Big three oilfield services firms start year with asset sales -sources [Reuters]
Halliburton Company (HAL)
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Source: Reuters
Big three oilfield services firms start year with asset sales -sources NEW YORK/DENVER, Jan 16 (Reuters) - Schlumberger, Halliburton Co and Baker Hughes Co have kicked off the new year by putting units up for sale, as the three largest names in oilfield services seek to reshape their businesses and adjust to falling demand. Oilfield service providers are facing reduced spending by oil and gas producers as investors push for higher shareholder returns rather than more drilling activity. Competition also is forcing service companies to exit less profitable businesses. The trio, which hold about 26% of the global oilfield services market, according to consultancy Spears & Associates, recently disclosed plans to review operations in light of declining demand for their services. The asset sales, which could raise $800 million combined for the trio, come amid cost cutting. Halliburton last year cut more than 8% of its North American staff and Schlumberger booked a $12.7 billion writedown in
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HAL
Earnings
- 1/23/24 - In-Line
HAL
Sec Filings
- 4/2/24 - Form DEFA14A
- 4/2/24 - Form DEF
- 4/1/24 - Form 4
- HAL's page on the SEC website