Halliburton is one of the world’s largest service providers to the oil and gas industry, employing over 70,000 people worldwide. The company helps service the oil and gas industry through locating hydrocarbons, evaluating drilling and formation, constructing and completing oil and gas wells, managing geological data, and optimizing production in the field.
History and Company Operations
In 1919, the Halliburton namesake, Erle P. Halliburton started an oil well cementing business in Oklahoma. A little more than 10 years later, he established the company’s first research laboratories where he tested cement mixes. The company shortly after began offering acidizing services to breakdown limestone formations in order to increase the flow of oil and gas. During this time, the company additionally started its first offshore cementing job in the Gulf of Mexico.
Around this time, the company sold five cementing units to an English company, beginning its foray into the international market. During this time, Halliburton opened a new business in Canada and Venezuela. By 1946, the company had expanded throughout Central and South America, as well as the Middle East. Only five years later, the company expanded into Europe. The company now operates in over 80 countries throughout the world. In 2007, the company divided its service offerings into two separate divisions: Completion and Production and Drilling and Evaluation.
Halliburton currently offers 13 product service lines, operating in Drilling and Evaluation, and Completion and Production. These 13 product service lines include: Baroid, Drill Bits & Services, Landmark, Sperry Drilling, Testing & Subsea, Wireline & Perforating, Artificial Lift, Cementing, Completion Tools, Multi-Chem, Production Enhancement, Production Solutions, and Consulting & Project Management. These 13 product service lines assist the company in its operations at each step of the lifecycle of a reservoir. The company is able to locate hydrocarbons, drill for the resulting products, and optimize production throughout the life of the field.
Halliburton was the cementing contractor of the Deepwater Horizon oil rig, and warned BP to install devices in order to center the pipe prior to pumping. Deficient cementing was found to be a direct cause of the resulting well blowout, leading to the oil rig fire and oil spill. Halliburton settled in court to pay $1.1 billion to Gulf Coast residents affected by the Deepwater Horizon oil spill, and recently reached a settlement deal with BP to settle all remaining claims between the companies.
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