Tag Archives: oilfield services

Where Will Halliburton and Baker Hughes Go From Here?

May 2016, Vol. 243, No. 5

Now that the merger between Halliburton (HAL) and Baker Hughes (BHI) is officially dead, it’s time for shareholders to begin thinking about what comes next for each firm. While HAL is taking a tough hit to its balance sheet with the enormous $3.5 billion break-up fee to BHI, that figure is actually chump change compared to the equity value that has been destroyed by the oil price swoon. Yet HAL is still standing, still the second largest oil services firm, and still a solid long-term company operating both in the U.S. and abroad. None of […]

Halliburton to Cut Another 5,000 Jobs Amid Oil Slump

February 2016, Vol. 243, No. 2

HOUSTON (AP) — Halliburton Co., which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with slumping oil prices. A company spokeswoman said Thursday that the latest cuts will amount to about 8 percent of the Houston-based company’s global workforce. Oil prices have tumbled about 70 percent since peaking above $100 a barrel in mid-2014. That has led to less drilling activity and to widespread layoffs in the oil fields. Halliburton rival Schlumberger cut 10,000 jobs in the fourth quarter. Halliburton spokeswoman Emily Mir said the Houston-based […]

Schlumberger to Cut 10,000 More Jobs after Bad 4th Quarter

January 2016, Vol. 243, No. 1

HOUSTON (AP) — Schlumberger said Thursday it lost more than $1 billion and slashed another 10,000 jobs in the fourth quarter as tumbling energy prices took their toll on the world’s largest oilfield services company. Like others in the industry, Schlumberger has been hard hit by the downturn in the energy sector and it warned that it doesn’t expect a turnaround soon. It said it streamlined costs and cut 10,000 jobs during the last three months of 2015 “in anticipation of extended activity weakness in the first half of 2016.” The company, which has principal […]