July 23, 2023 • 45 mins
Halliburton Labs Managing Director, Dale Winger, joins Kym to talk about the scope of Halliburton Labs and the impact the have on the oil and gas industry.
Inside the Oil Patch. The Latest information on the Oil, Gas, and Natural Gas industry with your host, Kym Bolado. For more information visit https://shalemag.com/in-the-oil-patch-schedule/
Inside the Oil Patch. The Latest information on the Oil, Gas, and Natural Gas industry with your host, Kym Bolado. For more information visit https://shalemag.com/in-the-oil-patch-schedule/
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Episode Transcript
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(00:00):
Welcome to in the Oil Patch,presented by Shale Magazine, broadcasting from the
Oil Filled Experts Studios oil Filled Expertswhere you get the right products right now
in the oil patches, where togetherwe explore topics that affect us all in
oil gas business and in your community. Every week, your host, Kim
Bolado will visit with the movers andshakers in this fast paced industry. You'll
(00:21):
hear from industry experts, elected officials, and many more right here on in
the oil Patch. And now it'stime for me to welcome on with my
guests, Dale Winger, who isthe managing director at Haliburton Labs. Dale,
Welcome to in the Oilpatch Radio show. Hi Kim, it's great to
be here. Thank you. Thisis the first time that we have had
you on our show. So letme tell our listeners a little bit about
(00:44):
you, and then you can tellus about Haliburton Labs if you will.
So, you're a managing director rightcurrently at Haliburton Labs. You also are
on the advisory board. You're passionateabout the advancement in areas of clean energy
affordable. You also are a graduatewith a bachelor from Purdue University as well
as an NBA from Harvard Business School. Prior to you joining Haliburton, you
(01:07):
also were working in the specialty chemicalbusiness as well. Have I left anything
out of your background since you joinedHaliburton in twenty and fourteen, I believe
no, that's correct, You've gotit. And so this is year number
three for me as a managing directorat Haliburton Labs and also the third year
(01:29):
Haliburton Labs has been in existence.So it's exciting new initiative that we're looking
forward to discuss with you. Well, Dale, let me start with so,
Haliburton is a well known name.It's one of the major service companies
on the planet, a global company, so everybody's pretty familiar with what Haliburton
(01:49):
you know, does in the energyspace and oil and gas as a service
company. Haliburton Labs is fairly new. A lot of people have heard of
the but maybe we're not so surewhat it is designed to do. So
let's start with can tell me alittle bit about as you guys are making
the entrance in how long has itbeen into the clean energy space? And
then maybe we can do a bigoverview, if you will, of what
(02:14):
your lab is designed to do.In that space. Yes, well,
thanks for the opportunity, Kim.Excited to talk about that. As you've
noted, Haliburton has over a hundredyears of experience bringing new solutions and technology
to scale to meet the needs ofthe energy system, which of course our
affordability and reliability and increasingly sustainability.And one of our assessments as we entered
(02:39):
into this decade was that those skills, those competencies, the ability to scale
new technology to meet the requirements ofthe energy system in seventy countries around the
world, we're very much going tobe needed as new innovators and new companies
(03:00):
and new technologies and new value chainsemerged and so and some of those value
chains may not be oil and gasbased, and so our starting point was
that these competencies to be able todeliver affordable and reliable, increasingly sustainable energy,
we're going to be really important.But there was also new companies and
(03:20):
technologies emerging that we didn't have agreat front door to engage directly with,
and so Haliburton Labs was established tobe that front door for early stage companies
that we're innovating in value chains beyondour traditional business to access scaling resources that
can become really important on the scalingjourney. And so founders need a lot
(03:44):
of things. I mean, theyneed a good team, and they need
a differentiated technology, and sometimes there'stiming considerations on whether a new solution can
be successful in the market or not. But there's also a lot of scaling
resources in terms of how you gofrom prototype to recurring streams of revenue with
(04:04):
big, world class commercial customers andbeing inside the industrial wrapper with the capabilities
that Haliburton offers can really be thedifference to increase the probability of success.
And so Haliburt and Labs was establishedto work very closely with companies to make
those scaling resources available. And thosescaling resources can be people that work for
(04:28):
the Haliburton organizations. So we havea lot of people that get involved directly
in supporting being an extension of theteam for Halibert Labs companies. Our business
network can be a really valuable scalingresource for early stage companies. And so
as you think about Haliburton participating inthe energy system for over a hundred years
(04:49):
and seventy countries, we have asupplier network and a customer network that spans
multiple different geographies and so taking newsolutions to new geography, and whether that
involves local content or local manufacturing ora different kind of supply chain are Those
are easy types of problems for usto navigate because we do that every day
(05:12):
in our core business. And thenthe third type of scaling resource that Haliburton
can offer to an early stage companyas our physical facilities. And so we
have Haliburton Labs participants that work inour wet labs or some of our maker
spaces. We have all kinds ofdifferent facilities that support our global footprint,
from engineering and technology to supply chainand manufacturing, and sometimes just having a
(05:38):
facility that's permitted that has capability allowsan early stage company to focus on building
differentiation around their tech and their solutionversus putting capital into lab equipment and permitting
and other types of capabilities that areneeded to support the launch. Well,
Dale, I guess when I'm hearingthis, I'm excited because I think you
(06:00):
guys have put yourself in a veryvery good position to be able to identify
some of the greatest technology that's beinginvolved in this area and being able to
help it along very quickly, becauseif it was an entrepreneur or a small
company that they're in a test lab. They don't have the financial resources,
maybe they don't have the supply chainissues like you said, and so the
(06:24):
fact that they can come into oneof the big guys that is well funded
and be able to utilize those servicesas well, it's kind of a great
thing. It's, you know,a great dovetailing together, allowing Haliburton to
see some of the greatest technologies thatare out there and being a part of
it. Let's talk about other similarprograms as well that are other accelerating programs.
(06:46):
Are there other similar programs that you'reaware of that are kind of doing
and what are the differences between HaliburtonLabs accelerator program versus similar programs. Yeah.
So, one thing that's really importantabout the Halliburton Labs model and the
ecosystem that is of value to theentrepreneurs and not always what they expect from
(07:12):
a corporation, is that we arean open and collaborative environment. And so
what that means is that we workvery closely with other startup development organizations and
incubators and accelerators across the ecosystem ina very collaborative way. And one of
the reasons for that is we knowthat entrepreneurs we need lots of They need
(07:35):
to build a big network and abig you know, a big roster of
supporters and folks that are interested intheir success. It's it's hard not being
an incumbent to launch a new solutionat the scale of the global energy system.
And so Haliburton Labs is an opencollaborative environment, meaning that joining Halliburton
(07:56):
Labs does not you know, thecompany gets to they get to all of
their ip They can raise money fromanyone they want to in the future,
you know, whether that's uh,you know, someone else in value chains
that Haliburton participates to today, theycan sell to commercially to any company they
want to in the future. Andso U And one of the things that
(08:18):
that we've done is build relationships withother types of clean energy accelerator programs and
other startup development organizations, other corporatesand other universities. And each of those
cold could kind of speak to thevalue proposition of what they offer. I
can speak to the differentiation that whatwe're really trying to offer is a couple
(08:41):
of things. One is a veryone on one bespoke experience that is focused
on the individual companies specific scaling milestones. And so what I mean by that
is most of our work with companiesthat join the Haliburton LAMBS Accelerator Program happen
on one on one basis, andfrom the very beginning, we sit down
(09:03):
in a conference room and we builda playbook and we go through what does
success look like for this company overthe course of the next six months,
the next twelve months, the nexteighteen months, and we build something that
we're very familiar with at Haliburton calleda playbook where we say, Okay,
here's a bucket of strategic things thatare very important for this company to accomplish.
(09:24):
And we're doing this in the contextof what does the company want to
be able to tell it's border,what does the company want to tell its
investors? What do they lock armsas a management team and say these are
the most important things for us toaccomplish over these upcoming near term time horizons.
And so there's a strategic lane tothat, there's a commercial lane to
that. Sometimes there's an engineering laneto that. Sometimes there's a team in
(09:45):
HR lane to that. But weput these things together in a playbook and
then we really work as an extensionof the team. But oftentimes Haliburton Labs
is just playing a conduit role,meaning it's not people with full time jobs
at Haliburton Labs that are work onbuilding the team or manufacturing scale up.
It's actual practitioners that have day jobsat Haliburton that do that activity professionally.
(10:11):
And so, for an example,we see a lot of companies that come
in and they have a prototype orthey're they're able to make one or two,
they're able to make, you know, leaders or grams, but what
they're trying to get to is truckloadsto serve you world class customers, and
they're trying to take that scale up. And of course we have a lot
of experience taking those scaling steps,and so when we're supporting that activity,
(10:35):
I mean there's health and safety considerations, there's cost considerations, there's environmental considerations.
And the support that we provide earlystage companies comes from professionals who are
using world class tools that are paidby Haliburton to solve those exact same problems
in our core business. And sowhen a company is getting mentorshiped and support
(10:56):
and kind of working through their playbook. They're partnered up with someone who has
a day job at Haliburton with costtargets and quality targets and health and safety
targets and a team to build andmotivate and manage and work on succession planning
and things like that. And soI really think the two differentiators. Uh,
you know, as an actual operatorin the industry that you know has
(11:20):
to face the reality every day ofwhat are the current impacts of inflation on
the business and what are the currentimpacts of other types of industry dynamics related
to labor. Our folks are notimmuting from that because they're they're they're dealing
with that every day. That isbeautiful. Once you just said, I'm
sure is hitting home runs with allkinds of entrepreneurs out there that have they're
(11:45):
they're wondering, you know, Ican develop this technology and then I have
to go take it out into thefield, and then I'm going to get
the pushback because they're dealing with regulators, or they're dealing with regulation, they're
dealing with endangered species, they're dealingwith so there's a lot of different things
that they're having to deal with.It you guys already been there, done
that, no of it and canhelp them get ahead of it while they're
actually testing it in this lab.Let's take a quick breakdown. When we
(12:09):
return, I want to get backon Haliburton Labs and I'm also excited to
talk to one of your actual companiesthat are involved in Haliburton Labs. Are
you're listening to in the ORPEC radioshow. We'll be right back. Hey,
(12:30):
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You're listening to annual Patch radio show. My guest today is Dale Winger,
(13:13):
who is the managing director at HalliburtonLabs. Dale. Before the break,
you were talking to me about Haliburtonlap what it is, and I
have to say, you know,in looking at your website, the definition
you guys have is a collaborative environmentwhere entrepreneurs, academics, investors, industrial
labs joined together to advance cleaner,affordable energy. And then you gave me
(13:37):
an example of how a company getsinvolved, and then we moved into a
little bit further well, when it'sout of concept and into actual application mode,
an entrepreneur or a company finds themselvesin a lot of different situations between
dealing with regulatory issues, potentially nothaving enough money. Maybe they didn't think
about something that their customer would needor use. And this is probably the
(14:01):
whole main reason why Haliburton laughs,really is a good idea because you guys
have already been there, done that, and you have a large enough footprint
to have already had this experience,and if they need something, you guys
are there as a big brother ifyou will to help them along. Can
tell me a little bit more aboutthis process. Have you had any scenarios
(14:22):
that you can kind of give usan idea of a company that had they
been going at it alone and notpartnered with Haliburton, what would have you
know, you probably saved somebody ayear or two thousands of dollars. Is
there one company that maybe you don'tneed to mention their name, but you
can give us an example of howHaliburton was able to really help this company.
Yeah, I appreciate the question,Kim. And at the end of
(14:43):
the day, that is our exactvalue proposition to early stage companies. You
know what, unfortunately a lot ofearly stage companies do not make it across
the valley of death, and thatmeans they run out of time or they
you know, they run out ofmoney. And so what our fundamental value
(15:05):
proposition at Haliburton Labs is to helpthem use their time and money more efficiently
so that they can achieve the scalingmilestones that attract additional customers, which helps
attract additional money. And so,if you just think about the valuation of
a company, one of the bigobstacles in commercialization is getting to big customers
(15:28):
with recurring revenue streams. And I'msure you and all your listeners are familiar
with whether it's it's in the energyindustry in particular, the number of customers
that want to be first is amuch shorter line than the number of customers
that are willing to be second,or third, or fourth or fifth,
and so getting that first successful demonstrationcompleted at scale is a real value creating
(15:54):
event for the company because there's alonger line of prospective customers they're willing to
be second, or third or fourth, and then once there's two or three
or four customers involved, the numberof investors that want to be involved and
provide financial support for the company,that line gets longer too. The number
of places you can raise money fromwhen you have multiple recurring revenue contracts with
(16:17):
world class customers is much much largerthan being a pre revenue company or have
you just provided some early demonstration materials. However, we know very well from
our hundred years experience and the energybusiness that getting you to a industrial scale
demonstration has a lot of considerations,and particularly in large energy companies, there's
(16:37):
going to be technical decision makers thatare really going to want to make sure
that they understand all the aspects ofthe process and how it's different than what
they're doing today. There's going tobe operational decision makers who have slightly different
consideration set and scorecards, and they'regoing to want to understand the impact their
unique asset that they're operating that mightbe a little different than the data that's
(17:00):
been presented to them thus far,and they're going to have a role in
the process. And of course there'sgoing to be a set of economic and
procurement decision makers that are going towant to get involved after the other two
have evaluated the technology. And particularlyfor a startup company, when when a
startup company is trying to get inthe room with the right people, like
sometimes they're not even you know,don't don't have full visitability into even how
(17:23):
that decision making process works and theinterplay between those different groups of you know,
whose support and green lighting is necessaryto advance to the next stage.
And sometimes we have understanding that canbe very helpful to make sure that we're
having the right conversations with the rightpeople to move forward with trial and support
(17:44):
for a new solution. But there'salso sort of the de risking of having
Haliburton's support because world class companies aroundthe world, some of which are a
client today, but we've also seenKim that there are companies that are not
in industries that that Haliburton currently participatesand but but having the earlier stage company
within the industrial rapper of Haliburton andunderstanding you know, the health and safety
(18:08):
requirements and the environmental requirements and beingable to scale technology provides a de risking
element that is very helpful and kindof puts things in the language that world
class customers are used to buying in. And the other thing that we've done
for some companies, Kim is,you know, when when they're actually demonstrating
(18:30):
the technology on one of Haliburton's sides, the environment looks very familiar. You
know, walking into a Haliburton facilitydoesn't look like you're walking into a you
know, startup garage as an example. And so when the technology is being
showcased to a prospective investor or aprospective customer, and the technical decision makers
(18:52):
want to come out and put eyeson things and understand how the process works
and the inputs and the outputs,you know, stepping onto a Haliburton campus,
you know, between and their securityand there's nice conference rooms and technology,
and it really sort of helps elevatethe early stage company to look like
they're ready to do business with anotherworld class company, which of course adds
(19:15):
valuation and helps them go faster towardsgetting that large scale trial. You are
right because if you have been acceptedby a major service company Haliburton into their
program, that there speaks volumes toa lot of investors potentially that they're not
just dealing with that company while theyare. If Haliburton saw something important in
(19:41):
their technology, it really does helpaccelerate on all levels these companies. To
me, it's a game changer,and I'm so glad that you guys are
looking at this and focusing on,you know, what is the future as
we make this energy transition in thegreen space, And that's what you guys
are trying to identify and helping,helping in this area and this sector.
When we come back, I'm veryexcited we will be joined by one of
(20:03):
your actual companies that has been acceptedinto Haliburton Labs. But we've got to
take a quick break. Are you'relistening to you in the Orpatch radio show,
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Welcome back to in the Olpatch RadioShow. My guest today is Dale Winger,
Managing director of Halliburton Labs, andwe're also being joined by Pica Canisto,
(21:29):
CEO of Roxel. Pica, Welcometo in the Oil Patch Radio Show.
I am very happy to have youas a guest on our show to
talk about how Haliburton Labs and yourcompany as a CEO, how you guys
have been working together. So let'sstart with can you tell me a little
bit about the core role of whatrock Soul does. What is the mission
for your company? Yeah, HiKiman, thanks for having us. Uh,
(21:52):
Yeah, that's a that's a quitebig question right there. As a
like a Roxol. Roxol is afinish based deep the company. What makes
us special week on bine the hardwareand AI and data analytics in the one
package. There's a lot of sensormanufacturers out there, there's a lot of
AI companies, but we combine thosetogether and there's a real need need for
that. We are let's say weare a startup company, but we are
(22:14):
in a commercializas and then scale upphase already and joining how griden Lapse was
a really good timing for us,and it says shows that there is you
know, in my opinion, thereis really not one time that you need
to be there and as a startup. But for us, it's more like
we already have a very good marketfit with our main product, and actually
we have overcome the biggest hurdle thatstartups norm we have is like you have
the greatest idea in the world,but where you fit that, well,
(22:37):
how do you make a product,how you commercialize it? I think that's
where we have overcome that already.But then stop starts an xphace it how
you scale up your business and howdo you scale up your people, how
you scale up your processes, thingslike that, And I think that's that's
also where we feel that we're doinga lot of right things right now.
But we can actually have a goodextensive of the team, like Dale said
before, kind of having things kindof having a like extents in there that
(23:00):
you can talk about your issues andproblems that you overcoming and what you need
to do better and kind of areutilizing the h C side, but also
also the processes for the manufacturing,scaling up the manufacturing, which which we
are dealing right now. So asas Roxel, our core our mission is
to bring in the technology in andwe are doing this already with the PAPERMI
(23:21):
for separators and tanks where we messall levels and basically measure with them reliably
and overcoming the problems that the industryreally really has right now is like the
there is a lot of IoT outthere, but we can provide things that
work and reliably and you can actuallystart not such measuring what what you need,
but really start analyzing things and gettingthe value from your operation and making
(23:42):
more safer and more creaner that way. So I think in a short term
that's what we do. A longterm our mission is really kind of a
start to be the industry standard forthe process controls for liquids and solids.
That's where we're heading to, andthat's that's really where the AI side and
data analytics comes in much more thatdoing right now. So I think it's
(24:03):
that's that's what we do. Soon your website it says if oil and
gas operations can be seen as cleantech challenges, it opens the door to
sustainable profits and right now where whereeven with Haliburton, the profits are are
are slim and they are very potentiallygetting slimmer. It's very hard in the
energy sector due to a lot ofchallenges that they deal with all the time,
(24:25):
from regulation to just all kinds ofdifferent issues oil and gas companies deal
with. Service companies are no different, and they really don't have the ability
to pass the added charges onto acustomer because a company like Haliburton doesn't have
one. So efficiency is the nameof the game. And so it looks
like this is what your company isfocusing on, is using technology to leverage
(24:48):
that. At what stage, Peeka, did you come into Haliburton's lab.
Was it already out of proof ofconcept and in actual circulation and in the
community and you saw the acceleration withthe lab helping you Helibert Lab movie then
faster. Can you give me someidea you know how Haliburton Lap really changed
the trajectory of Roxel. Yeah,I mean we I think you nailed that
(25:08):
already. There is like we werewe had a product already, we have
launching that, we have a goodcustomer base, but we need it needed
kind of a support on the onthe scale up phase, and that's that's
where we really joined the joined theHollypaton labs. But we just I think
we saw also a good fit wherewe are bringing you said optimization there,
and that's that's exactly where we're heading. We have a from a process point
(25:32):
of view, we have a toolin our hands that we can actually utilize,
utilize that analyzing the data and doingthings better than they used to be,
doing them more reliable, more safely. But the other thing that many
companies are doing at the moment istrying to do too much themselves, and
the collaboration is the key. AndI think the Halliburton Laps and our customers,
I think the industry overall is veryready for a collaboration and that needs
(25:56):
to happen if we want to dothe next phase self the industry doing things
better. Otherwise we are going tobecause not any startup has to muscle to
kind of do it down in thesales. Not even the big boys have
enough muscles to do themselves. Becauseboth both parties will need each other.
I think that's that's where joining andI think Halliburton Laps fits that very well.
You know, I'm not here toplug, I'm here to interview and
(26:18):
talk on the radio, but Ihave to say that I can really see
the benefit of having a large company, extremely successful, well respected global company
Caliburton create a lab that helps entrepreneurswho need that leg up. Maybe they're
missing they're always missing something. Youmight have the technology, but you don't
know how to run a company.Or you might know how to run a
company but you're limited on the technology. But you see what's missing there's just
(26:42):
a lot here to unpack of whatcompanies really suffer and go through to try
to get to market and be successful. And when they partner with a large
company, I can really see thebenefit for the company itself and most importantly
getting some of the greenest technology outthere into the field and in use end
very quickly. By the way,as well, when we come back from
break, I'm gonna bring Dale backon with us too, and we can
(27:03):
talk about the benefit between how didwhat did Haliburton ce versus what you saw?
And then I want to end withhow can our listeners they have a
company, how can they get involvedwith Haliburton Labs. That's like a quick
break you're listening to in the OldPatch Radio Show. We'll be right back.
(27:23):
We're back here listening to in theOld Patch Radio Show. My guest
today is Dale Leaner, who isthe managing director at Haliburton Labs. Dale,
before the break, you were talkingto me about Haliburton LAP what it
is, and I have to say, you know, in looking at your
website, the definition you guys haveis a collaborative environment where entrepreneurs, academics,
(27:45):
investors, industrial labs joined together toadvance cleaner affordable energy. And then
you gave me an example of howa company gets involved, and then we
moved into a little bit further Well, when it's out of concept and into
actual application mode, an entrepreneur ora company finds themselves in a lot of
different situations between dealing with regulatory issues, potentially not having enough money. Maybe
(28:11):
they didn't think about something that theircustomer would need or use. And this
is probably the whole main reason whyHaliburton Labs really is a good idea,
because you guys have already been there, done that, and you have a
large enough footprint to have already hadthis experience, and if they need something,
you guys are there as a bigbrother if you will to help them
(28:32):
along. Can tell me a littlebit more about this process. Have you
had any scenarios that you can kindof give us an idea of a company
that had they been going at italane and not partnered with Haliburton, what
would have you probably save somebody ayear or two thousands of dollars. Is
there one company that maybe you don'tneed to mention their name, but you
can give us an example of howHaliburton was able to really help this company.
(28:55):
Yeah, I appreciate the question,Kim. And at the end of
the day, that is our exactvalue proposition to early stage companies. You
know what, unfortunately a lot ofearly stage companies do not make it across
the valley of death, and thatmeans they run out of time or they
you know, they run out ofmoney. And so what what our fundamental
(29:18):
value proposition at Haliburton Labs is tohelp them use their time and money more
efficiently so that they can achieve thescaling milestones that attract additional customers, which
helps attract additional money. And soif you just think about the valuation of
a company, one of the bigobstacles in commercialization is getting to you know,
(29:40):
big customers with recurring revenue streams.And I'm sure you and all your
listeners are familiar with whether it's it'sin the energy industry in particular, the
number of customers that want to befirst is a much shorter line than the
number of customers that are willing tobe second, or third, or fourth
or fifth. And so get thatfirst successful demonstration completed at scale is a
(30:06):
real value creating event for the companybecause there's a longer line of prospective customers
they're willing to be second, orthird, or fourth, and then once
there's two or three or four customersinvolved, the number of investors that want
to be involved and provide financial supportfor the company, that line gets longer
too. The number of places youcan raise money from when you have multiple
(30:27):
recurring revenue contracts with world class customersis much much larger than being a pre
revenue company or have you just providedsome early demonstration materials. However, we
know very well from our hundred yearsexperience in the energy business that getting to
a industrial scale demonstration has a lotof considerations, and particularly in large energy
(30:48):
companies, there's going to be technicaldecision makers that are really going to want
to make sure that they understand allthe aspects of the process and how it's
different than what they're doing today.There's going to be operational decision makers who
have slightly different consideration set uh andscorecards, and they're going to want to
understand the impact their unique asset thatthey're operating that that might be a little
(31:11):
different than you know, the datathat's been presented to them thus far,
and they're going to have a rolein the process, and of course there's
going to be a set of economicand procurement decision makers that are going to
want to get involved after the othertwo have evaluated the technology, And particularly
for a startup company, when whena startup company is trying to get in
the room with the right people,like sometimes they're not even you know,
(31:33):
don't don't have full visitability into evenhow that decision making process works and the
interplay between those different groups of youknow, whose support and green lighting is
necessary to advance to the next stage. And sometimes we have understanding that can
be very helpful to make sure thatwe're having the right conversations with the right
people to move forward with trial andsupport for a new solution. But there's
(31:56):
also sort of the de risking ofhaving how Burton's support because world class companies
around the world, some of whichare a client today, but we've also
seen Kim that there are companies thatare not in industries that that Haliburton currently
participates in. But but having thatearlier stage company within the industrial rapper of
Haliburton and understanding you know, thehealth and safety requirements and the environmental requirements
(32:22):
and being able to scale technology providesa de risking element that is very helpful
and kind of puts things in thelanguage that world class customers are used to
buying in. And the other thingthat we've done for some companies, Kim,
is, you know when when they'reactually demonstrating the technology on one of
(32:43):
Haliburton's sides, the environment looks veryfamiliar. You know, walking into a
Haliburton facility doesn't look like you're walkinginto a startup garage as an example.
And so when the technology is beingshowcased to a prospective investor or aspective customer,
and the technical decision makers want tocome out and put eyes on things
(33:04):
and understand how the process works andthe inputs and the outputs, you know,
stepping onto a Haliburton campus that's betweenand their security and there's nice conference
rooms and technology, and it reallysort of helps elevate the early stage company
to look like they're ready to dobusiness with another world class company, which
of course adds valuation and helps themgo faster towards getting that large scale trial.
(33:30):
You are right because if you havebeen accepted by a major service company
Haliburton into their program, that therespeaks volumes to a lot of investors potentially
that they're not just dealing with thatcompany while they are. If Haliburton saw
something important in their technology, itreally does help accelerate on all levels these
(33:53):
companies. To me, it's agame changer, and I'm so glad that
you guys are looking at this andfocusing on, you know, what is
the future as we make this energytransition in the green space, and that's
what you guys are trying to identifyand helping, helping in this area and
in this sector. When we comeback, I'm very excited we will be
joined by one of your actual companiesthat has been accepted into Haliburton Labs.
(34:16):
But we've gotta take a quick break. Are you're listening to you in the
Orpach radio show. We'll be rightback. Shale Oil and Gas Business Magazine
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(34:36):
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a company you can trust and alwaysfind and we're back. You're listening to
in the Old Patch video show.My guest today is Dale Winger, who's
managing director for Haliburton Labs, andwe're being joined by one of the companies
that's involved in Haliburton Labs, RockSaul and their CEO, Pica Canisto.
Dale, can you talk to mea little bit about So Rocksall is a
(36:29):
company that's involved now in Haliburton.What do you see? They're fairly new
and the company. Can you navigateus into what would happen if a company
was to come in like Rock Sall, Where do you see them going with
Haliburton Labs. Yeah, it's agreat question, and we've been really open
minded around being able to work withcompanies without solving for a specific strategic Haliburton
(36:53):
objective. So our first and foremostpriority is helping the company accelerate through commercialization
milestones that will make the company morevaluable and that feed strategic intelligence into Halliburton
in the sense of we build firsthandrelationships with new people and new companies and
(37:13):
new technologies and emerging markets that Haliburtonmight not have otherwise had access too,
But I want to draw a distinction. There's no sort of preconceived plan that
this is going to be a futureacquisition of Haliburton, or this is going
to be a future supplier of Haliburton. In fact, we more likely sort
of see ourselves doing what Haliburton hasbeen doing for a long time is making
(37:37):
a services provider that employees technology inour business, deploying technology around the world.
And so there's potentially a role wherewe might be a services provider in
future value chains of Haliburton Labs companies, But our first and foremost priority when
they join us is helping make thecompanies more valuable by achieving commercialization milestones.
(37:58):
And so we were really excited aboutRocksol and the way that they were pulling
together tools for the energy industry tobe able to improve reliability and drive higher
levels of efficiency to reduce cost.As we talked about in the beginning,
the energy system of the future isnot just more sustainable, but it's also
affordable and reliable. And Rocksol cando a whole lot in terms of the
(38:24):
tomographic tools that they have available todrive predictive maintenance and to improve the efficiency
of operations, and so we wereexcited, having deployed and scaled up solutions
with similar types of technologies, thatwe could be able to help advance their
(38:44):
technology and increase the company's valuation.You know. And looking at the y'all's
website Haliburton Labs, and I seethere's just so many different areas. Fuel
x is in solid state hydrogen storageand power rocksol is, industrial processes through
teleographic image systems. There's a lighttracking solar glass design. There's grid forming
(39:08):
power etronics. There's another hydrogen companyhere, red Shift. You have a
large range of different types of companiesthat it's not just focusing on, you
know, one area. You guysare really spread out, and I do
see a lot of hydrogen, whichis the name of the game today,
but they look like they're very diversein their companies. Can you talk to
(39:31):
us a little bit about the selectionAnd I know you guys, I saw
on the website you guys have apitch day. I think you guys are
modeling after those shows. You wantto be a star or you know,
you want to get out and singand you get the contracts something like that.
But you guys have a Pitch Daycoming up too, So for our
listeners, we held off the verythe best part for the last tell us
(39:53):
how a company could get involved withHaliburton Laps. Yeah, thanks for that
opportunity, Keim. We are.We've now hosted seven finalists Pitch Day events
since we established Halliburton Labs almost threeyears ago. Our eighth one is coming
up in September. It's September twentyfirst in Denver, Colorado. Haliburton Labs
(40:16):
will be sponsoring a Future of EnergyDay as a part of Denver Startup Week,
and so that event will include alot of programming, panel discussions,
and energy industry leaders. That willbe an in person edition for those that
are able to be in Denver,will also be an online broadcast and you
can go to our website Haliburton Labsdot com to register to attend and we'll
(40:40):
keep you apprized of information related tothat. Notably, we also have the
application window for companies that want tobe considered to pitch at that event.
There's an application that's live on ourwebsite all of the time, and so
we'll be reviewing and accepting applications upuntil Friday, is the eighteenth, and
(41:00):
So if you or you have folksin your network that are founders that you
would like to use an event likethis with several hundred in person and even
more online participants to tell the storyof their company and their technology and potential
solution to Haliburton Labs World Glide audience, please apply for that. And if
(41:22):
you're just looking for more information aboutthe program, feel free to find me
Dale Winger on LinkedIn and we'd behappy to connect with you and understand what
you're doing and if there's ways thatwe can be helpful. But the way
that our selection process works, andthis is kind of you know, the
path that Rocksoul followed, is we'vebeen very careful not to presupposed that we
know exactly what the energy system lookslike in three years, five years,
(41:45):
seven years down the road. Weanticipate there will be lots of technology innovation
that impacts If you think about thediversity of the energy value chain, whether
you're talking about industrial processes or you'retalking about like transportation or heavy transportation or
the grid, there's lots of differentconsiderations in terms of cost and performance,
(42:06):
and so what we wanted to dowith Haliburton Labs was come in with a
very open mind and not start lookingfor something specific too early in the process.
And so, as we mentioned earlier, we do require that there is
a proof of concept and that there'sa prototype, and whatever the new solution
is can be demonstrated at you know, whether it's leaders or grams or lots,
(42:29):
but at some scale, maybe itjust sits in a lab today,
and that is an important requirement.But as long as it contributes to the
energy system of the future in away that helps achieve decarbonization goals or the
decarbonization of heavy industry more broadly,and also has a path to competitiveness in
a particular application with large market potentialin a way that it could be sort
(42:52):
of economic and safe and reliable,is something that we would be interested in.
And perhaps there's not a Haliburton inmost cases, there's not a Haliburton
size services opportunity in that market spacetoday, but there may well be later
in this decade or in the nextdecade. And so in the interim we
want to provide our scaling resources tohelp more of those technologies get across that
(43:15):
valley of death, to give theenergy industry in the world kind of more
very good options to choose from verygood. So for more information on a
company that wants to pitch, theycan go to how labs dot com.
They can find you on LinkedIn.Dale Winger on LinkedIn. I just got
(43:37):
to say that I'm very excited.I've wanted you guys to come on the
show for a while, but I'mglad we waited because to see the different
types of companies and to really drilldown into what you guys are looking for.
It's important what you guys are doing. I hope that more companies get
involved in doing it. It kindof reminds me of a Shark tank type
of pitch day, if you will. But it's brilliant whoever came up with
(44:00):
this, rather it was Jeff himselfor you kudus. It's a great idea
and the energy industry needs all thehelp it can get. So thank you
for joining me today, Dale andPica and helping us understand what your mission
is here at Haliburton LAPS. Thankyou, Cam, It's been great to
be with you. Thank you.In the oil patch is where together we
(44:22):
export topics that affect us all inoil gas business and in your community.
Every week, your host Kim Bolado, will visit with the movers and shakers
in this fast paced industry. You'llhear from industry experts, elected officials,
and many more right here on inthe oil patch. Any business can benefit
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(44:45):
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(45:07):
two ten two four oh seventy oneeighty a
Welcome to in the Oil Patch,presented by Shale Magazine, broadcasting from the
Oil Filled Experts Studios oil Filled Expertswhere you get the right products right now
in the oil patches, where togetherwe explore topics that affect us all in
oil gas business and in your community. Every week, your host, Kim
Bolado will visit with the movers andshakers in this fast paced industry. You'll
(00:21):
hear from industry experts, elected officials, and many more right here on in
the oil Patch. And now it'stime for me to welcome on with my
guests, Dale Winger, who isthe managing director at Haliburton Labs. Dale,
Welcome to in the Oilpatch Radio show. Hi Kim, it's great to
be here. Thank you. Thisis the first time that we have had
you on our show. So letme tell our listeners a little bit about
(00:44):
you, and then you can tellus about Haliburton Labs if you will.
So, you're a managing director rightcurrently at Haliburton Labs. You also are
on the advisory board. You're passionateabout the advancement in areas of clean energy
affordable. You also are a graduatewith a bachelor from Purdue University as well
as an NBA from Harvard Business School. Prior to you joining Haliburton, you
(01:07):
also were working in the specialty chemicalbusiness as well. Have I left anything
out of your background since you joinedHaliburton in twenty and fourteen, I believe
no, that's correct, You've gotit. And so this is year number
three for me as a managing directorat Haliburton Labs and also the third year
(01:29):
Haliburton Labs has been in existence.So it's exciting new initiative that we're looking
forward to discuss with you. Well, Dale, let me start with so,
Haliburton is a well known name.It's one of the major service companies
on the planet, a global company, so everybody's pretty familiar with what Haliburton
(01:49):
you know, does in the energyspace and oil and gas as a service
company. Haliburton Labs is fairly new. A lot of people have heard of
the but maybe we're not so surewhat it is designed to do. So
let's start with can tell me alittle bit about as you guys are making
the entrance in how long has itbeen into the clean energy space? And
then maybe we can do a bigoverview, if you will, of what
(02:14):
your lab is designed to do.In that space. Yes, well,
thanks for the opportunity, Kim.Excited to talk about that. As you've
noted, Haliburton has over a hundredyears of experience bringing new solutions and technology
to scale to meet the needs ofthe energy system, which of course our
affordability and reliability and increasingly sustainability.And one of our assessments as we entered
(02:39):
into this decade was that those skills, those competencies, the ability to scale
new technology to meet the requirements ofthe energy system in seventy countries around the
world, we're very much going tobe needed as new innovators and new companies
(03:00):
and new technologies and new value chainsemerged and so and some of those value
chains may not be oil and gasbased, and so our starting point was
that these competencies to be able todeliver affordable and reliable, increasingly sustainable energy,
we're going to be really important.But there was also new companies and
(03:20):
technologies emerging that we didn't have agreat front door to engage directly with,
and so Haliburton Labs was established tobe that front door for early stage companies
that we're innovating in value chains beyondour traditional business to access scaling resources that
can become really important on the scalingjourney. And so founders need a lot
(03:44):
of things. I mean, theyneed a good team, and they need
a differentiated technology, and sometimes there'stiming considerations on whether a new solution can
be successful in the market or not. But there's also a lot of scaling
resources in terms of how you gofrom prototype to recurring streams of revenue with
(04:04):
big, world class commercial customers andbeing inside the industrial wrapper with the capabilities
that Haliburton offers can really be thedifference to increase the probability of success.
And so Haliburt and Labs was establishedto work very closely with companies to make
those scaling resources available. And thosescaling resources can be people that work for
(04:28):
the Haliburton organizations. So we havea lot of people that get involved directly
in supporting being an extension of theteam for Halibert Labs companies. Our business
network can be a really valuable scalingresource for early stage companies. And so
as you think about Haliburton participating inthe energy system for over a hundred years
(04:49):
and seventy countries, we have asupplier network and a customer network that spans
multiple different geographies and so taking newsolutions to new geography, and whether that
involves local content or local manufacturing ora different kind of supply chain are Those
are easy types of problems for usto navigate because we do that every day
(05:12):
in our core business. And thenthe third type of scaling resource that Haliburton
can offer to an early stage companyas our physical facilities. And so we
have Haliburton Labs participants that work inour wet labs or some of our maker
spaces. We have all kinds ofdifferent facilities that support our global footprint,
from engineering and technology to supply chainand manufacturing, and sometimes just having a
(05:38):
facility that's permitted that has capability allowsan early stage company to focus on building
differentiation around their tech and their solutionversus putting capital into lab equipment and permitting
and other types of capabilities that areneeded to support the launch. Well,
Dale, I guess when I'm hearingthis, I'm excited because I think you
(06:00):
guys have put yourself in a veryvery good position to be able to identify
some of the greatest technology that's beinginvolved in this area and being able to
help it along very quickly, becauseif it was an entrepreneur or a small
company that they're in a test lab. They don't have the financial resources,
maybe they don't have the supply chainissues like you said, and so the
(06:24):
fact that they can come into oneof the big guys that is well funded
and be able to utilize those servicesas well, it's kind of a great
thing. It's, you know,a great dovetailing together, allowing Haliburton to
see some of the greatest technologies thatare out there and being a part of
it. Let's talk about other similarprograms as well that are other accelerating programs.
(06:46):
Are there other similar programs that you'reaware of that are kind of doing
and what are the differences between HaliburtonLabs accelerator program versus similar programs. Yeah.
So, one thing that's really importantabout the Halliburton Labs model and the
ecosystem that is of value to theentrepreneurs and not always what they expect from
(07:12):
a corporation, is that we arean open and collaborative environment. And so
what that means is that we workvery closely with other startup development organizations and
incubators and accelerators across the ecosystem ina very collaborative way. And one of
the reasons for that is we knowthat entrepreneurs we need lots of They need
(07:35):
to build a big network and abig you know, a big roster of
supporters and folks that are interested intheir success. It's it's hard not being
an incumbent to launch a new solutionat the scale of the global energy system.
And so Haliburton Labs is an opencollaborative environment, meaning that joining Halliburton
(07:56):
Labs does not you know, thecompany gets to they get to all of
their ip They can raise money fromanyone they want to in the future,
you know, whether that's uh,you know, someone else in value chains
that Haliburton participates to today, theycan sell to commercially to any company they
want to in the future. Andso U And one of the things that
(08:18):
that we've done is build relationships withother types of clean energy accelerator programs and
other startup development organizations, other corporatesand other universities. And each of those
cold could kind of speak to thevalue proposition of what they offer. I
can speak to the differentiation that whatwe're really trying to offer is a couple
(08:41):
of things. One is a veryone on one bespoke experience that is focused
on the individual companies specific scaling milestones. And so what I mean by that
is most of our work with companiesthat join the Haliburton LAMBS Accelerator Program happen
on one on one basis, andfrom the very beginning, we sit down
(09:03):
in a conference room and we builda playbook and we go through what does
success look like for this company overthe course of the next six months,
the next twelve months, the nexteighteen months, and we build something that
we're very familiar with at Haliburton calleda playbook where we say, Okay,
here's a bucket of strategic things thatare very important for this company to accomplish.
(09:24):
And we're doing this in the contextof what does the company want to
be able to tell it's border,what does the company want to tell its
investors? What do they lock armsas a management team and say these are
the most important things for us toaccomplish over these upcoming near term time horizons.
And so there's a strategic lane tothat, there's a commercial lane to
that. Sometimes there's an engineering laneto that. Sometimes there's a team in
(09:45):
HR lane to that. But weput these things together in a playbook and
then we really work as an extensionof the team. But oftentimes Haliburton Labs
is just playing a conduit role,meaning it's not people with full time jobs
at Haliburton Labs that are work onbuilding the team or manufacturing scale up.
It's actual practitioners that have day jobsat Haliburton that do that activity professionally.
(10:11):
And so, for an example,we see a lot of companies that come
in and they have a prototype orthey're they're able to make one or two,
they're able to make, you know, leaders or grams, but what
they're trying to get to is truckloadsto serve you world class customers, and
they're trying to take that scale up. And of course we have a lot
of experience taking those scaling steps,and so when we're supporting that activity,
(10:35):
I mean there's health and safety considerations, there's cost considerations, there's environmental considerations.
And the support that we provide earlystage companies comes from professionals who are
using world class tools that are paidby Haliburton to solve those exact same problems
in our core business. And sowhen a company is getting mentorshiped and support
(10:56):
and kind of working through their playbook. They're partnered up with someone who has
a day job at Haliburton with costtargets and quality targets and health and safety
targets and a team to build andmotivate and manage and work on succession planning
and things like that. And soI really think the two differentiators. Uh,
you know, as an actual operatorin the industry that you know has
(11:20):
to face the reality every day ofwhat are the current impacts of inflation on
the business and what are the currentimpacts of other types of industry dynamics related
to labor. Our folks are notimmuting from that because they're they're they're dealing
with that every day. That isbeautiful. Once you just said, I'm
sure is hitting home runs with allkinds of entrepreneurs out there that have they're
(11:45):
they're wondering, you know, Ican develop this technology and then I have
to go take it out into thefield, and then I'm going to get
the pushback because they're dealing with regulators, or they're dealing with regulation, they're
dealing with endangered species, they're dealingwith so there's a lot of different things
that they're having to deal with.It you guys already been there, done
that, no of it and canhelp them get ahead of it while they're
actually testing it in this lab.Let's take a quick breakdown. When we
(12:09):
return, I want to get backon Haliburton Labs and I'm also excited to
talk to one of your actual companiesthat are involved in Haliburton Labs. Are
you're listening to in the ORPEC radioshow. We'll be right back. Hey,
(12:30):
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Find out more at Texas Mutual dotcom slash lone Star Energy. We're back.
You're listening to annual Patch radio show. My guest today is Dale Winger,
(13:13):
who is the managing director at HalliburtonLabs. Dale. Before the break,
you were talking to me about Haliburtonlap what it is, and I
have to say, you know,in looking at your website, the definition
you guys have is a collaborative environmentwhere entrepreneurs, academics, investors, industrial
labs joined together to advance cleaner,affordable energy. And then you gave me
(13:37):
an example of how a company getsinvolved, and then we moved into a
little bit further well, when it'sout of concept and into actual application mode,
an entrepreneur or a company finds themselvesin a lot of different situations between
dealing with regulatory issues, potentially nothaving enough money. Maybe they didn't think
about something that their customer would needor use. And this is probably the
(14:01):
whole main reason why Haliburton laughs,really is a good idea because you guys
have already been there, done that, and you have a large enough footprint
to have already had this experience,and if they need something, you guys
are there as a big brother ifyou will to help them along. Can
tell me a little bit more aboutthis process. Have you had any scenarios
(14:22):
that you can kind of give usan idea of a company that had they
been going at it alone and notpartnered with Haliburton, what would have you
know, you probably saved somebody ayear or two thousands of dollars. Is
there one company that maybe you don'tneed to mention their name, but you
can give us an example of howHaliburton was able to really help this company.
Yeah, I appreciate the question,Kim. And at the end of
(14:43):
the day, that is our exactvalue proposition to early stage companies. You
know what, unfortunately a lot ofearly stage companies do not make it across
the valley of death, and thatmeans they run out of time or they
you know, they run out ofmoney. And so what our fundamental value
(15:05):
proposition at Haliburton Labs is to helpthem use their time and money more efficiently
so that they can achieve the scalingmilestones that attract additional customers, which helps
attract additional money. And so,if you just think about the valuation of
a company, one of the bigobstacles in commercialization is getting to big customers
(15:28):
with recurring revenue streams. And I'msure you and all your listeners are familiar
with whether it's it's in the energyindustry in particular, the number of customers
that want to be first is amuch shorter line than the number of customers
that are willing to be second,or third, or fourth or fifth,
and so getting that first successful demonstrationcompleted at scale is a real value creating
(15:54):
event for the company because there's alonger line of prospective customers they're willing to
be second, or third or fourth, and then once there's two or three
or four customers involved, the numberof investors that want to be involved and
provide financial support for the company,that line gets longer too. The number
of places you can raise money fromwhen you have multiple recurring revenue contracts with
(16:17):
world class customers is much much largerthan being a pre revenue company or have
you just provided some early demonstration materials. However, we know very well from
our hundred years experience and the energybusiness that getting you to a industrial scale
demonstration has a lot of considerations,and particularly in large energy companies, there's
(16:37):
going to be technical decision makers thatare really going to want to make sure
that they understand all the aspects ofthe process and how it's different than what
they're doing today. There's going tobe operational decision makers who have slightly different
consideration set and scorecards, and they'regoing to want to understand the impact their
unique asset that they're operating that mightbe a little different than the data that's
(17:00):
been presented to them thus far,and they're going to have a role in
the process. And of course there'sgoing to be a set of economic and
procurement decision makers that are going towant to get involved after the other two
have evaluated the technology. And particularlyfor a startup company, when when a
startup company is trying to get inthe room with the right people, like
sometimes they're not even you know,don't don't have full visitability into even how
(17:23):
that decision making process works and theinterplay between those different groups of you know,
whose support and green lighting is necessaryto advance to the next stage.
And sometimes we have understanding that canbe very helpful to make sure that we're
having the right conversations with the rightpeople to move forward with trial and support
(17:44):
for a new solution. But there'salso sort of the de risking of having
Haliburton's support because world class companies aroundthe world, some of which are a
client today, but we've also seenKim that there are companies that are not
in industries that that Haliburton currently participatesand but but having the earlier stage company
within the industrial rapper of Haliburton andunderstanding you know, the health and safety
(18:08):
requirements and the environmental requirements and beingable to scale technology provides a de risking
element that is very helpful and kindof puts things in the language that world
class customers are used to buying in. And the other thing that we've done
for some companies, Kim is,you know, when when they're actually demonstrating
(18:30):
the technology on one of Haliburton's sides, the environment looks very familiar. You
know, walking into a Haliburton facilitydoesn't look like you're walking into a you
know, startup garage as an example. And so when the technology is being
showcased to a prospective investor or aprospective customer, and the technical decision makers
(18:52):
want to come out and put eyeson things and understand how the process works
and the inputs and the outputs,you know, stepping onto a Haliburton campus,
you know, between and their securityand there's nice conference rooms and technology,
and it really sort of helps elevatethe early stage company to look like
they're ready to do business with anotherworld class company, which of course adds
(19:15):
valuation and helps them go faster towardsgetting that large scale trial. You are
right because if you have been acceptedby a major service company Haliburton into their
program, that there speaks volumes toa lot of investors potentially that they're not
just dealing with that company while theyare. If Haliburton saw something important in
(19:41):
their technology, it really does helpaccelerate on all levels these companies. To
me, it's a game changer,and I'm so glad that you guys are
looking at this and focusing on,you know, what is the future as
we make this energy transition in thegreen space, And that's what you guys
are trying to identify and helping,helping in this area and this sector.
When we come back, I'm veryexcited we will be joined by one of
(20:03):
your actual companies that has been acceptedinto Haliburton Labs. But we've got to
take a quick break. Are you'relistening to you in the Orpatch radio show,
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Welcome back to in the Olpatch RadioShow. My guest today is Dale Winger,
Managing director of Halliburton Labs, andwe're also being joined by Pica Canisto,
(21:29):
CEO of Roxel. Pica, Welcometo in the Oil Patch Radio Show.
I am very happy to have youas a guest on our show to
talk about how Haliburton Labs and yourcompany as a CEO, how you guys
have been working together. So let'sstart with can you tell me a little
bit about the core role of whatrock Soul does. What is the mission
for your company? Yeah, HiKiman, thanks for having us. Uh,
(21:52):
Yeah, that's a that's a quitebig question right there. As a
like a Roxol. Roxol is afinish based deep the company. What makes
us special week on bine the hardwareand AI and data analytics in the one
package. There's a lot of sensormanufacturers out there, there's a lot of
AI companies, but we combine thosetogether and there's a real need need for
that. We are let's say weare a startup company, but we are
(22:14):
in a commercializas and then scale upphase already and joining how griden Lapse was
a really good timing for us,and it says shows that there is you
know, in my opinion, thereis really not one time that you need
to be there and as a startup. But for us, it's more like
we already have a very good marketfit with our main product, and actually
we have overcome the biggest hurdle thatstartups norm we have is like you have
the greatest idea in the world,but where you fit that, well,
(22:37):
how do you make a product,how you commercialize it? I think that's
where we have overcome that already.But then stop starts an xphace it how
you scale up your business and howdo you scale up your people, how
you scale up your processes, thingslike that, And I think that's that's
also where we feel that we're doinga lot of right things right now.
But we can actually have a goodextensive of the team, like Dale said
before, kind of having things kindof having a like extents in there that
(23:00):
you can talk about your issues andproblems that you overcoming and what you need
to do better and kind of areutilizing the h C side, but also
also the processes for the manufacturing,scaling up the manufacturing, which which we
are dealing right now. So asas Roxel, our core our mission is
to bring in the technology in andwe are doing this already with the PAPERMI
(23:21):
for separators and tanks where we messall levels and basically measure with them reliably
and overcoming the problems that the industryreally really has right now is like the
there is a lot of IoT outthere, but we can provide things that
work and reliably and you can actuallystart not such measuring what what you need,
but really start analyzing things and gettingthe value from your operation and making
(23:42):
more safer and more creaner that way. So I think in a short term
that's what we do. A longterm our mission is really kind of a
start to be the industry standard forthe process controls for liquids and solids.
That's where we're heading to, andthat's that's really where the AI side and
data analytics comes in much more thatdoing right now. So I think it's
(24:03):
that's that's what we do. Soon your website it says if oil and
gas operations can be seen as cleantech challenges, it opens the door to
sustainable profits and right now where whereeven with Haliburton, the profits are are
are slim and they are very potentiallygetting slimmer. It's very hard in the
energy sector due to a lot ofchallenges that they deal with all the time,
(24:25):
from regulation to just all kinds ofdifferent issues oil and gas companies deal
with. Service companies are no different, and they really don't have the ability
to pass the added charges onto acustomer because a company like Haliburton doesn't have
one. So efficiency is the nameof the game. And so it looks
like this is what your company isfocusing on, is using technology to leverage
(24:48):
that. At what stage, Peeka, did you come into Haliburton's lab.
Was it already out of proof ofconcept and in actual circulation and in the
community and you saw the acceleration withthe lab helping you Helibert Lab movie then
faster. Can you give me someidea you know how Haliburton Lap really changed
the trajectory of Roxel. Yeah,I mean we I think you nailed that
(25:08):
already. There is like we werewe had a product already, we have
launching that, we have a goodcustomer base, but we need it needed
kind of a support on the onthe scale up phase, and that's that's
where we really joined the joined theHollypaton labs. But we just I think
we saw also a good fit wherewe are bringing you said optimization there,
and that's that's exactly where we're heading. We have a from a process point
(25:32):
of view, we have a toolin our hands that we can actually utilize,
utilize that analyzing the data and doingthings better than they used to be,
doing them more reliable, more safely. But the other thing that many
companies are doing at the moment istrying to do too much themselves, and
the collaboration is the key. AndI think the Halliburton Laps and our customers,
I think the industry overall is veryready for a collaboration and that needs
(25:56):
to happen if we want to dothe next phase self the industry doing things
better. Otherwise we are going tobecause not any startup has to muscle to
kind of do it down in thesales. Not even the big boys have
enough muscles to do themselves. Becauseboth both parties will need each other.
I think that's that's where joining andI think Halliburton Laps fits that very well.
You know, I'm not here toplug, I'm here to interview and
(26:18):
talk on the radio, but Ihave to say that I can really see
the benefit of having a large company, extremely successful, well respected global company
Caliburton create a lab that helps entrepreneurswho need that leg up. Maybe they're
missing they're always missing something. Youmight have the technology, but you don't
know how to run a company.Or you might know how to run a
company but you're limited on the technology. But you see what's missing there's just
(26:42):
a lot here to unpack of whatcompanies really suffer and go through to try
to get to market and be successful. And when they partner with a large
company, I can really see thebenefit for the company itself and most importantly
getting some of the greenest technology outthere into the field and in use end
very quickly. By the way,as well, when we come back from
break, I'm gonna bring Dale backon with us too, and we can
(27:03):
talk about the benefit between how didwhat did Haliburton ce versus what you saw?
And then I want to end withhow can our listeners they have a
company, how can they get involvedwith Haliburton Labs. That's like a quick
break you're listening to in the OldPatch Radio Show. We'll be right back.
(27:23):
We're back here listening to in theOld Patch Radio Show. My guest
today is Dale Leaner, who isthe managing director at Haliburton Labs. Dale,
before the break, you were talkingto me about Haliburton LAP what it
is, and I have to say, you know, in looking at your
website, the definition you guys haveis a collaborative environment where entrepreneurs, academics,
(27:45):
investors, industrial labs joined together toadvance cleaner affordable energy. And then
you gave me an example of howa company gets involved, and then we
moved into a little bit further Well, when it's out of concept and into
actual application mode, an entrepreneur ora company finds themselves in a lot of
different situations between dealing with regulatory issues, potentially not having enough money. Maybe
(28:11):
they didn't think about something that theircustomer would need or use. And this
is probably the whole main reason whyHaliburton Labs really is a good idea,
because you guys have already been there, done that, and you have a
large enough footprint to have already hadthis experience, and if they need something,
you guys are there as a bigbrother if you will to help them
(28:32):
along. Can tell me a littlebit more about this process. Have you
had any scenarios that you can kindof give us an idea of a company
that had they been going at italane and not partnered with Haliburton, what
would have you probably save somebody ayear or two thousands of dollars. Is
there one company that maybe you don'tneed to mention their name, but you
can give us an example of howHaliburton was able to really help this company.
(28:55):
Yeah, I appreciate the question,Kim. And at the end of
the day, that is our exactvalue proposition to early stage companies. You
know what, unfortunately a lot ofearly stage companies do not make it across
the valley of death, and thatmeans they run out of time or they
you know, they run out ofmoney. And so what what our fundamental
(29:18):
value proposition at Haliburton Labs is tohelp them use their time and money more
efficiently so that they can achieve thescaling milestones that attract additional customers, which
helps attract additional money. And soif you just think about the valuation of
a company, one of the bigobstacles in commercialization is getting to you know,
(29:40):
big customers with recurring revenue streams.And I'm sure you and all your
listeners are familiar with whether it's it'sin the energy industry in particular, the
number of customers that want to befirst is a much shorter line than the
number of customers that are willing tobe second, or third, or fourth
or fifth. And so get thatfirst successful demonstration completed at scale is a
(30:06):
real value creating event for the companybecause there's a longer line of prospective customers
they're willing to be second, orthird, or fourth, and then once
there's two or three or four customersinvolved, the number of investors that want
to be involved and provide financial supportfor the company, that line gets longer
too. The number of places youcan raise money from when you have multiple
(30:27):
recurring revenue contracts with world class customersis much much larger than being a pre
revenue company or have you just providedsome early demonstration materials. However, we
know very well from our hundred yearsexperience in the energy business that getting to
a industrial scale demonstration has a lotof considerations, and particularly in large energy
(30:48):
companies, there's going to be technicaldecision makers that are really going to want
to make sure that they understand allthe aspects of the process and how it's
different than what they're doing today.There's going to be operational decision makers who
have slightly different consideration set uh andscorecards, and they're going to want to
understand the impact their unique asset thatthey're operating that that might be a little
(31:11):
different than you know, the datathat's been presented to them thus far,
and they're going to have a rolein the process, and of course there's
going to be a set of economicand procurement decision makers that are going to
want to get involved after the othertwo have evaluated the technology, And particularly
for a startup company, when whena startup company is trying to get in
the room with the right people,like sometimes they're not even you know,
(31:33):
don't don't have full visitability into evenhow that decision making process works and the
interplay between those different groups of youknow, whose support and green lighting is
necessary to advance to the next stage. And sometimes we have understanding that can
be very helpful to make sure thatwe're having the right conversations with the right
people to move forward with trial andsupport for a new solution. But there's
(31:56):
also sort of the de risking ofhaving how Burton's support because world class companies
around the world, some of whichare a client today, but we've also
seen Kim that there are companies thatare not in industries that that Haliburton currently
participates in. But but having thatearlier stage company within the industrial rapper of
Haliburton and understanding you know, thehealth and safety requirements and the environmental requirements
(32:22):
and being able to scale technology providesa de risking element that is very helpful
and kind of puts things in thelanguage that world class customers are used to
buying in. And the other thingthat we've done for some companies, Kim,
is, you know when when they'reactually demonstrating the technology on one of
(32:43):
Haliburton's sides, the environment looks veryfamiliar. You know, walking into a
Haliburton facility doesn't look like you're walkinginto a startup garage as an example.
And so when the technology is beingshowcased to a prospective investor or aspective customer,
and the technical decision makers want tocome out and put eyes on things
(33:04):
and understand how the process works andthe inputs and the outputs, you know,
stepping onto a Haliburton campus that's betweenand their security and there's nice conference
rooms and technology, and it reallysort of helps elevate the early stage company
to look like they're ready to dobusiness with another world class company, which
of course adds valuation and helps themgo faster towards getting that large scale trial.
(33:30):
You are right because if you havebeen accepted by a major service company
Haliburton into their program, that therespeaks volumes to a lot of investors potentially
that they're not just dealing with thatcompany while they are. If Haliburton saw
something important in their technology, itreally does help accelerate on all levels these
(33:53):
companies. To me, it's agame changer, and I'm so glad that
you guys are looking at this andfocusing on, you know, what is
the future as we make this energytransition in the green space, and that's
what you guys are trying to identifyand helping, helping in this area and
in this sector. When we comeback, I'm very excited we will be
joined by one of your actual companiesthat has been accepted into Haliburton Labs.
(34:16):
But we've gotta take a quick break. Are you're listening to you in the
Orpach radio show. We'll be rightback. Shale Oil and Gas Business Magazine
provide services like print advertising and digitalmarketing. Our digital advertising services include website,
(34:36):
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a company you can trust and alwaysfind and we're back. You're listening to
in the Old Patch video show.My guest today is Dale Winger, who's
managing director for Haliburton Labs, andwe're being joined by one of the companies
that's involved in Haliburton Labs, RockSaul and their CEO, Pica Canisto.
Dale, can you talk to mea little bit about So Rocksall is a
(36:29):
company that's involved now in Haliburton.What do you see? They're fairly new
and the company. Can you navigateus into what would happen if a company
was to come in like Rock Sall, Where do you see them going with
Haliburton Labs. Yeah, it's agreat question, and we've been really open
minded around being able to work withcompanies without solving for a specific strategic Haliburton
(36:53):
objective. So our first and foremostpriority is helping the company accelerate through commercialization
milestones that will make the company morevaluable and that feed strategic intelligence into Halliburton
in the sense of we build firsthandrelationships with new people and new companies and
(37:13):
new technologies and emerging markets that Haliburtonmight not have otherwise had access too,
But I want to draw a distinction. There's no sort of preconceived plan that
this is going to be a futureacquisition of Haliburton, or this is going
to be a future supplier of Haliburton. In fact, we more likely sort
of see ourselves doing what Haliburton hasbeen doing for a long time is making
(37:37):
a services provider that employees technology inour business, deploying technology around the world.
And so there's potentially a role wherewe might be a services provider in
future value chains of Haliburton Labs companies, But our first and foremost priority when
they join us is helping make thecompanies more valuable by achieving commercialization milestones.
(37:58):
And so we were really excited aboutRocksol and the way that they were pulling
together tools for the energy industry tobe able to improve reliability and drive higher
levels of efficiency to reduce cost.As we talked about in the beginning,
the energy system of the future isnot just more sustainable, but it's also
affordable and reliable. And Rocksol cando a whole lot in terms of the
(38:24):
tomographic tools that they have available todrive predictive maintenance and to improve the efficiency
of operations, and so we wereexcited, having deployed and scaled up solutions
with similar types of technologies, thatwe could be able to help advance their
(38:44):
technology and increase the company's valuation.You know. And looking at the y'all's
website Haliburton Labs, and I seethere's just so many different areas. Fuel
x is in solid state hydrogen storageand power rocksol is, industrial processes through
teleographic image systems. There's a lighttracking solar glass design. There's grid forming
(39:08):
power etronics. There's another hydrogen companyhere, red Shift. You have a
large range of different types of companiesthat it's not just focusing on, you
know, one area. You guysare really spread out, and I do
see a lot of hydrogen, whichis the name of the game today,
but they look like they're very diversein their companies. Can you talk to
(39:31):
us a little bit about the selectionAnd I know you guys, I saw
on the website you guys have apitch day. I think you guys are
modeling after those shows. You wantto be a star or you know,
you want to get out and singand you get the contracts something like that.
But you guys have a Pitch Daycoming up too, So for our
listeners, we held off the verythe best part for the last tell us
(39:53):
how a company could get involved withHaliburton Laps. Yeah, thanks for that
opportunity, Keim. We are.We've now hosted seven finalists Pitch Day events
since we established Halliburton Labs almost threeyears ago. Our eighth one is coming
up in September. It's September twentyfirst in Denver, Colorado. Haliburton Labs
(40:16):
will be sponsoring a Future of EnergyDay as a part of Denver Startup Week,
and so that event will include alot of programming, panel discussions,
and energy industry leaders. That willbe an in person edition for those that
are able to be in Denver,will also be an online broadcast and you
can go to our website Haliburton Labsdot com to register to attend and we'll
(40:40):
keep you apprized of information related tothat. Notably, we also have the
application window for companies that want tobe considered to pitch at that event.
There's an application that's live on ourwebsite all of the time, and so
we'll be reviewing and accepting applications upuntil Friday, is the eighteenth, and
(41:00):
So if you or you have folksin your network that are founders that you
would like to use an event likethis with several hundred in person and even
more online participants to tell the storyof their company and their technology and potential
solution to Haliburton Labs World Glide audience, please apply for that. And if
(41:22):
you're just looking for more information aboutthe program, feel free to find me
Dale Winger on LinkedIn and we'd behappy to connect with you and understand what
you're doing and if there's ways thatwe can be helpful. But the way
that our selection process works, andthis is kind of you know, the
path that Rocksoul followed, is we'vebeen very careful not to presupposed that we
know exactly what the energy system lookslike in three years, five years,
(41:45):
seven years down the road. Weanticipate there will be lots of technology innovation
that impacts If you think about thediversity of the energy value chain, whether
you're talking about industrial processes or you'retalking about like transportation or heavy transportation or
the grid, there's lots of differentconsiderations in terms of cost and performance,
(42:06):
and so what we wanted to dowith Haliburton Labs was come in with a
very open mind and not start lookingfor something specific too early in the process.
And so, as we mentioned earlier, we do require that there is
a proof of concept and that there'sa prototype, and whatever the new solution
is can be demonstrated at you know, whether it's leaders or grams or lots,
(42:29):
but at some scale, maybe itjust sits in a lab today,
and that is an important requirement.But as long as it contributes to the
energy system of the future in away that helps achieve decarbonization goals or the
decarbonization of heavy industry more broadly,and also has a path to competitiveness in
a particular application with large market potentialin a way that it could be sort
(42:52):
of economic and safe and reliable,is something that we would be interested in.
And perhaps there's not a Haliburton inmost cases, there's not a Haliburton
size services opportunity in that market spacetoday, but there may well be later
in this decade or in the nextdecade. And so in the interim we
want to provide our scaling resources tohelp more of those technologies get across that
(43:15):
valley of death, to give theenergy industry in the world kind of more
very good options to choose from verygood. So for more information on a
company that wants to pitch, theycan go to how labs dot com.
They can find you on LinkedIn.Dale Winger on LinkedIn. I just got
(43:37):
to say that I'm very excited.I've wanted you guys to come on the
show for a while, but I'mglad we waited because to see the different
types of companies and to really drilldown into what you guys are looking for.
It's important what you guys are doing. I hope that more companies get
involved in doing it. It kindof reminds me of a Shark tank type
of pitch day, if you will. But it's brilliant whoever came up with
(44:00):
this, rather it was Jeff himselfor you kudus. It's a great idea
and the energy industry needs all thehelp it can get. So thank you
for joining me today, Dale andPica and helping us understand what your mission
is here at Haliburton LAPS. Thankyou, Cam, It's been great to
be with you. Thank you.In the oil patch is where together we
(44:22):
export topics that affect us all inoil gas business and in your community.
Every week, your host Kim Bolado, will visit with the movers and shakers
in this fast paced industry. You'llhear from industry experts, elected officials,
and many more right here on inthe oil patch. Any business can benefit
from advertising to the oil and gasindustry, but it's really important to partner
(44:45):
with a marketing company that has aproven track record with this growing industry.
Shale Oil and Gas Business Magazine isthe one stop shop that'll keep you in
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you can call us two ten twofour oh seven one eight eight Again that's
(45:07):
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