The ability to predict the future would be invaluable to the oil and gas industry, especially now, in a market of such uncertainty. The current decline in commodity prices continues to impact operators and service companies alike, with little indication of when the market will improve. While nobody holds the power to predict the future, Halliburton absolutely holds the power to plan, prepare for, and shape the future — and we’re doing just that!
I’m confident in the power of technology to transform our business, and we are steadfast in pursuing the right technology today that will revolutionize the way we evaluate, produce, and maintain the reservoir tomorrow. As President, it is my responsibility to ensure Halliburton is well-positioned as the preferred upstream service company, both now and in the future. That means delivering best execution in the field AND innovative technology.
By introducing technology for more efficient wells, we improve our customers’ cost per barrel of oil equivalent (BOE), which is core to our value proposition. Our investment in technology like AccessFrac® Stimulation Service, CoreVault™ System, and DecisionSpace® Software, illustrates our ongoing commitment to technology development, even in a challenging market.
AccessFrac helps to optimize proppant distribution for improved long-term production performance of the well. Our slogan, “In a tough energy economy you don’t retreat, you refrac, with AccessFrac,” has proven true for many of our customers. The usage of AccessFrac has grown more than 60% over the last year.
CoreVault technology gives operators the ability to efficiently target the most profitable zones in a well by obtaining accurate rock and fluid samples from low-permeability reservoirs. This technology increases reliability of the sample, simplifies the process by using less equipment, and greatly reduces the time needed to obtain a core sample.
DecisionSpace allows our customers access to their real-time data from all service providers with one complete geoscience software suite. This is an ideal tool for Geoscientists working with complex conventional and unconventional plays, onshore or offshore, to target sweet spots of their reservoirs.
We are a company excited by technology, and in fact, you might say technology means more now than ever. Those break-through innovations that really impact our customers’ cost per BOE start to shine through in this market. Customers gravitate toward what works – what is effective, reliable, and what delivers results. They must have products they can count on, and the value of those products starts to transcend price in a market like this. At Halliburton, we are relentless in our efforts to innovate, and we consistently develop technology that leads the industry and delivers real value to our customers.
Like you, I’d love to know when the market will recover. It’s easy to plan for the future when you know what the future holds. But in a market of uncertainty, we must be certain about our plan. And at Halliburton, our plan is to control what we can in the short-term, deliver best execution in the field, and to look beyond the cycle and prepare for recovery. We’ll continue our focus on improving existing technology and developing new technology to make better wells.