Miller Takes Over as Halliburton Chairman
Oilfield services provider Halliburton announced that its board of directors has appointed president and chief executive officer Jeff Miller as chairman of the board, effective January 1, 2019, following the retirement of executive chairman Dave Lesar on December 31, 2018.Robert A. Malone will continue as lead independent director of the Halliburton board of directors.Miller has served on Halliburton's board since 2014, and has been the company's president and CEO since 2017.
Halliburton Sees 10%-plus Price Rise This Year
Halliburton Co believes it can raise prices more than 10 percent this year, executives of the No. 2 oilfield service provider said on Thursday. "Pricing momentum continues to move in a positive manner," Jeff Miller, who will become the company's chief executive next month, said in an interview. Prices for pressure pumping and other services won't jump, though, as in the last industry boom, outgoing CEO Dave Lesar added. "We and our customers have to co-exist in this environment," said Lesar, who will remain executive chairman.
Halliburton CEO to Retire, Replaced by Miller
Halliburton Co said on Wednesday that Chief Executive Officer Dave Lesar will retire on June 1 and be replaced by Jeff Miller, Lesar's longtime deputy and fellow board member. Lesar will stay on as executive chairman of the world's second-largest oilfield service provider until December 2018, when he reaches the company's mandatory retirement age of 65. The transition, which was expected, comes as Halliburton tries to recover from a two-year oil price downturn that has eroded profit margins and forced the company to lay off thousands of workers.
Halliburton Gains from North American Drilling Surge
Halliburton Co said on Monday that oil producers are completing nearly as many wells as they are drilling, a major reversal from when companies left wells unfinished in anticipation of higher oil prices. Increased demand for Halliburton's pressure pumping and well-construction services helped the world's No.2 oilfield services provider report slightly better-than-expected quarterly profit and revenue. Halliburton's shares were up more than 1 percent at $47.72 in morning trade on Monday.
Halliburton Posts First North American Profit in a Year
Halliburton Co, the world's No. 2 oilfield services provider, reported its first quarterly operating profit in North America in a year as oil producers put more rigs back to work in North American shale fields. The company, however, warned of weakness in markets outside North America, echoing comments made by larger rival Schlumberger last week. Halliburton's shares were down 0.8 percent at $56 in premarket trading on Monday. "Despite the positive sentiment surrounding the North American land market…
Halliburton Posts Surprise Profit as Expenses Fall
Halliburton Co, the world's No.2 oilfield services provider, posted a surprise quarterly profit, helped by higher cost cuts, and said it expected a rise in oil prices to boost rig count. U.S. shale oil companies have started putting rigs back to work as crude prices nearly doubled since their February lows. The number of active rigs in the United States rose for the seventh straight week through Oct. 14, according to the closely watched report from Baker Hughes Inc.
Oil Drillers Dig for the Bottom for Rig Counts
For the past year and a half, a chart of the number of U.S. oil rigs in operation has resembled a death-defying ski slope - but it may be time to get back on the chair lift. The U.S. rig count may finally be bottoming out as U.S. oil companies look for oil prices to rally just a bit more, a signal that the time has come to deploy more capital and get production moving again, analysts say. The number of active oil rigs in the U.S. has fallen for six weeks, and was at a seven-year low as of April 29, according to data from oil service company Baker Hughes.
U.S. Energy CEOs Ready to Drill as Oil Rebounds
After cutting spending and staff levels to the bone, U.S. oil executives say they are getting ready for new drilling projects as a 50 percent increase in crude prices since February leads them to believe the worst of the downturn may be over. Any price rise above $50 per barrel could fuel a resurgence in the U.S. shale industry, which saw drilling and fracking of new wells put on hold over the past year as oil prices plumbed near $25 per barrel. But prices have steadily risen to around $44 per barrel, near levels where money could start flowing again.
Halliburton Aims to Boost Weak Businesses
Halliburton Co said it would consider acquisitions to bolster its weaker businesses as the oilfield services company looks to move on after a deal to buy smaller rival Baker Hughes Inc fell through. Halliburton also reported a higher-than-expected adjusted profit for the first quarter. But, the company's shares were down 3.6 percent at $40.53, amid a broader decline in energy stocks. "We are going to invest in those product lines where we're a little bit weak…
Barometer of Shale Oil Industry's Health Warns Agony to Worsen
The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow more as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only NOV but dozens of others throughout North America's oil patches, prompting tens of thousands of layoffs, eroding profits, depleting state and local tax revenue and, in a handful of cases, causing bankruptcies.
Halliburton Profit Beats Street
Halliburton Co, the world's No.2 oilfield services provider, reported a better-than-expected quarterly adjusted profit as deep cost cuts helped offset the impact of a drop in drilling activity. Halliburton, like rival Schlumberger Ltd, said 2016 would be another challenging year for the industry. Several oil and gas producers have scaled back drilling and slashed capital spending in response to a more than 70 percent fall in oil prices since June 2014.
'Frack now, pay later,' - Top Companies Amid Oil Crash
Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. 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…
Service Firms to Producers: Frack now, pay later
Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. 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…
Halliburton Warns of International Headwinds
Halliburton Co warned of headwinds in its international operations and pricing pressure for its oilfield services in North America, its largest market, as an extended slump in oil prices continues to force drillers to slash spending. The company's shares rose 3.8 percent to $48.69 before the bell on Monday after it posted a better-than-expected quarterly profit, helped by higher revenue and operating income from Latin America, the Middle East and Asia.
Halliburton & Baker Hughes Merger
Halliburton Company and Baker Hughes Incorporated today announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction.
Baker Hughes CEO Due Millions if Halliburton Deal Closes
Martin Craighead, chairman and chief executive officer of Baker Hughes Inc, stands to collect millions if Halliburton Co succeeds in its $35 billion takeover and he loses his job, according to regulatory filings. Halliburton Chief Executive Officer Dave Lesar will lead the combined company, which will also retain the Halliburton name. The deal, announced on Monday, will create an oilfield services company big enough to compete with larger rival Schlumberger Ltd .
Halliburton Bids for Baker Hughes
Halliburton Co will buy Baker Hughes Inc for about $35 billion in cash and stock, creating an oilfield services behemoth to take on market leader Schlumberger NV as falling oil prices threaten to erode demand. The merger is widely expected to raise anti-trust concerns and Baker Hughes shares, at $69.50, were trading well short of the offer of $80.69 per share, based on Friday's close. Halliburton shares were down 3 percent at $53.45 premarket. Halliburton said on Monday that if required…
Halliburton Profit Beats Street, N.America Drilling Strong
Halliburton Co, the world's No.2 oilfield services provider, reported a better-than-expected quarterly profit, helped by buoyant shale drilling activity in North America. Shares of the company, which raised its quarterly dividend to 18 cents per share from 15 cents, were up nearly 4 percent before the bell. Halliburton, which derives about half of its revenue from North America, also benefited from higher revenue in its international operations. The company said revenue in North America grew nearly 22 percent in the third quarter ended Sept.
Halliburton Announces JV with SPT Energy
Halliburton has signed an agreement with the SPT Energy Group Inc. affiliate, Petrotech (Xinjiang) Engineering Co., Ltd., to establish a joint venture company focused on hydraulic fracturing and production enhancement services in Xinjiang, China. The new company, Xinjiang HDTD Oilfield Services Co. Ltd., will provide fracture stimulation services, including design and analysis, data acquisition, and pumping and chemical services in the Xinjiang Uygur Autonomous Region. This is Halliburton’s first joint venture for hydraulic fracturing services in China.
Halliburton Expects Margins to Rebound in N.America
Halliburton Co, the world's No.2 oilfield services provider, expects margins to improve in North America after being depressed for two years as companies step up spending to drill and complete wells. Halliburton's shares rose as much as 5 percent to a life high after the company forecast a 25 percent jump in earnings in the current quarter, in line with market expectations. "I am more excited about North America now than I have been since late 2011," Halliburton Chief Executive Dave Lesar said on a conference call with analysts on Monday.
