Weatherford CEO's Rebound Plan Relies on Getting Smaller
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 oil prices plummeted in mid-2014 and customer spending on new wells followed, Weatherford failed to cut costs fast enough and payments on its debt jumped…
Baker Hughes Explores Sale of Gas Metering Unit
Baker Hughes, the oilfield services company controlled by General Electric Co, is exploring a sale of its gas detection and metering business that could be worth around $900 million, people familiar with the matter said on Monday. Oilfield services firms are seeking to tighten their focus to their core operations, as oil prices continue their recovery from their January 2016 lows. Baker Hughes' unit for sale, which makes sensors and monitors for industrial clients such as petrochemical makers and power generators…
Weatherford Reports Larger-than-expected Loss
Weatherford International Plc on Friday reported a larger-than-expected fourth-quarter loss on $1.6 billion in charges, casting doubt among Wall Street analysts that the oilfield firm is turning around after years of losses. The quarterly loss widened from a year earlier, despite a general upturn in demand for oilfield services that has benefited rivals. The weaker results could accelerate planned asset sales to pare its $7.5 billion debt pile.
Weatherford scraps JV, Sells Biz to Schlumberger
U.S. oilfield services company Weatherford International Plc on Friday sold a U.S. oil-well business to rival Schlumberger NV for $430 million, abandoning a planned joint venture. Weatherford has struggled with losses and has been looking to sell units and raise cash to reduce about $7.9 billion in debt. It suffered a $875 million loss on $4.21 billion in revenue for the first nine months of this year. In March, the company…
Weatherford Names Blanchard COO
Oilfield services provider Weatherford International plc has appointed Karl Blanchard as Executive Vice President and Chief Operating Officer. In this role, he will oversee all region and product line operations; quality, health, safety, security and environment; sales; engineering, research and development; and supply chain. Blanchard brings with him more than 35 years in the oilfield services sector. Most recently, he served as Chief Operating Officer for Seventy Seven Energy…
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…
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.
Weatherford CEO Bernard Duroc-Danner Leaves
Weatherford International Plc said on Wednesday Chief Executive Bernard Duroc-Danner has left the company, effective immediately, and the oilfield services company named Chief Financial Officer Krishna Shivram its interim CEO. The company's shares, which were halted for news pending, surged 33.2 percent in late trading and closed up at $5.06. Shivram will continue as chief financial officer until a new CFO is named, Weatherford said.
Ernst & Young to Pay $11.8 mln to Settle Audit Charges
Ernst & Young will pay $11.8 million to settle charges over "failed audits" of oil services company Weatherford International PLC, the U.S. Securities and Exchange Commission said on Tuesday. An Ernst & Young partner who coordinated the audits and a former tax partner who was part of the audit team were also charged in the SEC's order, the agency said in a statement, which follows Weatherford's $140 million penalty announced last month to settle charges of inflating its earings. Reporting by Susan Heavey
Halliburton Reports $148 mln Loss via PDVSA Note
Oil services provider Halliburton Co on Wednesday reported a $148 million loss as a result of accepting a promissory note in exchange for unpaid invoices linked to Venezuela operations. Venezuelan state oil company PDVSA has built up more than $19 billion in debts to providers as it struggles with low oil prices and a decaying socialist economy, leading some leading service companies to slow operations. PDVSA President Eulogio del Pino has said the company was discussing financing agreements with Halliburton…
PDVSA seeks to Securitize Oil Services Debts
Venezuelan state oil company PDVSA is in talks with oil services companies to turn unpaid bills into financial instruments, a process known as securitization, its president, Eulogio del Pino, said in a statement on Saturday. Several oil services companies suspended or slowed operations this year due to difficulties in obtaining payment from PDVSA, which is struggling because of low oil prices and a decaying socialist economy.
Venezuela's PDVSA Issued $831 mln Debt to Pay Providers This Year
Venezuela state oil company PDVSA has issued $831 million in promissory notes this year to repay debts to service providers, according to its latest financial statement. The notes, with an interest rate of 6.5 percent, mature in 2019, the company said in its 2015 financial statement published late on Tuesday. The exclusive operator of the South American OPEC country's vast oilfields, PDVSA has run up more than $19 billion in unpaid bills to service providers as a result of cash-flow problems…
Weatherford Drops COO Role Amid Oil Slump
Oil services company Weatherford International Plc said it would eliminate the position of chief operating officer as it copes with a 60 percent slide in global crude oil prices. The company said COO Dharmesh Mehta would move to the role of executive vice president for corporate strategy. The chief operating officer position will not be filled as the company adopts a flatter management structure, Weatherford said in a regulatory filing on Wednesday. Reporting by Swetha Gopinath
Weatherford Sells Chemicals, Drilling Fluids Units to Lubrizol
Oilfield services provider Weatherford International Plc said Berkshire Hathaway Inc's Lubrizol Corp would pay $750 million in cash for two businesses that provide chemicals and drilling fluids for oil and gas production. Weatherford said the sale of its engineered chemistry and integrity drilling fluids businesses also included a potential increase of $75 million tied to the performance of the units after the deal closes. Reporting by Swetha Gopinath
Schlumberger Beats Street on North American Activity
3rd-qtr profit $1.49/share, vs estimate of $1.46; total revenue rises 9 pct to $12.65 bln. Reports strong drilling activity in North America. Schlumberger Ltd, the world's largest oilfield services company, posted a third-quarter profit that beat estimates for at least the ninth consecutive quarter, helped by strong drilling activity in North America. Schlumberger, which provides drilling technology and equipment, well construction services and seismic surveys for oil and natural gas companies, said revenue from its U.S.
Rosneft's Deal with Weatherford International
Rosneft announces the close of the deal for the acquisition of land drilling and workover assets of Weatherford in Russia and Venezuela. The closure marks the realization of the agreement signed in July 2014 by Rosneft and Weatherford International plc. Rosneft acquires 8 companies (part of the Weatherford group) involved in drilling operations in Russia and Venezuela. The realization of the deal will allow Rosneft to strengthen…
Rosneft Oil Company's Robust Performance
On July 25, 2014, OJSC Rosneft Oil Company came out with their interim consolidated financial statements for 2Q14. In 1H14, the Company continued to demonstrate strong financial results due to stable hydrocarbon production levels, successful development of new projects, capital discipline and control of operational expenses. Hydrocarbon production amounted to 5 million barrels of oil equivalent per day which is 4.6% higher than in 1H13.
Rosneft Acquires Oil Field Services from Weatherford
Rosneft President Igor Sechin and Vice President of Weatherford International plc. for Russia Lance Marklinger signed an agreement for the acquisition of Rosneft land drilling and workover assets of Weatherford in Russia and Venezuela. The agreement envisages the acquisition of 8 companies (part of the Weatherford group) involved in drilling operations in Russia and Venezuela. The document also envisages the development of long-term cooperation in oil field services between Rosneft and Weatherford.