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January 31, 2014
13:09 EDTBHIBaker Hughes U.S. rig count up 8 rigs to 1785
Baker Hughes reports U.S. Rig Count is up 8 rigs from last week to 1785, with oil rigs up 6 to 1422, gas rigs up 2 to 358, and miscellaneous rigs unchanged at 5. Says U.S. Rig Count is up 21 rigs from last year at 1764, with oil rigs up 90, gas rigs down 70, and miscellaneous rigs up 1. The U.S. Offshore rig count is 57, up 1 rig from last week, and up 4 year over year.
News For BHI From The Last 14 Days
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July 24, 2015
13:03 EDTBHIBaker Hughes reports U.S. rig count up 19 to 876
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July 23, 2015
10:29 EDTBHIHalliburton rises after analysts downplay antitrust concerns
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08:32 EDTBHIMorgan Stanley says Halliburton antitrust story mostly noise
Morgan Stanley analyst Ole Slorer views yesterday's Bloomberg article suggesting Halliburton's (HAL) acquisition of Baker Hughes (BHI) faces antitrust hurdles in the U.S. as mostly noise. Slorer spoke with an antitrust expert and concluded the article summarized well known facts and came away with a more constructive view of the deal. The analyst said Halliburton's "exceptionally diligent" handling of the transaction has minimized risks. Slorer's team raised Halliburton's price target to $62 from $60 and Baker Hughes' to $88 from $86 and maintains Overweight ratings on both stocks.
07:08 EDTBHIDeutsche sees little new in Bloomberg story on Halliburton
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July 22, 2015
13:46 EDTBHIBaker Hughes options active on Halliburton antitrust merger concerns
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13:14 EDTBHIBaker Hughes weakness a buying opportunity, says Evercore ISI
Evercore ISI said Baker Hughes (BHI) weakness is a buying opportunity and noted Halliburton (HAL) said it would sell any and all assets to get the deal done, ex-strategic items.
13:03 EDTBHIHalliburton sinks on antitrust concerns after Citi's 90% call
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12:42 EDTBHIHalliburton-Baker Hughes deal to face antitrust hurdle in U.S., Bloomberg says
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12:19 EDTBHIBaker Hughes drops 5% after Bloomberg says DOJ scrutinizing Halliburton deal
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12:17 EDTBHIHalliburton-Baker Hughes deal to face antitrust hurdle in U.S., Bloomberg says
09:35 EDTBHIBaker Hughes results suggest prolong recovery, says Susquehanna
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July 21, 2015
08:11 EDTBHIBaker Hughes expects North America rig counts to remain unchanged in 2015
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08:10 EDTBHIBaker Hughes reports Q2 North America revenue down 47% to $1.5B
The drop in revenue is primarily attributable to the reduction in customer spending, which has resulted in a steep decline in onshore and shallow water activity, and an unfavorable pricing environment. Reports Q2 Latin America revenue down 19% to $439M, largely result of sharp activity reductions in the Andean area, as reflected in a 43% drop in the rig count, and in Venezuela from decreased operations and unfavorable exchange rates. In Brazil and Mexico, activity reductions were more than offset by offshore share gains. reports Q2 Europe/Africa/Russia Caspian revenue down 22% to $869M, impacted by $100M related to the unfavorable change in foreign exchange rates. Reports Q2 Middle East/Asia Pacific revenue down 22% to $856M, driven primarily by lower activity throughout Asia Pacific, as reflected in the 12% drop in the rig count, and in Iraq as result of a reduction to our integrated operations, including exiting a large turnkey contract in mid-2014. Reports Q2 Industrial Services down 8% to $306M.
08:09 EDTBHIBaker Hughes expects unfavorable market dynamics to persist in 2H15
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08:08 EDTBHIBaker Hughes says Q2 negatively impacted by deteriorating pricing, currency
CEO Martin Craighead commented, "Even though the severity of the revenue decline has compressed our margins, we have minimized the impact by aggressively reducing costs and rightsizing our operational footprint. These actions have resulted in decremental margins of 35% compared to the prior year, a significant improvement from the prior industry downturn. Furthermore, earnings for the quarter were impacted by an unfavorable tax rate which resulted primarily from a change in the geographic mix of earnings."
08:07 EDTBHIBaker Hughes reports Q2 adjusted EPS (14c), consensus (13c)
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07:20 EDTBHIHalliburton has 90% upside potential over 3 years, says Citi
Citi analyst Scott Gruber believes regulatory approval for Halliburton's (HAL) proposed acquisition of Baker Hughes (BHI) is a "high probability event." Halliburton's buyback potential post-acquisition looks significant, Gruber tells investors in a research note. He estimates $5.00 of pro forma earnings per share for Halliburton in 2018, suggesting 90% upside potential for shares over the next three years. The analyst notes that applying a 16 times earnings multiple yields a $78 share price. He keeps a Buy rating on Halliburton with a $54 price target. The oil services company closed yesterday up 75c to $40.74 after reporting Q2 results.
July 20, 2015
15:01 EDTBHINotable companies reporting before tomorrow's open
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07:04 EDTBHIHalliburton incurred $67M after-tax for costs related to Baker Hughes deal in Q2
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07:03 EDTBHIHalliburton says 'pleased' with progress of Baker Hughes acquisiton
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