Halliburton Seeks to Replace Baker Hughes Board
Baker Hughes Incorporated today announced receipt of notice from Halliburton Company that it intends to nominate candidates to replace the entire board of directors of Baker Hughes at its Apr. 2015 annual meeting. The nominations followed discussions between the parties regarding a potential business combination transaction, and Halliburton's refusal to improve its first and only value proposal. Baker Hughes considers the notice to be an attempt by Halliburton to pressure the Baker Hughes board into accepting a transaction with Halliburton on Halliburton's terms. The discussions began after Baker Hughes received an unsolicited proposal from Halliburton without prior notice on Oct.
Baker Hughes' CEO to Present at 2014 Barclays Energy-Power Conference
Baker Hughes Incorporated announced that the Company's Chairman and Chief Executive Officer, Martin Craighead, will be making a presentation at the Barclays CEO Energy-Power Conference on Wednesday, September 3, 2014, at 9:45 a.m. Eastern time. Those interested can listen to the presentation and view the presentation materials during the conference, by logging onto the "Events & Presentations" page on our website at: www.bakerhughes.com/investor. They could also listen to a replay…
Halliburton & Baker Hughes Merger
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.
Latest Offshore Rig Count
Baker Hughes Incorporated announce the international offshore rig count for January 2013 was 307, up 8 from the 299 counted in December 2012. The count is unchanged from the 307 counted in January 2012. The average U.S. offshore rig count for January 2013 was 53, up two from the 51 that were counted in December 2012 and up 10 from the 43 counted in December 2012. The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States, Canada and international markets. Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of US and Canadian drilling activity.
Baker Hughes Rig Count Down 7
The number of rigs searching for oil and natural gas in the United States fell by seven to 1,225 during the week ending May 18, according to oil services firm Baker Hughes. Last year the number of U.S. rigs was 841, Baker Hughes said. Meanwhile, the number of rigs exploring for oil and gas in Canada gained 24, compared to 182 last year. The number of rigs in the U.S. Gulf of Mexico fell by four to 160, compared to 135 a year ago.
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.
Baker Hughes Rig Count Down 2% From June 2001
Baker Hughes Inc. announced on August 7 that the international rig count for July 2001 was 748, down 12 from the 760 counted in June 2001 and up 86 from the 662 counted in July 2000. 189 counted in July 2000. The U.S. rig count for July 2001 was 1,278 up 7 from the 1,271 counted in June 2001 and up 337 from the 941 counted in July 2000. The Canadian rig count for July 2001 was 319 up 17 from the 302 counted in June 2001 and up 13 from the 306 counted in July 2000. The worldwide rig count for July 2001 was 2,345 up 12 from the 2,333 counted in June 2001 and up 436 from the 1,909 counted in July 2000. international markets. and Canadian drilling activity. 1975. In 1987 the Baker Oil Tools began its monthly workover rig count. last working day of each week.
Oil Drilling Stimulation Vessel for North Sea Charter
Baker Hughes announced that its subsidiary has chartered a new state-of-the-art pressure pumping vessel that will provide offshore stimulation services to Maersk Oil in the North Sea. Upon completion, scheduled for late 2013, the Blue Orca™ will become the eighth vessel in the Baker Hughes fleet. The Blue Orca will be rated to 15,000 psi and will offer among the largest fluid and proppant carrying capacities in the world. It will provide 15,000 hydraulic horsepower pumping capacity and the ability to pump at rates well in excess of 60 bpm. Engineering work on the marine and stimulation systems has already begun. "Stimulation of long horizontal wells is one of Maersk Oil's key technologies and vital for economic development of our tight chalk reservoirs…
Halliburton, Baker Hughes Extend DoJ Review Date for Deal
Halliburton Co and Baker Hughes Inc have agreed with the U.S. Department of Justice to extend the date of the department's review of Halliburton's acquisition of Baker Hughes, a deal that would create an oilfield services behemoth. Halliburton has also proposed to "divest additional businesses of the companies" to get regulatory nod for the deal globally, the companies said on Friday. Several big deals, including Comcast Corp's $45 billion offer for Time Warner Cable Inc, have been scuttled in recent months amid indications that they would be blocked by antitrust regulators.
Halliburton Seen Facing Antitrust Issues on Baker Hughes Deal
Oilfield services provider Halliburton Co's acquisition of smaller rival Baker Hughes Inc is facing resistance from U.S. regulators who are concerned that the deal could hurt competition, Bloomberg reported. Justice Department lawyers reviewing the proposed $35 billion deal are worried that the oilfield services industry would become too concentrated post the merger, Bloomberg reported, citing a person familiar with the matter. "We are fully committed to our target of closing the pending Baker Hughes acquisition in late 2015," Halliburton spokeswoman Susie McMichael said in an email to Reuters. Baker Hughes was not immediately available to comment. (Reporting by Sneha Banerjee in Bengaluru; Editing by Maju Samuel)
'Blue Orca' Active in North Sea Well Stimulation
Maersk Oil has contracted with well-stimulation vessel owner Baker Hughes for the charter of the 'Blue Orca', currently busy in restoring safe and efficient production to ageing North Sea wells. The Blue Orca incorporates state-of-the-art stimulation technology and unsurpassed treatment capabilities to reduce risk, rig time, and nonproductive time (NPT) while enhancing production and profits. The vessel is specially engineered for North Sea conditions, and can minimize NPT by performing a series of well stimulations and sand-control operations without the need to return to port and resupply.
GE's Chairman Jeff Immelt Retires
U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company. Baker Hughes' CEO Lorenzo Simonelli will succeed Immelt as chairman of the company's board. W. Geoffrey Beattie was also appointed as lead independent director at Baker Hughes, GE said.
Baker Hughes Name New Corporate Treasurer
Mike Sumruld has been named Vice President and Treasurer of the giant oil-field services provider. "Mike brings more than 20 years of diversified financial expertise, international experience and a record of solid performance within Baker Hughes to his new role as Treasurer," said Peter Ragauss, Baker Hughes Senior Vice President and Chief Financial Officer. Sumruld started his career at Baker Hughes in 1998 and worked most recently as Vice President, Financial Planning and Analysis (FP&A), Eastern Hemisphere based in Dubai. Prior to this role, Sumruld served as Director of Investor Relations and he also previously served as Vice President, FP&A, Western Hemisphere.
Baker Hughes To Record Second Quarter Tax Benefit
Baker Hughes Inc. will reportedly recognize a tax benefit of $20 million in the second quarter as a result of an agreement with the U.S. Internal Revenue Service to close the audit of the company's fiscal 1994 and 1995 consolidated income tax returns.
Baker Hughes Reports Third Quarter Earnings Loss
Baker Hughes Inc., the world's third biggest oilfield services company, reported sharply lower third-quarter operating earnings, but said business had begun to improve as this year's recovery in oil and gas prices led to a gradual increase in drilling activity. The Houston-based company said pre-tax operating profit, excluding unusual one-time items, fell to $14.2 million from $100.9 million in the third quarter of 1998. Revenues fell to $1.21 billion from $1.58 billion. Earnings per share beat Wall Street analysts' expectations by a penny, according to First Call/Thomson Financial. Net income, including one-time items, rose to $13.1 million from a loss of $534.5 million in the third quarter of 1998, when Baker Hughes took a charge of $751 million to cover merger and restructuring costs.
Baker Hughes Profits Surge 456%
Driven by decade-high oil prices, industry leader Baker Hughes Incorporated reported operating profit after tax from continuing operations for the third quarter of 2000, excluding non-operational items, was $70.6 million, up 456% compared with $12.7 million for the third quarter of 1999, and up 72% compared with $41 million for the second quarter of 2000. Net income for the third quarter of 2000 was $66.7 million compared to $13.2 million for the third quarter of 1999. Results for the third quarter of 2000 include the impact of losses, net of tax, totaling $3.9 million related to the company's holdings of Varco International, Inc. stock and the sale of the Norward product line of Baker Atlas. Michael E.
Offshore: Baker Hughes Awards EBDG Contract
Seattle-based Elliott Bay Design Group, through its New Orleans office, was selected by Baker Hughes to provide the owner's design of the Blue Tarpon a state-of-the-art well stimulation vessel. EBDG was contracted to integrate Baker Hughes' stimulation equipment into a hull under construction at North American Shipbuilding in Larose, LA. The Blue Tarpon was delivered in Houston on June 9. Working with Baker Hughes, EBDG's team designed the vessel to provide high-rate and high-volume stimulation treatments for demanding offshore operations.
Baker Hughes Names Kimberly Ross as CFO
Baker Hughes Incorporated has today announced appointment of Kimberly A. Ross, as Senior Vice President and Chief Financial Officer (CFO) effective October 22, 2014. Ross currently serves as Executive Vice President and CFO of Avon Products, Inc. She served as Executive Vice President and CFO of Royal Ahold N.V. from 2007 to 2011 and held various other finance positions at Royal Ahold from 2001 to 2007. Ross earned a Bachelor of Arts degree in accounting from the University of South Florida and became a certified public accountant after graduation.
BHI Restates Prior Results To Tune Of $31M
Baker Hughes Inc. has completed its review of the accounting issues previously identified at its INTEQ division and will restate prior period results by $31 million on a cumulative after-tax basis ($33.1 million pre-tax) to address these issues. Completion of the review revealed that these misstatements occurred over a number of years, with approximately $24 million (after-tax) of the adjustments relating to periods prior to 1995. All adjustments have been made to income from continuing operations. Although the amounts were attributable to several INTEQ locations, $24.2 million of the after-tax amount was related to INTEQ's Venezuelan operations. "I am glad to be able to tell you that we have looked at these issues closely and have quantified them with certainty,'' said Joe B.
Merger Talks Feed Energy Sector Deal Speculation
Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices.
Integrated Drilling Agreement to Baker Hughes
Baker Hughes has been awarded an agreement with Statoil to provide integrated drilling services for 25 fields on the Norwegian continental shelf (NCS). The services will help meet Statoil's expectations for enhanced drilling performance and service quality. The agreement with Baker Hughes will cover the delivery of directional drilling, measurement-while-drilling, logging-while-drilling, mud logging, including 24/7 onshore support and drilling engineering services. "The agreement contributes to the development of improved drilling efficiency which will ensure cost-efficient drilling through focus on the quality of tools, services and personnel." says head of drilling and well in Statoil, Øystein Arvid Håland.
North American Rig Count Drops 8
The number of rigs exploring for oil and natural gas in North America fell by eight during the week ending November 3, according to oil services firm Baker Hughes Inc. The number of rigs operating in the United States fell by six to 763 to 1,078 compared to 763 a year ago, while the number of rigs in Canada fell by two to 362, compared with last year's 336, according to Baker Hughes. In the U.S. Gulf of Mexico, the number of rigs searching for oil and gas fell by three to 148 compared to 113 last year. The number of U.S. rigs exploring on land fell five to 906, while the number of rigs operating offshore fell by three to 152. The number of rigs in inland waters rose by two to 20.
US Oil Drillers Cut Rigs for a 6th Week in 7
U.S. energy firms cut oil rigs for a sixth week in the last seven, data showed on Thursday, a sign drillers were still waiting for higher prices before returning to the well pad. Drillers removed 2 oil rigs in the week ended Dec. 31, bringing the total rig count down to 536, oil services company Baker Hughes Inc said in its closely followed report. That decrease brought the total rig count down to about a third of the roughly 1,500 oil rigs operating a year ago. Since the end of the summer, drillers have cut 136 oil rigs. Baker Hughes issued the report a day ahead of its usual weekly release, due to Friday's New Year holiday. (Reporting by Barani Krishnan; Editing by Meredith Mazzilli)