GE’s oil unit seen finding `missing piece’ with Baker Hughes
General Electric Co. could become one of the top players in the oil services and equipment industry if it decides to bid for Baker Hughes Inc.
Halliburton
Halliburton’s bonus plan shows forecasting oil price is hard
It seems not even the board of Halliburton Co. thought the price of oil would remain depressed this long.
Baker Hughes, Halliburton’s shares rise after US justice department sues pair
The US justice department is suing to stop Halliburton from buying oilfield-services rival Baker Hughes - the latest effort by the Obama administration to block mergers that it believes enrich corporations but hurt consumers.
Halliburton’s dying bid shows antitrust cops pounding mega-deals
The corporate deal-making boom last year was one for the record books. The harder part: Winning the blessing of emboldened antitrust officials in the Obama administration’s last year.
Halliburton said to face US lawsuit on Baker Hughes deal
U.S. antitrust officials have prepared a lawsuit to stop Halliburton Co. from taking over rival oil-services company Baker Hughes Inc., according to a person familiar with the matter.
Halliburton-Baker Hughes faces third EU delay over missing info
Halliburton Co.’s bid to buy oil-services rival Baker Hughes Inc. was stalled for a third time by European Union regulators who said the companies have once again failed to supply key information about their proposed deal.
Halliburton to make up to 260 job cuts in Norway
Halliburton has made job cuts in the Norwegian sector.
Fate of Halliburton, Baker Hughes mega-merger to be decided by July
The fate of the Halliburton and Baker Hughes’ mega merger will be decided by July 11.
Halliburton urged to give more details regarding job cuts
Halliburton is being urged to talk to the local community in Arbroath over the future of 275 jobs at its manufacturing and services facility in the town following the announcement that the Houston-based company is shedding another 5,000 workers from its global headcount.
Halliburton Baker deal deadline suspended as EU seeks more info
The European Union has suspended the deadline for its review of Halliburton’s acquisition of Baker Hughes as regulators said the companies failed to supply “important information.”
Halliburton given more time for Baker Hughes deal
Halliburton Co. was given more time by the European Union to come up with a package of asset sales that will assuage competition concerns over its takeover of oilfield services rival Baker Hughes IncThe company said Wednesday that it would offer the remedies soon, after the EU pushed back the deadline for reviewing the deal by 20 working days to June 23.
Halliburton makes 4,000 job losses, predicts more to come
Halliburton has reduced its headcount by another 4,000 jobs, the company said. The losses happened in the final three months of last year, as the firm looked to manage finances amid the oil price decline.
Halliburton in the red as global oil and gas woes go on
Energy service giant Halliburton today announced hefty losses and a large slump in revenue during 2015 as the woes of the oil and gas industry continued to wreak havoc on company balance sheets.
Halliburton faces longer EU probe for Baker Hughes takeover
Halliburton Co. passed on a chance to offer early concessions to European Union regulators, meaning it will likely face a protracted antitrust review of its plan to buy oil services rival Baker Hughes Inc.for $26 billion.
Halliburton, Baker Hughes extend merger deadline
Halliburton Co. and Baker Hughes Inc. will extend to April 30 the time period for closing their pending $26 billion merger as they work to satisfy U.S. Justice Department concerns.
GE said to be in advanced talks for Halliburton drilling assets
General Electric Co. is in advanced talks to buy the drill-bits and drilling-services divisions of Halliburton Co., which is divesting assets to win antitrust approval for its takeover of Baker Hughes Inc., according to people familiar with the matter. Selling both the drill-bits and drilling-services businesses could have fetched as much as $5 billion in total for the oilfield services provider, people with knowledge of the matter said earlier this year, when the units were each put on the block. It is not clear how much the decline in oil prices -- which have been hovering near six-year lows -- may have affected their respective market values.
Halliburton’s Baker deal faces Australian regulatory hurdle
Halliburton Co.’s proposed purchase of Baker Hughes Inc. faces further regulatory scrutiny after Australia’s competition watchdog raised concerns that the $34.6 billion deal would shrink the number of suppliers for oilfield goods and services, particularly for offshore drilling. The Australian Competition & Consumer Commission delayed its decision until Dec. 17 and asked for further comments from market participants, according to a statement from the regulator on Friday. The businesses have significant competitive advantages in providing services as they benefit from extensive product ranges, economies of scale and scope as well as industry experience, the ACCC said. Halliburton and Baker Hughes last month flagged the sale of additional business units in an effort to satisfy antitrust concerns over the takeover. The world’s second- and third- largest oilfield service companies have been seeking to complete the deal by either Dec. 15, or 30 days after both certify compliance with US Justice Department requests, whichever is later.
Halliburton reports loss as producers cut work in downturn
Halliburton Co., the world’s largest fracking services provider, said it had a third-quarter loss as the volatile North American oil market continued to tumble. The company reported a loss of $54 million, or 6 cents a share, compared with net income of $1.2 billion, or $1.41, a year earlier, the Houston-based company said in a statement Monday on Businesswire. Excluding certain items, the per-share result was 4 cents more than the 27-cent average of 34 analysts’ estimates compiled by Bloomberg. Sales dropped 36 percent to $5.6 billion. "It was a challenging period," Luke Lemoine, an analyst at Capital One Southcoast in New Orleans who rates the shares the equivalent of a buy and owns none, said in a phone interview before the results were released. "Most people at the beginning of the quarter were expecting things to level off. Well, they continued to more or less crash."
Halliburton, Baker Hughes to sell additional businesses
Halliburton and Baker Hughes will sell additional businesses in connection with the former's pending acquisition of its smaller rival. In November last year Halliburton announced its proposed acquisition but in recent month it has run into regulatory hurdles with US antitrust enforces who believe the merger will lead to higher prices and less innovation. Halliburton said in April that it would sell three of its drilling businesses and on Monday said it had received proposals from multiple interested parties for each business.
Halliburton reduces headcount in North Dakota
Halliburton has reduced its headcount in North Dakota as the low oil price continues to hit companies. The move comes after it was revealed the US Department of Labour had forced the oilfield service company to pay back more than $18million in unpaid overtime.
Halliburton to pay back $18.3million in overtime wages
Halliburton is set to pay back $18.3million to more than 1,000 oil and gas workers after they were improperly exempted from overtime pay. The US Department of Labour said the oil company had improperly identified workers in 28 job categories as exempt from additional earnings under the Fair Labour Standards Act. Halliburton has already begun the process of paying back the accrued overtime for one of the largest settlements for the Labour Department in recent years.
‘Frack now, pay later,’ top services companies say amid oil crash
Business is so tough for oilfield giants Schlumberger and Halliburton that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. It amounts to this: "frack now and pay later." The moves by the world's No. 1 and No. 2 oil services companies show how they are scrambling to book sales of new technologies to customers short of cash after a 60 percent slide in crude to $45 a barrel. In some cases, they are willing to take on the role of traditional lenders, like banks, which have grown reluctant to lend since the price drop that began last summer, or act like producers by taking what are essentially stakes in wells.
Halliburton facing antitrust hurdles over Baker Hughes
Halliburton Co.’s takeover of Baker Hughes Inc. is facing resistance from US enforcement officials who are concerned the tie-up could hurt competition, according to a person familiar with the matter. Justice Department lawyers reviewing the proposed $34.6 billion transaction are worried about consolidation in the industry from combining the No. 2 and No. 3 firms, said the person, who asked not to be identified because the review is confidential. Though Halliburton has proposed selling some assets to other companies, government officials aren’t convinced its plan would restore sufficient competition, the person said.
Baker Hughes posts loss compared with 2014 profit
Baker Hughes has posted a quarterly loss compared with its profit one year ago. A decline in oil prices has kept a lid on drilling activity for the company, which was bought over by Halliburton last year. Baker Hughes said net loss attributable was $188million - or 43 cents a share - in the second quarter of 2015.
Halliburton signs $500million joint venture deal with BlackRock
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.