Oil & Gas

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.

Oil & Gas

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.

Oil & Gas

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.

Market info

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."

Oil & Gas

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.

Other News

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.

Oil & Gas

‘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.

Oil & Gas

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.

Market info

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.

Oil & Gas

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.

Market info

Halliburton profits drop by 93%


Halliburton has seen a 93% drop in its quarterly profits following the decline in oil prices since last year. The oilfield services provider said it had incurred about $400million in charges as companies have reduced drilling activity. The company’s net profit fell to $53million – six cents a share – in the second quarter of 2015.

Market info

Halliburton, Baker Hughes agree to extend antitrust review deadline on merger


Baker Hughes and Halliburton have entered into a timing agreement with the antitrust division of the US DOJ (Department of Justice). It means the period for the DOJ’s review of the takeover will now be completed at the end of November, 90 days after both companies have certified compliance. A deal has also been reached between Baker Hughes and Halliburton to extend the time period for closing the acquisition to no later than December.

Market info

Baker Hughes post losses in first quarter results


Baker Hughes has posted a quarterly loss after incurring a $772million charge in relation to restructuring and other items. The company, which is in the process of being acquired by Halliburton, also said it would reduce its global workforce by 17%. It brings the total headcount reductions to 10,500 - up from the 7,000 previously announced.

Market info

Halliburton posts better than expected Q1 results


Oil giant Halliburton has posted a better than anticipated quarterly profit which was boosted by revenue from regions including Latin America and Asia. The company, which agreed to buy its smaller rival Baker Hughes last year, said some revenues had been affected in other regions by the oil price decline.