One of the largest oilfield services companies in the world, Halliburton serves the upstream oil and gas industry in 80 countries with a complete range of services, from the location of hydrocarbons to the production of oil and gas. It operates in two segments: Drilling and Evaluation and Completion and Production. Services include providing production optimization, drilling evaluation, fluid services, and oilfield drilling software and consulting. It combines tried-and-true well drilling and optimization techniques with high-tech analysis and modeling software and services. Halliburton works in established oilfields from the North Sea to the Middle East as well as in newer sites in Southeast Asia and Africa.
Higher oil prices and strong demand for Halliburton's completion and production activities to support the expansion of operational rigs, especially in North America, helped to lift the company's revenues by 38% in 2011. The strong surge in revenues more than outpaced the growth in operating costs, lifting Halliburton's net income by 55%.
Halliburton's revenues and income snapped back sharply in 2010 as higher commodity prices spurred demand, especially in the US, where Halliburton's completion and production segment reported a 72% jump in revenues.
The company has generally shifted its focus from exploiting difficult reserves in the Western Hemisphere to developing easier-to-access and underdeveloped targets in the Eastern Hemisphere. As part of this shift, in 2007 it opened a second corporate headquarters (in Dubai) and relocated CEO David Lesar to that location. The move allows Halliburton to foster better relations with Middle Eastern oil companies and grow its business in the region.
In 2012 Halliburton signed a strategic agreement with Russian gas giant Gazprom to jointly develop new oil and gas technologies to support global exploration and production projects. That year it also acquired Petris Technology, a leading US-based global supplier of data-management and integration solutions.
In 2012 the company formed a 40%-owned joint venture with Schlumberger, OneSubsea, to make and develop products, systems, and services for the subsea oil and gas market. Cameron will contribute its existing subsea division and receive $600 million from Schlumberger. Schlumberger will contribute its Framo, Surveillance, Flow Assurance and Power and Controls businesses.
Expanding its portfolio, in 2011 Halliburton acquired Multi-Chem, a leading provider of oilfield production and completion chemicals and services.
Establishing a new product service line (intervention services and pressure control) in 2010 the company acquired well control specialist and industry innovator Boots & Coots for $240 million in cash and stock. Halliburton has combined its global hydraulic workover and coiled tubing deployed technologies with Boots & Coots' operations to provide customers with a wider range of services to help increase well production.
Earlier in 2010 the company was involved in cementing operations to cap a well on the ill-fated BP's Deepwater Horizon rig. The rig exploded and sank, spewing oil into the Gulf of Mexico. A board of inquiry found fault with the company's cementing procedures.