Halliburton’s Geothermal Gambit: How the Oil Giant is Dominating the 2025 Clean Energy Transition

Industry Adoption: Halliburton’s Pivot from Oilfield Services to Geothermal Enabler

Between 2021 and 2024, Halliburton initiated a strategic repositioning, methodically transferring its formidable oil and gas competencies to the geothermal sector. This period was characterized by foundational moves: developing and launching specialized hardware for high-temperature environments, such as ThermaLock™ cement and GeoESP® lifting pumps, and fostering an innovation pipeline through its Halliburton Labs accelerator. The company engaged in strategic partnerships, like the one with CeraPhi Energy to repurpose old wells, signaling a focus on building capabilities and de-risking new approaches. The strategy was clear: become the indispensable technology partner to lower geothermal well construction costs, the industry’s primary economic barrier.

The year 2025 marks a critical inflection point where this foundational strategy has transitioned to high-stakes commercial execution. The change is evident in the shift from product development to integrated project delivery. The landmark agreement with GeoFrame Energy in June 2025 for a combined geothermal and direct lithium extraction (DLE) project in Texas is the prime example. This moves Halliburton beyond being a component supplier to an architect of complex, multi-revenue stream energy projects. Similarly, the collaboration with Fervo Energy, which successfully reduced drilling times, provides tangible proof of its value proposition. While 2021-2024 was about assembling the tools, 2025 is about proving their effectiveness at scale, directly tackling supply chain security (lithium) and the energy transition, and solidifying its role as a critical enabler in a market projected to see over $1 trillion in investment by 2035.

Table: Halliburton’s Strategic Geothermal Investments

Table: Halliburton’s Key Geothermal Partnerships and Collaborations

Geography: Halliburton’s Geothermal Focus Shifts to U.S. Commercial Projects

Between 2021 and 2024, Halliburton’s geothermal activities were geographically dispersed, reflecting an exploratory and foundational phase. Key partnerships were established internationally in regions with geothermal ambitions, including a collaboration with PT Geo Dipa Energi in Indonesia and an exclusive agreement with CeraPhi Energy in the UK. In North America, the focus was on future capabilities, evidenced by the interest in a new drilling test site in Alberta, Canada. This global footprint demonstrated a strategy to gain experience across different geological and market environments and to support various technological approaches, such as repurposing existing wells.

In 2025, the geographic focus has sharpened decisively on the United States, transitioning from international groundwork to domestic commercialization. The flagship projects of the year are both located in the U.S.: the combined geothermal and DLE project with GeoFrame Energy in East Texas and the enhanced geothermal systems (EGS) project with Fervo Energy in Utah. This shift signifies that the U.S. is becoming the primary ground for validating Halliburton’s integrated geothermal service model at a commercial scale. The focus on domestic projects also aligns with U.S. strategic interests in supply chain security, particularly for battery-grade lithium, positioning Halliburton at the center of the American energy transition.

Technology Maturity: Halliburton’s Journey From Geothermal Components to Integrated Systems

From 2021 to 2024, Halliburton’s technology strategy was centered on adapting and launching specific products to overcome the technical hurdles of geothermal drilling. This period saw the commercial release of critical enabling components like high-temperature cementing solutions (May 2022), specialized liner hangers (August 2023), and the GeoESP® lifting pumps (May 2024). Concurrently, the company incubated next-generation ideas through Halliburton Labs, bringing in startups like Cella and Mitico working on geothermal storage and AI-driven exploration. The technological maturity was at the component and proof-of-concept level, demonstrated by a successful horizontal well completion project. The focus was on building a portfolio of discrete, robust solutions for the extreme conditions of geothermal wells.

The year 2025 marks a clear progression from developing components to deploying integrated technology systems on commercial projects. The collaboration with Fervo Energy at Cape Station showcased the successful application of custom fluid solutions and other services to achieve a measurable outcome: reduced drilling times. This represents a move toward a holistic, scientific approach to well design and execution. Furthermore, the GeoFrame Energy project requires the integration of multiple Halliburton competencies—drilling, well construction, and subsurface characterization—for a dual-purpose geothermal and DLE operation. Technology like Artificial Lift (ESPs) is no longer just a product but a crucial part of an operational system that includes real-time monitoring and machine learning. This shift from product-readiness to project-readiness validates the commercial maturity of Halliburton’s geothermal offerings.

Table: SWOT Analysis of Halliburton’s Geothermal Strategy (2021–2025)

2026 Outlook: What Halliburton’s Geothermal Moves Signal for the Year Ahead

The developments in 2025 signal a clear trajectory for Halliburton moving into 2026: a relentless focus on execution and scaling. The most critical signal to watch will be the commencement and progress of the GeoFrame Energy project in late 2025. The success of this demonstration phase will be a landmark validation of the commercial viability of co-locating geothermal power and direct lithium extraction. A positive outcome would unlock a significant new market for Halliburton, positioning it as the go-to service provider for integrated subsurface resource projects that serve both the power and transportation sectors. Conversely, any delays or technical challenges could temper market enthusiasm.

Investors and competitors should also monitor the adoption curve and performance metrics of Halliburton’s specialized technologies, such as the Artificial Lift ESPs, in real-world applications. As the industry aims for the massive $1 trillion investment target by 2035, Halliburton’s ability to consistently replicate the drilling efficiencies achieved with Fervo Energy across a broader portfolio of projects will determine its market share. Expect Halliburton to aggressively pursue similar integrated project contracts, leveraging its 2025 successes as a blueprint. The narrative is no longer about potential; it is about performance. The year ahead will be defined by project milestones, cost-per-megawatt metrics, and the tangible expansion of a new, sustainable revenue stream for the oilfield services giant.

Frequently Asked Questions

What is Halliburton’s primary goal in the geothermal sector?
Halliburton’s primary goal is to become the indispensable technology partner for the geothermal industry by leveraging its oil and gas expertise to lower geothermal well construction costs, which is considered the industry’s main economic barrier.

How did Halliburton’s geothermal strategy change in 2025?
Before 2025, Halliburton focused on developing foundational capabilities and specialized products. In 2025, its strategy shifted to high-stakes commercial execution, moving from being a component supplier to an architect of complex, integrated projects like the GeoFrame Energy geothermal and lithium extraction operation.

Besides electricity, what other resources is Halliburton helping to produce with its geothermal projects?
Halliburton is involved in projects that combine geothermal energy with Direct Lithium Extraction (DLE). For example, its work with GeoFrame Energy in Texas aims to produce both zero-emission electricity and battery-grade lithium from the same geothermal wells, addressing supply chain security for the battery market.

What proof is there that Halliburton’s technology is effective in geothermal projects?
The collaboration with Fervo Energy on the Cape Station project provides tangible proof. By engineering custom fluid solutions and introducing new technologies, Halliburton successfully helped reduce drilling time and non-productive time, demonstrating its ability to deliver measurable efficiency gains.

What is the biggest challenge or threat to Halliburton’s geothermal strategy?
According to the SWOT analysis, the fundamental threat remains the high upfront cost of geothermal drilling. Halliburton’s success is directly tied to its ability to prove it can consistently drive down the cost per megawatt through operational efficiencies on large-scale commercial projects.