28719 members and growing – the largest networking group in the maritime industry!

LoginJoin

Saturday, December 7, 2019

Halliburton News

Weatherford scraps JV, Sells Biz to Schlumberger

U.S. oilfield services company Weatherford International Plc on Friday sold a U.S. oil-well business to rival Schlumberger NV for $430 million, abandoning a planned joint venture. Weatherford has struggled with losses and has been looking to sell units and raise cash to reduce about $7.9 billion in debt. It suffered a $875 million loss on $4.21 billion in revenue for the first nine months of this year. In March, the company agreed to put its North American pressure pumping and…

Blair LeBlanc (Photo: Stokes & Spiehler)

Stokes & Spiehler Announces Management Promotions

Petroleum engineering and consulting firm Stokes & Spiehler has made several promotions to its management team, the company’s president Bruce Jordan, P.E. announced. Blair LeBlanc, P.E., has been named Vice President – Offshore Operations; Russ Bellard, P.E., has been named Vice President – Onshore Operations; Tony Shell has been named Vice President – Sales & Marketing; and Donnie Busscher has been named Engineering Manager. LeBlanc is a Registered Professional Engineer. He graduated from the University of Southwestern Louisiana with a bachelor’s degree in Petroleum Engineering…

Photo: Wintershall Holding GmbH

Halliburton Bags Maria Project Service Contract from Wintershall

Wintershall Norge AS has awarded a four-year service contract to Halliburton Norge AS to support its Maria Projects in the Norwegian Sea. The contract is effective immediately and will be used for drilling-associated services on Wintershall’s Maria development in the Norwegian Sea. The agreement, which contains incentives for efficient well deliveries, can also be used for other Wintershall activities. “At an uncertain time for the industry, this contract provides a timely boost…

Diamond Offshore Names Senior VP, CFO

Diamond Offshore Drilling, Inc. has appointed Kelly Youngblood as Senior Vice President and Chief Financial Officer, to be effective May 3, 2016. Youngblood succeeds Gary T. Krenek, who is retiring after 33 years of service to the Company and its predecessors. Prior to joining the company, Youngblood held a variety of managerial positions with Halliburton Company, where he most recently served as Vice President, Investor Relations. Youngblood joined Halliburton in 1988 as a Staff Accountant and served in numerous financial management positions for Halliburton and its subsidiaries…

Logo

14 Appointed to NOIA Board

The National Ocean Industries Association (NOIA) elected 14 industry leaders to its Board of Directors on April 21, 2016 during its Annual Meeting in Washington, DC. Gary Luquette, President and Chief Executive Officer, Franks International, N.V. Kirk Meche, President and Chief Executive Officer, Gulf Island Fabrication, Inc. Richard Morrison, Regional President Gulf of Mexico, BP America, Inc. W. Matt Ralls, Executive Chairman, Rowan Companies, Inc. Jeff Platt, President and Chief Executive Officer, Tidewater, Inc.

Halliburton to Cut 5,000 Jobs in New Round of Layoffs

Oilfield services provider Halliburton Co , pressured by a prolonged slump in crude oil prices, will further slash its workforce by about 8 percent, or by 5,000 jobs, company spokeswoman Emily Mir told Reuters on Thursday. The more than 70 percent fall in global crude prices since mid-2014 has led to a series of job cuts and additional cost-cutting efforts from several companies including the world's largest oilfield services provider, Schlumberger Ltd . Halliburton has already reduced its global headcount by 25 percent, or almost 22,000 employees, since 2014.

Halliburton Ordered to Pay $18.3 Mln in Pending Overtime Wages

Oilfield services provider Halliburton Co has agreed to pay $18.3 million total to over 1,000 U.S. employees in pending overtime wages, the U.S. Labor Department said.   Halliburton, which was investigated as part of a multi-year compliance initiative in the oil and gas industry in the Southwest and Northeast, incorrectly categorized employees in 28 job positions as exempt from overtime, the department said on Tuesday.     (Reporting by Anannya Pramanick in Bengaluru; Editing by Kirti Pandey)

Halliburton Cuts Williston, ND Head Count

Halliburton Co, the world's No. 2 oilfield services provider, said on Monday it has laid off staff in Williston, North Dakota, blaming plunging crude oil prices. The company provided no details on the number of employees affected. "Halliburton will continue to monitor the business environment and will adjust the size of our workforce to align with current business demands as needed," the company said in an emailed statement to Reuters. Reporting by Ernest Scheyder

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…

Tidewater’s OSV Dean Edward Taylor

'80s Brain Drain Haunts Today’s Offshore Layoffs

Companies struggle to balance cost-cutting with skills retention. If you can’t accept the rollercoaster of employment that is the offshore industry, adding and shedding jobs like clockwork through its cyclical ups and downs, don’t get on for the ride. That cold bucket of reality is repeated like a mantra across the industry. Job security and highly paid offshore employment are like mixing oil and water. The emulsion will keep hold for a while until it eventually falls apart when oil prices disintegrate. It’s a pattern industry veterans know well.

Nigerian Union: Halliburton Strike Over

Local Nigerian staff at U.S. oil services company Halliburton have ended a nationwide strike over job cuts, a spokesman for one of two oil unions involved in the dispute said on Wednesday. "The strike was called off," Emmanuel Ojugbana, spokesman for the Petroleum and Natural Gas Association of Nigeria said. Halliburton staff closed its operations on Tuesday, saying they opposed the company's decision to sack 46 local employees. Reporting By Julia Payne

US Oil Scrambles to Retain Talent

After 20 years in the oil business, Craig Reed, 62, is thinking about winding down his career just as a second downturn in six years rocks the industry. Reed is part of the baby boomer generation that forms the backbone of the U.S. oil workforce and now weighs retirement as energy firms cut spending and shelve projects. That is a worrying prospect for company executives keen to keep their most experienced workers while they ride out the oil market slump. "Between the politics and uncertainty and cost cutting…

Baker Hughes Reports Q1 Loss

Oilfield services provider Baker Hughes Inc, which is in the process of being acquired by Halliburton Co for $35 billion, posted a quarterly loss compared with a year-earlier profit as it recorded a $772 million charge related to restructuring and other items. Baker Hughes said it would cut 10,500 jobs, or 17 percent of its global workforce, up from 7,000 it said it would cut earlier. The company also said it had closed and consolidated about 140 facilities worldwide, besides idling and writing off excess assets and inventory.

VersaCutter

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award. The 2015 awards will be presented May 4, in the NRG Center Rotunda Lobby. The Spotlight on New Technology Awards—a program for OTC exhibitors—showcase the latest and most advanced hardware and software technologies that are leading the industry into the future. In support and recognition of innovative technologies being developed by small businesses…

O&G Sector Tarnishes Strong US Jobs Report

The U.S. oil and gas sector bled away more jobs last month as sustained low oil prices forced energy producers to reduce spending, suggesting that further pain may be ahead for the struggling industry. A roughly 50 percent drop in oil prices since June has pummeled the U.S. oil sector, prompting a quick drop in activity. The number of oil rigs active in the United States has fallen 40 percent since October. The mining sector of the workforce, which includes oil and gas workers…

US Oilfield Jobs Coninue Unabated

When Ian Sandlin was laid off last week after 13 months working on oil rigs in southeast Texas, he was surprised to have lasted that long. "I knew it was coming," he said. The 27-year-old Houston native is among thousands of workers caught in an accelerating cull of oil field jobs across the once booming U.S. oil industry. Sandlin has since found other off-field work, but his hours and pay have been cut in half and it was not clear how long it would last. Interviews with more than a dozen oil workers and job recruiters suggest this is just the first stage of bloodletting as oil drillers…

US Oilfield Jobs Cull Gains Pace, More Pain Ahead

When Ian Sandlin was laid off last week after 13 months working on oil rigs in southeast Texas, he was surprised to have lasted that long. "I knew it was coming," he said. The 27-year-old Houston native is among thousands of workers caught in an accelerating cull of oil field jobs across the once booming U.S. oil industry. Sandlin has since found other off-field work, but his hours and pay have been cut in half and it was not clear how long it would last. Interviews with more than a dozen oil workers and job recruiters suggest this is just the first stage of bloodletting as oil drillers…

Mass Layoffs Complicate Oil Industry's Long-Term Plans

"This is the really crappy part of the job, and this is what I hate about this industry frankly," the chief executive of oilfield services company Baker Hughes complained as he announced it would lay off 7,000 employees. Baker Hughes is cutting jobs in response to slumping prices and a downturn in drilling activity. So the company will cuts costs, he told investors in a conference call on January 20 to discuss the firm's fourth-quarter earnings and outlook for 2015. More than 100…

North Dakota's Bakken Club Evicted; Says Oil Drop Not a Factor

An exclusive private club in the heart of North Dakota's oil country has been evicted amid a spat with its landlord over building maintenance and unpaid rent, but the club's owners say it has nothing to do with low oil prices and they will reopen at another site. The Bakken Club, which Halliburton, Statoil , Weatherford and other companies joined for a $15,000 initiation fee and minimum monthly food spend of $750, was evicted from its downtown Williston locale on Dec. 21 for not paying rent, according to court filings.

Several representatives from area oil and gas companies will serve on the 2014-2015 American Association of Drilling Engineers (AADE) board to support its educational and community efforts.

AADE Lafayette Chapter Announced Board Members

The Lafayette Chapter of the American Association of Drilling Engineers (AADE) has announced its 2014-2015 board members. Members from oil and gas companies volunteer to serve as officers and committee members in an effort to promote industry education and other community efforts. The 2014-2015 officers for the AADE Lafayette Chapter are: Alden Sonnier, president (MI Swaco); David Gomez, first vice president and programs committee chairman (Chevron); Matt Hensgens, second vice president and membership committee chairman (Chevron)…

Two giants merge

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.

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.

Employees work in a lab at the Halliburton Co. facility in Houston.

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.

Hedge Funds' Big Bets on Energy Companies Pummeled

Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller Diamondback Energy by 20 percent to own 1.4 million shares at the end of the third quarter, according to a regulatory filing made with the Securities and Exchange Commission. Diamondback's stock price fell 16 percent over the quarter.

Baker Hughes workers at work on an oil well in Laurel, MS.

Baker Hughes Confirms Talks with Halliburton

Baker Hughes Incorporated today confirmed that it has engaged in preliminary discussions with Halliburton Company regarding a potential business combination transaction. The firm said that the discussions may or may not lead to any transaction. Baker Hughes also said in a prepared statement that it does not intend to comment further on market speculation or disclose any developments unless and until it otherwise deems further disclosure is appropriate or required. Baker Hughes is a supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry.

Ian Phillips

Phillips to Address SPE ICoTA Conference

Ian Phillips, chief executive of the Oil & Gas Innovation Centre (OGIC), will highlight how the pace of innovation in the oil and gas industry is significantly lower than in comparable industries  at the 20th SPE ICoTA Well Intervention Conference in Aberdeen this week. Mr. Phillips will give the keynote address on Wednesday, 12 November, where he will highlight the contributing factors including the slow pace of technological uptake in the industry and comparatively low spend on research and development activity.