Post Tagged with: "Oilfield serivces"

Baker Hughes closes 2019 with a profit while peers report huge losses

Baker Hughes closes 2019 with a profit while peers report huge losses

Houston Chronicle Houston oil-field service company Baker Hughes closed 2019 with a profit as its peers in the troubled sector are reporting multibillion dollar losses. Baker Hughes reported $128 million of net income in 2019, a 34 percent decline compared with the $195 million profit in 2018. The company’s 2019 revenue rose 4 percent to $23.8 billion compared with $22.9 billion a year earlier. The financial results come as a slump in demand for hydraulic fracturing services in the United States is hurting Baker Hughes’ competitors. Schlumberger, the largest oil-field service company in the world, reported a $10.1 billion loss in 2019. No. 2 Halliburton closed the year with a $1.1 billion loss. Baker Hughes left the U.S. hydraulic fracturing business in January 2017 and has diversified its products and services. “As we look forward to 2020, we are clearly focused on executing our strategy and generating strong free cash flow, improving[Read More…]

January 22, 2020 - 10:30 am Closing Bell Story, Crude Oil News, Energy News, Oilfield Services
Source: Houston Chronicle

Schlumberger posts $10.1 billion loss in 2019

Houston Chronicle Schlumberger, the largest oil-field service company in the world, lost $10.1 billion in 2019 as a result of hefty write-downs on two past acquisitions and weakening demand for hydraulic fracturing services in the United States and Canada. The company’s 2019 loss on $32.9 billion in revenue compares with a $2.2 billion profit on $32.8 billion in revenue in 2018. The company’s year-end figures translated into a loss per share of $7.32 compared with earnings per share of $1.53 last year. Those results were mixed compared with Wall Street’s year-end expectations for nearly $32.9 billion of revenue and earnings per share of $1.45. Year-end earnings were dragged down by an $11.4 billion loss during the third quarter, when the company wrote down the value of two past acquisitions and saw nearly a year of weakened demand from its North American hydraulic fracturing business. “These charges were largely noncash and[Read More…]

January 17, 2020 - 10:00 am Closing Bell Story, Crude Oil News, Finance, Oilfield Services
Source: Houston Chronicle

McDermott stock plummets amid rumored bankruptcy talks

Houston Chronicle Rumors that Houston oilfield service company McDermott International is engaged in bankruptcy talks with lenders sent the company’s stock price plummeting by as much as two-thirds of its value after the close of market on Monday. In a Monday afternoon post, the Wall Street Journal reported that McDermott is preparing to file for Chapter 11 over the next few weeks and that a group of lenders led by the New York investment firm HPS Investment Partners and Boston hedge fund operator Baupost Group are in talks to provide the struggling Houston company with a loan of around $2 billion to maintain operations during bankruptcy. Official from McDermott, HPS Investment Partners and Baupost Group declined to comment. Traded on the New York Stock Exchange under the ticker symbol MDR, McDermott’s stock was trading at $1.62 per share just before 3 p.m. Monday. Stock prices fell down as low as 60 cents[Read More…]

December 31, 2019 - 12:00 pm Capital Markets, Closing Bell Story, Energy News, Oilfield Services
Exclusive Interview: Troy Meier, Chairman & CEO of Superior Drilling Products  

Exclusive Interview: Troy Meier, Chairman & CEO of Superior Drilling Products  

At the 2018 Oil and Gas Conference, Troy Meier, Chairman & CEO of Superior Drilling Products (ticker: SDPI) was interviewed by EnerCom’s Angie Austin. Superior Drilling Products, Inc. was founded in 1993 by its CEO, Troy Meier. Before establishing Superior Drilling Products Inc. Mr. Meier worked for Christensen Diamond Products in Salt Lake City. Where Christensen designed and opened manufacturing facilities in Ireland, China, and Venezuela. Baker Hughes acquired Christensen in 1992 and formed Hughes Christensen. Superior developed the first commercially viable process to remanufacture PDC drill bits. Today Superior Drilling Products’ drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented StriderTM oscillation system technology.  

Halliburton and Baker Hughes’ $35 Billion Merger is Dead

Halliburton and Baker Hughes’ $35 Billion Merger is Dead

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 of Justice, which felt the deal violated anti-trust concerns. Bill Baer, the head of the DOJ’s anti-trust division, went as far as calling the deal “unfixable” and assailed the companies for proposing “the most complicated array of piecemeal divestitures and entanglements” he had ever seen. Baer and the DOJ felt the deal would leave an unacceptable number of oilfield service segments in the hands of the new combined company and Schlumberger (ticker: SLB), the world’s largest oilfield service provider. “While both companies expected the proposed merger to result in compelling[Read More…]