL) reported flat Q2 adjusted earnings year on year, while revenue increased. Shares of Halliburton were down more than 3% pre-bell.Icahn Enterprises (IEP) has struck a deal to sell auto-service chain Pep Boys to private-equity-owned Mavis Tire Express Services for about $700 million in cash, The Wall Street Journal reported, citing unnamed people familiar with the matter. Icahn Enterprises shares were up 0.1% premarket.Chevron (CVX) halted output at its Petronius site and evacuated all workers to land ahead of Tropical Storm Bertha, the company said. Chevron stock was marginally higher premarket.

$CVX$HAL$IEP$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) down 0.1%.The United States Oil Fund (USO) was up 2% and the United States Natural Gas Fund (UNG) was 0.6% higher.Front-month US West Texas Intermediate crude oil was 2% higher at $84.92 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $90.87 per barrel, and natural gas futures were up 0.1% at $2.86 per 1 million British Thermal Units.Halliburton (HAL) reported flat Q2 adjusted earnings year on year, while revenue increased. Shares of Halliburton were down more than 3% pre-bell.

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Commodities

Halliburton Reports Rise in Q2 Revenue

Halliburton (HAL), the Texas-based oilfield services major, on Tuesday reported Q2 revenue of $5.71 billion, up from $5.51 billion reported in the corresponding quarter last year.For the quarter ended June 30, the completion and production segment generated $3.20 billion in revenue, compared to $3.17 billion last year, the company said in its earnings statement.Revenue improvements in the segment were primarily driven by a rise in Western Hemisphere stimulation activity and an improvement in Asian well intervention services.The gains were capped by lower specialty chemicals activity in North America, a reduction in Latin American cementing activity, and lower activity across multiple product service lines in the Middle East, the company said.The drilling and evaluation segment accounted for revenue of $2.51 billion, up from $2.34 billion last year, supported by an increase in drilling-related services in North America, Europe/Africa, and Asia, and higher wireline activity in North America and Europe/Africa.In Q2, the company reported revenues of $1.3 billion from Middle East/Asia, 2% down sequentially, "primarily driven by lower activity across multiple product service lines in Kuwait, Iraq, and Qatar as a result of the ongoing geopolitical conflict in the Middle East."However, these losses were partially mitigated by higher well construction activity in Saudi Arabia and the UAE, and higher drilling-related and well intervention services in Asia, the company said.Earlier on Monday, the company said it has secured a contract from Iraq's Basra Oil Company to execute the development of the Bin Umar and Sindbad oil and gas fields in southern Iraq.The contract requires Halliburton to provide services related to integrated field management and engineering, procurement, and construction management, with the scope of work including field development planning, production optimization, digital solutions, and EPCM services for the two fields.Production from the Bin Umar field could reach 150,000 barrels of oil per day and 300 million standard cubic feet of associated gas in the first five-year development phase as per estimations from BOC, which is the owner, operator and decision-making authority for the two assets, the statement said.

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Sectors

Sector Update: Energy Stocks Lean Lower Premarket Monday

Energy stocks were leaning lower premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.1%.The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 0.9% lower.Front-month US West Texas Intermediate crude oil was 0.1% lower at $82.42 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.3% to $88.32 per barrel, and natural gas futures were down 1% at $2.88 per 1 million British Thermal Units.BP (BP) agreed to sell its BP Retail Austria unit, which houses its mobility, convenience, and electric vehicle charging businesses in the country, to Volenergy. Shares of BP were 0.6% lower pre-bell.Magnolia Oil & Gas (MGY) stock was 0.4% higher after the company said it has signed a definitive agreement to acquire WildFire Energy for about $4.06 billion, including debt and subject to customary purchase price adjustments.Halliburton (HAL) said it won a contract from Basra Oil Company to provide integrated field management and engineering, procurement and construction management services for the Bin Umar and Sindbad oil and gas fields in southern Iraq. Shares of Halliburton were up 0.5% premarket.

$BP$HAL$MGY$UNG$USO$XLE
Oil & Energy

Halliburton Wins Aramco Contracts Covering About 285 Saudi Wells

US-based energy major Halliburton (HAL) secured multi-year Aramco contracts covering about 285 planned onshore wells in Saudi Arabia, the company said Thursday.The lump-sum turnkey contracts expand Halliburton's role in Aramco's onshore oil re-entry program across multiple fields, according to the company.Halliburton will provide an integrated execution model covering oil re-entry operations, drilling, completions and workovers to improve operational consistency, accelerate well delivery and maximize asset value, the company said.The contracts include a three-year base term with options to extend for up to two additional years, according to the company."The program supports close collaboration with Aramco and applies Halliburton's integrated services and technologies to deliver strong performance and lower drilling and completion costs across onshore development," said Rami Yassine, president, Eastern Hemisphere, Halliburton.

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Sectors

Sector Update: Energy Stocks Edge Higher Premarket Thursday

Energy stocks were edging higher premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.1%.The United States Oil Fund (USO) was up 0.2% and the United States Natural Gas Fund (UNG) was 0.1% lower.Front-month US West Texas Intermediate crude oil was 1.1% higher at $80.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.1% to $85.87 per barrel, and natural gas futures were inactive at $2.92 per 1 million British Thermal Units.TotalEnergies (TTE) expects Q2 hydrocarbon production to be nearly 2.4 million barrels of oil equivalent per day, supported by about 4% organic growth, the company said. Shares of TotalEnergies were down more than 1% pre-bell.Baker Hughes (BKR) said it has completed its acquisition of Chart Industries (GTLS) for $210 per share in cash, representing an enterprise value of $13.6 billion. Baker Hughes shares were 0.2% lower premarket.Halliburton (HAL) said it has secured lump sum turnkey contracts awarded by Aramco that include oil re-entry operations, drilling, completions, and workovers in multiple onshore fields in the Kingdom of Saudi Arabia. Shares of Halliburton were 0.2% lower pre-bell.

$BKR$GTLS$HAL$TTE$UNG$USO$XLE
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.The Philadelphia Oil Service Sector Index shed 0.5%, and the Dow Jones US Utilities Index was down 0.8%.Front-month West Texas Intermediate crude oil rose 0.4% to $79.68 a barrel, and the global benchmark Brent crude contract added 0.3% to $85.02 a barrel. Henry Hub natural gas futures advanced 0.8% to $2.93 per 1 million BTU.In sector news, Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the report said.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 4.7 million barrels in the week ended July 10 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.7 million barrels after a 3.0-million-barrel gain in the previous week, a smaller decline than the 1.8 million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Shell's (SHEL) acquisition of ARC Resources adds portfolio optionality and supports LNG growth, though the company may still fall short of what investors are seeking, RBC Capital Markets said in a note. RBC resumed coverage of Shell with a sector perform rating. Separately, Shell has kicked off a tendering process for drilling services at its Dragon offshore gas project in eastern Venezuela, pressing ahead with its plan to start drilling four wells from Q2 2027, Reuters reported. Shell shares were up 0.3%.BP (BP) said Wednesday it agreed to sell BP Ventures' minority interests in more than 10 portfolio companies to European private equity firm Verdane. BP shares were off 0.1%.Halliburton (HAL) said it was awarded a multiyear contract from Aramco to provide stimulation and completion services supporting unconventional gas development in Saudi Arabia. Halliburton shares were shedding 0.7%.SunPower (SPWR) said in a Tuesday Form 8-K filing that Jeanne Nguyen stepped down as Chief Accounting Officer on July 8. Its shares were shedding 0.6%.

$BP$HAL$SHEL$SPWR
Sectors

Sector Update: Energy Stocks Fall Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.6%.The Philadelphia Oil Service Sector Index shed 1.2%, and the Dow Jones US Utilities Index was down 0.6%.Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the report said.Front-month West Texas Intermediate crude oil eased 0.5% to $78.92 a barrel, and the global benchmark Brent crude contract shed 0.5% to $84.32 a barrel. Henry Hub natural gas futures rose 0.9% to $2.93 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 4.7 million barrels in the week ended July 10 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.7 million barrels after a 3.0-million-barrel gain in the previous week, a smaller decline than the 1.8 million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) said Wednesday it agreed to sell BP Ventures' minority interests in more than 10 portfolio companies to European private equity firm Verdane. BP shares were off 0.7%.Shell (SHEL) has kicked off a tendering process for drilling services at its Dragon offshore gas project in eastern Venezuela, pressing ahead with its plan to start drilling four wells from Q2 2027, Reuters reported. Shell shares were down 0.2%.Halliburton (HAL) said it was awarded a multiyear contract from Aramco to provide stimulation and completion services supporting unconventional gas development in Saudi Arabia. Halliburton shares were shedding 1.2%.

$BP$HAL$SHEL
Oil & Energy

Aramco Awards Halliburton Contract for Saudi Unconventional Gas Project

Saudi Aramco has awarded Halliburton (HAL) a multi-year contract to provide integrated stimulation and completion services for the development of unconventional gas resources in the kingdom, the companies said on Wednesday.The state-owned energy major said Halliburton will provide hydraulic fracturing, completion and digital technologies across multiple unconventional plays in Saudi Arabia under an integrated service model to improve operational efficiency, execution reliability and workflow predictability.The contract deepens the US oilfield services firm's role in Aramco's unconventional gas program, where the company already supplies a range of drilling and completion services.The latest award comes as Saudi Arabia expands investment in natural gas to meet rising domestic demand, support industrial development and free up more crude oil for export.Halliburton plans to deploy the Gulf state's first fully integrated intelligent hydraulic fracturing platform in Q3. The system combines its OCTIV Auto Frac automation technology with Sensori fracturing monitoring services to optimize fracturing operations in real time.The contract includes the deployment of intelligent automation technologies designed to improve operational efficiency, reliability and digital integration across multi-well development campaigns.Halliburton also plans to expand local manufacturing capacity and strengthen its supply chain in Saudi Arabia to support increasing activity in the Jafurah Basin, where Aramco is developing one of the world's largest unconventional gas resources.Aramco has significantly invested in the Jafurah shale gas field as part of its strategy to increase gas production by over 60% by the end of the decade, meeting domestic energy demand while freeing up more crude oil for export.Financial terms of the contract were not disclosed.Price: $35.34, Change: $-0.08, Percent Change: -0.23%

$HAL
Sectors

Sector Update: Energy Stocks Edge Higher Premarket Wednesday

Energy stocks were edging higher premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.1%.The United States Oil Fund (USO) was up 0.8% and the United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was 0.4% higher at $79.64 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.1% to $84.77 per barrel, and natural gas futures were down 1.1% at $2.87 per 1 million British Thermal Units.Shell (SHEL) has kicked off a tendering process for drilling services at its Dragon offshore gas project in eastern Venezuela, pressing ahead with its plan to start drilling four wells from Q2 2027, Reuters reported, citing two people familiar with the process. Shell stock was up more than 1% pre-bell.Halliburton (HAL) said it was awarded a multiyear contract from Aramco to provide stimulation and completion services supporting unconventional gas development in Saudi Arabia. Halliburton shares were 0.2% higher premarket.

$HAL$SHEL$UNG$USO$XLE
Commodities

Halliburton Secures Integrated Drilling Contract for Total's GranMorgu Project

Halliburton (HAL) has secured integrated drilling and completions contracts for the GranMorgu deepwater development in Block 58, offshore Suriname, operated by TotalEnergies (TTE), the company said on Tuesday.The GranMorgu development, which will target the Sapakara and Krabdagu fields, is designed with an estimated production capacity of 220,000 barrels of oil per day, it said.Halliburton aims to enhance well placement accuracy and delivery assurance while lowering the project's total cost of ownership by applying real-time data and remote operations control, according to the statement.First oil from the development is anticipated in 2028, the company said.The project marks a significant expansion for Suriname's offshore energy sector, with Halliburton committing to substantial local infrastructure development.

$HAL$TTE
Wire

Halliburton Awarded Integrated Drilling, Completions Contracts Offshore Suriname

Halliburton (HAL) won integrated drilling and completions contracts for the GranMorgu deepwater development offshore Suriname, operated by TotalEnergies (TTE), the company said Monday.The long-term contract covers drilling and completions services, with Halliburton using integrated digital and automation technologies to improve well construction efficiency, well placement accuracy and reduce costs.The project includes investments in local infrastructure, including upgrades to Halliburton's liquid mud and cement plant and construction of Suriname's first drilling and completions workshop, the company added.Halliburton shares were up 3% in Monday trading.Price: $35.43, Change: $+1.04, Percent Change: +3.01%

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Wire

BMO Capital Adjusts Price Target on Halliburton to $43 From $45, Maintains Market Perform Rating

Halliburton (HAL) has an average rating of overweight and mean price target of $44.42, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $35.32, Change: $+0.94, Percent Change: +2.72%

$HAL
Commodities

Halliburton Deploys Automation System Offshore Indonesia, Reports Efficiency Boost

Oil service company Halliburton (HAL) has deployed its Logix automation and remote operations system at a deepwater exploration well in partnership with Eni (E), offshore Indonesia, boosting efficiency, it said on Thursday.The company said the deployment resulted in a number of industry firsts and advances closed loop drilling automation, with the system having demonstrated performance in a large-scale complex offshore environment.This was the first deployment of full rig automation with managed pressure drilling in Asia Pacific, Halliburton said in a statement. It combined rig surface equipment, automated well placement, downhole hydraulics and MPD controls into a connected, closed-loop automated system.The Logix Orchestration system coordinated the drilling and tripping execution in a single process. Normally the management of these processes would be handled separately, it said.The system's use delivered consistent performance and reliable pressure control in wells with narrow operating margins.Eni brought its operational expertise to the project while Halliburton contributed experience with automation solutions to align drill floor control, sub surface automation and pressure management in a single system, the statement said.There was a resulting 15% efficiency gain, Halliburton said.

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