Halliburton Promises Cost Cuts
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, said it would take steps over the next few quarters that will lead to $300 million in annualized cost savings.Oilfield service providers are struggling with reduced spending by oil and…
Baker Hughes: U.S. Oil Drillers Cut Rigs Again
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, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>In the same week a year ago, there were 860 active rigs.The oil rig count, an early indicator of future output…
Halliburton Profit Beats Estimates
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 business that has been hard-hit by an abundance of equipment, making it difficult to raise prices.Halliburton's Chief Executive Jeff Miller on Monday said the pressure pumping market remains oversupplied, but that the firm continued to stack equipment during the quarter and will continue to do so going forward.
Halliburton Reports Activity Uptick
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 as they rein in new drilling in response to shareholder pressure for greater returns after a period of heavy investment.The company's shares were up 2.8 pct at $32 before the bell.In contrast to comments from top oilfield services provider Schlumberger NV last week…
Halliburton Profit Beats on International Demand
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. production region and after oil prices slid sharply in the fourth quarter.An oil glut and concerns about a global economic slowdown have pushed U.S. crude down about 30 percent…
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. He has held other roles including president of Halliburton from 2014-2017 and executive vice president and chief operating officer of Halliburton from 2012-2014…
Halliburton Sees Share Hit in 3Q as Permian Activity Moderates
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. shale basin have prompted activity to moderate more than expected, he said at a conference in New York, adding that the company is experienced "more white space" on its work calendar than previously anticipated.Reporting by Liz Hampton
Halliburton Revenue Beats on Higher North America Rig Count
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, up from 764 a year earlier, as energy companies ramp up production in anticipation of higher prices in 2018.Margins in U.S.
Halliburton Beats on Q4 Profit, Makes Tax Provision
Halliburton Co posted a much bigger than expected quarterly profit in the fourth quarter, benefiting from a shale-driven surge in U.S. oil production towards 10 million barrels per day. Shares in the oilfield services provider rose around 1 percent in premarket as the company posted a profit of 53 cents a share, beating average analyst estimates of 46 cents per share, as per Thomson Reuters I/B/E/S. The company also made a $1.05 billion provision for income tax payments chiefly related to recently-passed changes in U.S. corporate taxation. Like cross-town rival Schlumberger last week, the company sounded upbeat about the health of the U.S.
Halliburton Warns of Slower Growth as US Rig Count Drops
Oilfield services giant Halliburton Co on Monday warned of slower growth at its oil well drilling and evaluation business, reflecting a steady drop in rig counts in the United States. The outlook suggests Halliburton's current-quarter might not be as strong as its latest quarter, echoing warnings on Friday from its two bigger rivals, Schlumberger NV and Baker Hughes. Halliburton's shares fell about 1.5 percent. Schlumberger was down 1.5 percent, while Baker Hughes fell 4 percent. North American revenue from Halliburton's drilling and evaluation business is likely to fall in step with the average U.S.
US Silica Shares Tumble on Smaller Sand Volumes
Shares of U.S. Silica Holdings Inc fell as much as 11 percent on Tuesday after the sand producer reported smaller than expected volume in quarterly sand sales. The company sold roughly 2.7 million tons of sand in its oil and gas division during the second quarter, an increase of 8 percent sequentially versus expectations of 15 to 20 percent growth. The company cited limited railcar availability and "inconsistent demand for core sand" as limiting its sales early in the quarter. U.S. Silica reported $290.5 million in revenue for the second quarter…
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 announced the leadership transition on Wednesday night.
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 Signals Better Demand for Fracking Equipment
Halliburton Co indicated that demand for its fracking equipment was returning, despite the fewer number of rigs at work, as high-intensity shale drilling soaked up all the available capacity in the market. Halliburton is the world's largest provider of equipment used in hydraulic fracturing or fracking - the process of pumping water and chemicals, known as proppants, into shale rocks to extract oil and gas. U.S. shale oil producers - Halliburton's customers - are now drilling longer horizontal wells with multiple fracking stages, and deploying more horsepower and proppants to cover larger areas.
Halliburton Profit Beats Street
Halliburton Co, the world's No.2 oilfield services provider, reported a better-than-expected quarterly profit as deep cost cuts helped offset the impact of a drop in drilling activity. The company earned 31 cents per share on an adjusted basis, higher than analysts' average estimate of 27 cents, according to Thomson Reuters I/B/E/S. However, total revenue fell nearly 36 percent to $5.58 billion, missing analysts' estimate of $5.64 billion. Revenue nearly halved in North America in the third quarter ended Sept. 30, mainly due to weak drilling activity and pricing. The region accounts for nearly 50 percent of the company's revenue.
U.S. Frackers Defy Output Logic with Vertical Wells
Easy money, super-sized frack jobs, and desperate drillers offering deep discounts to oil producers - all three have been credited for sustaining U.S. crude output during the worst price slump in six years. Now there appears to be a new factor in the mix: old vertical wells that can quickly be drilled, injected with water or fracked for a second time to increase production at low cost. Overshadowed by the fracking boom that delivered record oil and gas volumes, vertical wells are making a comeback as investors and producers shift focus away from production growth to capital discipline in the downturn.
Halliburton Sees Pricing Pressure in N. America
Halliburton Co warned of pricing pressure in North America, its largest market, and challenges in international operations as drillers continue to slash spending due to an extended slump in oil prices. The oilfield services company, however, posted a better-than-expected quarterly profit, helped by higher revenue and operating income from Latin America, the Middle East and Asia. Halliburton executives spoke to analysts on a conference call on Monday. Here is a selection of comments from the conference call. "Because of the lack of available work driven by the rig count decline and the resulting overcapacity ...
U.S. Drilling Firms Impacted by Price Slump
Oil drilling in the United States will continue to fall in the first half of this year, and could even halve, according to major oil service companies looking to past slowdowns as a guide. Baker Hughes Inc and Halliburton Co, two of the largest U.S. oil service firms, were outwardly confident at the release of quarterly earnings on Tuesday. They have weathered downturns in the past, and this time is no different, they said. But as these companies turned to the map of past price meltdowns to show what might happen in 2015…
Halliburton Rebounds With North America drilling
Halliburton Co, the world's No.2 oilfield services provider, reported a better-than-expected 10 percent rise in quarterly revenue, signaling an industry-wide recovery in the region after a two-year slump. Halliburton's shares rose 1.5 percent in trading before the bell, after the company also raised its share repurchase program to $6 billion from $5 billion. The company said it would move the role of president to Chief Operating Officer Jeff Miller from Chief Executive David Lesar, effective Aug. As drillers in North America shied away from natural gas basins due to weak prices for the fuel…
Energy Reform Approved, Mexico to Speed up Big Oil Deals
After a months-long delay in passage of a landmark overhaul of Mexico's state-run energy sector, the government now plans to accelerate the timetable for inking joint ventures with private oil firms to reverse a slump in oil output, a senior government official said. Mexico's Congress put the finishing touches on an energy-policy revamp on Wednesday night, approving bills that implement a reform that ends the decades-old monopolies of state-owned oil company Pemex and national power company CFE and aims to lure billions of dollars in investment.