Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Baker Hughes, Halliburton merger under scrutiny
by Daniel J. Graeber
Washington (UPI) Apr 6, 2016


disclaimer: image is for illustration purposes only

Baker Hughes and Halliburton, two energy services companies looking to merge, each offered firm statements of "no comment" on Justice Department pressure.

The Wall Street Journal reported Wednesday the U.S. Justice Department is drafting a lawsuit that would block the proposed merger between the two oilfield services companies, which are the top in the industry behind counterpart Schlumberger Ltd.

When asked by UPI to confirm, deny or issue a statement in response to the Justice Department concerns, representatives from each company were firm in their response.

"No comment," was all a Halliburton spokesperson would offer in an emailed response, following repeated queries. "We don't have any comment on the reports," a spokesperson for Baker Hughes said by email.

The European Union has expressed concerns the merger of the two companies would impact competition in the regional energy sector.

"Halliburton and Baker Hughes remain focused on completing the regulatory approval process and closing the transaction in order to begin realizing the benefits of the proposed combination for shareholders, customers, employees and other stakeholders," the companies said in January.

Competition officials in the European Union told UPI in February the clock was stopped on the review process while it waited for the companies to come forward with requested information regarding its concerns.

Several major energy companies announced plans to merge with industry counterparts in an effort to navigate a market where crude oil prices are about 40 percent lower than last year. Scottish oilfield services company Wood Group in December acquired energy field services company Kelchner Inc., a U.S. company working in the Marcellus and Utica shale basins in the eastern United States.

Schlumberger, the world's largest oilfield services company, announced earlier this week it closed on its merger with its smaller industry counterpart Cameron International Corp.

Halliburton in February said it was cutting 8 percent of its workforce in response to a weak energy sector.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Wild ride before summer cool off at the gas pump
Washington (UPI) Apr 5, 2016
U.S. consumers may be in for seasonal volatility in retail gasoline prices as crude oil market dynamics contrast with refinery-side pressures, analysts said. Motor club AAA reported a national average retail price for a gallon of regular unleaded at $2.05 per gallon, relatively unchanged from one week ago but 24 cents, or 13 percent, higher than one month ago. In a weekly retail ... read more


OIL AND GAS
Study shows best way to reduce energy consumption

Four killed at anti-China power plant protest in Bangladesh

Human impact forms 'striking new pattern' in Earth's global energy flow

Transforming the US transportation system by 2050 to address climate challenges

OIL AND GAS
Rekindling old world warmth with LEDs

Engineer builds paperlike battery electrode with glass-ceramic

Hybrid system could cut coal-plant emissions in half

Bangladesh police charge thousands over coal plant protests

OIL AND GAS
Penn chemists lay groundwork for countless new, cleaner uses of methane

Dung, offal make clean gas at Costa Rica slaughterhouse

ORNL invents tougher plastic with 50 percent renewable content

The flexible way to greater energy yield

OIL AND GAS
Rosatom to offer seawater desalination tech to Latin America

EDF, CEA and AREVA establish the French Nuclear Platform

UK-US nuke waste deal to help fight cancer

France's EDF stands by UK nuclear plant timetable

OIL AND GAS
Periods of boom and bust just part of life in the ancient Southwest

Two killed in Philippines as police disperse drought protest

Rivers turn to dust as drought bites Somalia

US, China to be among climate deal signatories

OIL AND GAS
Tesla unveils cheaper model aimed at mass market

US sues Volkswagen for deceptive 'clean diesel' campaign

Newest Tesla electric will aim at middle market

US sues Volkswagen for deceptive 'clean diesel' campaign

OIL AND GAS
Iraq's Sadr ends sit-in after PM proposes new ministers

Iraq PM pushes back against deadline for new cabinet

Czechs to send pilot trainers to Iraq

Iraq lawmakers give PM until Thursday to reshuffle cabinet

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.