Post Tagged with: "DOJ"

Well Completions JV with Weatherford and Schlumberger Checks Off DOJ Clearance

Well Completions JV with Weatherford and Schlumberger Checks Off DOJ Clearance

Weatherford International plc (ticker: WFT) said that the U.S. Department of Justice has cleared the proposed OneStimSM joint venture between two oilfield service giants—Weatherford and Schlumberger Ltd. (ticker: SLB)—granting early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976. This paves the way for a Q4 2017 closing, which Weatherford had projected in October. Schlumberger Chairman and CEO Paal Kibsgaard commented, “The joint-venture creates a new industry leader in terms of hydraulic horsepower and multistage completions technologies in North America, which through its scale offers a cost-effective and highly competitive service delivery platform. OneStimSM is uniquely positioned to provide customers with leading operational efficiency and best-in-class hydraulic fracturing and completions technologies, while at the same time significantly improving full-cycle shareholder returns from this market.” The joint venture will deliver completions products and services for the development of unconventional resource plays in the United States and[Read More…]

November 30, 2017 - 4:58 pm Closing Bell Story, Energy News, Oil and Gas 360 Articles
What does the U.S. Government Expect from Energy Companies in 2016?

What does the U.S. Government Expect from Energy Companies in 2016?

Just doing things right may not be enough:  legal experts discuss changes to SEC reporting expectations for energy companies and recent trends in EPA investigations and enforcement actions Haynes and Boone LLP’s Denver office hosted a seminar this week that featured a slate of high-powered presenters, some of whom had spent years as attorneys at the SEC and EPA before joining Haynes and Boone. The program was called “Government Enforcement in the Energy Industry.” The information the panelists presented focused on current trends in securities and environmental investigation and enforcement actions upon energy companies by some of the most powerful agencies of the federal government–the Securities and Exchange Commission (SEC), the Environmental Protection Agency (EPA), and the Department of Justice (DOJ). SEC Enforcement Alan Talesnick, specialist in SEC investigations and partner at Haynes and Boone-Denver, said that the Securities and Exchange Commission is beginning to push for expanded disclosures based on today’s lower commodities prices, in[Read More…]

November 12, 2015 - 10:54 am Closing Bell Story, Oil and Gas 360 Articles, Regulatory
Halliburton and Baker Hughes Agree to Extend DOJ Review in $34.6 Billion Merger Deal

Halliburton and Baker Hughes Agree to Extend DOJ Review in $34.6 Billion Merger Deal

Department of Justice given until November 25 to review Halliburton and Baker Hughes merger Oilfield service giants Halliburton (ticker: HAL) and Baker Hughes (ticker: BHI) announced today that they have entered into a timing agreement with the Antitrust Division of the U.S. Department of Justice (DOJ) that will extend the review period for the companies’ $34.6 billion merger. The agreement gives the DOJ until November 25, 2015, or 90 days after both Halliburton and Baker Hughes have certified substantial compliance with the DOJ’s second review request, according to a HAL press release. The two companies announced in November of last year that Halliburton planned to acquire Baker Hughes for a total consideration of $34.6 billion, or $78.62 per BHI share (40.8% premium). BHI shareholders are in line to receive 1.12 HAL shares and $19 in cash for each share of Baker Hughes, equating to a split of 76% stock and[Read More…]