Halliburton Strikes Electric Frac Deal
Halliburton Company (NYSE: HAL) has announced that it and VoltaGrid LLC have entered into a multi-year contract with Aethon Energy to deploy an advanced, all-electric fracturing solution in the Haynesville shale.
The solution combines Halliburton’s all-electric fracturing spread, featuring a 5,000 horsepower electric pumping unit, with VoltaGrid’s power generation system to offer increased reliability and real-time emissions tracking, Halliburton noted.
“We understand the importance of efficiency in high performing fracturing operations,” Michael Segura, the vice president of production enhancement at Halliburton, said in a company statement. “Our innovative all-electric fracturing solutions deliver superior performance while significantly reducing fuel costs and emissions for our customers,” he added in the statement.
Paul Sander, the chief operating officer and partner at Aethon Energy, said, “all-electric fracturing represents an exciting approach to our overall strategy to reduce emissions in our operations”.
“We’re pleased to work with Halliburton and VoltaGrid to utilize more sustainable fracturing solutions and look forward to realizing enhanced operational efficiencies for our industry,” he added.
Back in August, Halliburton and VoltaGrid LLC announced the first successful deployment of their “advanced electric fracturing solution”. The project was the first pad in a multi-year contract with Chesapeake Energy Corporation with more than 140 stages in the Marcellus, Halliburton noted, adding that the solution reduced emissions for Chesapeake by 32 percent.
In a company statement at the time, Patrick Finney, Chesapeake’s vice president of completions, said the partnership exceeded the company’s expectations and further demonstrates Chesapeake’s commitment to leading a responsible energy future.
In January this year, Halliburton announced it had successfully deployed the industry’s first electric grid-powered fracturing operation. The job, performed on several pads for Cimarex Energy Co. (NYSE: XEC) in the Permian basin, started in November 2020.
Halliburton is one of the world’s largest providers of products and services to the energy industry. It serves major, national and independent oil and natural gas companies throughout the world, its website highlights. VoltaGrid is described as an advanced energy management and generation company that has developed an innovative platform to provide power, energy storage and emissions reductions for the pressure pumping, remote mining, utility and distributed generation industries.
Aethon Energy Management is a Dallas, Texas based private investment firm focused on direct investments in North American onshore upstream oil and gas assets, according to its site. Since its inception in 1990, Aethon has managed over $1.6 billion in oil and gas assets on behalf of family and institutional capital, the company’s site shows.
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