Halliburton ranks second on the Top 30 Oilfield Services Companies of 2019

The company's innovative approach to extracting unconventionals in the Middle East helped it win second place on our list...

Oilfield services, OFS, Halliburton, Unconventionals, Shale
Copyright Chris Salvo 2010 All Rights Reserved

Halliburton retains its spot because of its efforts to replicate the US shale boom in the GCC. This is central to achieving the goal of gas self-sufficiency common among many national oil companies.

But lowering the cost of production is not as simple as it sounds, since the Middle East has a different set of obstacles than North America. As such, Halliburton has made concerted efforts to ‘localise’ shale production, allowing operators to use locally-available resources to extract unconventional hydrocarbons.

Meanwhile, it also signed a $597mn contract with Kuwait Oil Company for its offshore exploration programme. Halliburton’s work in the region has been reflected in the $1.2bn of revenue it raked in from the Middle East and Asia in Q4 2018, a period when oil prices were fluctuating.

In FY 2018, it generated $24bn revenue, up $3.4bn (16%) from the previous year, with reported operating income of $2.5bn, up from $1.4bn in 2017.

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