For those that are wondering why Valve is not considering sending Half Life 3 to a third party developer, it is because no other game producer can handle the high expectations for the highly anticipated sequel.
The Half Life series has long known as one of the hottest franchises around. Obviously, this suggests that Half Life 3 is going to create a global phenomenon when released. In conjunction to that, Valve would not want to miss out on being credited for developing Half Life 3.
Besides, having another entity to produce Half Life 3 will only ruin the legacy of the series. Surely, the unknown developer would want to introduce its own ideas for the title and that will definitely change the way Half Life 3 is released.
Hence, this sums up that Half Life 3 can only get produced by Valve. Even the Half Life fans cannot deny this fact and they are willing to wait until the end of days for Valve to create Half Life 3.