Tuesday, July 16, 2019

Halliburton News

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

(Photo: Halliburton)

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…

Halliburton Revenue Beats on Higher North America Rig Count

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Oilfield services provider Halliburton Co's quarterly revenue rose 24 percent to beat analysts' estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report…

Aker BP, Maersk Drilling Sign Rig Contract off Norway

(Photo: Aker BP)

Maersk Drilling and Aker BP have signed a one-year contract to deploy the Maersk Integrator jack-up rig off Norway from June 2019, Aker BP said in a statement on Thursday.The contract, based on an alliance created between the two firms and Halliburton in 2017, is based on market-rate terms and holds the possibility of a sizeable upside for all parties, based on actual delivery and perfor

The Culture Clash Behind GE's Exit from Baker Hughes

File Image (CREDIT: AdobeStock / © xmentoys)

When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools.

Weatherford CEO's Rebound Plan Relies on Getting Smaller

(Photo: Weatherford)

Four years ago, oilfield company Weatherford International Plc pledged to sell non-core businesses and make paying down debt its top priority after years of borrowing and over spending.It almost worked. Asset sales provided some $1.8 billion to pare debt, and Weatherford's stock nearly doubled that year. But when…

Halliburton Sees Share Hit in 3Q as Permian Activity Moderates

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Oilfield services provider Halliburton expects moderating oil and gas activity in North America and a slower-than-expected ramp up of new contracts in the Middle East to impact its third quarter results by 8 to 10 cents per share, chief executive Jeff Miller said on Wednesday.Budget and pipeline constraints in the largest U.S.

Equinor Awards $3.7 Billion Service Deals

The Grane platform in the North Sea. (Photo: Harald Pettersen / Equinor ASA)

Norwegian oil and gas firm Equinor has awarded drilling and well service contracts worth 30 billion Norwegian crowns ($3.68 billion) to Schlumberger, Halliburton and Baker Hughes, it said on Monday.The contracts cover integrated well services, such as directional drilling, drill bits, fluids and cementing, for an initial four years, and can be extended for up to 10 years."The purpose of