Category: Oil field services

Halliburton, Baker Hughes overcame $3.3 billion divide to reach deal

During the month-long bout of haggling between the two companies, Halliburton CEO Dave Lesar said a counter offer proposed by Baker Hughes “shocked me and is clearly one that we cannot accept.”  More »

Nabors CEO takes a pay cut

Oil-service companies and rig contractors are preparing for an estimated 25 percent drop in spending next year from explorers and producers after crude prices dropped to a five- year low.  More »

Court OKs $2.86 billion merger between C&J, Nabors unit

C&J Energy’s shareholders shouldn’t have been barred by a judge from voting on whether to approve the deal with Houston- based Nabors, the Delaware Supreme Court ruled today.  More »

Transocean to scrap seven more rigs, take $140M charge

Transocean is planning to scrap seven of its older, lower-quality deep-water and mid-water vessels, putting them up for sale at a time when oil prices and demand for offshore rigs have sunken lower.  More »

Halliburton CEO: Weak market will spur more job cuts

Dave Lesar’s statement comes a week after Halliburton said it would immediately laying off 1,000 employees across multiple regions in the Eastern Hemisphere.  More »

More than 500 rigs may shut down as oil slides, analysts say

Rigs could begin to see less work starting early next year, following a 40 percent drop in the number of new U.S. drilling permits issued from October to November.  More »

Halliburton lays off 1,000 employees in Eastern Hemisphere

HOUSTON — Oil field giant Halliburton said Thursday it is laying off about 1,000 employees across multiple regions in the Eastern Hemisphere, effective immediately, a day after a company executive said it expects a $75 million restructuring charge in the fourth quarter.  More »

Halliburton begins antitrust review, sees $75 million restructuring charge

Halliburton chief financial officer Mark McCollum said the regulatory review process to clear the deal to acquire Baker Hughes with U.S. and European Union authorities has begun in earnest.  More »

Dover’s $430m purchase shows appeal of specialty oil field service firms

Oil field service companies will have to be far more frugal as crude prices fall.  More »

U.S. rig count grows despite oil price slump

Future output in the U.S. is at risk with oil trading below $80 a barrel.  More »

Halliburton, Baker Hughes name leaders for merger planning team

The integration process is expected to begin after the deal closes in 2015.  More »

Texas drilling permits fall 50 percent in November, data shows

November’s batch of new Texas drilling permits fell 50 percent compared to the prior month, a sign that oil companies are holding back from boring into their sweetest spots while crude prices linger below $70 a barrel.  More »

Weatherford to sell units to Buffett-owned company for $825 million

Swiss oil-field equipment provider Weatherford International is planning to sell its chemistry and drilling fluids businesses for $825 million in cash plus potential earnout to a chemicals company owned by billionaire Warren Buffett.  More »

C&J Energy starts 30-day search for alternative buyers

C&J Energy Services has hired Morgan Stanley investment bankers to launch its court-ordered effort to solicit offers to potential buyers of the company, the Houston oil field service firm said Wednesday.  More »

C&J Energy ordered to pause merger with Nabors unit

The judge ruled that during a 30-day suspension of the deal, C&J Energy’s board must shop the deal to other buyers in order to get the best price possible.  More »
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