Develop has some excerpts from the Seven Day Cooldown podcast where Valve's Gabe Newell addresses the uncertain state of Half-Life 3, though he coyly calls the sequel he's hypothetically discussing Ricochet 2. The context makes it pretty apparent he's not actually discussing a sequel to this Valve created Half-Life modification, but rather the next full Half-Life game, though this is never explicitly stated. He uses this codename to explain the corner Valve has painted itself into at this point in terms of announcing and creating a third Half-Life (or second Ricochet, if you prefer). Here are the pertinent quotes:
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