• In February 2026, PT Pertamina (Persero) announced it had signed a memorandum of understanding with Halliburton to accelerate advanced well construction, hydraulic fracturing, acid stimulation, and digital drilling technologies in selected onshore fields across Indonesia.
• This collaboration highlights Halliburton’s push to pair unconventional completion expertise with closed-loop automation and artificial intelligence, deepening its role in technology-intensive international projects.
• Next, we’ll examine how this Indonesia-focused technology collaboration may influence Halliburton’s investment narrative built around international expansion and digital capabilities.

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Halliburton Investment Narrative Recap

To own Halliburton, you need to believe its international and technology-focused model can offset softer North American activity and long-term decarbonization risks. The Pertamina MOU supports the near term catalyst around expanding higher value, digital-enabled services outside the U.S., but does not materially change the biggest current risk of long-run pressure on fossil-fuel service demand from regulation and shifting capital.

Among recent announcements, the affirmed US$0.17 first quarter 2026 dividend is most relevant here. It signals Halliburton’s willingness to return cash to shareholders even as it leans into capital and R&D commitments for projects like Pertamina’s Indonesia work, which are central to its push into international unconventionals, automation, and AI as potential offsets to cyclical North American weakness.

But while this international and digital story is appealing, investors should also be aware that...

Halliburton's narrative projects $22.1 billion revenue and $2.0 billion earnings by 2028.

Uncover how Halliburton's forecasts yield a $31.72 fair value, a 12% downside to its current price.

Exploring Other Perspectives

By contrast, the most pessimistic analysts see revenue drifting toward about US$20.2 billion and earnings around US$1.6 billion, so if you worry that rising decarbonization pressures could blunt the impact of new deals like Pertamina’s, it is worth weighing that harsher view against more optimistic expectations for Halliburton’s technology driven international growth.

Explore 9 other fair value estimates on Halliburton - why the stock might be worth 42% less than the current price!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Halliburton research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.
• Our free Halliburton research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Halliburton's overall financial health at a glance.

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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.