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…
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.
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.
Timeline: BP Oil Spill Litigation
BP Plc was found "grossly negligent" on Thursday by a federal judge in connection with its role in the 2010 Gulf of Mexico oil spill. The decision by U.S. District Judge Carl Barbier in New Orleans, who oversees litigation related to the disaster, is likely to boost the British oil company's costs emerging from the biggest offshore spill in U.S. history. April 20, 2010 Rig Explodes: An explosion on the Deepwater Horizon oil rig at the Macondo exploration well kills 11 workers and releases millions of barrels of crude oil into the Gulf of Mexico. The well is capped in mid-July.
Halliburton to Settle US Gulf Spill Claims for $1.1b
Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010. The settlement, which includes legal fees, is subject to approval by the U.S. District Court for the Eastern District of Louisiana. It will be paid into a trust until all appeals have been resolved in three installments over the next two years, the company said. (Reporting by Swetha Gopinath in Bangalore; Editing by Saumyadeb Chakrabarty)