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Oilfield Services

All articles tagged with #oilfield services

business1 year ago

"Schlumberger's $8 Billion Acquisition of ChampionX Signals Growing Deal-Making in US Energy Sector"

Schlumberger (SLB) announced its acquisition of ChampionX in an all-stock deal valued at $7.75 billion, marking its second acquisition in a week and the largest since 2016. The deal aims to strengthen SLB's operations by adding production chemicals and artificial lift technologies to its portfolio. ChampionX shareholders will receive 0.735 shares of SLB common stock, or $40.59 per share, representing a 14.7% premium to ChampionX's last closing price. SLB expects annual pre-tax savings of about $400 million in the first three years after the deal closure, which is expected before the end of 2024.

via Yahoo Finance|
#acquisition#business#championx
business-energy1 year ago

"SLB's $8 Billion Acquisition of ChampionX Signals Energy Sector Consolidation"

Oilfield services company SLB has announced its acquisition of smaller rival ChampionX in an all-stock deal valued at $7.75 billion, marking its second acquisition in a week and the biggest purchase since 2016. The deal is part of a trend of consolidation in the North American energy sector, with SLB aiming to strengthen its operations by adding production chemicals and artificial lift technologies to its portfolio. ChampionX shareholders will receive 0.735 shares of SLB common stock, or $40.59 per share, representing a 14.6% premium to ChampionX's last closing price. SLB expects annual pre-tax savings of about $400 million in the first three years after the deal closure, which is expected before the end of 2024.

via Reuters|
#acquisition#business-energy#championx
businessfinance2 years ago

Halliburton's Overseas Expansion and Profit Growth: A Positive Outlook

Halliburton Co. is increasing its quarterly dividend by 6% to 17 cents a share, the highest since the pandemic began, following strong fourth-quarter earnings and $1.1 billion in free cash flow. The company anticipates a robust demand for oilfield services and plans to focus on international expansion as US shale work slows down. This move follows a similar dividend increase by rival SLB, signaling a shift towards offshore markets. Despite a projected minimal change in US and Canada sales, Halliburton expects a 12% increase in the rest of its business.

via Yahoo Finance|
#businessfinance#dividend#halliburton
international-relations2 years ago

U.S. Corporations Facilitated Russian Oil Supply Amid Ukraine Invasion

Major American oilfield services companies, including SLB (formerly Schlumberger), Baker Hughes, and Halliburton, supplied Russia with millions of dollars worth of equipment for months after its invasion of Ukraine, helping to sustain its oil and gas sector despite Western sanctions. While Baker Hughes and Halliburton wound down their operations in Russia several months after the invasion, SLB continued to sell technology there until recently. The imports from the top five US firms in the sector, including SLB, Baker Hughes, and Halliburton, amounted to over 5,500 items worth more than $200 million in the year following the invasion. The technology provided by these companies played a crucial role in maintaining Russia's oil production, which accounted for nearly half of its federal revenues in 2021.

via PBS NewsHour|
#international-relations#oilfield-services#russia
business2 years ago

American Oilfield Services Companies: Secret Allies in Providing Millions of Dollars in Aid to Russia During Ukraine Invasion

Major American oilfield services companies, including SLB (formerly Schlumberger), Baker Hughes, and Halliburton, supplied Russia with millions of dollars worth of equipment for months after its invasion of Ukraine, helping to sustain its oil and gas sector. While Baker Hughes and Halliburton wound down their Russian operations several months after the invasion, SLB continued to sell technology there until recently. The companies' exports to Russia were deeply shocking to many, as Western nations had launched sanctions aimed at starving the Russian war effort. The equipment provided by these American companies played a crucial role in keeping Russia's challenging oilfields operational, which accounted for nearly half of the country's federal revenues in 2021.

via Fortune|
#business#oilfield-services#russia
business2 years ago

SLB Implements Global Ban on Supplying Equipment to Russia Amid Ukraine Invasion

Major American oilfield services companies, including SLB (formerly Schlumberger), Baker Hughes, and Halliburton, supplied Russia with millions of dollars worth of equipment for months after its invasion of Ukraine, sustaining a critical part of Russia's economy despite Western sanctions. SLB recently announced it would halt exports to Russia as The Associated Press prepared to publish a report on the companies' Russian operations. The customs data obtained by B4Ukraine and vetted by The AP show that Russia imported over 5,500 items worth more than $200 million from the top five U.S. firms in the sector in the year following the invasion. While oil majors like Exxon, Shell, and BP quickly withdrew from Russia, the oilfield services companies continued their operations, with SLB even growing its business.

via The Associated Press|
#business#equipment-exports#oilfield-services
business2 years ago

Patterson-UTI and NexTier merge to create $5.4B oilfield services giant.

Patterson-UTI Energy and NexTier Oilfield Solutions have agreed to merge in an all-stock deal to create a $5.4 billion oilfield services firm. The merger brings together Patterson-UTI's land drilling business and NexTier's well completion operations, making it the largest pressure pumper by capacity in North America. The deal is expected to generate annual cost savings and synergies of about $200 million within 18 months of close. Upon the deal's closing, expected in the fourth quarter of 2023, Patterson-UTI shareholders will own about 55% and NexTier shareholders will own approximately 45% of the combined company on a fully diluted basis.

via Reuters|
#business#merger#nextier-oilfield-solutions
finance2 years ago

"Maximizing Long-Term Growth with Oil-Industry Stocks"

Despite the anticipated transition to electric vehicles, oil demand is expected to hold up for many years, and offshore oil production is expected to ramp up. As a result, oilfield services companies are seen as good long-term growth investments. Two analysts have recommended a list of oil producers and related companies for investors looking to capitalize on this trend.

via MarketWatch|
#electric-vehicles#finance#long-term-growth