Halliburton Lands Major Indonesia Deal To Revive Aging Oil Fields
On Sunday, Halliburton Company (NYSE:HAL) announced a memorandum of understanding (MOU) with Indonesia’s PT Pertamina to enhance unconventional completions in the region. This partnership aims to support sustainable transformation and increase Indonesia’s energy supply, in line with Pertamina’s objectives.
The collaboration will focus on deploying advanced well construction and stimulation technologies.
The partnership with Pertamina is expected to leverage Halliburton’s technological expertise and global experience to revitalize mature fields in Indonesia.
“Halliburton integrates proven unconventional methodologies with localized reservoir insights to improve performance, strengthen local capabilities, and deliver technology-based solutions that maximize asset value for our customers,” commented Martin White, senior vice president, Asia Pacific, Halliburton.
Simon A. Mantiri, President Director of PT Pertamina, “The cooperation forms an integral part of Pertamina’s sustainable transformation of upstream production, increasing national lifting and ensuring reliable energy supply.”
“With the support of advanced technology and global expertise, we are confident that mature fields can be revitalized and optimized to unlock their full potential, enabling the fields to, once again, be productive and contribute to national energy production.”
Recent Earnings
In January, Halliburton reported a fourth-quarter profit of $589 million, or 70 cents per share. Adjusted earnings of 69 cents per share exceeded analysts’ expectations of 55 cents. Revenue reached $5.657 billion, surpassing the forecast of $5.412 billion.
Analysts responded positively to Halliburton’s financial results. Stifel analyst Stephen Gengaro maintained a Buy rating and raised the price forecast to $36 from $35. Susquehanna’s Charles Minervino increased his forecast from $36 to $40, reflecting confidence in the company’s strategy.
HAL Price Action: Halliburton shares were down 0.60% at $34.90 during premarket trading on Monday. The stock is trading near its 52-week high of $35.85.
Photo via Shutterstock
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