Halliburton Company has entered into a memorandum of understanding with Indonesia's state-owned energy company PT Pertamina to deploy advanced well construction and stimulation technologies across mature oil fields. The partnership focuses on implementing unconventional completion methods designed to enhance production recovery and extend the operational life of aging assets in Indonesian waters.
The collaboration comes as Indonesia seeks to stabilize and increase domestic energy output from existing reserves. Halliburton's suite of well construction and stimulation services, which includes hydraulic fracturing and other specialized completion techniques, will be leveraged to optimize recovery rates from mature field infrastructure. The specific financial terms and duration of the agreement were not disclosed in the announcement.
The partnership announcement follows strong financial performance from Halliburton, which reported fourth-quarter adjusted earnings per share of $0.69, exceeding consensus analyst expectations of $0.55. The results prompted multiple analysts to raise price target recommendations on the company's stock. HAL shares declined 0.60% in premarket trading to $34.90, positioning near its 52-week high.