UBS raised its price target on Halliburton to $40 from $39 while maintaining a Neutral rating. The new target implies an upside of over 21% from current levels. Separately, Halliburton signed an agreement with the Iraqi government to develop the Bin Umar and Sindbad oil fields in Basra governorate. Bin Umar output is expected to reach 150,000 barrels of oil per day and 300 million standard cubic feet per day of associated gas within five years, while Sindbad is targeted to add 80,000 to 100,000 barrels of oil per day and 240 to 260 million standard cubic feet per day of associated gas over the same period.
Halliburton CompanySigned agreement to develop Iraqi oil fields, adding significant production capacity.