HONEYWELL AND CHEVRON COLLABORATE ON AI-ASSISTED SOLUTIONS FOR REFINING PROCESSES
Rhea-AI Summary
Honeywell (NASDAQ: HON) and Chevron (NYSE: CVX) have announced a strategic collaboration to develop advanced AI-Assisted solutions for refining processes. The partnership aims to enhance efficiency, safety, and reliability in industrial automation.
Key aspects of the collaboration include:
- Development of a new generation of AI-Assisted alarm management solutions
- Creation of an Alarm Guidance application to help operators respond effectively to alarms and operational events
- Integration of AI into Honeywell's Experion® distributed control system (DCS)
This collaboration aligns with Honeywell's focus on automation as one of its three powerful megatrends. The partnership aims to address industry challenges, including workforce shortages, through institutional knowledge capture and workflow digitalization.
Positive
- Strategic collaboration between Honeywell (HON) and Chevron (CVX) to develop AI-Assisted solutions for refining processes
- Development of new AI-Assisted alarm management solutions to enhance efficiency, safety, and reliability
- Creation of an Alarm Guidance application to improve operator response to alarms and operational events
- Integration of AI into Honeywell's Experion® distributed control system (DCS)
- Alignment with Honeywell's automation megatrend focus
Negative
- None.
News Market Reaction
On the day this news was published, HON declined 0.31%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Collaboration aims to enhance refining operations and workforce with advanced AI-Assisted technologies, including a new generation of alarm management solutions
These are among the new AI solutions Honeywell launched today to assist and help improve operator performance, optimize productivity and increase reliability as companies continue their journey to autonomous operations.
Together, the two companies are leveraging their deep domain knowledge and industry expertise to create a new generation of AI-Assisted alarm management solutions that will help operators make decisions to increase the efficiency, safety and reliability of process operations and industrial assets. The new solutions will include an Alarm Guidance application that provides operators with guided and specific actions to effectively respond to alarms and operational events, helping to reduce lost profit opportunities and process safety incidents. Using AI technology, the system will mine historical data on past actions to identify patterns of alarms and the corresponding operator actions that successfully return the process to normal operation.
"Advancements in AI will change the way companies like Chevron innovate, learn and solve problems at the plant level," said Lucian Boldea President and CEO of Honeywell Industrial Automation. "AI-Assisted automation is key to helping improve industrial plant performance while also addressing industry's workforce shortage through institutional knowledge capture, workflow digitalization, and accelerating the learning curve for the next generation."
Through this collaboration, Chevron's operators will also be able to infuse AI into Honeywell's Experion® distributed control system (DCS), making them future ready and more informed in the control room. The integration of AI to optimize operations to improve efficiency and upskill the workforce also supports Honeywell's alignment of its portfolio to three powerful megatrends, including automation.
The partnership between Chevron and Honeywell marks a significant advancement in the development of solutions that enable AI to assist human operators in plants. By co-innovating AI-enabled operational guidance solutions, both companies are setting new benchmarks for efficiency, safety, and reliability in refining processes. The collaboration is poised to not only address current industry challenges but also to pave the way for future advancements, ensuring that both Chevron and Honeywell remain at the forefront of innovation.
For more information on Honeywell's suite of AI solutions for industrials, including Honeywell Field Process Knowledge System, Experion Operations Assistant and Honeywell Production Intelligence, please visit Honeywell.com.
About Honeywell:
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Media Contact:
Tyler Sumrall
+1 (713) 203-0992
Tyler.Sumrall@honeywell.com
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SOURCE Honeywell
FAQ
What is the purpose of Honeywell and Chevron's collaboration on AI-Assisted solutions?
How will the AI-Assisted alarm management solutions benefit Chevron's operations?
What is Honeywell's Experion® distributed control system (DCS) and how will AI be integrated into it?
How does this collaboration align with Honeywell's (HON) business strategy?
