Dave Lesar News

Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. The moves by the world's No. 1 and No. 2 oil services companies show how they are scrambling to book sales of new technologies to customers short of cash after a 60 percent slide in crude to $45 a barrel. In some cases, they are willing to take on the role of traditional lenders, like banks, which have grown reluctant to lend since the price drop that began last summer, or act like producers by taking what are essentially stakes in wells. When its second-quarter net profit tumbled by more than half a billion dollars to just $54 million…

Halliburton Company and Baker Hughes Incorporated  today announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36 percent of the combined company. The agreement has been unanimously approved by both companies’ Boards of Directors.

Halliburton has signed an agreement with the SPT Energy Group Inc. affiliate, Petrotech (Xinjiang) Engineering Co., Ltd., to establish a joint venture company focused on hydraulic fracturing and production enhancement services in Xinjiang, China. The new company, Xinjiang HDTD Oilfield Services Co. Ltd., will provide fracture stimulation services, including design and analysis, data acquisition, and pumping and chemical services in the Xinjiang Uygur Autonomous Region. This is Halliburton’s first joint venture for hydraulic fracturing services in China. A ceremony was held on Wednesday at the China World Hotel in Beijing to celebrate the establishment of Xinjiang HDTD Oilfield Services Co., Ltd.

Halliburton opens its newly constructed Completion Technology and Manufacturing Center in Singapore. The new state-of-the-art facility is located on about 43 acres in Jurong Industrial Park and includes more than 500,000 square feet (46,451 square meters) of manufacturing and administrative space. The facility includes technology laboratories and test facilities, which house complex processes such as high-alloy material precision machining, electrode discharge machines, small deep-hole gun drilling and fully automated high-pressure testing. A second phase of development is underway which includes the construction of the technology administration building…

As a further effort to strengthen its operational efficiencies, augment its management and succession development opportunities and maximize its financial performance, Halliburton announced several changes to its executive management team. Executive Vice President and Chief Operating Officer Andrew Lane will retire effective Dec. 31, 2007. Halliburton will eliminate the COO position, and the Company’s Eastern and Western Hemisphere presidents as well as the Completion and Production, and Drilling and Evaluation Divisions now will report directly to Dave Lesar, Halliburton’s Chairman of the Board, President and Chief Executive Officer. In addition, the following executive management changes are effective Jan. * Executive Vice President and Chief Financial Officer C.

Halliburton has signed an agreement with Vanco Energy Company for the provision of engineering and consulting services in several deepwater regions offshore West Africa. The agreement comes as Vanco, the largest holder of deepwater exploration licenses in Sub-Saharan Africa, prepares for a major drilling program offshore West Africa, beginning in late 2002. The operator expects to drill at least six deepwater exploratory wells offshore Equatorial Guinea, Cote d'Ivoire, Morocco, and Namibia. Halliburton is providing Vanco with a LNG project screening study, software licenses, and screening tools. Halliburton's business unit, Halliburton Energy Services, is scheduled to begin engineering related work within the next few weeks.

McMoRan Exploration Co. and Halliburton Company have announced the formation of a strategic alliance to conduct operations for McMoRan's recently announced major new oil and gas exploration and development program in the Gulf of Mexico. As previously announced, McMoRan has acquired from Texaco Exploration and Production the right to explore 89 oil and gas tracts and McMoRan purchased Shell Offshore Inc.'s, interest in 56 exploratory leases, all in the Gulf of Mexico. These two transactions, together with its current lease inventory, provide McMoRan exploratory rights to 160 blocks covering approximately 750,000 gross acres and the foundation for an aggressive exploration and development program.

Halliburton Company's board of directors, elected David J. Lesar, 47, to the board of directors and named him the company's chairman of the board, president and chief executive officer. Lesar replaces Dick Cheney, who resigned to be George W. Bush's Republican Party vice presidential running mate. Lesar, currently the company's president and chief operating officer, joined Halliburton in 1993 as executive vice president and chief financial officer of the Halliburton Energy Services business unit. Subsequently, he served the company in a variety of senior management positions including executive vice president and chief financial officer of Halliburton Company and president and chief executive officer of Brown & Root, Inc.