Houston Chronicle Houston oilfield service giant Halliburton has laid off 650 employees in four western states from New Mexico to North Dakota. In a notice filed on Monday with the Colorado Department of Labor and Employment, Halliburton reported that the company laid 178 workers from its Grand Junction, Colo. office. Company officials attributed the layoffs to “local market conditions.” The
From The Houston Chronicle After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019. The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and the aggregate debt from 2019 bankruptcy filings of almost $20 billion has already surpassed the roughly $17 billion from a
From The Houston Chronicle Houston oilfield service company Halliburton has landed nine contracts to drill and complete a series of wells off the coast in West Africa. Australian exploration and production company Woodside Energy awarded the contracts to Halliburton as part of the first phase of developing the SNE Field off the coast of Senegal. Financial terms have not been
From Reuters General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%. Revenue in the oilfield services segment, which constitutes a majority of the company’s operations, rose 14% to $3.26 billion in the second quarter, led
From Bloomberg Company executing new ‘playbook’ to deal with customer changes, shale producers are trimming spending amid investor pressure Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by trimming 8% of its North American workforce and shelving unused frack gear. The world’s biggest provider of fracking equipment, including heavy duty rock-blasting pumps and
By Tyler Losier, Energy Reporter, Oil & Gas 360 First offshore project for Kuwait since early 1980s Kuwait Oil Company (KOC) and Halliburton (stock ticker: HAL) have signed an integrated offshore drilling services contract for six high-pressure, high-temperature exploration wells and two jack-up rigs in the Arabian Gulf. This marks the first time since the early 1980s that KOC is
By Tyler Losier, Energy Reporter, Oil & Gas 360 Emerson Electric (stock ticker: EMR) named Martin S. Craighead, former chairman, president, and CEO of Baker Hughes, to its board of directors. Most recently, Craighead served as the vice chairman of Baker Hughes, one of the world’s largest oilfield services companies, from April 2013 until July 2017. He also served as
From Bloomberg It’s been a tough few years for Schlumberger Ltd. and Halliburton Co., but the oilfield services giants may finally be on an upward curve, thanks to a recovery in international drilling activity and signs of something similar happening in the U.S. The number of fracking crews working in U.S. shale basins hit a new record earlier this month, and is up
Halliburton (ticker: HAL) Chairman, President and CEO Jeff Miller discussed the company’s perspective and prospects in Halliburton’s conference call. “Today, our industry is going through a transformation, brought on by the Shale Revolution and the recent down cycle. Because of that transformation, we’re entering 2019 with a very different landscape, one that I think plays to Halliburton’s strengths.” “First, North
From Reuters Shares of oilfield firm Halliburton Co (HAL.N) fell sharply on Tuesday after the company forecast lower revenues in key business areas in the first quarter, overshadowing a quarterly profit beat and a pledge to reduce 2019 spending. Clients in North America, Halliburton’s biggest market by revenue, began pulling back on some drilling services last year amid transportation bottlenecks
Lesar retires as exec chairman Halliburton (stock ticker: HAL) CEO Jeff Miller has been named chairman, effective Jan. 1, 2019, following the retirement of Executive Chairman Dave Lesar on Dec. 31, 2018. “I appreciate the confidence that the Board has placed in me,” Miller said in a statement. “Halliburton has a 100-year legacy of delivering industry-leading returns and superior customer
Frac market temporarily weakening Like oilfield services giant Schlumberger (ticker: SLB) reported on Friday, this week Halliburton (ticker: HAL) said it too is seeing a slowdown in the overall U.S. frac landscape. The company saw a slight increase in revenue in Q3 despite the slowdown, receiving $6.17 billion compared to $6.15 billion in Q2. Operating and net income showed declines,
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