Halliburton and PETRONAS Carigali Partner for Next-Gen Subsurface Modeling

HOUSTON – June 19, 2025 – Halliburton (NYSE: HAL) today announced a significant strategic collaboration with PETRONAS Carigali Sdn. Bhd., a subsidiary of the Malaysian state-owned energy company PETRONAS. This partnership is set to revolutionize subsurface modeling and reservoir management for PETRONAS Carigali, leveraging Halliburton Landmark's cutting-edge digital solutions.

Under the terms of the agreement, PETRONAS Carigali will deploy Halliburton Landmark's advanced DecisionSpace® 365 Geosciences Suite and Unified Ensemble Modeling solutions. The primary objective of this deployment is to unify and streamline exploration and development workflows. By integrating these sophisticated tools, PETRONAS Carigali aims to accelerate the time to first oil, enhance operational efficiency, and improve decision-making processes throughout the reservoir lifecycle.

The DecisionSpace® 365 Geosciences Suite is a comprehensive cloud-based platform designed to provide geoscientists with integrated workflows for seismic interpretation, geological modeling, and reservoir characterization. Its scalability and accessibility allow for seamless collaboration and data sharing across teams, regardless of their physical location. The Unified Ensemble Modeling solutions further enhance this capability by enabling the creation and analysis of multiple reservoir models simultaneously, allowing for better uncertainty quantification and risk assessment.

This collaboration underscores the growing importance of digital transformation in the upstream oil and gas sector. Companies are increasingly relying on advanced software and data analytics to optimize exploration efforts, improve recovery rates, and reduce operational costs. Halliburton Landmark's solutions are at the forefront of this trend, offering capabilities that can significantly impact a company's ability to discover, develop, and produce hydrocarbons more efficiently.

The deployment of these next-generation solutions is expected to provide PETRONAS Carigali with a competitive edge in its exploration and production activities. By unifying disparate workflows and leveraging advanced modeling techniques, they can gain deeper insights into subsurface complexities, identify optimal drilling locations, and develop more effective reservoir management strategies. This can lead to increased production volumes, reduced non-productive time, and ultimately, improved profitability.

For Halliburton, this collaboration with a major national oil company like PETRONAS Carigali represents a significant win and further validates the strength and capabilities of its Landmark software portfolio. It demonstrates Halliburton's commitment to providing innovative digital solutions that address the evolving needs of the energy industry. Such partnerships are crucial for Halliburton's growth strategy, particularly in expanding its digital footprint and securing long-term contracts with key global players.

Market Context and Implications

The global oil and gas industry is undergoing a significant digital transformation. Companies are investing heavily in technologies like artificial intelligence, machine learning, cloud computing, and advanced analytics to improve efficiency, reduce costs, and enhance safety. This collaboration between Halliburton and PETRONAS Carigali is a prime example of this trend in action. The focus on accelerating time to first oil is particularly relevant in the current market environment, where speed and efficiency are critical for maximizing returns on investment.

The partnership also highlights the continued importance of subsurface expertise and advanced modeling in unlocking complex reservoirs. As easily accessible reserves become scarcer, the ability to accurately characterize and manage challenging geological formations becomes paramount. Halliburton Landmark's solutions are designed to address these challenges, providing the tools necessary for detailed analysis and informed decision-making.

Investment Insights

For investors in Halliburton (HAL), this announcement is a positive development. It signals continued demand for Halliburton's high-value digital solutions and strengthens its position in the upstream software market. The collaboration with a major national oil company like PETRONAS Carigali is a testament to the quality and effectiveness of Halliburton's technology. Investors should view this as a positive indicator of Halliburton's ability to secure significant contracts and drive growth in its digital segment.

While the immediate financial impact of this specific contract may not be disclosed, the strategic significance of deploying these advanced solutions with a key client is substantial. It could lead to further opportunities and reinforce Halliburton's reputation as a leading provider of digital solutions for the energy industry. Investors should monitor Halliburton's future earnings reports and management commentary for updates on the performance of its digital segment and the impact of such strategic partnerships.

This collaboration reinforces the bullish case for Halliburton's digital strategy and its potential to contribute meaningfully to the company's overall revenue and profitability in the long term.