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    Is Halliburton (HAL) Quietly Recasting Its Identity From Oilfield Services To AI Power Enabler?

    Simply Wall St·12/19/2025 06:34:09
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    • Earlier this month, Halliburton and VoltaGrid announced securing manufacturing for 400 megawatts of modular natural gas power systems for 2028 delivery to support hyperscale data centers across the Eastern Hemisphere, aiming to provide scalable, lower-emission power compared with conventional diesel generation.
    • This move highlights Halliburton’s push to extend its energy expertise into powering AI and cloud data infrastructure, potentially broadening its role beyond traditional oilfield services.
    • Next, we’ll examine how Halliburton’s 400 megawatt data center power collaboration with VoltaGrid may reshape its power generation-led investment narrative.

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    Halliburton Investment Narrative Recap

    To own Halliburton, you generally need to believe that oil and gas activity and natural gas demand will stay relevant even as decarbonization pressures build, and that Halliburton can offset North American shale cyclicality through international growth and higher margin digital and power solutions. The 400 megawatt VoltaGrid data center power deal supports its lower carbon and gas focus but does not materially change the near term risk from weaker drilling and pricing if oilfield activity softens further.

    Among recent announcements, the December 2024 electric simul frac collaboration with Diamondback Energy and VoltaGrid in the Permian stands out alongside the new data center initiative, because both hinge on natural gas backed, lower emission power and electrified completions. Together, they frame gas linked power and efficiency technology as a potential supporting catalyst for Halliburton’s earnings resilience if upstream activity remains pressured and investors watch for progress in newer, power centric offerings.

    Yet, while these projects may help Halliburton diversify, investors should still be aware of the risk that accelerating renewable adoption could...

    Read the full narrative on Halliburton (it's free!)

    Halliburton’s narrative projects $22.1 billion revenue and $2.0 billion earnings by 2028. This implies a 0.2% yearly revenue decline but about a $0.1 billion earnings increase from $1.9 billion today.

    Uncover how Halliburton's forecasts yield a $30.38 fair value, a 11% upside to its current price.

    Exploring Other Perspectives

    HAL 1-Year Stock Price Chart
    HAL 1-Year Stock Price Chart

    Twelve members of the Simply Wall St Community currently see Halliburton’s fair value between US$20 and about US$50, with the highest view near US$50.29. Set against this spread, the growing role of natural gas as a transition fuel and Halliburton’s push into lower emission power solutions could have important implications for how you think about its long term earnings resilience and should prompt a closer look at several different viewpoints.

    Explore 12 other fair value estimates on Halliburton - why the stock might be worth 27% less than the current price!

    Build Your Own Halliburton Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.