GE to Merge Oil & Gas Unit with Baker Hughes
General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and fracking new wells. Shares of Baker Hughes were down nearly 7 percent, a drop that executives said likely
US Oil Drillers Add Rigs for Third Week in a Row
oil over $50 was a key level that would trigger a return to the well pad and drilling permits are a leading indicator of future drilling. Drillers added nine oil rigs in the week to June 17, bringing the total rig count up to 337, compared with 631 a year ago, energy services firm Baker Hughes Inc said. Before this week, drillers added rigs in only three out of 23 weeks this year, cutting on average nine oil rigs per week for a total of 208. That compares with cuts of 18 rigs per week on average in 2015 for a total decline of 963, the biggest annual decline since at
Technip Explores Sale; Talks with FMC Technologies
to do a deal with CGG SA last year, but talks fell apart when CGG rebuffed Technip's 1.47 billion euro preliminary takeover approach. Halliburton Co, the world's No. 2 oilfield services provider, is currently in the midst of securing regulatory approvals for its acquisition of smaller rival Baker Hughes Inc in a stock-and-cash $34.6 billion deal. (Reporting by Mike Stone; Additional reporting by Freya Berry, Benjamin Mallet and Matthieu Protard; Editing by Sandra Maler and Lisa Shumaker)
Schlumberger to Buy Cameron in $14.8 Bln Deal
solution to customers and should allow SLB to grow market share," said BMO Capital Markets analyst Daniel Boyd. "Smaller companies offering discrete products and services will likely be at a disadvantage going forward." Schlumberger's closest rivals Halliburton Co and Baker Hughes Inc agreed in November to merge in an effort to contain costs. That deal has run afoul U.S. antitrust enforcers who believe the $35 billion-merger could lead to higher prices and stifle innovation, according to Reuters sources. Whether Schlumberger's bid for Cameron will raise
U.S. Oil Rig Count Hits Lowest Since April 2011
The number of U.S. drilling rigs in use fell sharply in the week to Friday, almost doubling the cuts of the past two weeks and hitting the lowest since April 2011, a survey showed. The number of rigs drilling for oil in the United States fell by 64 to 922, oil services company Baker Hughes Inc said in its weekly report. "The drop in the oil rig count was a little more than expected, as we thought the velocity of declines had slowed," said Evercore ISI analyst James West. The reduction this week almost doubled declines of 33 and 37 in the prior two weeks. But those
February 2024
