The world requires a diversified use of all sources of energy, each of which has a role to play in the future. At Halliburton, we deliver value to the broader energy landscape. Our work is focused in three spaces:
Chapters:
The Future of Energy
Halliburton helps our customers lower the carbon intensity of their operations through innovative, data-driven solutions in the full well lifecycle. The oil and gas industry provides affordable, reliable energy that is necessary for the global society and its growth. The path toward a lower carbon future includes hydrocarbons produced more efficiently and with a reduced carbon footprint.
Our approach to sustainability is embedded in our new technology development process and customer collaboration. We develop and deliver solutions that help our customers reduce emissions, maximize their assets, and build a sustainable future.
In 2023, we integrated the Envana™ emissions data management software with our service delivery workflows and equipment sensors. This integration was accomplished in several product service lines and enables us to generate reliable, repeatable, and detailed emissions data for jobs executed by these product service lines. Halliburton uses this data to report verifiable emissions data, collaborate with customers to identify opportunities to reduce emissions, and inform our product development.
All new product-related research and development at Halliburton follows LIFECYCLE, our technology development process. LIFECYCLE's steps consider, among other factors, ways to minimize and quantify potential sustainability-related impacts. It is a rigorous, interdisciplinary, and collaborative stage-gate product development process that facilitates successful technology commercialization.
In 2023, we simplified how we identify products or services that help our customers reduce emissions and standardized how we qualify environmental impact early in the technology development process. We also improved our process controls, which monitors our project launches from inception to commercialization.
If a product or service is determined to have a favorable sustainability impact during the LIFECYCLE process, it is then classified in one of the following categories:
Halliburton maps the lower environmental impact technologies we launch in our Technology Sustainability Matrix. This reference document identifies our environmental impact-reducing technology offerings according to every stage of the well lifecycle. The excerpt below highlights products and services we launched in 2023. More information can be found on the Sustainability page of the Halliburton website.
We saw significant growth in 2023 as the global project opportunities for CCUS and geothermal energy increased. Our Low Carbon Solutions offerings apply our experience and preexisting technologies to develop and execute our customers' projects. We include a few highlights below.
Halliburton provides solutions that help our customers analyze risk in complex CCUS projects. We offer tools that help companies understand the geological characteristics of a potential storage site. Our cementing and completions product lines offer a range of corrosion-resistant solutions that customers can use to construct storage wells.
Halliburton's Neftex® FairwayFinder™ software uses an informed approach to identify and screen potential storage sites. Our wellbore evaluation technologies, such as our IntelliSat™ pulsed neutron logging service, provide accurate assessments of carbon/oxygen saturation — a critical step before CO2 injection. A range of formation pressures can be collected when these technologies are paired with our Reservoir Description Tool (RDT™) formation tester, which provides information related to storage and containment quantification.
Measurement, monitoring, and verification (MMV) is a required step in storing injected CO2 underground. Halliburton's solutions include tools that facilitate accurate MMV of formation pressures and temperatures, remote data access, and storage and leak detection alerts. Our DataSphere® continuous monitoring suite delivers subsurface monitoring capabilities. The suite also collects live wellbore data that aids injection and reservoir model enhancement to fulfill CCUS MMV requirements.
Global demand for sustainable heat and electricity has led to growth in conventional geothermal projects and advancements in geothermal systems. These advanced systems allow for geothermal energy production in areas without ideal geological conditions for conventional geothermal applications.
Halliburton's technology portfolio, combined with our experience in the geothermal space, positions us to meet the growing geothermal energy market's demands. Our integrated and comprehensive approach to the geothermal project lifecycle delivers a low-cost-per-megawatt solution for our customers. From subsurface software, well construction, and artificial lift to well interventions, Halliburton has a portfolio of products and services to support operators in the geothermal sector. We develop new technologies to drive performance and reliability in this high-temperature, high-pressure environment to make geothermal energy more accessible and affordable.
Through Halliburton Labs, we provide a wide spectrum of energy system innovators and entrepreneurs with access to our capacity to scale and the vast resources in our global infrastructure and network. We come alongside these organizations to help them further their strategic goals. Participating startups include those engaged in industrial decarbonization; carbon capture and utilization; grid-scale and long-duration energy storage; energy generation and conversion; critical minerals recovery; hydrogen production and transportation; and circular economy. Halliburton Labs creates tangible value for early-stage companies in emergent energy sectors. We grant access to resources that support organizations' efforts to scale and expand their industry networks.
As we support these organizations, we develop new insights and discover opportunities for exploration, investment, and growth. Halliburton also gains institutional knowledge that will enable us to collaborate and engineer solutions to maximize asset value in the energy systems of the future. Participants enter a financial agreement that secures an equity stake for Halliburton Labs at their next round of institutional financing.
Halliburton Labs closed out 2023 with 32 participant and alumni organizations that represent all facets of energy production, storage, distribution, and efficiency, as well as the industrial decarbonization and waste-to-value sectors. We continue to see high levels of interest in Halliburton Labs from investors, startups, and academic institutions. Increasingly, our applicants are referred to us by companies and investors who have seen the value we create firsthand.
We hosted two Finalists' Pitch Day events in 2023. At these events, we showcased 10 early-stage hard-tech companies that innovate solutions in many different sectors of the energy landscape. This was the first year we took our Pitch Day on the road. We collaborated with key energy organizations to deliver a Future of Energy Day at Denver Startup Week, which further expanded Halliburton Labs' and our Finalists' reach, visibility, and networks.
Halliburton Labs also hosted its first Company Showcase event in May 2023 for nine of our participant startups. An audience of over 55 clean-tech venture investors attended. At this event, we facilitated live pitches for nine of our participants and more than 174 curated meetings between startups and relevant investors.
Halliburton held three Innovation Series events in 2023 that were open to all Halliburton employees. We invited panels of distinguished industry, academia, and startup speakers to have insightful, stimulating discussions at our Houston, TX, campus. Topics discussed included Nuclear Energy; Carbon Capture at Gigaton Scale; and Carbon Utilization. Employees gained an opportunity to hear new and diverse views about innovation, market drivers, and potential gaps in emergent value chains.
Halliburton began to incubate NaviScale in 2023. NaviScale is a Halliburton commercial venture that makes use of Halliburton's experience and expertise to help clean-energy and climate-tech ventures navigate their scale-up journeys. It assists them as they identify unseen risks in equipment design; optimize their designs for manufacturing; verify their readiness to scale, and secure suitable and reliable supplier relationships. With NaviScale, Halliburton will be able to extend the impact of Halliburton Labs beyond participants and alumni. NaviScale will deliver a commercial solution powered by Halliburton to the broader climate tech market.
As Halliburton works alongside a broader range of innovative companies, we expand our access to and insight into promising value chains even further and spark additional opportunities to collaborate and engineer solutions for the energy systems of the future.
Sustainability means serving our customers, employees, stakeholders, and communities in an environmentally, socially, and ethically responsible way.
View overviewGood corporate governance builds trust with our shareholders, customers, and employees.
Our goal is to educate and inspire the next generation of Halliburton talent – because our people are at the heart of everything we do.
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