Halliburton (HAL) Wins 7-Year Production Chemicals Deal in Oman
Halliburton Company HAL recently secured a seven-year contract to supply Production Chemicals and Associated Services to a major IOC in Oman. Per the terms of the agreement, the company will provide a complete suite of modified goods as well as specialized services to assist in-field chemical treatments.
The project will be supported by Halliburton's facilities in the aforementioned Arab country. At its new Saudi Chemical Reaction Plant, the energy player will produce essential raw materials for the contract. The site will expand Halliburton's capacity to assist Oman and the surrounding West Asian region when it opens at the end of 2021. The company plans to employ and train local workers to accomplish the contract's requirements.
The facility will be able to produce a wide range of chemicals for use in stimulation, production, midstream and downstream designed treatment systems. Halliburton's global laboratory and team in Dhahran Techno Valley as well as local manufacturing poise the company well for expediting the manufacturing of advanced speciality chemical solutions while also cultivating local raw talent and capabilities.
Halliburton multi-chem vice president Miguel Gonzalez stated that “We are excited to provide our production chemical expertise and management services to help our customer maximize their asset value in Oman. This collaboration aims to improve operational efficiencies and reliability by applying tailored solutions and close alignment between parties.”
About the Company
Halliburton is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial and government sectors. The company operates in more than 80 countries. Founded in 1919, the industry player employs in excess of 60,000 people and functions under two main segments, namely Completion and Production, and Drilling and Evaluation.
Zacks Rank & Other Key Picks
Halliburton currently carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include Matador Resources Company MTDR, Denbury Inc. DEN and Continental Resources, Inc. CLR, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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