Diverse energy sources will each play a role in the world's future energy supply. At Halliburton, our work focuses in three areas:
Chapters:
The Future of Energy
The oil and gas industry provides affordable, reliable energy that is necessary for global society and its growth. The path toward a lower-carbon future includes the more efficient, lower-carbon production of hydrocarbons. Halliburton's approach to sustainability is embedded in our new technology development process and customer collaboration. We offer leading and new technologies to customers to reduce emissions, maximize assets, and build a sustainable future.
In 2024, we used our Carbon Footprint Assessment process to estimate emissions for several proposed large-scale, complex projects that involve multiple business lines in countries including Mexico, Norway, Iraq, and Namibia. The estimates we generated accounted for potential emissions from engines and other equipment, transport, facilities, and the carbon footprints of the Halliburton products that assist with project execution.
Our Technology Sustainability Matrix maps the offerings we develop to assist our customers to reduce their emissions in every stage of the well lifecycle and develop their low carbon projects. The table below highlights products and services we commercialized in 2024.
In 2024, Halliburton continued to see growth in global opportunities for carbon capture, utilization, and storage (CCUS), geothermal energy, and other existing and emerging low carbon energy markets. Our Low Carbon Solutions offerings apply our technology and understanding of subsurface conditions to support our customers design and develop wells to execute their projects.
Through active collaboration with our customers, we provide end-to-end fit-for-purpose technologies for the CCUS market. Our solutions include the NeoStar™ CS tubing-retrievable safety valve and CorrosaLock™ cement system for corrosive environments and ultra-low temperatures of CO2 injection and containment. We also continue to build on our oil and gas technology alliances to develop and pursue integrated CCUS opportunities.
Halliburton has long served the geothermal market. Today we use our core oil and gas competencies in conventional and direct heating geothermal projects. We help our customers through the geothermal well lifecycle, including subsurface understanding and testing, well construction, completions, and production.
Halliburton has designed technologies, such as GeoESP® submersible borehole and surface pumps and the Thermalock™ cement system for extreme conditions of our customers' geothermal work applications. We provide solutions such as hardier drill bits, drilling fluid additives that increase effectiveness in high-temperature environments, directional drilling for complex well paths, and specialized well designs and completions to address the challenges associated with drilling at great depths.
Through Halliburton Labs, we help energy system innovators and entrepreneurs further their strategic goals by providing them with access to our capacity to scale and the vast resources in our global infrastructure and network. Participating startups include organizations 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.
As we support these organizations, we develop new insights and discover opportunities for exploration, investment, and growth. We also gain institutional knowledge that will enable us to collaborate and engineer solutions to maximize asset value in the energy systems of the future.
Halliburton Labs continued to grow in 2024. We closed out the year with 38 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. The increase in participants is a reflection of our growing profile, and today most participants approach us through referrals and recommendations.
We hosted two Finalists' Pitch Day events in 2024 to showcase 18 startups who innovate solutions throughout the energy landscape. Our March event was held in collaboration with New Orleans Entrepreneur Week, which further expanded Halliburton Labs' and our finalists' reach, visibility, and networks.
Halliburton Labs was a founding partner for the inaugural Houston Energy and Climate Startup Week, which took place in September 2024 and showcased Houston's momentum in helping transform the energy industry while driving a sustainable, low-carbon energy future.
Halliburton Labs also hosted our second Company Showcase in June 2024. An audience of clean-tech venture investors attended live pitches from 14 of our participant startups and we curated more than 200 individual meetings between startups and relevant investors.
Sustainability means serving our customers, employees, stakeholders, and communities in an environmentally, socially, and ethically responsible way.
Good corporate governance builds trust with our shareholders, customers, and employees.
Our people are the heart of everything we do at Halliburton. The success of our operations is a result of the dedication of our exceptional employees, leaders, contractors, and suppliers.
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