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The 92 million shares of Baker Hughes for sale by GE was priced at $23.00, below the stock's $23.81 closing price on Tuesday, and came a day earlier than planned. GE, which is struggling to rebuild its industrial businesses, said on Tuesday it would sell a portion of its stake in Baker Hughes to repay debt. GE will be able to raise nearly $4 billion from the sale if underwriters exercise options to buy an additional 9.2 million shares, with Baker Hughes repurchasing another 65 million shares in a private transaction at a maximum aggregate of $1.5 billion.
Corporate America has peaked. More precisely, execs at large US companies aren’t talking about “peaks”—peak sales, peak credit, peak oil, peak anything—as much as they used to on earnings calls and presentations. On a rolling annual basis, peak “peak” peaked late last year, according to a transcript search via Sentieo. In just the past few…
Saudi Arabia is trying to drown out the noise surrounding journalist Jamal Khashoggi's death by hailing multibillion-dollar business deals this week.
The energy sector enjoyed a strong surge last week as oil price recorded its weekly gain in two months ending their longest run of weekly losses since 2015.
Schlumberger (NYSE:SLB) met expectations in its second-quarter earnings report. The world’s largest oilfield services firm grew both earnings and revenue as exploration and production (E&P) begins its climb from the recent slump in oil prices. Despite increasing SLB earnings, Schlumberger’s stock still trades near multi-year lows.
Baker Hughes, General Electric Co's oilfield services arm, on Friday reported a slight profit miss on weaker revenues in its oilfield equipment and turbomachinery businesses, but delivered an upbeat outlook for the second half of the year. Revenue from its oilfield equipment business, which includes deepwater drilling, fell 9.4 percent to $617 million in the second quarter, missing analysts' estimate of $648.2 million. "North American production is increasing as operators grow rig and well counts, and we are seeing signs of increasing international activity in some geomarkets," Chief Executive Officer Lorenzo Simonelli said.
When General Electric Co (GE.N) bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools. The retreat comes amid slipping market share, management missteps and culture clashes that have unsettled employees and frustrated suppliers and customers, according to data reviewed by Reuters and interviews with more than 30 employees, former employees, recruiters, analysts, suppliers and customers.
Oilfield services firms are seeking to tighten their focus to their core operations, as oil prices continue their recovery from their January 2016 lows. Baker Hughes' unit for sale, which makes sensors and monitors for industrial clients such as petrochemical makers and power generators, is expected to attract interest from other manufacturers of such devices, according to one of the sources.
Baker Hughes and General Electric signed a contract with Iraq's government on Monday to process natural gas extracted alongside crude oil at two fields in southern Iraq, the oil ministry said. The plan was first announced by GE last July and is part of Iraq's efforts to stop flaring gas associated with oil by 2021. Iraq continues to flare some of this gas because it lacks the facilities to process it into fuel for local consumption or exports.