Halliburton Company ( HAL Quick Quote HAL - Free Report) announced the implementation of the first electric grid-powered fracturing operation of the energy industry for Cimarex Energy Co. ( XEC Quick Quote XEC - Free Report) .
Halliburton has been conducting the fracturing process on several well pads in the Permian Basin since November. The company stated that so far it has completed almost 340 stages across multiple wells by the means of the utility-powered electric frac pumps, with advanced operating abilities.
Electric fracturing provides an alternative approach and enables the companies to accomplish the least possible emission profile against both turbines and Tier 4 dual-fuel engines. Beside this, the approach uplifts operational security and needs low capital costs compared with turbines.
Importantly, Halliburton engineers its electrically operated equipment to apply the maximum energy capacity from the grid to allow customers to obtain a pumping performance of 30-40% higher than with conventional equipment.
The deployment of the electric frac system upholds Cimarex’s aim toward its operational and environmental performance. The upstream company intends to use its infrastructural investments in generating efficiencies in operations, while reducing greenhouse gas emissions. Notably, Halliburton’s fracturing operation boosted these investments and Cimarex expects further development of the technology with Halliburton across its assets.
The supply of the grid-powered hydraulic fracturing solution reflects Halliburton’s aim to help customers achieve lower emissions. On its part, the electric fracturing process is in line with Halliburton’s aim to offer low carbon-intensive solutions to the entire energy industry and for a sustainable future.
Company Profile & Price Performance
Headquartered in Houston, TX, Halliburton is one of the largest oilfield service providers.
Shares of the company have outperformed the
industry in the past six months. The stock has gained 66.2% compared with the industry’s 23.5% growth.
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are
Altus Midstream Company ( ALTM Quick Quote ALTM - Free Report) and DCP Midstream Partners, LP ( DCP Quick Quote DCP - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here .
Altus Midstream is expected to see earnings growth of 364.4% in 2021, while DCP Midstream is likely to see earnings growth of 218.5%.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>