Oilfield service shares rallied Monday as higher crude-oil prices gave investors reason to add to their bets on the sector.
Oil prices rose on what the market saw as a modest production increase from Saudi Arabia and concerns that output from Nigeria will decline. Light, sweet crude for August delivery rose $1.38 to settle at $136.74 [...]
Halliburton Co. shares raced to a new record high as oil prices climbed and the oilfield service provider walked away from an offer to buy Expro International Group PLC.
The stock rose more than 5 percent at one point in the session, touching a high of $52.84, before moving back to $52.50, up $2.45 in afternoon [...]
Goldman Sachs upgraded the oilfield services sector to “Attractive” from “Neutral,” predicting strong profit growth due to greater drilling activity and high oil prices.
Analyst Charles Minervino expects earnings to grow in the double digits through 2011 as high oil prices lead to more rapid rig construction, and both drilling activity and the rates oil companies [...]
Analysts disagree on how much Murphy Oil Corp. stands to gain from its stake in a deepwater offshore Malaysian oilfield, with Goldman Sachs giving a strong recommendation and JPMorgan downgrading the stock.
Murphy owns an 80 percent stake in the Kikeh field, where it began drawing oil in August 2007. The company shares production with Malaysia’s [...]
Oilfield services company Hornbeck Offshore Services Inc. may sell all or part of its stake in its downstream tug and tank barge unit.
The company hired JP Morgan Securities Inc. to help it assess various options for the division, which may include a possible sale, adding to the business through acquisitions or consolidation and other possible [...]
Oilfield services provider Smith International Inc. plans to buy W-H Energy Services in a deal valued at roughly $3.2 billion. The combination should broaden Smith’s offerings in key drilling services markets.
Smith will pay $56.10 cash and 0.48 Smith share for each W-H Energy Inc. share outstanding. Based on Smith’s closing price Monday, the deal values [...]
Shares of Allis-Chalmers Energy dropped about 5 percent in afternoon trading, after the oilfield drilling and services company raised its offer for Bronco Drilling by 12 percent, to $18.25 a share from $16.33.
Bronco shares have risen since the buyout was first announced in January. They closed at $18.10 Friday, but lost some ground in Monday [...]
Sabah can be a major economic force in the country if the plan to build a 300mw power plant by Petronas and Yayasan Sabah as well as the emphasis on downstream oil and gas industry with the proposed construction of a petrochemical plant in Kimanis materialise.
The announcement on the two mega projects by Prime Minister [...]
Oilfield services company Halliburton Co. made a conditional bid of $3.36 billion for U.K.-based competitor Expro International Group PLC.
The all-cash bid of $30.14 per share tops the $28.36 per share offer made in April from a consortium led by Candover Partners Limited, valuing the company at $3.16 billion.
Halliburton said it considers Expro’s subsea and flow [...]
Oilfield services company Baker Hughes Inc. will pay competitor National Oilwell Varco Inc.’s ReedHycalog division at least $100 million to settle a patent dispute.
ReedHycalog will get $70 million for past use of patented technologies and at least $30 million for future use. Baker Hughes said ReedHycalog agreed to pay royalties on certain Baker Hughes patents, [...]
