Halliburton Company (HAL) is an American multinational corporation, and one of the world's largest oil field services companies, with operations in more than 80 countries. It owns hundreds of subsidiaries, affiliates, branches, brands, and divisions worldwide and employs approximately 70,000 people. The company has dual headquarters located in Houston and in Dubai, where Chairman and CEO David Lesar works and resides, "to focus [the] company’s Eastern Hemisphere Growth." The company remains incorporated in the United States. Halliburton's major business segment is the Energy Services Group (ESG). ESG provides technical products and services for petroleum and natural gas exploration and production. Halliburton's former subsidiary, KBR, is a major construction company of refineries, oil fields, pipelines, and chemical plants. Halliburton announced on April 5, 2007 that it had sold the division and severed its corporate relationship with KBR, which had been its contracting, engineering and construction unit as a part of the company. The company has been involved in numerous controversies, including the Deepwater Horizon explosion, for which it agreed to settle outstanding legal claims against it by paying litigants $1.1 billion. As of August 1, 2014 Jeff Miller was promoted to President of Halliburton reporting directly to Dave Lesar. On November 17, 2014 Halliburton and Baker Hughes jointly announced a definitive agreement under which Halliburton will, subject to the conditions set forth in the agreement, acquire Baker Hughes in a stock and cash transaction valued at $34.6 billion. A press release made available on the former's website, as at December 11, 2014 detailed the restructuring in the integration to follow. Prior to the merger of Baker Hughes and Halliburton, Halliburton must divest over $5 billion of its assets according to the regulations created by US competition enforcement authorities.
U.S. Justice Dept will sue to stop Halliburton, Baker Hughes merger The U.S. Justice Department will file a lawsuit as soon as this week to stop oilfield services provider Halliburton Co from acquiring smaller rival Baker Hughes Inc, a source familiar with the matter said on Tuesday. The antitrust lawsuit could potentially scupper the deal that was first announced in November 2014 to combine the No. 2 and No. 3 oil services companies. Since then, oil prices have fallen by more than 55 percent. Faced with opposition from the Justice Department, the companies may either cancel the planned tie-up or fight the government in court. The deal is one of several that antitrust enforcers have rejected as illegal during the recent wave of mergers of large, complex companies. Share prices for Baker Hughes closed down 5.1 percent at $39.36 Tuesday while Halliburton ended up 1.2 percent at $34.40. Halliburton and Baker Hughes both declined comment. The two sides had been discussing asset sales aimed at saving the deal, which was originally valued at $35 billion but is now valued at about $25 billion based on the decline in Halliburton shares. If the deal collapses due to antitrust concerns, Halliburton must pay Baker Hughes a $3.5 billion breakup fee, according to regulatory filings. The proposed deal also has hit headwinds in Europe, where the European Union's competition authority was concerned that the proposed merger would reduce competition and innovation in more than 30 product markets. Regulators in Australia also flagged concerns about the massive tie-up. As far back as July 2015, Reuters reported that there were concerns in the U.S. government that the merger would lead to higher prices and less innovation. The Justice Department's worry then focused on two areas. One was that the drilling technology businesses that were divested would go to small companies that could not effectively compete with the two leaders. The other was that the leaders would have less incentive to innovate. Baker Hughes in particular has been aggressive in developing new oilfield technologies, part of its appeal to Halliburton from the beginning. Baker Hughes developed smartphone apps to help customers in the field decide in real time how best to hydraulically fracture new wells. Furthermore, uniting Halliburton and Baker Hughes would create a dominant leader in North Dakota with more than half the cementing market and a leading position in fracking. Lower oil prices had given investors hope that the companies' best path forward was together, especially as demand for their products and services evaporate as customers slashed budgets. The Justice Department and Federal Trade Commission, which enforce antitrust law, have filed lawsuits to stop a surprising number of deals in the past 18 months. The FTC stopped food distribution giant Sysco Corp from buying US Foods Inc in 2015, and is currently in court fighting Staples' merger with Office Depot. The Justice Department, working with the Federal Communications Commission, stopped Comcast Corp from buying Time Warner Cable in 2015. It also stopped Electrolux from buying GE's appliance business and halted a merger of tuna sellers Bumble Bee and Thai Union, which owns Chicken of the Sea. The Justice Department also is reviewing two controversial insurance deals -- Aetna Inc's purchase of Humana and Anthem Inc's decision to buy Cigna Corp -- amid concern they would reduce the number of national insurers from five to three. LINK - http://www.reuters.com/article/us-bakerhughes-m-a-halliburton-usa-idUSKCN0X22CN
Halliburton Company 3000 North Sam Houston Parkway East Houston, TX 77032 United States - Map Phone: 281-871-2699 Website: http://www.halliburton.com Details Index Membership: N/A Sector: Basic Materials Industry: Oil & Gas Equipment & Services Full Time Employees: 65,000 Business Summary Halliburton Company provides a range of services and products to the upstream oil and natural gas industry worldwide. The companys Completion and Production segment offers production enhancement services, including stimulation and sand control services; and cementing services, such as bonding the well, well casing, and casing equipment. It also provides completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, and service tools; pressure control services comprising coiled tubing, hydraulic workover units, and downhole tools; and pipeline and process services, such as pre-commissioning and maintenance, subsea pipeline, conventional pipeline, and process services. In addition, this segment offers oilfield production and completion chemicals and services; electrical submersible pumps and progressive cavity pumps; and installation, maintenance, repair, and testing services. The companys Drilling and Evaluation segment provides drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; and drilling systems and services. It also offers wireline and perforating services that include open-hole logging, cased-hole and slickline, borehole seismic, and formation and reservoir solutions; and drill bits and services comprising roller cone rock bits, fixed cutter bits, hole enlargement, and related downhole tools and services, as well as coring equipment and services. In addition, this segment offers integrated exploration, drilling, and production software, as well as related professional and data management services; testing and subsea services, such as acquisition and analysis of reservoir information and optimization solutions; and oilfield project management and integrated solutions. Halliburton Company was founded in 1919 and is based in Houston, Texas.
U.S. sues to block Halliburton-Baker Hughes merger deal Nathan Bomey, USA TODAY 4:12 p.m. EDT April 6, 2016 The U.S. Justice Department on Wednesday sought to block the merger of oil-field services giants Halliburton and Baker Hughes, filing a lawsuit that jeopardizes a $34 billion tie-up both companies had pursued in the wake of slumping oil prices. USA TODAY (Photo: AFP/Getty Images - Mira Oberman) 207 CONNECTTWEET 82 LINKEDIN 18 COMMENTEMAILMORE The U.S. Justice Department on Wednesday sued to block the $34 billion merger of oil-field services giants Halliburton and Baker Hughes, a tie-up the companies had pursued in the wake of slumping oil prices. Halliburton and Baker Hughes, both based in Houston, immediately vowed to "vigorously contest" the government's actions. But U.S. antitrust division chief Bill Baer delivered a blistering rebuke of the deal, saying it was so anti-competitive that it should never have made it out of the boardroom. He argued that a merger of two of the three largest U.S. oilfield services companies posed a "serious" threat to competition and "wasn't fixable." "I have never seen one that poses so many antitrust problems in so many markets," Baer, an assistant attorney general, said in a conference call. "Our lawsuit should surprise no one." With combined 2015 revenue of $39.3 billion, Halliburton and Baker Hughes control a nearly 16% market share in the oilfield services field, according to data provider IBISWorld. They provide a wide range of services such as oil-well completions, cementing and drilling. "A vibrant economy depends on meaningful competition and vigilance by the department in challenging transactions like this that threaten to deny our citizens the benefits of competitive markets," Attorney General Loretta Lynch said on the call. Halliburton shares (HAL) jumped 6% to finish the day at $36.64 while Baker Hughes shares (HAL) rose 8.4% to close at $42.67, as investors clung to a semblance of certainty regarding the deal's outcome after nearly a year and a half of chatter over its fate. The lawsuit comes as the U.S. oil and gas sector is grappling with the fallout of rock-bottom oil prices, which have sparked dozens of bankruptcies and more than 320,000 job cuts globally since late 2014, according to Houston consultancy Graves. Halliburton, for example, long known for its sterling financial performance, swung from a $5.1 billion operating profit in 2014 to a $165 million operating loss in 2015 as total revenue declined 28% to $23.6 billion. The company recently announced plans to shed 5,000 jobs, about 8% of its global workforce. Baker Hughes has also laid off thousands of workers. After reports surfaced of the Justice Department's plans, Deutsche Bank analyst Mike Urban said in a research note that chances of completing the deal "are a 'coin flip' at best," even though the analyst believes the merits of the deal are strong. "The companies believe that the DOJ has reached the wrong conclusion in its assessment of the transaction and that its action is counterproductive, especially in the context of the challenges the U.S. and global energy industry are currently experiencing," Halliburton and Baker Hughes said in a joint statement. Baer rejected the suggestion that the Justice Department should pay deference to the merger in light of low oil prices. "Both companies have a history of downsizing and upsizing," he told reporters. "It’s not a justification for an anti-competitive merger to say, 'We’re not doing as much business as we used to.'" Halliburton and Baker Hughes called the deal "pro-competitive" and noted that Halliburton had offered to sell off billions of dollar in assets. But the Justice Department said Halliburton's proposed divestitures were insufficient and would not foster increased competition. "Those have been a moving target. We don’t have the specifics on anything," Baer said. The lawsuit was filed in U.S. District Court for the District of Delaware.
need to get this board search indexing to hurry it up lol http://www.stockaholics.net/threads/hal-halliburton-company.194/ seeing quite a bit of duplicates in here, but i can't blame anyone since the search is still very fresh as we just opened not even a week in yet couple of people have pm'd me about this but the short answer really is that this needs time to develop since its still very new temporary solution right now is not to search by the ticker but by the company name ... that seems to do the trick for now
Halliburton Reports $2.1 Billion Charge on Job Cuts, Assets Halliburton Co. booked a $2.1 billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full earnings release as it strives to wrap up a takeover of rival Baker Hughes Inc. Read full article here: http://bloom.bg/1VNfc1O
Halliburton says it cut 6,000 jobs in Q1, delays earnings call Halliburton said it cut more than 6,000 jobs in the first quarter, during which revenue slumped 40.4 percent and it took a $2.1 billion restructuring charge mainly for severance costs and asset write-offs amid the prolonged slump in oil prices. Halliburton also postponed its earnings conference call to May 3 from April 25 to accommodate the April 30 deadline to close its acquisition of Baker Hughes, the company said in a statement after the U.S. market closed on Friday. Read full article here: http://www.cnbc.com/2016/04/25/halliburton-says-it-cut-6000-jobs-in-q1-delays-earnings-call.html
Reported before open today (10/19/16) Earnings: EPS $0.01 Revenue $3.83B Estimates: EPS -$0.07 Revenue $3.9B Up 4.25% today
Morgan Stanley Maintains Overweight on Halliburton, Raises Price Target to $32 10:27 am ET January 25, 2022 (Benzinga) Morgan Stanley analyst Connor Lynagh maintains Halliburton (NYSE:HAL) with a Overweight and raises the price target from $30 to $32. Latest Ratings for HAL DateFirmActionFromTo Jan 2022Morgan StanleyMaintainsOverweight Jan 2022JP MorganUpgradesNeutralOverweight Jan 2022Morgan StanleyUpgradesEqual-WeightOverweight View More Analyst Ratings for HAL View the Latest Analyst Ratings © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
