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Released April 22, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Halliburton Company (NYSE:HAL) (Houston, Texas), the only full-service oilfield services company catering to the hydraulic fracturing industry, is enjoying a rebound in global oilfield activity. Last week, the International Energy Agency (IEA) predicted global oil demand and supply were set to rebalance in the second half of 2021, requiring producers to pump up to 2 million additional barrels per day to meet projected demand. Accordingly, Halliburton expects to see demand for its own services accelerate through the end of 2021. Industrial Info is tracking more than $1.7 billion worth of active projects involving Halliburton globally.
Click on the image at right for a graph detailing Halliburton's active global projects, by country.
The IEA's findings were corroborated by the Organization of the Petroleum Exporting Countries (OPEC), which last week raised its global demand forecast 1.2% to 5.95 million barrels per day in 2021. Domestically, the U.S. Energy Information Administration (EIA) reported U.S. crude inventories dropped 5.9 million barrels in the first full week of April, while the U.S. consumption of gasoline increased to 8.9 million barrels per day (the highest since August), pointing to an economic recovery as Americans and drivers in other countries hit the roads in larger numbers.
"The first quarter marked an activity inflection for the international markets, while North America continued to stage a healthy recovery," said Jeff Miller, the chief executive officer of Halliburton, in a quarterly earnings-related press release. "I expect international activity growth to accelerate, and the early positive momentum in North America gives me confidence in the activity cadence for the rest of the year."
Although Halliburton's $3.45 billion in revenues for first-quarter 2021 were substantially lower than the more than $5 billion in the pre-pandemic first quarter of 2020, they were an improvement from the $3.24 billion from fourth-quarter 2020. The company's completion and production business, which focuses on the later stages of well development, saw particularly strong business in North America, Latin America and the U.K. North Sea.
Among the North Sea projects featuring Halliburton's services is Neptune Energy's (London, England) Seagull offshore drilling program, which began in January and is contracting Halliburton for the completion of its high-temperature, high-pressure wells. Neptune plans to drill and complete four production wells through its Seagull subsea installation, which began construction last April in Block 22/29c. If you subscribe to Industrial Info's Oil & Gas Production database, see project reports on the drilling program and subsea installation.
Halliburton's drilling and evaluation business reported steady revenue gains, but its results were hindered by lower drilling-related services in Asia. Among the projects under construction in the region is Uzbekneftegaz NHC's underground natural gas cavern expansion in Gazli, Uzbekistan, which is expected to double storage capacity to 6 billion cubic meters upon its projected completion in fourth-quarter 2022; a planned second-phase expansion would take capacity up to 10 billion cubic meters. If you subscribe to Industrial Info's Oil & Gas Terminals database, see project reports on Phase I and Phase II.
Halliburton also is servicing a series of oil and gas field production projects across Indonesia. Click here for a list of projects from Industrial Info's subscription database.
Later this year, Halliburton's subsidiary in Saudi Arabia expects to finish construction on its estimated $500 million specialty chemicals complex in the PlasChem Park area of Jubail, Saudi Arabia. Built in conjunction with the Saudi subsidiary of Fluor Corporation (NSYE:FLR) (Irving, Texas), the plant will manufacture a variety of chemicals for the stimulation, production, midstream and downstream phases of various oilfield projects. Construction began in the summer of 2019 and was delayed amid the COVID-19 pandemic, but is now set to wrap up this summer. If you subscribe to Industrial Info's Chemical Processing database, see project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, visit us online at http://www.industrialinfo.com.
Click on the image at right for a graph detailing Halliburton's active global projects, by country.The IEA's findings were corroborated by the Organization of the Petroleum Exporting Countries (OPEC), which last week raised its global demand forecast 1.2% to 5.95 million barrels per day in 2021. Domestically, the U.S. Energy Information Administration (EIA) reported U.S. crude inventories dropped 5.9 million barrels in the first full week of April, while the U.S. consumption of gasoline increased to 8.9 million barrels per day (the highest since August), pointing to an economic recovery as Americans and drivers in other countries hit the roads in larger numbers.
"The first quarter marked an activity inflection for the international markets, while North America continued to stage a healthy recovery," said Jeff Miller, the chief executive officer of Halliburton, in a quarterly earnings-related press release. "I expect international activity growth to accelerate, and the early positive momentum in North America gives me confidence in the activity cadence for the rest of the year."
Although Halliburton's $3.45 billion in revenues for first-quarter 2021 were substantially lower than the more than $5 billion in the pre-pandemic first quarter of 2020, they were an improvement from the $3.24 billion from fourth-quarter 2020. The company's completion and production business, which focuses on the later stages of well development, saw particularly strong business in North America, Latin America and the U.K. North Sea.
Among the North Sea projects featuring Halliburton's services is Neptune Energy's (London, England) Seagull offshore drilling program, which began in January and is contracting Halliburton for the completion of its high-temperature, high-pressure wells. Neptune plans to drill and complete four production wells through its Seagull subsea installation, which began construction last April in Block 22/29c. If you subscribe to Industrial Info's Oil & Gas Production database, see project reports on the drilling program and subsea installation.
Halliburton's drilling and evaluation business reported steady revenue gains, but its results were hindered by lower drilling-related services in Asia. Among the projects under construction in the region is Uzbekneftegaz NHC's underground natural gas cavern expansion in Gazli, Uzbekistan, which is expected to double storage capacity to 6 billion cubic meters upon its projected completion in fourth-quarter 2022; a planned second-phase expansion would take capacity up to 10 billion cubic meters. If you subscribe to Industrial Info's Oil & Gas Terminals database, see project reports on Phase I and Phase II.
Halliburton also is servicing a series of oil and gas field production projects across Indonesia. Click here for a list of projects from Industrial Info's subscription database.
Later this year, Halliburton's subsidiary in Saudi Arabia expects to finish construction on its estimated $500 million specialty chemicals complex in the PlasChem Park area of Jubail, Saudi Arabia. Built in conjunction with the Saudi subsidiary of Fluor Corporation (NSYE:FLR) (Irving, Texas), the plant will manufacture a variety of chemicals for the stimulation, production, midstream and downstream phases of various oilfield projects. Construction began in the summer of 2019 and was delayed amid the COVID-19 pandemic, but is now set to wrap up this summer. If you subscribe to Industrial Info's Chemical Processing database, see project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, visit us online at http://www.industrialinfo.com.
