Monday, October 21, 2019

Halliburton News

Halliburton Promises Cost Cuts

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Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America…

ProPetro Cuts Almost 150 Workers

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ProPetro Holding Corp this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.The job cuts reflect slowing shale activity due to weak prices for oil and gas, and producers exhausting their spending budgets for the year…

PTTEP, Halliburton Ink Automation Deal

(Image: Halliburton)

PTTEP, a national petroleum exploration and production company in Thailand, selected Halliburton Landmark for joint development of new well design workflow to automate drilling and completion engineering processes across the well lifecycle, the US-based oilfield services company announced.Halliburton said the new…

Halliburton Introduces Automated Drilling Telemetry Service

Quick and reliable data transmission enables faster well deliveryOilfield services company Halliburton released a new measurement while drilling (MWD) technology designed to provide quick and reliable downhole information at extended depths to deliver wells faster. This capability helps operators drill longer laterals…

Baker Hughes: U.S. Oil Drillers Cut Rigs Again

file Image: credit AdobeStock / © Diter

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017…

Halliburton Profit Beats Estimates

(Photo: Halliburton)

Halliburton Co on Monday beat analysts' estimates for second-quarter profit as its Completions and Production unit outperformed expectations, pushing its shares up 6.8 percent in early trading.The Houston, Texas-based company is a leading provider of hydraulic fracturing services in North America, a segment of the…

Oilfield Services Pricing Rises

Graph: Rystad Energy

Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground…

Oilfield Services Firms Keane, C&J Merge

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Oilfield services company Keane Group Inc said on Monday it will merge with rival C&J Energy Services in a $745.7 million all-stock deal, as it looks for scale amid spending cuts by crude producers.The oil service sector has been battling lower demand and pricing pressure as U.S. producers hold off drilling new…

Aker Solutions Raises 2019 Forecasts

(Photo: Aker Solutions)

Norway's Aker Solutions ASA raised its 2019 revenue outlook on expected higher spending on the offshore oil services and reported better than expected first-quarter profits, lifting its shares on Tuesday.The upbeat sentiment on oilfield spending is a result of record cashflows accumulated by oil companies on the…

Baker Hughes Profits from Foreign Focus

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Baker Hughes reported negative free cash flow for the first quarter at a time energy investors have been pushing companies to aggressively shore up capital for dividends and buybacks, sending its shares down as much as 8.5 percent.Oilfield service companies, including bellweather Schlumberger NV and Halliburton Co…

Halliburton Reports Activity Uptick

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Halliburton Co said on Monday a pricing downturn that has plagued the oilfield services sector was bottoming out, as it reported modestly higher activity levels in North America in the first quarter from a year earlier.Oilfield services providers have been struggling with a tightening of spending by U.S. oil producers…

Schlumberger Names Olivier Le Peuch as COO

Olivier Le Peuch (Photo: Schlumberger)

Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as the president of Schlumberger's oilfield equipments making unit Cameron Group.The appointment marks the formal beginning of CEO succession…

Schlumberger Names Le Peuch as Chief Operating Officer

Olivier Le Peuch (Photo: Schlumberger)

Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as the president of Schlumberger's oilfield equipments making unit Cameron Group.The appointment marks the formal beginning of CEO succession…

Baker Hughes Adjusted Profit Surges 85%

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Baker Hughes, General Electric Co's oilfield services arm, posted an 85 percent jump in adjusted quarterly profit on Thursday, boosted by surging demand for its services.Unlike rivals Schlumberger NV and Halliburton Co, Baker Hughes has less exposure to the North American pressure pumping sector, where demand softened…

New Managing Director at Magma Products

Magma Products managing director Phil Tweedy (left) and chairman Paul Rushton (Photo: Magma Products)

Oil and gas commissioning and start-up specialist Magma Products announced Tuesday it has appointed Philip Tweedy as managing director.Tweedy, previously commissioning manager at Magma, will be responsible for day-to-day operations at the company’s Aberdeen, Great Yarmouth and Bucharest offices.Previous managing director Paul Rushton will assume the role of chairman to focus on strategy…

Halliburton Profit Beats on International Demand

(Photo: Halliburton)

Halliburton Co beat Wall Street estimates for quarterly profit on Tuesday, as higher demand for its oilfield services in international markets offset a slowdown in North America.Clients in North America, Halliburton's biggest market by revenue, began pulling back on some drilling services last year amid transportation bottlenecks in the largest U.S.

Miller Takes Over as Halliburton Chairman

Jeff Miller (Photo: Halliburton)

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…

Baker Hughes Predicts Oil Market Growth, Misses on Profit

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Baker Hughes, General Electric Co's oilfield services arm, fell just short of estimates for profit in the third quarter while forecasting a rise in North American and foreign markets in 2019 that ran contrary to signals from its peers.The results follow those for bigger rivals Schlumberger and Halliburton Co, which…

Halliburton Sees Lower Fourth-Quarter Profit

Halliburton Co on Monday forecast lower per share profit for the fourth quarter due to pipeline bottlenecks and lower spending by customers in North America.The oilfield services provider expects fourth-quarter profit to be in the range of 37 to 40 cents per share, Chief Financial Officer Chris Weber said on a post-earnings call.

Baker Hughes to Bid for Petrobras Production-sharing Contract

General Electric Co's unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil's Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields.Reuters reported in June that Baker Hughes was considering a bid, while Halliburton Co and Schlumberger NV were already preparing them…