Yahoo Finance Halliburton (HAL) Acquires Well-Drilling Contract in Israel
Halliburton Company HAL has been awarded a contract by Energean to implement a well-drilling campaign off the coast of Israel. The contract involves three firms and two optional wells.
Energean is an independent exploration and production company that focuses on developing resources in the Mediterranean and U.K. North Sea. The company’s key development assets are the multi-trillion cubic feet Karish, Karish North and Tanin fields, offshore Israel.
Halliburton will work with Energean to efficiently deliver exploration, appraisal and development wells, off Israel’s coast. The company will provide services, which include project management, directional drilling, drill bits, drilling fluids, cementing, solids control, wireline, slickline, completions, production enhancement and subsea services.
The main technologies, which are expected to be deployed, include the StrataXaminer wireline logging solution that helps operators obtain more precise well data and improve production capabilities. It also involves the 7 3/8” Dash electrohydraulic subsea safety system and the iCruise Intelligent Rotary Steerable System that will deliver faster and more accurate wells.
The recently-obtained contract follows a successful four-well offshore drilling campaign that Halliburton previously executed in the Karish and Karish North fields, offshore Israel. Halliburton provided the drilling services for the Karish and Karish North gas field development, which is being developed by Energean.
The latest campaign will deliver a fully integrated solution with the help of Halliburton 4.0 digital platform and drilling technologies to optimize well delivery. Halliburton and Energean will team up to deliver integrated project management services, which will maximize the value of their offshore Mediterranean wells. The companies did not reveal any financial details of the contract.
Company Profile & Price Performance
Headquartered in Houston, TX, Halliburton is one of the largest oilfield service providers.
Shares of the company have underperformed the industry in the past six months. The stock has declined 7.1% against the industry’s 7.6% growth.
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Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Canadian Natural Resources Limited CNQ and SilverBow Resources Inc. SBOW, each currently flaunting a Zacks Rank #1 (Strong Buy), and Chevron Corporation CVX that carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Canadian Natural’s 2021 earnings has been raised by 23.7%.
SilverBow’s earnings for 2021 are expected to increase 25.5% year over year.
Chevron’s earnings for 2021 are expected to rise 12.2% year over year.
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