You can’t underestimate the positive change in attitude that we are seeing in our North American customers, they’re getting back to business: Lesar Oilfield service giant Halliburton (ticker: HAL) announced its second quarter results today, reporting a larger loss than in the first three months of the year, but the company’s management was clearly optimistic that this quarter represented what
Halliburton + Baker Hughes Deal Dies, but their Intriguing Backstory Lives On Now that the Halliburton+Baker Hughes (tickers: HAL, BHI) merger deal is going into the history books as an official bust (as of yesterday’s announcement), it’s entertaining to read the backstory behind the making of the deal that would have created the world’s second largest oilfield services company. The chain of
Halliburton and Baker Hughes decide to terminate merger The world’s second- and third-largest oilfield service companies, Halliburton (ticker: HAL) and Baker Hughes (ticker: BHI), announced the termination of their proposed merger agreement. The deal, which was worth $35 billion before the crash in commodity prices and $28 million yesterday before the announcement, met with heavy resistance from the U.S. Department
Halliburton Announces First Quarter Income from Continuing Operations of $0.07 Per Diluted Share, Excluding Special Items Reported loss from continuing operations of $2.81 per diluted share Halliburton Company (NYSE:HAL) announced today that income from continuing operations for the first quarter of 2016 was $64 million, or $0.07 per diluted share, excluding special items. This compares to income from continuing operations
Former Halliburton VP Joins Diamond Offshore Drilling as CFO HOUSTON, May 2, 2016 /PRNewswire/ — Diamond Offshore Drilling, Inc. (NYSE: DO) today announced that it has appointed Kelly Youngblood as Senior Vice President and Chief Financial Officer, to be effective May 3, 2016. Mr. Youngblood succeeds Gary T. Krenek, who is retiring after 33 years of service to the Company and its predecessors.
DOJ sues Halliburton over antitrust concerns in Baker Hughes acquisition The Department of Justice today announced that it will sue Halliburton (ticker: HAL) over its planned $34 billion takeover of its next largest oilfield service competitor, Baker Hughes (ticker: BHI), over antitrust concerns. The combination of Halliburton and Baker Hughes would leave the combined company and Schlumberger (ticker: SLB) as
What defines a passive investor as opposed to an activist investor? The Department of Justice (DOJ) announced on Monday April 4, 2016, that legal action has been taken against ValueAct Capital for their activist investor position related to the merger agreement between Halliburton and Baker Hughes. The lawsuit alleges impropriety with the lead up to the merger and accuses ValueAct
Schlumberger receives go-ahead from Chinese Ministry of Commerce The world’s largest oilfield service company, Schlumberger Limited (ticker: SLB) jointly announced with Cameron International Corporation (ticker: CAM) today that the Chinese Ministry of Commerce (MOFCOM) cleared their proposed merger, which is valued at $14.8 billion. MOFCOM’s approval came without any conditions, and represented the last major closing condition of the proposed
Full year free cash flow represented 144% of net income in 2015 Core Laboratories (ticker: CLB, CoreLab.com) released its fourth quarter and full year 2015 results this week, proving that it is a company that can continue to outperform its oilfield service peers, even through a tough commodity downcycle. CLB reported revenue of $182.7 million in the fourth quarter and
Buy low, sell high is perhaps the most commonly (and overly) used phrase when it comes to investing. Now that commodity prices are near the floor (depending on who you ask), investors are cherry picking stocks in hopes of capitalizing on a down market and its inevitable recovery. It may not come in 2016, but oilservice giants like Schlumberger (ticker:
If you look at the number of jobs lost, company market value lost, and the growing numbers of oil patch bankruptcies, 2015’s continued commodities price fall led to a lot of bangs and bruises in the oil and gas industry. 2015 was also a year in which readers of Oil & Gas 360® kept up with industry developments, company news
United States, Australia U.S. Department of Justice Still Not Satisfied with Terms Industry enthusiasts waiting for approval of the impending merger between Halliburton (ticker: HAL) and Baker Hughes (ticker: BHI) will have to wait a little longer. For the third time, the United States Department of Justice (DOJ) halted approval of the highly publicized merger between two of the world’s
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