Five years ago, Daniel Rice III was asked to step down from a lucrative position at BlackRock because of the side business he’d created with his sons. That business just sold for $6.7billion.
Halliburton has signed a joint venture with BlackRock for $500million to help fund drilling of existing shale wells in the US.
The decision is the first such move by a major oilfield services provider at a time when oil producers have been shying away from drilling new wells.
Halliburton has said it expects to see an “uptick” in activity – including refracking – later this year and a meaningful recovery in 2016.
