Baker Hughes Archives - Page 33 of 37

Europe Clears Acquisition of Baker Hughes by General Electric

May 31, 2017

One step closer to final After an investigation of possible competition concerns, the European Commission has cleared unconditionally the acquisition of Baker Hughes Incorporated (ticker: BHI) by General Electric Company (ticker: GE), the Commission announced today. The Commission concluded that the transaction would not adversely affect competition in the relevant markets. On a number of specific markets the two companies sell competing

Rigs Up Again

February 10, 2017

Baker Hughes released its weekly count of working rigs Friday. U.S. rig count is up by 12 this week, sitting at 741, which is 200 more than last year at this time. Canadian rig count was up 9 to 352, which is 130 more than this time last year. The international count stood at 933 for January 2017, which is down 112

North American Rig Count Up Primarily from Gas Rigs

September 23, 2016

The U.S. rig count adds five this week, three of which are targeting natural gas The number of rigs in the United States grew in the week ended September 16, 2016, according to information from Baker Hughes Industries (ticker: BHI). The total rig count now stands at 511, down 327 from the same time last year. The gains came primarily

Rig Count Decreases, Oil Price Volatile

August 26, 2016

Oil prices bounced around today on a variety on news entering the market. All eyes were on Janet Yellen who spoke this morning from a symposium in Jackson Hole, Wyoming. Speculation on when and if the Fed will raise rates has influenced the strength of the U.S. dollar. News of a Yemeni missile strike on Saudi Arabia boosted prices for

Rig Count Ticks Upward, Focus Remains on Permian

August 5, 2016

Baker Hughes released an updated rig count today. This week’s count saw a shift in the oil and gas split, with oil rigs increasing by seven rigs while gas rigs fell by five. The rig additions were solely horizontal, with eight horizontal rigs added to the mix, directional rigs fell by four, and vertical rigs fell by three. Looking at

International Rig Count Up – First Time in 2016

June 7, 2016

The number of active international rigs increased to 955 in May The international rig count reached 955 in May, up nine from April, according to information from Baker Hughes Industries (ticker: BHI), which releases information on active international rigs once a month in addition to its weekly North American updates. Including rigs drilling in the U.S. and Canada, the total

Total U.S. Rig Count Holds Steady at 404 Rigs

May 27, 2016

Count of U.S. Working Oil Rigs Falls 2 Rigs to 316 The total U.S. rig count held steady this week for the first time in 2016 (last week of unchanged rig count was December 18, 2015), bucking the trend of continued decline. Oil rigs continued to decline, down -2 rigs this week, and 220 rigs year to date. Natural gas

After a Dead Merger with Halliburton, Baker Hughes Implements Change

May 27, 2016

Three major organizational changes are coming to Baker Hughes, the company announced on May 25, 2016. The changes follow the company’s May 2 announcement of its plans to capitalize on its leadership position as a product innovator by simplifying its business structure, reducing costs and enhancing its commercial strategy. The company plans will consolidate its regional operations structure into one

A Story Made for Hollywood: How HAL and BHI Banged Heads to Accomplish a $35 Billion Merger that Went Up in Smoke

May 6, 2016

Halliburton + Baker Hughes Deal Dies, but their Intriguing Backstory Lives On Now that the Halliburton+Baker Hughes (tickers: HAL, BHI) merger deal is going into the history books as an official bust (as of yesterday’s announcement), it’s entertaining to read the backstory behind the making of the deal that would have created the world’s second largest oilfield services company. The chain of

Halliburton and Baker Hughes’ $35 Billion Merger is Dead

May 3, 2016

Halliburton and Baker Hughes decide to terminate merger The world’s second- and third-largest oilfield service companies, Halliburton (ticker: HAL) and Baker Hughes (ticker: BHI), announced the termination of their proposed merger agreement. The deal, which was worth $35 billion before the crash in commodity prices and $28 million yesterday before the announcement, met with heavy resistance from the U.S. Department

Halliburton Delays Earnings Call, Announces Layoffs

April 25, 2016

Merger questions proliferate Halliburton Co. (ticker: HAL) announced that the company will delay the first quarter earnings call, raising speculation that something is amiss in the proposed merger with Baker Hughes. Halliburton’s earnings release has been delayed until May 3, from the original schedule of April 25. In the company’s press release, the upcoming merger deadline of April 30, 2016,

Is the Halliburton+Baker Hughes Combination “Unfixable”?

April 6, 2016

DOJ sues Halliburton over antitrust concerns in Baker Hughes acquisition The Department of Justice today announced that it will sue Halliburton (ticker: HAL) over its planned $34 billion takeover of its next largest oilfield service competitor, Baker Hughes (ticker: BHI), over antitrust concerns. The combination of Halliburton and Baker Hughes would leave the combined company and Schlumberger (ticker: SLB) as

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